📃Introduction

Governance in a decentralized project is difficult, because by definition there are no central authorities to make decisions for the project. In BLOCX we want to give such decisions to our Community who is called a Decentralized Autonomous Organization (or DAO) consisting of the masternodes. The DAO allows each masternode to vote once (yes or no) for each proposal suggested by community. If a proposal gets voted and passes, it can then be implemented by Community Member or BLOCX's developers.

BLOCX uses 7% of the block reward ( Superblock ) to boost and fund its own development by giving chance for Community Member to do their part. Every time a block is mined, 93% which in this case is 100% of the reward is split between dev fund 3%, the miner 48.5% and a masternode 48.5%, while the remaining 7% is not created until the end of the month or iuntil 14,600 block height.

During the month, anybody can make a budget proposal to the network. If that proposal earns the approval of at least 10% of all the masternode network, then at the end of the month the requested amount will be paid out from a “superblock rewards”. At that time, the block rewards that were not paid out (7% of each block) will be used to fund approved proposals. The network thus funds itself by reserving 7% of the block reward for budget projects. If it should happen that at the time of distribution some part of superblock remains untouched or simply not distributed in between of proposals, this part or amount then will be automatically burned from the Total Supply of BLOCX.