Vototo:Totocash Details

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Totocash is the official currency of the VOTOTO project and an important funding mechanism for the Vototo experiment. All Totocash may be used to pay for various Vototo items of value, e.g., election entry fees and future advertisement on the Vototo website. We encourage you to register.

Types of Totocash

There are two types of Totocash, Standard and Preferred (also known as Votocash). They differ in that only Votocash may be redeemed for raffle tickets. Thus, when an account holds both Standard Totocash and Votocash, Standard Totocash will withdrawn from the account first whenever possible.

Standard Totocash: When you register as an account holder, you are automatically awarded $100 Standard TC. You may also buy Standard Totocash.

Preferred or Earned Totocash(Votocash): The three ways to earn Votocash are by:(1) voting; (2) creating an unchallenged entry; and (3) winning an election. Please review Vototo election rules for more info.

Totocash Fees and Rewards

The following fees and rewards apply to Vototo elections.

Entry Fees

For any election, anyone may create a new entry or submit a first challenging revision without Totocash payment. Subsequent submissions require increasing amounts of [Vototo:Totocash|Totocash]] entry fee. Such fees are automatically withdrawn from the submitter's account. The formula for calculating the entry fee is: E = N . (N-1), where E is the entry fee in $TC and N = the place in line. This means:

  • the 1st submission (entry creation or 1st revision) is FREE;
  • the 2nd submission requires $1 TC;
  • the 3rd submission requires $3 TC;
  • the 4th submission requires $6 TC;
  • the 5th submission requires $10 TC, etc.

Rewards

Account holders earn Votocash every time they vote and every time their submission wins an election. Voters are awarded $1 VC every time they vote. A winning submission also entitles the account holder who submitted the winner to an award of Votocash.

New Entry Winnings: Account holders who create a new entry are automatically awarded $2 VC if no challenging revision is submitted within twenty-four (24) hours after the new entry's creation. Otherwise, the new entry is treated as an incumbent entry.

Challenger Winnings: When an account holder submits an winning revision in an election, the account holder is awarded Votocash in an amount equal to all votes cast in the election. For example, in an election in which an a challenger revision wins over an incumbent entry by a count of 3 to 2, the challenger revision is awarded $5 VC.

Incumbent Winnings: When an incumbent entry wins an election, the entry's submitter is awarded Votocash in an amount equal to all votes cast in the election multiplied by a decreasing multiplier. The formula for calculating the winnings is: W = V . (0.5)N, where W is the award winnings in $VC, V is the the number of total votes cast, and N is number of times the incumbent has survived challenges. Fractional winnings are rounded up to the nearest whole number.

In short, this means that in elections where 16 votes are cast, the award for an incumbent entry's:

  • 1st win as the incumbent is $8 VC;
  • 2nd win as the incumbent is $4 VC;
  • 3rd win as the incumbent is $2 VC, etc.

Totocash Economics

We admire bold, swift, reasoned and good-faith contributions to the success of the Vototo experiment. To show our appreciation for such contributions, we are planning to institute interest payments to Totocash-holding accounts. Check back often for updates on our plans.

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