Since each vote is attached to a stake reward, any user who wishes to vote must run a full BitBay node.
To run a node, the latest version of either the BitBay Markets Client or QT wallet must be installed and synced prior to voting.
Once your wallet is installed, you can vote by going to the “staking tab” in both the Markets Client and Qt Wallet. There you will be able to select your vote preference:
Votes for an algorithm which automatically adjusts the deflates or inflates the supply liquidity to maintain a healthy price.
Votes for the supply liquidity to decrease. When the consensus is for deflate, sell orders for BAY on the exchange will be reduced accordingly.
Votes for the supply liquidity to increase. When the consensus is for inflate, sell orders for BAYR on the exchange will be reduced accordingly.
Votes for the supply liquidity to remain constant.
Disables all voting within a user’s wallet (will receive full stake reward amounts)
As a hard-coded rule in the Markets Client only, voters must remain active with their wallets in order to participate in Dynamic Peg voting. One cannot simply unlock their wallet, set a vote preference, and let it run passively forever. Every voter must manually refresh their vote decision after a designated number of votes.
The timelines for refreshing a vote preference are as follows:
For the Markets Client:
- Manual vote (deflate, inflate, no change) = 1000 votes / 4,000 blocks before reset needed
- Algorithm vote = 200 votes / 4,000 blocks before reset needed
For the QT wallet, there is no maximum number of votes, a reset will only be needed after 4,000 blocks.
Questions, comments, concerns? Please post them in the comments below!