CreditBit Updates the Community about Initial Issuance Voting

By March 6, 2017Bitcoin Business
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CreditBit in their latest update on Bitcoin Talk informed the community about the activation of the official page and also that the migration procedure is under development.

The update also requested the holders to prepare their Ethereum address/wallet, so that they will be prepared to participate in the first round of migration.

Further, the update addressed some of the remaining topics before the migration.

The first topic of discussion was the No Initial Coin Offering (ICO). The Creditbit development team decided against the ICO, which implies that buying tokens from the pre-mined amount of tokens will not be possible.

Number of tokens at initial issuance will be decided at initial migration voting – this way all current owners of CRBIT will be able to participate at decision process about initial issuance.

The other topic to be addressed in the update was of Initial Issuance Voting. The participants will be able to cast their votes on initial token issuance along with migration. There will be two questions at initial voting:

1. How many tokens should be created at initial issuance?
2. How many non-migrated tokens should be dedicated to Development Team and how much for DAO?

To vote on the first question, the participants will be prompted to enter a total absolute number of issued tokens. Number will be down limited to the number of all existing CRBIT coins, which can be potentially migrated to tokens. Total Initially Created Tokens (TICT) will be distributed according to equation:

TICT = Migrated Tokens from CRBIT coins + DAO Tokens + Development Fund Tokens

There will be the option to use a slider to answer the second question. Slider position will determine, how many of these excess tokens (non-migrated) will be available for DAO and how many for the Development Fund.

Tokens for DAO will be permanently locked, DAO will be able to distribute only awards on these locked tokens obtained with Staking.

Development Fund will be locked for a year period. Development Team is determined to receive the award from Development Fund after that locking period.

The update was concluded with a message to the community about being prudent with their votes as allocating more tokens to DAO and/or Development Team should be considered as an investment in CreditBit future.

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.

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