Formal Voting Phase

In the formal voting phase, users will have the opportunity to vote both for or against a proposal. The formal voting phase will last for 7 days. For a proposal to pass the formal voting phase, at least 10% of the total staked SPS in the system must vote (either for or against) the proposal, and of the staked SPS that has voted on the proposal, at least 66.66% must vote "for" it.

The "weight" of each vote will be the amount of staked SPS tokens the account has at the time of the vote. The vote weight will not change if the amount of staked SPS in the account changes after the vote has been cast even if the formal voting phase is still active. Users may change, remove, or recast their vote at any time while the formal voting phase is active, so if a user has voted on a proposal and then gets more staked SPS in their account they can remove their vote and cast a new vote to increase their vote weight. Each Hive blockchain account can only cast one vote for each proposal.