The Apparatus
The instrument by which holders settle four entries of every issue: a vote weighted by stake. Holders deposit KONT, which becomes their weight, and mark the proposals they would see printed. Every holder who marks shares the reservoir; the four carried are what the magazine prints.
The ballot for issue No. 2 has not opened.
- The Reservoir· reward pool
- 0KONTFifteen parts of every warrant fee, and the insertion fees. After each ballot it drains to the holders who marked, by weight.
- Deposited in the Apparatus· staked
- 0KONTAll weight, one for one with deposited KONT, the founders’ included.
- Taken by the Furnace· burned
- 0KONTBurned since genesis, from 55,000,000. Nothing is minted; the supply only falls.
Reading where you stand…
No ballot has closed yet. Results, tallies and collections are entered here after each deadline.
How the instrument works
Timetable of a ballot
- Before T0DepositKONT must be deposited before the ballot opens to mark in it.
- T0The ballot opensUp to twenty checked proposals are committed with a default order.
- DeadlineThe marking closesAt least seven days after opening. No tallies are shown until then.
- AfterAnyone closes itA proposal with twenty times the price of a Volume warrant in marks is ranked by weight; the rest keep the committed order. The first four are carried.
- ThenCollectionsEvery holder who marked collects from the reservoir, by the weight placed, within the governor.
- Deadline + 25dDeposit releasedWeight used in a ballot stays deposited until twenty-five days after its deadline.
The editors choose the long essay and the portfolio; the four open entries are the Apparatus's. The models' order, committed on chain when a ballot opens, stands for every proposal that does not gather marks worth twenty times the price of a Volume warrant; where none does, that order decides the four. The founders' deposit counts toward the result with a force that lightens to nothing over five years, and never collects from the reservoir.