SmartCash has a similar system. They have 70% of the rewards for the projects. Each Smart counts as a vote. The project is managed by three wallets who approve or reject the projects in the last hours of voting no matter how many people have supported or rejected it. The same thing can happen here if a system is implemented that is not only based on the amount of SP
You are viewing a single comment's thread from:
Who gets to do the approving or rejecting and how are they chosen?
All those who have Smart in the official wallet can vote. Each Smart equals one vote. The more Smart you have the more you can influence the results of the proposals.
There came a time when proposals were no longer approved and the community realized that there were only 3 wallets that rejected with negative votes, with few hours left until the voting time ended. I speak of proposals with more than 90% acceptance and from one moment to another they happened to have 80% rejection. Many have left and that project is almost dead because the founders have the greatest power to vote and do not want to approve because they lowered the currency and do not want to spend