IoTeX Network Vote #1: Consensus Delegates Pool Expansion and Private Sale Token Distribution Schedule

IoTeX
IoTeX
Jul 5 · 3 min read

We appreciate the community’s support as IoTeX continues to evolve. When building an open and decentralized ecosystem, aligning perspectives across community, investors, and partners is of the utmost importance. This is why we are excited to introduce network-wide voting via smart contract.

All IoTeX token holders will be able to participate in voting. We encourage everyone to discuss this proposal and make your voice heard by voting!

Proposal

Since the Mainnet was launched in April 2019, the IoTeX network has been fully run by IoTeX Delegates. We have closely monitored the performance and security of the Mainnet, which consistently exceeds our requirements. We are confident the IoTeX Mainnet will continue to operate smoothly.

Our goal is to make IoTeX as open, decentralized, and secure as possible. Since April 2019, the Consensus Delegates pool has grown from 12 to 24 and new Delegates are joining weekly. The original plan was to expand the Consensus Delegates pool to 36 and distribute the final tranche of private sale tokens in November 2019. Thanks to the excellent performance of IoTeX Mainnet, we believe this expansion can be executed ahead of schedule as early as July 2019.

We greatly value the community’s opinion and believe all stakeholders should have a say. As such, we will hold an IoTeX Network vote via smart contract. This proposal, if passed, means the following will occur in July 2019:

  • Expand the Consensus Delegates pool from 24 to 36
  • Increase the epoch bonus reward to 18,750 IOTX
  • Distribute the final tranche of private sale tokens (6% of total supply)

The IoTeX Foundation believes this proposal will have a positive impact on IoTeX. It allows more existing and new Delegates (many in the pipeline!) to participate in consensus. It also further secures and decentralizes the IoTeX Network by introducing more block producing Delegates. Finally, the final private sale distribution and increase in epoch rewards will increase liquidity and activity of the IoTeX Network.

The poll voting website is available at http://member.iotex.io/polls.

Timeline

  • Voting open: July 4, 2019 6:00pm PDT
  • Voting close: July 7, 2019 6:00pm PDT

Process

  • Stakeholders will vote at http://member.iotex.io/polls by choosing one of two options: Yes or No
  • Once a vote is made, it can’t be changed or canceled. Please only vote once!
  • All votes are recorded using a smart contract on the governance chain (currently Ethereum).

Ballot Rules

  • Anyone who has IOTX staked is considered a “stakeholder” and is eligible to participate in voting
  • The weight of each stakeholder’s vote is proportional to his/her staking ratio (1 token = 1 vote)
  • Non-stakeholders’ votes will not be considered in the final count
  • No IOTX is required to vote (only a small gas fee in ETH)
  • Voting status will be publicly displayed in real-time on the voting website
  • Snapshot of voting results as of July 7, 6:00pm PDT will determine whether the proposal is passed

Outcome

  • If “Yes” receives the most votes, the proposal is passed.
  • If “No” receives the most votes, the proposal is not passed.
  • If less than 25% of the staked IOTX participated in the voting, the proposal will not be executed or vote will be extended until 25% is reached.

Please join the discussion in the IoTeX Telegram Group, and reach out to an Admin with any questions.


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.

Stay connected with us!

Website: https://iotex.io/
Twitter:
https://twitter.com/iotex_io
Telegram Announcement Channel:
https://t.me/iotexchannel
Telegram Group:
https://t.me/IoTeXGroup
Medium:
https://medium.com/@iotex
Reddit:
https://www.reddit.com/r/IoTeX/
Join us:
https://iotex.io/careers

@iotex

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is bringing autonomous device coordination to the masses by "connecting the physical world, block by block".

    IoTeX

    Written by

    IoTeX

    iotex.io

    @iotex

    @iotex

    IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is bringing autonomous device coordination to the masses by "connecting the physical world, block by block".

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