Creditbit Keeps the Community Updated on New Developments

By May 25, 2017Bitcoin Business
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Creditbit Keeps the Community Updated on New Developments

The Creditbit dev team has been busy at work on various aspects of the Creditbit project. It gave a detailed status report of these developments in its latest post on Bitcoin Talk.

Creditbit status update

CreditDAO is in its final stages of testing and will be launched by next week. CreditDAO’s launch will also trigger elections and the community is invited to give a serious thought to the candidature.

CreditID will also be launched with CreditDAO as it will help users to see who exactly is running in CreditElections.

The team is also working on CreditDAPP which will encopass all the functionalities of the Credit ecosystem in one application (Games, voting, identity, wallet, etc.). Finally, the CreditGame subpage has also been added to the website.

Development update

A brief explanation of the core concepts of the CreditDAO:

CreditDAO Executive Board

DAO Fund will be managed solely from CreditDAO Trust Levels. Five members of Executive Board will each have their function and responsibility to run a sub fund, which will be delegated to them along with goals to achieve.

Funds

Only CreditBOND will be used to fill all five sub funds as CRB Tokens in the DAO Fund will be permanently locked. The percentage of rewards that fills each of sub funds will be proposed by the CEO confirmed from votes of Elected Commons.

New elections can be triggered from each Elected Commons address, regardless of the time lapsed from last successful voting. This is the way in which Elected Commons execute their will about the distribution of the DAO finances.

Elections to Elected Commons

First Trust Level to be elected by all CRB holders are 30 members of Elected Commons. Each address will have the right to vote and to be elected. Locking of CRB tokens will required in order to vote, and the votes of address which donate CRB tokens will be given preference over others.

First 30 addresses with highest number of weighted votes will be elected. Motion of no confidence will not be available in the first version of DAO.

Elections to Executive Board

Only Elected Commons have the right to vote all five members of the Executive Board. Everyone have the right to candidature with public disclosure of their identity and with presenting a detailed plan of work and vision on the forum.

A place in Executive Board will be granted to an address with the majority of votes.

Community update

The dev team hopes to see an increased activity in community with the launch of CreditDAO as with this launch, all the active members will be able to claim their rightful place as an CreditDAO member.

The dev team also plans to make an online public meetup in May end, where the development team is going to present their ideas and views on the future of CreditBit. Everyone will be invited to provide feedback, and also a development timeline and milestones will be discussed.

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