Smartlands Platform Launches Stellar-based Voting System for Decentralized Management
August 20, 2018
Smartlands Platform has launched the first voting system on the Stellar network, with the ability to vote on multiple issues simultaneously. It is the first voting system for decentralized management released on a major blockchain network, that costs virtually nothing to operate for both organizer and voters. It will be available for both SLT holders and ABT investors.
When developing a voting system for the Smartlands ecosystem, we have analyzed the best practices, as well as feedback and wishes to make the voting system functional, simple, and convenient.
How the System Works
Voting will be implemented with built-in token capabilities based on the Stellar network, and will provide for distributed governance principles. The system will ensure protection against the falsification of results, by the means of a distributed ledger. All the data will be recorded on the Stellar network – thus, it is backed by blockchain and cannot be falsified.
The system allows for closed questions that can be answered with a predefined set of answers, and also open ones so that users will be able to provide more precise answers. This incorporates multiple choice voting, combined with the ability to respond with any set of digits as an answer.
The system takes into account the number of assets that are available on the balance of SLT tokenholders or ABT investors at the time of voting completion. Ownership of the larger SLT amount will grant greater power over influencing tokenization rules.
Smartlands Wallet will display the questions, response options and dates to ABT and SLT holders once the questions are created.
Benefits of the Voting System for SLT Holders
All the tokenholders of SLT will take advantage of the voting system, in order to make important decisions about the platform development:
- Set tokenization rules
- Define the priorities in the Smartlands Platform development
- Creating or amending standardized legal structures
- Determine procedures for the technical and financial audit for the companies willing to issue ABTs via the Smartlands Platform
Benefits of the Voting System for ABT Investors
ABT issuers and investors will be able to make the important decisions concerning corporate governance through the voting system. Involvement of ABT investors and ABT issuers in decentralized management will increase the credibility of the rules enforced by the platform. Since all the voting details are written in blockchain, it makes the process very secure and transparent for all members, while at the same time inexpensive to arrange. Low costs, flexibility, and reliability of such a voting system provides for much broader involvement of ABT holders in company management. In turn, it builds trust and nullifies information asymmetry.
The key advantages of the Smartlands Voting System for Decentralized Management for the ABT issuers and investors are the following:
- Enhanced transparency backed by the blockchain technology
- Ability to control investments
- Increased efficiency of decision-making processes
- Opportunity to create new types of investment instruments, that opens financial markets for much smaller companies
The new voting feature is available for SLT holders and ABT investors directly from the wallet.
Please read these instructions. If you have additional questions or comments regarding Smartlands’ Stellar-based voting system, please feel free to reach out to us. We will be happy to receive your feedback!