To help users of SmartBCH immediately, some $BCH supporters are setting up "The Bail-Out DAO" (BODAO). BODAO will raise $BCH to provide SmartBCH users 1:1 exiting option to the main chain.
After BODAO successfully owns 101,382.3 $SBCH in total, it will have the right to claim all the 101,382.3 $BCH on the treasury address.
The BODAO will use every possible measure to get these $BCH back, including raising an extra 101,382.3 $SBCH as financial resources to sue CoinFLEX, its founders, directors, and other immoral creditors of CoinFLEX who want to touch our precious coins.
BODAO will issue a governance token $SCG to encourage people to join it. The SmartBCH chain is also planned to be updated to empower $SCG.
We will remove the 50% voting power from SHA256 miners to the $SCG token holders.
— Wang Kui
At such a crisis, only $BCH/$SBCH holders can do themselves a favor to bail out themselves. In the future, the Validators' role on SmartBCH will always be elected by the $SCG token holders and the $SBCH holders. $SCG holders will have 25% voting power, and $SBCH holders will have 75% voting power.
A portion of the (currently) burnt gas fee on SmartBCH will no longer be burnt. Instead, it will be used to buy $SCG back and burn $SCG tokens. The ratio of the portion will start at 50% of the burnt gas fee (25% of all the gas fee). Such ratio will be kept as a consistence until a chosen time in the future, and then it will be reduced continuously at a speed of 30% reduction per year.
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