BISS is a Chinese exchange founded by backers of the IOST project who were also early investors in other major protocols within cryptocurrency. IOST has selected BISS as the voting platform based on its security and reliability for hosting the vote.
We’ll take you through a step-by-step voting process in this video (keep scrolling for written instructions):
- Visit iost.biss.com
- Sign up
In the navigation bar at the top right of the page, click “Sign up” to begin creating your BISS account. To learn more about BISS, visit biss.com and be sure to specifically read their About Us section.After registering, you will have 60 seconds to enter the verification code that was sent to the email address you provided. Input the verification code, and your BISS wallet will be activated!
- Log in
Now that you’ve finished registration, you will be prompted to log in using your account name and password. During this log in, an authentication tool should trigger and be completed, after which you should be taken to the Voting Dashboard.
- Deposit IOST
Click on “Deposit Now” or “My Account” in the navigation bar to be directed to your Account page where you will be depositing your current IOST (ERC20) tokens that will be used for voting.On your Account page, you will see your unique IOST (ERC20) deposit address. Use this address to send your IOST (ERC20) tokens from their current location to your BISS wallet.*Please note that once you send IOST (ERC20) to your BISS wallet, they will automatically be converted to mainnet tokens on March 10, 2019. At this point, they will be available to transfer after the unstaking process has begun (initiated by you, the user) which takes 7 days. Based on this information, mainnet tokens will not be available until at least March 17. Further details on how to unstake your tokens will be made available by the IOST team.
- Vote for a Node Candidate
After your send transaction has been processed by the Ethereum network (can take up to five minutes or longer) your “Total Balance” and “Available Votes” should update to reflect your new balance.From your Account page, click on “Vote” in the top left of the navigation bar, to be taken back to the Voting Dashboard.Node candidates are ranked in order of total votes that have been staked to their name by the community. You can learn a bit about each project by clicking on the names of each candidate.
In the right hand category of the Voting Dashboard, click “Vote” for the specific node candidate you wish to support. You will then be able to stake your available IOST (ERC20) tokens to this node candidate and complete the process.
Congratulations, you have just done your part in helping support the IOST protocol and its ever-growing ecosystem!
Early Voting Reward Period
The process of voting can be completed until February 25, 2019, at which point the mainnet goes live. However, the period for earning rewards is from January 14, 2019 until March 10, meaning as long as you vote before February 25, 2019 you will be eligible to receive rewards between February 25, 2019 and March 10, 2019. If you do not vote before February 25, 2019 you will not receive any early voting rewards. The early voting reward provides an annualized 25% return on your token amount, relative to the number of days your tokens are staked. Please note the 25% return is annualized, you will not receive 25% return on your tokens during the early voting reward period.
In order to understand your expected return from voting early, take the number of days you have tokens that will be voted between January 14, 2019 and March 10, 2019 and divide them into 365 (days).
20 days voting of 100,000 tokens
= ((20 days / 365 days) * 25,000 tokens)
= 1369.86 tokens (1.369% return)
Mainnet Token Swap and Lockup Period
IOST (ERC20) tokens used for voting will be automatically swapped to Mainnet tokens and credited to your BISS wallet, which can then be traded and transferred AFTER the 7-day lockup period beginning on March 10.
After March 10, token holders who vote for node candidates that successfully reach election (2.1M votes) will receive a 50% share of that nodes rewards. The annual reward pool for node candidates is 840 million IOST. The rough annual return for voters has been estimated to be 20% by the IOST team.