Quote from: BARR_Official on November 02, 2015, 05:21:33 PM

We're going to try a new voting system to decide which coins will be burned next. If this voting system works for the next burn period, we'll stick with it.

Voting will be done with BARR, to ensure that the process can only be influenced by BARR holders. If any altcoin's community wants to benefit from the BARR exchange process, they must first benefit the BARR community a little bit.

To vote for an altcoin to be accepted during the next burn period, send BARR to the Market Fund and include a message with the transaction naming the coin or coins you are voting for (don't encrypt the message). 1 BARR equals 1 vote.

In the future we may have a dedicated voting address for each coin, but for now there is no need to create 100 separate NXT accounts just for voting.

At 12:00 AM on the 15th of each month, the 3 eligible coins with the most votes will be set as the coins to be burned during the next exchange period.

We may burn more than 3 coins from the voting list if the allocated funds allow it, as well as 1 coin from the Wild Card list if the surplus funds allow it.

In the future, if the allocated funds for a burn period are only enough to exchange the entire supply of the top voted coin, then we may burn only 1 coin during a burn period.

Coins must be on the currently-eligible list on Page 1 of this thread to qualify for voting. If a coin becomes ineligible after the voting process and cannot be burned, e.g. due to exchange delisting or block explorer failure, its votes will be saved towards the next burn period in which it may be eligible.

The address of the BARR Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY, and all voting funds will be used to support the market. All NXT and BARR in the Market Fund are never transferred to any other account, unless it is a burn transaction sent to the Burn Fund.

If I had known we would be sending BARR to the Market Fund for votes, I wouldn't have donated so many of my personal altcoins to the Market Fund already. But I think it's a good idea, and worth trying.

One thing I would like to mention is that our main obstacle is supporting the altcoin markets during the exchange period. Our Bitcoin is spread pretty thin between Keycoin, Fractalcoin, and three separate markets for Sapience. If we get more BARR users who show up to help and buy altcoins so they can burn them for BARR, then we won't have to maintain the price by ourselves.

But until then, if we're going to be doing it mostly on our own, we may be able to absorb a higher percentage of a coin's supply by doing fewer coins at one time. Maybe we should try just one coin for December, and maybe one Wild Card as well. If the Wild Card market starts to dump more than we can buy, it's not as important. So we can focus more on the one regular coin and buy as much as possible, instead of buying smaller percentages of three different coins. Then, if BARR starts to get more participation, it will allow us to do more coins at one time during future exchange periods.