Token verification
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Written by Mark
Updated over a week ago

The WX Network allows creating 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 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 suggests his 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. The verified token remains on the voting track till it reaches a quorum and the majority of votes stay FOR its verification. The votes given for and against the token are automatically prolonged for the next voting period. Votes are counted every 10,080 blocks (once a week).

If the token (verified or not verified) does not reach a quorum or most of the votes are given against its verification, then another 3 weeks (3 rounds of 10,080 blocks each) are provided to reach the quorum and receive additional FOR votes.

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, navigate to the Governance tab 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 KB),

- 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 network fee (0.005 Waves) and service fee (1000 WX).

After a couple of minutes, your token will appear in the voting field:

After that, WX Network users can vote for the verification of your token.

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

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