Voting via Smart-Contracts: Listing of the BHF or the BHM token?
As we enter the final stretch of the BHF -Tokens journey and aim to begin preparations for the BHM-Token, we have decided as a gesture of good will and trust to give our token holders the opportunity to participate in a key decision regarding our business plan. As you know, we have previously touched on the pros and cons of listing both such tokens (link). The decision is to give our token holders the chance to have their say via a voting poll, they can choose to list either the BHF-Token (utility) or list the BHM-Token (security).
Why will there be a vote?
The new characteristics and utilities of the BHF-Token within the Blue Hill Platform, give it a new status and make it interesting for being demanded in the platform and the market. It’s new configuration, making the BHF-Token a brand new utility token, would also allow it to be listed in the actual crypto-market.
This is why we will give the opportunity to our token holders to vote between the listing of the BHF-Token or the BHM-Token (as it is in the original planification). This last one, within the actual situation of the Security Token Market, and the difficulties of accessing to them and trading with them.
What does listing a token involve?
The Listing of a token involves great cost. The cost of a suitable exchange can be very expensive as well as the marketing involved in conjunction with the token. The decision of listing a token on a suitable exchange is important to all our token-holders.
Among the general benefits of listing a token are two particularly important ones:
1- The ability of the token holder to be able to trade their tokens in a secondary market, having full freedom to buy, sell or hold their token in their portfolio.
2- The possibility to trade 24/7 within the exchange.
The vote will lead to either listing the BHF token or listing the BHM -Token regardless of whether they are both issued and distributed by the Blue Hill Mining in the Blue Hill Platform as announced.
How will the voting take place?
A Smart Contract will be created for the voting, in order to record:
1) The voting question: Which Token do you prefer the Blue Hill Mining Project to list, The BHF-Token or the BHM-Token?
2) The voting options:
Option a) BHF-Token.
Option b) BHM-Token.
3) A list of the addresses with the voting made by the users: (Address 1, voted a), (Address 2, voted b), (Address 3, voted a)… etc.
The Smart Contract will have a starting and closing date. The outcome of the vote will be when the closing date finishes, this is to eliminate the possibility of further new votes out of the indicated period. Votes will be then counted. This counting will be assigned in the Smart Contract. Therefore, on the blockchain, both the raw data of the voting and the summary data of the closing of the voting will be stored, transparent and traceable.
* Voting is not compulsory but in case of voting, once the vote is cast it cannot be changed. Also, two different votes cannot be cast from the same address.
Who can and who cannot vote?
The token holders are the only ones who can exercise their vote (being one vote per token). However, the Blue Hill Mining corporate team tokens will not be able to vote. In the same way, the last batch of tokens belonging to Swiss Asian Resources will not be able to vote so that a single holder does not influence the vote in their favour. The tokens that will not participate in the vote are 59,139,471 million tokens, out of the total 140 million.
When will the vote take place?
On September 21st.