CreditBit Wraps Up Discussion about Creditbit Token Ecosystem

Creditbit, the MIT/X11 licensed cryptocurrency project, updated the community about the remaining topics of the CreditBit Decentralized Autonomous Organization (CreditDAO) and some of its features. And with that, it wrapped up the series of posts discussing Creditbit token ecosystem.

The update titled DAO (Part II.) will be followed by later posts focusing mainly on migration and development progress.

The update talked about how the Creditbit team is busy with a number of activities like web page layout, polishing texts, preparing form etc. But the most important task was to update the community with rest of the main topic – DAO.

The post further suggested the readers to go through DAO (Part I.), if in case they had missed it.

DAO (Part II.) update is divided into four segments – Identity disclosure, Mandates, Trust Levels Powers and Management of Funds.

Identity disclosure is an important aspect of Executive Board (EB). The EB candidates must disclose their Identity to ensure that all five addresses belong to different persons. Whereas, there is no obligation on the part of Elected Commons (EC) candidates to disclose their identity.

The mandate for both EB and EC lasts for six months. Election process is automatically triggered and announced 1 month before the expiry (candidacy procedure).

Executive Board (EB) is the Trust Level with highest powers and privileges. It consists of five addresses with different owners, who disclose some of their identity. EB has regular meetings; they can establish new voting and execute some Smart contracts.

Elected Commons (EC) is an entity of 30 elected addresses. It is the think tank of the Community. EC also has the power to elect EB, prepare proposals for voting and tasks for Development Support Fund.

As for the management of funds, there are three funds – Development Fund, Community Development Fund and Promotional Fund. All tokens donated to all three funds are permanently locked. Only interests from Staking process can be used for the fund purpose.

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