IOTA referendum: majority for new fund with “unclaimed token” in sight

Jun 10, 2022

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IOTA referendum: majority for new fund with “unclaimed token” in sight

Originally posted here.
By: guido

Overview

In the referendum on how to deal with IOTA’s so-called “unclaimed tokens,” a clear majority is emerging in favor of establishing a new fund. The […]

The Post

In the referendum on how to deal with IOTA’s so-called “unclaimed tokens,” a clear majority is emerging in favor of establishing a new fund. The final result is expected to be known on Monday.

At the end of May, the first referendum started at IOTA, in which a decision is found with IOTA as a ballot via the Tanglenet on a strategic question for the future. The community is being asked what should happen with “unclaimed tokens” currently worth around 17 million US dollars. The IOTA Foundation has now announced an interim result via Twitter  and the trend is clear: a good 80 percent of the votes counted so far voted for “Build” and thus the establishment of a fund from which future IOTA projects can be supported. Only about 17 percent, on the other hand, were in favor of “Burn,” which would mean destroying the “unclaimed token” and which supporters hoped would have a positive impact on the IOTA price.

The counting of votes cast through the IOTA Firefly Wallet is expected to be completed on Monday (June 13), when the official final results will also be published. In the run-up, it had been determined that each IOTA token counts as one vote. Critics saw this procedure as favoring “whales”, i.e. investors with large IOTA holdings. In the comments now on the predictable majority for “Build”, however, positive reactions predominate. In the case of the “IOTA Treasury”, the use of which is again to be voted on by the community, hopes are directed at projects that show future prospects.

For the most part, the “unclaimed tokens” have a longer past behind them, with the lion’s share of the more than 50 tera IOTA in question dating back to 2015 and 2016. When early investors failed to claim these IOTA to which they were actually entitled, they fell under the control of IOTA founders. Between Dominik Schiener, David Sønstebø and Come-from-Beyond (Sergey Ivancheglo) there was bitter dispute about the “unclaimed token” in the meantime, but this now seems to be settled.

Conclusion: IOTA takes a step towards the community

17 million US dollars is a manageable amount in the crypto industry, and the IOTA Foundation could survive on it for about a year. Thus, this historic first referendum of IOTA is perhaps also about a detail that is forgotten about: IOTA is just proving that it is technologically and substantively capable of involving the community on important issues. This tends to make IOTA somewhat more independent of the powerful IOTA Foundation, which is sometimes accused of behaving as if it were in an ivory tower.

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