Creditbit Updates Community on CreditDAO Deployment Status and Core Concepts

The Creditbit team is back with another update for the community which was put up on the crypto discussion forum, Bitcoin Talk. The latest update informs the community about the addition of the CreditGAME subpage on the official website, and also updates on the development status of the project.

The CreditGAME subpage is now live on the official Creditbit website and can be accessed by the community for more information on the same.

The dev team has been busy at work with CreditDAO and its financial part, currently the whole system is being tested for any last minute issues and will be launched next week. With the release of CreditDAO, elections will commence and the dev team has requested the community to seriously deliberate on the commitment that they want to show to the project and also to think about candidature.

CreditID will also be launched along with CreditDAO and will be of help in making the elections transparent as it enables the users to see who exactly is running in CreditElections.

Moreover, the dev team has also started working on CreditDAPP which will encompass all the functionalities of the Credit ecosystem in one application (Games, voting, identity, wallet), and asked for the community’s opinions on the first screen of the dapp, as shown in the update post.

The update further went and described the core concepts of CreditDAO at length, with CreditDAO smart contracts deployment just around the corner.

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 the goals to achieve.

Funds

CRB Tokens in the DAO Fund will be permanently locked. Only CreditBOND (staking) rewards will be used to fill all five sub funds, each under sole management of one Executive Board member.

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

Elections to Elected Commons 

Elections will be triggered shortly after the deployment of CreditDAO Smart Contract. Smart contract will be used for voting but the dapp, which is being developed, could be better alternative for the voting process.

The users will have to lock CRB tokens to cast the vote. The votes will be taken in stock with the number of locked tokens at the time of elections. Moreover, the vote from the addresses with donated CRB will be given precedence over the others, giving greater power to donating addresses.

First 30 addresses with highest number of weighted votes will be elected. Mandates last for 6 months, after that new elections will be triggered. 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 can contest elections with public disclosure of their identity and with presenting a detailed plan of work and vision on the forum. A single person can contest for only one Executive Board place with their address.

All votes from Elected Commons are equal, a place in Executive Board will be granted to an address with the majority of votes.The Creditbit team is back with another update for the community which was put up on the crypto discussion forum, Bitcoin Talk

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