FIRMACHAIN
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FIRMACHAIN

FIRMACHAIN Governance Proposal_Enable IBC transfers

Hello. This is FIRMACHAIN.

FIRMACHAIN’s first governance proposal was posted on July 13th, 2022.

The purpose of this governance proposal is to activate IBC protocol, the standard interchain communication method of Cosmos. In order to activate the IBC protocol two parameters must be changed.

Following are the details of the governance proposal, how to participate in the voting and a cautionary note regarding voting so please take a look.

▶️ Proposal: Enable IBC transfers

① Voting Start Time: July 13, 22 18:00(UTC+8)

② Voting End Time: July 20, 22 18:00(UTC+8)

③ Parameter Change

  • SendEnabled : False ▶️ True
  • ReceiveEnabled : False ▶️ True

Once this proposal passes, FIRMACHAIN will be able to communicate with other blockchain networks thereby, allowing tokens and crypto assets to be transferred between heterogeneous chain networks.

Governance Proposal Registered on FirmaStation

You can vote on the proposal from the Firma Station’s ‘Governance’ menu.

Note that you can vote on the proposal both from your mobile and desktop device.

▶️ How to Vote?

Firma Station iOS version:

Firma Station Android version: https://play.google.com/store/apps/details?id=com.firma_station_mobile&hl=ko&gl=US

Firma Station PC Web version:

Firma Station PC App version:

Once the proposal passes, we will be able to connect the FIRMACHAIN network with other blockchain networks in the Cosmos ecosystem. From such connectivity, we believe the value and the liquidity of the FCT(FCT2) will increase in the mid to long term.

▶️ Caution!

  • Voting requires you to pay a small transaction fee in FCT(FCT2).
  • If the Validator to whom you have delegated your tokens, votes on the proposal, you will be voting the same way as your Validator.
  • As a delegator, if you wish to directly vote on the proposal, you can always do so and choose another option from that of your Validator’s vote.
  • You can change your vote during the voting period.
  • Whether the proposal passes will be decided based on the votes casted and the respective voting power of the participants.
  • You are free to participate in the vote and no penalties will be given out for not participating in the vote.

Once we are able to provide liquidity to the Cosmos based DEX pools using IBC, we are expecting the demand for FIRMACHAIN to increase in the future. Especially, the demand for DApps developed on the FIRMACHAIN ecosystem or the demand for NFTs that can be used on DApps built on the FIRMACHAIN ecosystem are expected to increase.

As a result, enabling IBC transfer will become the first step in FIRMACHAIN becoming a true member of the Cosmos ecosystem.

Henceforth, we will do our best to continue to register useful governance proposals that could further expand the FIRMACHAIN’s ecosystem.

Thank you.

For more information about FIRMACHAIN, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FIRMACHAIN team, please contact us at info@firmachain.org.

About FIRMACHAIN

FIRMACHAIN originally aimed to transfer all paper based social and legal activities onto the blockchain to introduce transparency and prevent document tampering and forgery. Maintaining the fundamental value of trust, the FIRMACHAIN team is now turning its gaze to becoming a comprehensive blockchain platform. Our goal is to provide business entities and FIRMACHAIN holders with useful blockchain based services that are useful yet fun to engage with thereby satisfying the team’s goal to become a ‘Utilitainment’ (Utility + Entertainment) platform.

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