HOW TO SUBMIT A CANDIDACY TO THE COUNCIL?
Before you can submit your candidacy to the council, you need to create an on-chain identity. You do that by going to “Accounts” in the portal and click on the three dots next to the account you want create an on-chain identity for, and click “Set on-chain identity”.
The name you choose will be displayed instead of your wallet address.You can also add additional information, like email, website, Twitter handle etc.
The only obligatory field to fill out is “display name” - all the others are optional. Once you have added the information you want, you simply click “Set identity”. When you create an on-chain identity, an amount of 100 CFG (or 100 AIR on Altair) is reserved (locked). This amount will be unlocked again, once you remove your on-chain identity.
Once you have created your on-chain identity, you have to submit your candidacy on-chain. To do
that, navigate to the Council section under “Governance” and select “Submit candidacy”:
Select the account that you just created an on-chain identity for, press “Submit” and sign the transaction.
Note, that 1000 CFG (500 AIR on Altair) is reserved (your self-bond) - i.e. not transferrable - for as
long as your candidacy is active. This amount will be unlocked, once you remove your
candidacy.
Your account will now appear under “candidates” and token holders can vote for you to be elected
for the council.
Notice that if you do not get enough votes to get into either “runners up” or “members” from “candidates” in that election period, your self-bond will be slashed (lost) and the amount will go to the treasury.
HOW TO VOTE FOR THE COUNCIL?
To vote for the council, go to the Council section under Governance in the portal and click on “Vote”.
Now you should see a screen that looks like this:
If you vote for more than one candidate, your tokens will be split evenly among the candidates.
When you vote for council candidates, a very small amount of CFG/AIR is reserved for the duration of your vote - the amount indicated under “voting bond” - in addition to the amount that is locked for the vote (base fee 0.5 CFG/AIR + 0.5 CFG/AIR per candidate you vote for). Note, that the prefix is “milli” which means that 500 milli CFG = 0.5 CFG.
Your tokens are only locked for as long as you are voting for the candidates. Once you click “Unvote all”, the locked amount will be transferrable again immediately.
HOW OFTEN IS THE COUNCIL ELECTED?
Both the Centrifuge and Altair council have rolling elections, which means that every 7 days the votes are counted, and the candidates with the highest amount of votes (in terms of CFG/AIR) from “candidates”, “runners up” and “members” will be given a seat in the council.
If you have any questions or comments, feel free to post them below.