Attention all IOTA-holders: Your vote will control what happens to around 60 Ti (~ $50 mil.) — BUILD or BURN!

A new age of community participation is about to start on the IOTA network. A decision has to be made about what will happen to a total of about 60 Terra-IOTA (= 60,000,000 MIOTA, currently worth around 50 million USD) that lie dormant on the IOTA 1.0 network. This decision will be made by YOU and the rest of the IOTA community. All token holders will be able to vote for this important decision directly inside their Firefly wallets. The two options are:

a) BUILD with these tokens (spend them on community projects)

b) BURN those tokens (lock them away so nobody will ever be able to use them)

Where do these 60 Ti come from?

Most of the tokens at stake were sold at IOTAs original crowd-sale in 2016, but were never claimed by their respective buyers. Others remain unclaimed since a network-transition in the beginnings of 2017. After five years of trying to find the owners the IOTA Foundation gave out a final deadline to claim these tokens, pledging to give the remaining ones into the hands of the IOTA community. This deadline passed and now it is onto you to decide about their future.

Who can vote?

All IOTA token holders!

Your voting weight will be determined by two factors:

1. How many tokens do you use for this vote (100 MIOTA have 10-times more voting power than 10 MIOTA)

2. How long do you not move your tokens during the voting period (probably about two weeks). Lower holding times will result in proportionally lower voting weight (for example, if two weeks will be defined as 100% voting weight, then holding them still for one week will result in 50% of voting weight).

!!Important!!

• Voting is completely for free (no costs, no fees)
• Voting is completely voluntary (you will neither directly gain or lose anything by casting your vote).
• You will have 100% control of your tokens at all times (tokens stay at your address)
• Your tokens do not get locked in this process (you can use them for something else at any time)

How do I vote?

You will be able to vote with your tokens directly inside your official Firefly wallet (supporting version will be released before the election, expected later this year). This version will have a completely new voting window with a clean design and a clear and easy user-interface (see mock-up pictures below as an example).

In case you vote, Firefly will send your tokens to your own address (this means they effectively don’t move and they never leave your control). This transaction will carry your decision as a data-load. Your decision as well as your voting weight will be fully transparent on the IOTA Tangle. As every transaction on IOTA your vote will be pseudonymous (the address will be public, however your name or other personal information will never enter the network in any way).

The options: Build or Burn!

Option A: BUILD

If the majority of tokens votes for “build”, a decentralized form of organization (for example a DAO) will be set up by community members in order control these 60 Ti. This organization will be fully controlled by the IOTA community via token-weighted democracy or another system, that the community decides on. IOTA-focused projects that want to receive funds could be able to apply for payments according to rules that will be created and voted on by the community. Community-vote will always decide, if these funds are paid out.

This organization would be built under democratic supervision of the community: Important decisions will be up for vote about every 4–6 weeks within your Firefly wallet (participation is of course voluntary).

Option B: BURN

If the majority of tokens vote to “burn”, no DAO will be build and instead all tokens in question will remain unmigrated into the current IOTA 1.5 (Chrysalis) network. This will irreversibly lock these tokens away, prohibiting anyone from ever using them again for any purpose.

Preliminary design of the new voting-windows in Firefly

Vote proposal window

Inside your voting menu you can see all ongoing votes regarding the IOTA treasury DAO. At the beginning you will only find the “build or burn” vote.

Proposal details and voting

In the details page of any proposal you can find all important information about the vote that is to be decided on, including the exact meaning of both voting options. Here you will also find the buttons enabling you to cast your vote.

Join the community efforts now!

The IOTA treasury governance is a real grassroots development and thrives from community participation. This project needs developers, communicators as well as enthusiasts and people with ideas! Get active today by following the project or reaching out to the currently active developers on:

IOTA Discord — #governance channel

Website: www.iotatreasury.org (under construction)

I hope you enjoy the cause and for everone else: Happy voting (later this year)!

IOTA tips: iota1qqa5fwctvs6rq4sy699k3nfsg4323arem736ldzkmerw8glfa3005xasysj