New and young start-up projects on the XRPL may submit their whitepaper and any other supporting information, which will then go through a vetting process. Once approved, they will enter a monthly (frequency to be confirmed) vote, where holders of $UtiliteX will use their holding to back the project they believe has the best merits and most potential in that voting round.
Supporters can choose to skip certain projects, or they can choose to allocate any amount of $UtiliteX to one or several of the candidate projects, with 1 $UtiliteX counting as 1 vote. The total amount of $UtiliteX committed to the winning project by their voters will be late sold for XRP to generate the seed-funding for the project. The winning project will receive their funding in several payments as they reach milestones in their project. Voters who backed the winning project will receive a holding in that new project’s token, worth no less than what their $UtiliteX was worth, and they will receive it ahead of any public airdrops, for free. Any $UtiliteX voted for projects that didn’t win the vote will be returned to the voter’s block.