How to Participate in the Senatorial Campaign

Application form: http://senator.hx.cash

Eligibility

Basic requirements

You must:

  • 2. All candidates must use their real legal name during the campaign;
  • 3. All candidates must be capable of completing stated basic duties required from an individual in a Senator position in an efficient and effective manner.
  • 4. All candidates must Support on-chain governance 24/7 (24/7 system up-time)

Technical requirements

You must:

  • Have an in-depth practical and theoretical understanding of the use of private keys.

Collateral deposit requirements

  • Potential candidates will need to place a performance bond (also known as a collateral deposit) of 500,000 HC, to be able to participate in the senatorial campaign. A collateral deposit will be transferred into a Senator special contract address;
  • The collateral deposit will become locked when a candidate is elected as a Senator, and will not be able to be withdrawn until a Senator officially steps down from their position;
  • The initial stated collateral deposit is 500,000 HC. If the total amount of on-chain assets increase, an additional collateral deposit may be required. It is the duty of all Senators to decide whether or not additional collateral deposits are to be required.

The Election flowchart

The election process will mainly be conducted on-chain. Users may click the hyperlinks in this guide for a detailed step-by-step description.

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Submission of application

Fill in the application form and prepare identity documents and other information as required, then send an application email to the HX Governance Committee, hence: “the Committee” (hyperexchange@h.cash) with relevant documents attached.

  • Telephone number
  • Email address
  • WeChat/WhatsApp/Line/Telegram account
  • Account name (Register account)
  • Address
  • Their Senator node deployment plan
  • Their operation and maintenance plan
  • A Candidate’s technical resources, research and development capabilities
  • A list of a Senator candidate’s team members
  1. Quad-core CPU, 8GB RAM, 200GB free disk space, and 10Mbps bandwidth
  2. Extended requirements to be determined (a team is required to build verification node)
  3. Senator users are very important to the stability of HX mainnet. Please do not use cloud hosting for node deployment or operation and maintenance.
  • How much support can the candidate gain from the community?
  • A list of the candidate’s additional resources
  • A candidate’s economic strength regarding long-term operations
  • Their ability to participate in community governance

Application approval

After the HX Governance Committee approves a candidates’ application, the Committee will send them an invitation to participate in the senatorial election, and will additionally provide them with a contract address for their collateral deposit.

  • The Committee will transfer 0.001 HX from the hxofficial address to the candidate’s election account and will inform the candidate of the contract address in the transaction message (See: Application approved)
  • The Committee will send an invitation to the candidate using their official email address (hyperexchange@h.cash)

Preparation for the election

Candidates will need to transfer their collateral deposit to the contract address. The Committee will publicise the candidate list on the official HX website. When the publicity period ends, campaign proposals can be formally launched by citizens.

  • Register an election account as a Senator candidate (See: Register Senator candidate)
  • Transfer their collateral deposit to the contract address

Submit a proposal

Any Citizen can submit a proposal to formally nominate a Senator candidate. Citizens can vote among all proposals.

Voting

If at least 2/3 of Citizens’ (or the equivalent of which) total pledged weight vote for a Senator candidate, then that candidate will be successfully selected as the Senator. If not successfully selected, their collateral deposit will be returned.

  • Voting can be completed via the HX Indicator (See: HX desktop wallet)
  • Citizens should objectively make their own voting choices
  • All campaign information will be announced on the official website
  • All voting information can be viewed on the HX block explorer

If elected

The Committee will announce the campaign results on the official HX website and will also instruct elected Senators via email on how to complete their duties, operate, and maintain the HX mainnet. Training may be provided if necessary.

Other

The Senator candidate’s campaign fails if any requirement is not met at any stage during the entire campaign. When a Senator candidate’s campaign fails, any HX tokens paid during the campaign (i.e. account registration fee or proposal fee) will be destroyed on-chain and will not be returned; the collateral deposit will be unlocked in 14 days and the candidate can transfer funds back to themselves. In addition, when a Senator steps down (i.e. replaced by a new Senator), they can withdraw their collateral deposit.

Written by

The New Standard of Value

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