Voting Scheme on ONE Billion TNB
The voting is still in progress and deadline is getting closer! All the TNB holders are welcomed to participate in voting and exercise your rights!
According to TNB white paper, M.I.T Foundation had planned to transfer MiaoA China ecology, which accounts for 18% total supply of TNB. However, due to policy and business model upgrading, etc, the plan only implemented user migration incentives and about 1,025,728,386 TNB were left unused. As the white paper said, this portion of TNB should be burnt on August 26th 2018.Given that the TNB white paper does not reserve TNB share for mining incentives, changing usage of this portion TNB to mining incentives is also an option for the long-run development of TNB.In line with the intention of community autonomy and determined by M.I.T Foundation, the following three options are provided for all the TNB holders who will vote by shares (1TNB = 1vote).
Options:
1) Burn it all.
2) Reserve it all (mining incentive).
3) Burn a portion and reserve a portion (mining incentive). Voting proportion is decided by voters.
Remarks:
1) If the third option wins the most votes, M.I.T Foundation will decide the specific proportion according to the full results of the vote and the method is as follows.
Coin burn proportion = Σ(TNB amount of each voter * vote ratio for coin burn) / TNB amount of all voters.
2) The TNB share that TNB team holds and TNB in lock-up position will not be count towards the vote.
3) If you have decided to waive the voting rights by using your TNB share, we wish you still could vote in an informal way to submit your valuable suggestions.
4) If you have participated in formal voting, please be sure to deposit your TNB in personal wallet that uses signature until the end of the voting, otherwise will consider as invalid votes.
5) Voting deadline: 23:59 (UTC+8) August 23rd 2018.
Voting reference factors
1.As of this announcement of voting scheme, TNB current allocation is as shown below.
2. Mining incentive plan.
Miners get 30TNB once a block is successfully packaged, miners’ income=30TNB+txFee. The time interval of TNB mainnet generating blocks is estimated to be 10–15sec. On the basis of this calculation, the amount of TNB that used for mining incentive is about 78,840,000–94,608,000 per year. If all is reserved (mining incentive), that portion of TNB will be gradually released in the next 10.57 years. After that, mining incentives will be cancelled and miners’ income will be just txFee.
3. If all is burnt, TNB allocation will be as shown in the following table.
Burn it all will have following impacts on TNB.
1) A large amount of TNB total supply will be reduced for once and TNB holders equity share will be increased in proportion, which will have a short-term positive effect towards the TNB market price.
2) A certain portion of TNB will be adjusted to “mining incentives” from “Operation&Ecosystem Development” or “Founding Team Incentives”, which will inhibit incentive space of “Operation&Ecosystem Development”, “Entrepreneurial Development” or “Mining Bookkeeping”.
4. If all is reserved, TNB allocation will be as shown in the following table.
Reserve it all will have following impacts on TNB.
1) Changing the whole portion of TNB to mining incentives will encourage miners to participate in TNB mainnet nodes and hashrate construction, so as to guarantee the safety and good performance of TNB mainnet, which is benefit to the long-term development of TNB business ecosystem.
2) The total supply of TNB and TNB holders’ equity share will stay unchanged, and will not have a short-term positive effect towards the TNB market price.
Voting instructions
1) Please transfer your TNB into a frequently used personal wallet as the signature wallet for voting.
2) Please click the following link and enter the TNB official website voting page to vote BEFORE 23:59 (UTC+8) August 23rd 2018.
3) Select an optimal plan and copy the corresponding message.
4) Enter MyEtherWallet official website via voting page, sign for the message and it will generate a signature.
5) Copy the signature to input box of TNB official website voting page to complete the vote.
6) When voting is completed, TNB official website will announce the voting result and make an announcement regarding coin burn.
TNB official website voting page:https://tnb.fund/vote/voteoobt
MyEtherWallet website signature guide
1) Click on the link to log in to the MyEtherWallet website and copy the message to the message column.
2) Select your wallet type and enter your personal wallet information to authorize to unlock (Recommend to use Keystore/JSON Files)
3) Click “Sign message” to generate the signature and copy it to the input box of TNB official website voting page to complete the vote.
M.I.T&TNB Team
08.21.2018
