Creditbit updated its website regarding CreditDAO. The development team as usual is way ahead of the proposed time line and is up with CreditDAO update almost as soon as the first round migration ended. The updated website has an ‘unlocked’ CreditDAO tab, which can be clicked for all the relevant information.
According to the website, CreditDAO is a decentralized autonomous organization, mainly responsible for facilitating decision process within the CreditBit Community.
Creditbit is a truly decentralized platform as there is no central authority or an omnipotent group of developers or owners governing it. So, it is important that the decision process within CreditBit Community is moderated through distributed mechanism. As a result, the community has a decentralized power to decide about all important issues in fair and safe manner.
The Smart Contract technology underlying CreditDAO platform enables each owner of CreditBit Tokens to contribute in this process. Proof of Trust, voluntary lock of part or whole balance of owned CRB Tokens, is the only prerequisite for voting. Proof of Trust is a way for voters to show their trust in the Token and the Community, before they participate in the voting process.
Another aim of CreditDAO is to raise funds for development and promotional purposes. CreditDAO is a subproject of Credit 2.0 that also aims to provide development and sources to establish this organization.
Voting in CreditDAO
For Creditbit community, voting is a general expression for participating in decentralized consensus process.
A voting mechanism is written in a Smart Contract that contains transparent rules and conditions to execute an action or to grant some permission or privilege. Both elections or proposals are represented by these Smart Contract.
Elections are generally held to have a consensus over the address chosen to gain elevated DAO Trust Levels (TLs), which includes privileged rights for a predefined time period.
While, the purpose of voting for proposals is to create a consensus on variable questions regarding development, Credit 2.0 project, CreditBit token, Community, Funds, Features etc.
For voting of either kind, a digital wallet will be used. The result is only calculated when all votes are cast, which means voting decision can be changed till the voting/election day.