Claim voting process
Every user holding vBMI can see active Claims in the Claims Assessment tab of the app, and they can open the Claims to see the evidence uploaded by the Claimant.
  • Votes are anonymous.
  • Voters must open evidence in order to be given access to vote on a Claim.
  • Voters may vote on multiple Claims before submitting all of them in a batch send. This is to save time and gas fees.
If a Voter believes a Claim is invalid and should be denied, they should input β€œ0” as the amount of USDT the Claimant should be compensated with. Submitting β€œ0” is synonymous with voting β€œno”, meaning the claim is not valid. Voting any value greater than β€œ0” is synonymous with voting β€œyes”, meaning the claim is valid. This value also represents the amount the Voter thinks that the Claimant should receive.

What are the phases of voting?

The first phase lasts 7 days. This is the phase in which users can add their votes to accept or reject the claim after reviewing the content and evidence presented, supported by their own research. The second phase is the exposure phase which also lasts 7 days. During the exposure phase, new votes are not accepted and users who voted in the first phase must confirm their votes. After 2 weeks, the claimant is given the opportunity to reveal the result of the vote for which they have 3 days.

What is vBMI?

After you stake BMI in the Staking Contract, you obtain stkBMI. You also need to stake the stkBMI to obtain vBMI.

Where can I stake?

Where can I vote?

Head over to https://app.bridgemutual.io/​

Do I get rewards for voting?

Rewards are given to those who have voted in the majority. Rewards are distributed based on the number of vBMI held by the user and their Reputation Score. You can read more on Rewards and Reputation in our Whitepaper.

Which claims are honored?

A Claim requires a 66% majority to be passed; otherwise, the claim is rejected.

My claim was approved. How is my final payout determined?

When the voting is over, the final amount awarded to the Claimant is decided by the weighted average of the vBMI tokens and what they voted for.

My claim was rejected. What now?

You can still make an Appeal. To do so, you must deposit an additional 1% of the value of the claim. The difference between regular claims and Appeals is that only β€œTrusted Voters” may vote on Appeals. You can read more on Appeals and Trusted Voters in our Whitepaper.

What is stopping voters from fraudulently denying a valid claim?

There are multiple incentives and punishment measures within our multi-phase voting system that encourage users to vote fairly and honestly by aligning their incentives with the claimant. Only users that vote in the majority are rewarded with BMI for voting.
Users who vote in the minority can be punished by losing some reputation, which in turn decreases their voting power.
Users who vote in the minority when there is a large discrepancy (for example, 90% of voters approve a claim while only 10% of voters deny the claim) will have a portion of their stake confiscated and added to the Reinsurance pool.

Can the Bridge Mutual team influence voting?

No, the only people who participate in voting are vBMI holders. No one else can affect the outcome of a vote.
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Last modified 20d ago