Attention all IOTA-holders: Your vote will control what happens to around 60 Ti (~ $50 mil.)
The full article was originally published by Linus Naumann on Medium. Read the full article here.
Attention all IOTA-holders: Your vote will control what happens to around 60 Ti (~ $50 mil.) — BUILD or BURN!
A new age of community participation is about to start on the IOTA network. A decision has to be made about what will happen to a total of about 60 Terra-IOTA (= 60,000,000 MIOTA, currently worth around 50 million USD) that lie dormant on the IOTA 1.0 network. This decision will be made by YOU and the rest of the IOTA community. All token holders will be able to vote for this important decision directly inside their Firefly wallets. The two options are:
a) BUILD with these tokens (spend them on community projects)
b) BURN those tokens (lock them away so nobody will ever be able to use them)
Where do these 60 Ti come from?
Most of the tokens at stake were sold at IOTAs original crowd-sale in 2016, but were never claimed by their respective buyers. Others remain unclaimed since a network-transition in the beginnings of 2017. After five years of trying to find the owners the IOTA Foundation gave out a final deadline to claim these tokens, pledging to give the remaining ones into the hands of the IOTA community. This deadline passed and now it is onto you to decide about their future.
Who can vote?
All IOTA token holders!
Your voting weight will be determined by two factors:
1. How many tokens do you use for this vote (100 MIOTA have 10-times more voting power than 10 MIOTA)
2. How long do you not move your tokens during the voting period (probably about two weeks). Lower holding times will result in proportionally lower voting weight (for example, if two weeks will be defined as 100% voting weight, then holding them still for one week will result in 50% of voting weight).
- Voting is completely for free (no costs, no fees)
- Voting is completely voluntary (you will neither directly gain or lose anything by casting your vote).
- You will have 100% control of your tokens at all times (tokens stay at your address)
- Your tokens do not get locked in this process (you can use them for something else at any time)
How do I vote?