MemoryCoin (MMC) “is a new cryptocurrency that aims to empower the economically and financially marginalized. It allows individuals to participate in the internet economy even when they live in countries where credit card companies and PayPal refuse to operate. Individuals can store and transfer wealth with just a memorized pass phrase.”
Coin holders vote as to which address receives the grant.
Send 1 Satoshi to your top preference, 2 Satoshis to your second preference and so on. Votes are counted using instant run-off voting.
A voting address is a valid Memorycoin address that starts with the letters MVTEceo, MVTEcno, MVTEcto, MVTEcmo, MVTEcso, MVTEcha. The seven letters at the start determine which position you are voting for. For example, an address that starts with MVTEceo is a vote for the CEO.
MVTEcha11111111111111111111116GDGs
MVTEcmo1111111111111111111115e9dK3
MVTEcto1111111111111111111119owJby
MVTEcno222222222222222222222B1FB3W
MVTEcso555555555555555555555G6uEbs
Source: memorycoin.org
Grant Awards
Every 20 blocks, a grant is awarded. The grant size is 5 times the size of the block reward.Coin holders vote as to which address receives the grant.
Voting
Every six minutes, somewhere in the world, a new block of MemoryCoin is minted. Every two hours there is a special block which also contains community grants. These are made to the addresses that lead the MemoryCoin vote. Grant awards make up 6% of all the MemoryCoin minted. Every 20 Blocks, 1/5 of a block reward is paid to 6 special addresses. These addresses are chosen by voting.How to vote
Vote for a person by sending 1 Satoshi (0.00000001 MMC) to his/her special voting address. There are five positions, and one charity. You can vote for a different person for each position.How long does the vote stay in affect for
It stays in effect until you change your vote.Changing votes
Send 1 Satoshi (0.00000001 MMC) to a different voting address for the same position.Are all votes equal?
No, the size of your Memorycoin balance determines the weight of your vote.Send 1 Satoshi to your top preference, 2 Satoshis to your second preference and so on. Votes are counted using instant run-off voting.
A voting address is a valid Memorycoin address that starts with the letters MVTEceo, MVTEcno, MVTEcto, MVTEcmo, MVTEcso, MVTEcha. The seven letters at the start determine which position you are voting for. For example, an address that starts with MVTEceo is a vote for the CEO.
Spoil votes
Yes, you can spoil your vote by voting for an unspendable address. If these addresses win the vote, the rewards are effectively destroyed. Here are the specially formatted addresses to use:MVTEceo1111111111111111111111TvNrtMVTEcha11111111111111111111116GDGs
MVTEcmo1111111111111111111115e9dK3
MVTEcto1111111111111111111119owJby
MVTEcno222222222222222222222B1FB3W
MVTEcso555555555555555555555G6uEbs
Vote for what?
The voting system draws together two concepts – Voting Rights and Transferable Voting. Voting Rights means that MemoryCoin owners’ influence is in proportion to the amount of MemoryCoin they own. Transferable Voting means that owners may vote with an order of preference, and their vote will be transferred as preferences are eliminated during the vote count. When a higher preference is eliminated because of lack of support, the whole vote is transferred to the voter’s next preference. The Droop Quota is used during the vote count. Voting results for every block until now can be checked using the vote explorer.Source: memorycoin.org
Sign up here with your email
ConversionConversion EmoticonEmoticon