Here we are going to review the management peculiarities of Giant.Exchange. For general Giant blockchain governance features, you can visit this article. The word ‘decentralization’ has become a bit devalued these days. However, below you will find out that there are solid reasons to call Giant.Exchange a unique decentralized user-customized product. We can state with certainty that there has not been any other binary options-related platforms like Giant.Exchange. Through the following means, the avarice of the product creators or managers is prevented in all cases.
Every Giant.Exchange user is able to participate in the votes, come forward with their own proposal and trace the evolution of the platform by checking the previous votes archives stored on the blockchain, because every vote is a separate smart contract. To prevent network overloads with spam, the vote creator must invest a certain amount of Giant Coin (GIC). This amount is defined by the Giant.Exchange core smart contract and regulated by a separate vote procedure. The final results of any poll are accounted by the same vote smart contract.
The architecture of Giant.Exchange allows to vote on virtually everything connected with the management and maintenance of the platform. This follows the ultimate idea behind the first crypto projects, an idea of a transparent economic space where the decisions are not taken behind the closed doors. Here’s an older article on Giant.Exchange basics.
The weight of your vote is dependent on your collaboration on Giant.Exchange. Oracles - those who establish the connection of underlying asset price data source with Giant.Exchange - get a 10x multiplier, as well as brokers who create new binary option smart contracts. The masternode owners who are basically the long-term investors in the Giant blockchain get a 3x multiplier.
Let’s move to the vote types… there are quite a few. Users can choose the next underlying asset, the Oracle smart contracts, the new template for binary options called Brokers Factory, set trading and dividend parameters, ask for money on a new initiative or simply propose an idea. This is not all: the code of certain smart contracts can be changed via polls too.
While most of these procedures are quite self-explanatory, some of them need additional description. When it comes to the Brokers Factory and smart contracts, you can open a vote dedicated to their deletion for the future system scalability. After the poll is finished, the smart contract executes the written scenario only if the majority wants so.
There are some default parameters for Giant.Exchange polls also changeable by voting. The minimum voter turnout is 20 people, while the minimum percentage needed for the actual vote outcome taking place is 0.1%. The default vote duration is from 3 to 7 days.
The user dividends can also be changed, the default distribution is as follows: 40% goes to Brokers proportionally with their trade volume, 40% - to Oracles proportionally with their underlying asset data smart contracts usage. And, lastly, 20% goes to the masternode owners who all ensure the stable work of Giant.Exchange and other dApps on the Giant blockchain. The maximal possible theoretical percent of the dividends is 50%.
No binary option trading platform has opportunities like these. Usually, the binary option platform developers are setting their own unchangeable rules. For more info on the Giant.Exchange rivals, you can see a separate material. The user activity is regulated with the aforementioned vote creation fee of 100 GIC, ensuring that nobody creates a new initiative on a whim. This is why we can call Giant.Exchange a decentralized project - there is no central authority which deprives the clients of defining the future of the financial instrument they are using on a daily basis.