First Bitocracy Votes are Complete - Genesis Event Update

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January 21, 2021

The first Bitocracy votes opened yesterday and successfully completed today. This means that the decentralised system is working! We set an aggressive goal for ourselves: to complete decentralisation by Bitcoin Day, 21-1-21 and together we did it.

The completion of the first Bitocracy votes also means that the Genesis cSOV Event will soon be able to begin.

SIP (Sovryn Improvement Proposal) Summary

SIP001 - Assign Multisig Addresses for Sovryn Bitcoin Treasury

  • This resolution passed.
  • SIP001 creates a multisig treasury for Sovryn Bitcoin holdings.

SIP002 - Assign Multisig Addresses for Sovryn Bitcoin Treasury

  • This resolution passed.
  • SIP002 authorizes the creation of cSOV and sets a maximum allowable reserve price of 2750 Satoshis.

What’s Next?

SIP003 - Activate Genesis Reservation System

  • This resolution will be voted on starting 26 hours before Genesis is activated.
  • It will allow for Genesis to be activated.
  • It will also include the vote on the final reserve pricing for cSOV.

Genesis Pre-Sale Event

Assuming SIP003 passes, it is expected that the Genesis Event will begin at 2pm GMT on Monday (January 25th).

Important Points about Genesis

  1. We’ve been working on processing an overwhelming number of requests for higher tiers. However, there have been more than we could possibly fulfill - because we want to allow as many Sovryn early supporters to have the opportunity to participate as possible. So we can’t allow the reservation to be taken up by a small number of power users.
  2. The Genesis interface will be live from Friday (January 22nd). This will allow you to:
  3. View your tier
  4. Increase your tier with any codes you have received
  5. Request a higher tier
  6. The price voted for in SIP002 is the max price. There will be another vote just before Genesis that will finalize the reservation price.
  7. The funds sent to the protocol during Genesis are redeemable. If you decide not to convert to SOV, you can redeem your funds.

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