The Syscoin governance proposal system is based on the Dash governance system and has greatly increased our marketing capabilities, project awareness, and general progress across the board. It allows anyone to submit a proposal to fund a positive contribution to the project; once approved by the network, the proposer receives payment to execute their work. Governance in a decentralized project is difficult because by definition there is no central body to create and authorize budgets for the project. To solve this problem the Syscoin proposal system is governed by a distributed and decentralized network of Masternode owners, who are able to participate in the democratic process by voting for proposals that will add the most value to the project, via endeavours such as marketing and third party development.
Proposals can be created and submitted in the Syscoin QT 3.0 console. To combat spam a 100 SYS submision fee is required, and this propsoal fee is burnt upon submission. Proposals cannot be altered once submitted.
Every 43800 blocks (30.4 days) a superblock is generated by the Syscoin protocol, minting a maximum of 168630 Syscoin to be distributed amongst winning proposals. Each masternode can cast one 'yes' and one 'no' vote. A proposal needs a net total of 'yes' votes ('yes' votes minues 'no' votes) equal to or greater than 10% of the total possible votes (for example over 100 out of 1000), and winning proposals are processed (paid) in descending order of popularity, until funds run out.
We’ve seen that the community (knowing Syscoin better than anyone) can have amazing ideas to market and promote Syscoin, and to strengthen the community in general. SCMT is always open to new ideas, but we also want to help community members to develop and deliver their own marketing initiatives. For large-scale marketing ideas that require significant funding, anyone can submit a Masternode funding proposal. For smaller projects however, sometimes the 100 SYS fee will be uneconomical. This is why we came up with a plan to make it possible for community members to propose ideas that require smaller amounts of funding, and then let the community vote for which which ideas should receive it.
We are setting aside $2000 worth of SYS each month for community members to apply for, and each month we conduct a poll that enables the community to vote on which proposal to fund. If you want to apply for funds, please use the link below to locate the form. It is open until 7 days before the end of each month. During the last 7 days of each month Syscoin Community members conduct the vote.