WX Network allows you to create your own token on the Waves blockchain in a very quick and convenient way. To attract the attention of other users to a custom token and increase user confidence in it, the creator of the token (or any other user) can suggest it for the verification process and get verified status by voting for his token. If the majority of votes go for the token to be verified, this token will be marked as COMMUNITY VERIFIED and will receive a logo. In addition, this token will become searchable on the exchange in Verified mode and the balance of this token will be counted in the total account balance. Moreover, liquidity pool can be created with verified token.
Voting proceeds as follows. Once the creator (or any other user) suggests a token for a vote, every gWX holder can vote for or against the verification of the token. The token is considered verified if it reaches a quorum and the majority of votes are FOR the token to be verified. If both of these goals are reached, then the token is marked as COMMUNITY VERIFIED.
A few words about the counting of the votes. The amount of gWX that a user gets after staking WX decreases every minute, as a consequence, only the amount of gWX that the voter will have at the moment when the current voting round ends is taken into account when counting the results.
To suggest your token for voting, hover the "Governance" tab over, click on the "Token Verification" item, and click on the "Suggest Token" button:
In the next step, fill in the appeared form:
- choose a token that you want to suggest for voting,
- upload a logo for the token (.svg file; no larger than 4.8 KB; it must not be converted from files of other formats),
- specify the voting time,
- select the token you want to reward voters with (optional)
- read and agree with the service's terms and conditions,
- click on the "Suggest Token" button.
Note: to suggest your token for voting, you need to pay a network fee (0.005 Waves) and a service fee (approximately 71,5 WX per voting day).
After a couple of minutes, your token will appear in the "Verification Votings":
If gWX holders vote for verification of the token, someone needs to click on the "Complete" button so that the token receives a "Community Verified" label. The one who clicks the "Complete" button will receive 5 WX as a reward.
Any user who has at least 5000 gWX, can complain about the token by clicking on the appropriate button in the "Votings Results" section. If the community decides that the token is not worthy of the "Community Verified" title, then the token will lose it.
If you have any questions related to WX Network, feel free to contact us.
tags*: community verified verify verification suggest token vote voting gwx newbie