Vote for OBITS - Let your voice be heard


New OBITS Voting scheduled for October 1st, 2018


Dear Valued OBITS Holder,
As we have received proposals on this subject from the community several times, and in view of the current market liquidity situation, we propose a vote on new OBITS buyback and distribution policy.

The Market Maker Buyback proposal:

Buyback & Burn of the OBITS tokens on dedicated tokens markets.

In October 2018 and every month from then on, we will gather assets from dedicated profit centers (vesting fees, market fees, and so on) in native assets, as we did before. On the second day of each month, we will place an OBITS Buyback order to each asset market: OBITS/OPEN.ETH, OBITS/EOS, OBITS/BTC and others.

All bought-back OBITS will be burned.

The price to place an order will be calculated based on the Median Value from the market price in the previous month.

If the order is not closed during the month, it will be cancelled and the remained assets will be put in the new order.

It will work like this:

October:
Suppose the Median Value is 286 OBITS for 1 OPEN.ETH in September. We have collected 1 OPEN.ETH to be used in OBITS buyback in October. We've put an order on OBITS-OPEN.ETH market in amount 286 OBITS to 1 OPEN.ETH. Only 0.5 OPEN.ETH were spent in that order by November 1st.

November:
Median Value is 350 OBITS for 1 OPEN.ETH in October. We have collected 2 OPEN.ETH to be used in OBITS buyback in November. We cancel the previous order and add 0.5 OPEN.ETH to 2 OPEN.ETH and place the new order in the amount of 875 OBITS to 2.5 OPEN.ETH.

VOTING RUNS UNTIL 01.10.2018, 13:00 CET

Only current OBITS holders can take part in voting. To ensure an accurate voting procedure, we will take a snapshot of OBITS holders accounts on 15:00 CET, September 4th, 2018.

Especially for this voting, we will create a new voting asset - the VOTING.OBITS token, in the amount of OBITS supply shown in the snapshot.

Start of voting - September 5th, 2018


On September 5th, every OBITS token holder will receive an incoming payment of OBITS.VOTING tokens, matching the amount of OBITS they own according to the snapshot. Tokens will be sent from the account obits-voting. In the memo field, each recipient will find the conditions of the voting procedure.

In order to express your opinion, you should send the OBITS.VOTING tokens to the following accounts:

obits-option1 - if you wish to accept the above-mentioned Market Maker Buyback proposal

obits-option2 - if you wish to leave the current procedures in place

Please check your OpenLedger account on September 5th, and express your opinion on OBITS’ future!

Do you agree with the Market Maker Buyback proposal?

  • YES -> send your OBITS.VOTING tokens to obits-option1 account
  • NO -> send your OBITS.VOTING tokens to obits-option2 account

On October 1st, 2018 13:00 CET we will take the snapshot of the voting options accounts, and make a calculation.

Whichever of the two voting accounts has more tokens will be the winner, and the Market Maker Buyback Proposal will be implemented according to the results of this vote.


If you have suggestions or ideas for improving ourMarket Maker proposal to bring more value to the OBITS token, we would be happy to hear your voice and look into your ideas! Please submit your thoughts before September 4th, 2018 to info@openledger.info.


Please note:

If OBITS.VOTING tokens are not sent to either voting account, they will not be counted. This could be, for example, if tokens are sent to the wrong account, or never sent at all.

For example: If 5 000 000 OBITS.VOTING tokens were sent to obits.option1 account and 200 000 OBITS.VOTING tokens were sent to obits.option2 account by 01.10.2018, 13:00 CET. The result will be - YES.

The OBITS.VOTING token is only a token that will be used for purpose of this particular Voting proposal. No other use of this token is intended. It will be burned after the voting procedure is finished and the results are published on the obits.io website and in other OpenLedger media channels

After the voting procedure all OBITS.VOTING tokens will be burned.



What is OBITS ?

The digital currency market is fraught with wild swings in prices. OBITS is a different kind of token that is based on the value of an ecosystem that facilitates the creation and trading of digital assets. Holders of OBITS are thus holding a stake in not one project, but rather, the infrastructure that supports a wide variety of projects based on blockchain technology.


OBITS tokens are hosted on OpenLedger, one of the world’s first Decentralized Autonomous Exchanges. Open Ledger is not a registered “exchange” as traditionally defined by the U.S. Securities and Exchange Commission and other regulatory agencies worldwide. Instead, it is an open forum or marketplace that operates according to pre-set and generally accepted rules, permitting the free exchange of digital assets between buying and selling parties. Transactions on OpenLedger are always auditable, stable, and user’s balances are always available in full. Our business is based on blockchain technology offered by Bitshares, and our code is fully open source and available for review by any interested person.


Holding OBITS entitles you to become a part owner of the bright future that lies ahead of OpenLedger. OBITS owners have an access to share in the profits accumulated by the organization. OBITS holders are also entitled to cast votes on key decisions made by the organization.


Although we believe that the market value of OBITS is less volatile compared to single-project crypto assets or tokens, OBITS remains a highly speculative investment in an early-stage technology venture. Investors in OBITS should familiarize and fully inform themselves about the facts before making any investment decision.


Unlike Bitcoin, we believe OBITS is less vulnerable to extreme volatility or the vagaries of the market, because its value is more correlated with overall participation and trading, and not the success or failure of any particular project. We welcome you to learn more about our platform and to participate in its growth.

 
Decentralized

This means that no single entity or individual, including the CEO, makes binding decisions regarding the organization or has access to all the funds. Your funds are well protected by being distributed on computers across the world, so that no hacker will be able to break into or cause damage to the exchange.

OpenLedger’s decentralized exchange generates revenues by charging fees for providing services such as exchanging cryptocurrency with fiat, depositing or withdrawing funds, trading, registering on the exchange and taking referrals, to name a few. These profits are distributed among OBITS owners. This key functionality makes OBITS stand out against other well-known first-generation cryptocurrencies such as bitcoin.

Bitcoin’s price is determined on the basis of the market’s consensus of its value, decided by what people will pay on exchanges worldwide at any point in time. It is therefore extremely volatile and prone to sharp rises and falls, whereas OBITS’ value is determined by the businesses involved and the ongoing development of these decentralized digital platforms.

Autonomous

OpenLedger runs its business with decisions that are enforced by code. As humans we are all susceptible to greed and other emotions. However, when key decisions such as profit splits are pre-encoded into the system, it results in complete and reliable delivery on promises and increased trust in the system. This can be cross-checked by any individual with the technical know-how thanks to the open-source code on which the system runs.

Exchange

The exchange empowers retail consumers from around the globe to swap their fiat or digital currencies for cryptocurrencies, and thereby profit by taking a small percentage of each transfer, deposit, withdrawal or exchange. The profit is then sent out to anyone that holds OBITS tokens. This is one of the key differences between bitcoin and OBITS. While holding bitcoin gives you access to a digital token, verifiable on the blockchain yet susceptible to market conditions, OBITS is a system that brings consistent wealth in the form of profit splits from the organization.