WIEN Proposal System Explained
Our proposal system acts as the central funding system for business owners looking to raise capital for their business ideas. Wienchain is allocating up to 30% of all newly generated WIEN coins to a treasury fund. These funds will be paid out to proposal owners who received a minimum of 10% net positive votes from the Wiechain Masternodes. Learn more about Wienchian Masternodes in our last article.
Participating in the WIEN proposal system
The WIEN proposal system is easy to understand, able to generate fast decisions, and most of all, open to everyone. The Wienchain DAO aims to attract and fund business ideas from people who want to create something successful, profitable, and sustainable. This could be anything and it is up to the proposal owners to come up with creative and convincing ideas. Additionally, the competition for Masternode votes should incentivize proposal owners to give something back to the WIEN community.
A proposal owner could offer a variety of things in return for funding such as pledging to give back the funds after being profitable, proposing a digital token to be released on Wienchain, or even create products and services for the WIEN community. Although proposal owners are not required to give anything back in return for funding, the competition for funds and Masternode votes functions as a self-governing mechanism within Wienchain’s proposal system.
Generally, there are no limitations in the proposal system on who or what kind of business is allowed to participate. We trust that the selection process through Masternode voting is able to select feasible business ideas and to demand workable business plans. Wienchain does not care if a business idea is blockchain-based or even technology-driven. What counts is the trust and consensus of the community to vote for entrepreneurs, teams, ideas, and business plans.
- Pre-proposal stage: To ensure a smooth flow of business funding within the 30 days proposal cycle, entrepreneurs have the opportunity to ask for feedback on their business idea before putting it up for a vote. If the community supports an idea, they can proceed to publish it to the DAO, if not, they can adjust, pivot, or even choose to give it up. Ideally, this approach creates a constructive feedback culture and enables people to openly iterate and improve their ideas and to set their new businesses on the path to success right from the beginning.
- Publish proposal: To prevent spam every proposal requires a fee of 500 WIEN to be published. Those coins are burned, essentially taken out of existence. A proposal owner also has to define the amount of WIEN coins he is asking for and has to provide a WIEN wallet address as funds are paid out automatically if the proposal gets enough votes.
- Collect votes: The rules for this are simple: every Masternode is granted the right to vote for each proposal within a funding cycle (each cycle is 30 days). They can vote yes, no, abstain or delegate their vote. Votes can be made at any time until the end of each cycle.
- Receive funding: If a proposal receives enough votes a funding request is paid out automatically by the DAO. 10% positive net votes of all WIEN Masternodes are required. This essentially allows a fast funding process from idea to payout within only a month. No lengthy paperwork, no cumbersome process. Simple, secure, and easy.
Wienchain proposal system
No system is perfect. Wienchain Dao thrives to provide you with a functioning DAO that can help improve the traditional organization. This is why we explicitly welcome improvement ideas at any time within the proposal system.
In the meantime, we encourage you to join our fast-growing community.