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THE IOTA FOUNDATION ANNOUNCES UPCOMING VOTE ON 50TI

 


The IOTA Foundation announced this week that all IOTA holders will soon have the opportunity to vote for currently unclaimed 50 Ti (Tera Iota). In today's article I would like to go into more detail about the incidents that led to the voting and what the respective options are and how you can participate.


That led to the vote

Already in the middle of last year we wrote an article about the Chrysalis upgrade. The community now has to vote on 50Ti, since they have not been claimed since the project started in 2016. The Foundation's official deadline for claiming these tokens has now expired. According to the Foundation, some token buyers have now forgotten their IOTA and/or are no longer following the development of IOTA.


Now these tokens could have simply been attributed to the IOTA Foundation, but the Foundation wants everyone to have a say in what exactly should happen to these tokens in the future. Therefore, some time ago, in mid-2021, a working group from the community was set up, which actively dealt with this decision-making process and developed two possible scenarios.



Those are the two options

The IOTA blog says the following about the options and their subsequent effects:


Option 1 - Build:  The unclaimed tokens will be used to support and fund projects and initiatives important to the IOTA community ecosystem over future votes. These funds are fully managed by the municipality.


Option 2 – Burn:  The unclaimed tokens are removed from the IOTA ledger and the total supply is reduced by the number of tokens that are in the unclaimed treasury pool.


The first thing the working group discussed was that each token holder would also have only one vote, but this type of voting was thrown overboard early on due to identification difficulties and possible threats. Instead, the working group has opted for a user-friendly and secure voting system based on the IOTA Tangle.


This is how voting will end soon

For all IOTA holders who want to take part in the vote, the Firefly wallet is the technical prerequisite for possible participation. The respective person will then be able to cast their votes via this. It was defined that 1000 IOTA (1 Ki) represents one vote every 10 seconds. At IOTA, this period is referred to as 1 milestone.


(By the way, this week it also came to light that the mobile wallet for IoS is already finished and that it will take a little more time for the Android version, but you can probably get a Firefly Mobile version for your by the end of March at the latest happy cell phone)


The voting process itself was divided into a three-phase model by IOTA:


The technical requirements are created and the official start time is published

The voting itself will be live for seven days. There you can change, repeat or revoke your vote, but this will not have any influence on the result.

The count starts in the third phase. Now your votes will be counted for a maximum of 10 days at a time. The longer you cast your vote, the more weight it carries. The Tangle counts your decision every 10 seconds. If you have cast your vote for the full number of days, you have cast 100% of your possible maximum number of votes in relation to the number of your IOTA tokens. If you change your vote during this period, the previous votes remain valid and the votes are transferred to the other option for the remainder of the period. (see also the graphic below)

Conclusion

We ourselves are very excited to see how smoothly the whole thing will take place technically and with what result the vote will then take place. In my opinion, the "Burn" option will not bring any advantages in the monetary area for investors, since the proportion of IOTA in relation to the total amount is quite small and that will not be particularly important.


That's why I think that the "build" option should definitely be given a chance so that various "start-ups" can get their support from the Foundation. We'll keep you posted as soon as it officially starts!


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