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Pool-X Releases Voting and Governance Functionality

Pool-X Releases Voting and Governance Functionality

09/24/2020, 10:28:58

Dear Pool-X Users，

Starting from 20:00:00 on September 25, 2020 (UTC+8), Pool-X will offer voting and governance functionality to users, with Kratos being the first project that we serve. 

This brand new functionality will help Kratos Betanet Test Token (KTSt) holders to better experience the economic model and governance mechanism of the Kratos network, as well as vote for the test nodes and earn staking rewards more conveniently. 

KTSt holders can practice their right of Kratos betanet voting and governance through the following two channels:

1.Pool-X Channel: log into the KuCoin App, click “staking” on the landing page, then choose “vote” to start;

2.On-chain Channel: participate in true on-chain governance via the mobile gateway of the Kratos community wallet - Awake (tutorial is available here https://docs.qq.com/doc/DTHJUcERCcVlmV2V3?pub=1&dver=2.1.0）

For further information on the candidate test nodes, please visit Kratos website.

Please refer to the following information for the token metrics and economic model of the Kratos testnet:

Total supply of KTSt: 200,000,000

Genesis distribution of KTSt: 100,000,000

Development: 40,000,000

Mining: 60,000,000

Here come the detail governance mechanisms of Kratos Beta network:

1.Test validating nodes of Kratos Betanet

The initial number of validators is 33, which will increase by 33 each year with the ceiling of 99. This means that the number of operating validators in year-0, 66 in year-1, and 99 in year-2.

2.Staking and voting right

As the “delegators”, KTSt holders can practice the right of voting by staking their tokens with chosen validating nodes. Delegators share benefits with their voting validators as well as the risks. One delegator can vote for multiple validators, with one token representing one vote.

3.Un-staking KTSt

Delegators can redeem their on-chain right by unstaking the KTSt they staked earlier. It takes 14 days for the delegators to convert their KTSt from a staked state to usable state. 

4.Voting methods

To practice their right of voting, the delegators can log in KuCoin APP, click “staking” on the Pool-X landing page, then choose “vote” to start.

Also, the delegators can participate in true on-chain governance via the mobile gateway of the Kratos community wallet - Awake.

5.Staking rewards

Users that call from Pool-X voting and governance function can enjoy a convenience of staking rewards collection, as Pool-X will claim the on-chain rewards and then distribute to users respectively.

Thanks for your support!

The Pool-X Team