February 3, 2019 10:14 am

Update on Trust Protectors Election

We are happy to share additional details about the Trust Protectors election to be held in March for the Dash DAO Irrevocable Trust. The trust is 100% owner of Dash Core Group, Inc. For more information on the trust and its role, please click here.

Dash Watch will overview the process

In order to ensure that the process is conducted as expected, Dash Core Group has asked Dash Watch to work with us and be the objective third party auditor. We considered using an external audit firm, but given the budget situation, we feel this option best balances the needs for transparency, external oversight from a trustworthy independent party, and the cost. Dash Watchโ€™s involvement will be two-fold.

Candidates data gathering and verification of prerequisites

Dash Watch will compile the list of candidates and will publish it by the beginning of March. Once they do, we will create a dedicated section in the forum for candidates to discuss with the community. Anyone interested in becoming a candidate should reach out to them at [email protected] before end of day February 24th UTC.

To be eligible, candidates must provide valid ID and proof of residence, since the trustee will need to perform KYC checks before confirming the appointment of any elected trust protector.

Dash Watch will also check that the candidates meet the following requirements: -Of legal age -Mental capacity -Not a felon -No conflict of interest with the position -Not citizens of Iran, North Korea, Syria, Sudan or Cuba, and not in the list of Specially Designated Nationals (SDN) maintained by the US Department of the Treasury.

Vote count and results publication

Dash Core Group is preparing a website where masternodes will be able to vote on the published list of candidates. The software will be open source so anyone can check the process.

Dash Core Group and Dash Watch will receive the votes and publish the results once they independently tally them, immediately following the voting deadline.

Approval voting

In order to improve the quality of the selection of the Trust Protectors we have decided to use an approval voting system. This means that each masternode can vote yes or abstain on each of the eligible candidates. The six candidates with the highest approval will win the election. This is closer to how our governance system works and also ensures that, in a scenario of many candidates, the six selected are most widely supported and representative of network interests.

Edit Feb 4th 10pm UTC: there was an error with Dash Watchโ€™s email address and it has been corrected to the right one: [email protected]

Edit Feb 26th 2am UTC: there was an error in the description of the voting options, which are only โ€˜yesโ€™ or abstention, without negative votes as was mistakenly stated.

About the author

Fernando Gutierrez