After months of research, development and refinement, the HCASH Foundation is proud to announce that the mainnet for the HX network has achieved stability, and it has now been running effectively for over one month.
Therefore, the Foundation has decided that the first election of a HX Senator will officially begin from January 8th, with the entire election period to last until February 15th.
The application form can be downloaded at http://senator.hx.cash
The schedule is as follows:
1. The Foundation will review the eligibility criteria that a candidate Senator must adhere to: from 8th Jan to 8th Feb (GMT+8)
2. Citizens will then be able to submit a proposal to nominate a Senator: on 9th Feb (only on 9th Feb) (GMT+8)
3. All Citizens will then be able to vote for a desired Senator: from 9th Feb to 15th Feb (GMT+8)
The opening of the Senator election is an important milestone, in that HX will be the first project after BTC to gradually hand over governance controls to its community, without having conducted an ICO.
A Senator is a pivotal position within the HX community. While receiving considerable benefits, Senators shoulder the responsibility of maintaining node stability and asset security in the network.
Below, we’ve listed several basic requirements for anyone interested in participating in the election:
1. All candidates must agree with HX’s governance structure and governance philosophy;
2. All candidates must use their real legal name during the campaign;
3. All candidates must be capable of completing stated basic duties required from an individual in a Senator position in an efficient and effective manner;
4. All candidates must Support on-chain governance 24/7 (24/7 system up-time)
Any user interested in becoming a Senator will also need to place a pre-determined amount of HC tokens in the network to act as a performance bond (also known as a collateral deposit).
If a Senator candidate is selected as a Senator, his/her collateral deposit will be transferred into a Senator contract address. If a Senator candidate is not selected, his/her collateral deposit will be returned in full (this process is not automatic; candidates will need to manually transfer funds back to themselves if not selected).
For further information regarding how to participate in the senatorial election, the Hcash Foundation recommends that you review the following medium article.
Note: One can be considered as a Senator candidate only after being recognised by the Foundation and HX team.