IoTeX Network Vote #1: Proposal Passes with 50%+ Participation!
This past July 4th weekend, the IoTeX community celebrated the first network-wide vote via smart contract. Over 50% of all stakeholders participated over the three day voting period — a great achievement!
More than 95% voted YES and passed the proposal to expedite Consensus Delegates pool expansion, increase in epoch bonus rewards, and final private sale token distribution to July 2019. In this blog, we provide details on the voting results and proposal implementation.
Voting Results
To begin, we would like to thank our token holders for your support and participation. The first ever IoTeX vote was a major success — over 50% of all stakeholders voted, representing more than 750 million IOTX!
The vote was open from July 4–7 PDT, and 95% of all voters chose to pass the proposal. The full results of the poll may be seen on the voting website.
Proposal Implementation
As a result of the successful vote, the proposal will be implemented in three separate steps in July 2019:
- Final tranche of private sale tokens (6% of total supply) will be distributed during the week of July 8
- Consensus Delegates pool will be expanded from 24 to 36 during the week of July 15
- Epoch bonus reward will be increased to 18,750 IOTX (i.e., 450,000 IOTX per day) before the end of July
IoTeX Foundation believes that these changes will positively impact IoTeX, bringing further decentralization and security to the IoTeX network. Thank you again to our phenomenal community for participating in the first vote and stay tuned for more developments this month!
About IoTeX
IoTeX began the journey in 2017 to build the Internet of Trusted Things, where all physical and virtual “things” — humans, machines, businesses, and dApps — can efficiently exchange information and value at global scale. Backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware and edge computing to realize the full potential of IoT.
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