Creditbit updated the community with their penultimate announcement on CreditBit token features before the migration. The latest update titled DAO (Part I.) covered the last major topic left – CreditBit Decentralized Autonomous Organization (CreditDAO) and some of its features.
CreditBit Decentralized Autonomous Organization (CreditDAO) is still only an idea and is subject to corrections and changes before the implementation. Final corrections will be included in Credit 2.0 Whitepaper which is tentatively dated to be released on March 1, 2017.
Voting, the first step in CreditDAO, is a general expression for participating in decentralized consensus process. A voting mechanism is written in a Smart Contract that contains transparent rules and conditions to execute an action or to grant some permission or privilege.
In practice these voting Smart Contracts represent either elections or proposals.
CreditBit, in the announcement, encouraged the current owners of coins to enter the migration in the first round, as participation in initial voting will be only available at that occasion.
The elections will decide the addresses that will gain elevated DAO Trust Levels (TLs) that includes privileged rights for a predefined time period. These Trust Levels are transparent and a same Trust Level can be assigned to the same address multiple times.
The motive behind voting for proposals is to create a consensus on variable questions regarding development, Credit 2.0 project, CreditBit token, Community, Funds, Features etc. The result of voting for a proposal is a single pool option that has most support among voters.
Election Smart Contracts will be issued initially from the Creator address and will define the Trust Levels repetitive election process till cancellation. Proposals will be issued on demand from other addresses with suitable DAO Trust Levels and underlying rights.
A digital wallet will be employed for the voting process and the voting decision can be changed till the voting/election day, when all votes are registered and the result is calculated.
Each voter will have to sacrifice a small amount of “gas”, that is Ethereum, to exercise his/her right to vote.
Finally, CreditBit will follow today’s update with news on development progress. They will publish a guide for the migration process and description of initial voting on Funds and Minting in the next post.