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IOTA NEWS: VOTING ON 50 TI IN THE FIREFLY WALLET



 ​Schedule of voting

At the beginning of this year, we published an article about the impending vote. Now the time has come. From May 27th from around 2 p.m. CEST, the holder of an IOTA token can participate in the voting process and thus actively influence the future of IOTA.


This is the first decentralized decision in the history of IOTA. Since the beginning of the project, over 50 Ti have not been claimed, so it is now up to the community to decide whether these tokens should be kept in the ecosystem, or whether they should be burned or destroyed and no longer be used.


In the voting process, a distinction is made between three different time periods: 


Announcement phase: The vote will be officially announced ( already happened this week with a blog post )

Open voting phase: This begins on May 27 around 2 p.m. CEST, in this phase it is recommended to log in your votes. Only those who have already completely logged in their votes in this phase have the opportunity to reach their maximum number of votes. This is the preliminary phase of the actual voting.

Counting: The official counting will then start from June 3rd around 2pm CEST, for 10 more days. The votes cast are counted every 10 seconds. During this phase it is always possible to change the number of votes or to remove the tokens completely from the count.

Firefly IOTA Voting

As soon as the next period starts, i.e. the actual counting, you can see in the wallet how the number of counted votes in the Firefly wallet for the selected option is continuously increasing.


Then, once the counting period ends, the Firefly wallet will display the final global results of the proposal. No later than 24 hours after the end, the IOTA Foundation will publish a follow-up blog post in which the results will be published.


Blockpit

​The options and the conclusion

As already described at the beginning of the article, the following two options are available, which I would like to describe in more detail at this point:


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.


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.


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.


On the IOTA communication platform, I was also able to listen to some heated discussions about possible further follow-up processes depending on the voting result. Overall, the picture that emerged for me was that a positive result of the "Build" decision was very strongly assumed. From my point of view, not all subsequent steps seemed to be 100% clearly outlined for the “Burn” decision.


Let's wait and see what the result will be for the community in just under 17 days. We will inform you again about the ultimately groundbreaking result and the next steps.

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