A new age of community interaction on IOTA is about to begin. On the IOTA 1.0 network, roughly 60 Terra-IOTA (60,000,000 MIOTA, now valued at around 50 million USD) are idle.
The consumer and the remainder of the IOTA community will make this decision. All Firefly token holders will be able to vote on this crucial choice straight from their wallets.
The two options are to spend these tokens on community projects or to BUILD with them. Also, BURN those tokens, i.e., keep them locked away so no one may use them.
They sells out during IOTA’s original crowd sale in 2016 but never claimed. Others didn’t claim since January 2017 owing to a network change.
The IOTA Foundation issued a final deadline for claiming the tokens, vowing to provide the rest to the IOTA community. Now that the deadline has passed, users must determine what happens to them.
Voting is open to all IOTA token holders
Two factors will decide the vote weight. Tokens used in this vote by users (100 MIOTA have 10-times more voting power than 10 MIOTA).
The second consideration is how long you haven’t moved your tokens during the voting time (probably about two weeks). Shorter holding times suggest a smaller vote weight (for example, if two weeks will define as 100 percent voting weight. Then holding them still for one week will result in 50 percent of voting weight).
It’s vital to keep in mind that voting is absolutely free and optional. Users control their tokens, and their tokens will not be locked during the process.
Members will be able to vote using their Firefly tokens directly from their official wallets. This edition will feature a brand-new voting window with a modern style and a simple and intuitive user interface.
If the majority of tokens vote “build,” community members will construct a decentralized form of organization (be an example, a DAO) to manage the 60 Ti.
The IOTA community will control this organization, whether by token-weighted democracy or another method. IOTA-focused initiatives may be able to apply for compensation depending on rules designed and voted on by the community. A community vote will always decide how this money can spend.
This organization would be democratically run by the community, with votes every 4–6 weeks in their Firefly wallet.
This means no DAO will form and no tokens will move into the present IOTA 1.5 (Chrysalis) network. This permanently locks these tokens away, prohibiting any other use.
