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May 18, 2019 7:44 am

Details on the Election for Dash Investment Foundation Supervisors

We are happy to share more details regarding the upcoming election for the Dash Investment Foundation Supervisors. As recently announced, the elections are scheduled to start on May 30th and conclude June 23rd.

For more details on the Dash Investment Foundation and the supervisors role, please refer to the announcement post.

Requirements for the Candidates

The candidates to the supervisor position must meet certain requirements. These are not arbitrary and respond to legislation in the Cayman Islands or to the need to reduce KYC and compliance costs.

  • 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.
  • Not be a “politically exposed person” as defined in Cayman Islands AML regulation.
  • Not previously been bankrupt, or otherwise barred or disqualified from holding any corporate title or regulatory license/authorization.
  • Not have any legal proceedings pending as defendant wherein fraud, dishonesty, dishonorable conduct, or breach of law as relating to financial services is alleged.
  • Be willing to provide copies of identity and proof of residence documents within 10 days of a successful election (typically a national passport ID page, and a residential utility bill), certified as true copies and delivered in accordance with the Foundation’s requirements, and refreshed annually thereafter.

Dash Watch will supervise the process

As with the Trust Protectors election, Dash Watch will be the objective third-party auditor and will perform two key tasks:

Candidates data gathering

Dash Watch will compile the final list of candidates and will publish it by the beginning of the election. Anyone interested in becoming a candidate should reach out to them at [email protected] before end of day May 30th UTC.

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 using the same software that was used for the Dash Trust Protectors election. The software is open source and is fully described here.

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

Approval voting

In order to improve the quality of the selection of the Supervisors 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. Because two supervisors had to be appointed at the outset, for the first election year there will only be four available positions. All six supervisors will be elected in future years. The four 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 four selected are most widely supported and representative of network interests. In case any of the elected candidates fails to provide the documentation needed for the appointment, the next candidate with the most votes will cover his/her spot.

Author: Fernando Gutierrez
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tungfa is responsible for social media communications, and posts both original stories and links to news coverage of Dash from around the web.