• Nearly 400 IoTeX users voted 99.2% in favor of IIP-14, staking over 484m IOTX tokens (~$13m).
• Voters will receive Soulbound Tokens (SBTs) for participating in the DAO governance proposal.
• Account Abstraction allows users to interact more intuitively and seamlessly with the IoTeX ecosystem while maintaining security standards.
IoTeX Community Votes Overwhelmingly in Favor of IIP-14
Nearly 400 IoTeX community members voted 99.2% in favor of IoTeX’s Improvement Proposal 14 (IIP-14). DAO governance voters staked over 484m IOTX tokens, equivalent to approximately $13m, the CEO and co-founder, Raullen Chai announced. He also revealed that voters would receive Soulbound Tokens (SBTs) for participating in this decentralized autonomous organization (DAO) governance proposal.
Rewarding Governance Proposal Voters with SBTs
Chai explained that they started giving SBTs to their IoTeX community members who contribute to their DAO Governance process last month to those who voted the IIP-13 to add Ether Liquid Staking Derivatives. This was done to make the network more secure by increasing the number of people validating transactions on their platform. He also noted that they will continue rewarding their community with SBTs to encourage them further participation on this front.
Account Abstraction is a feature designed by the team which is highly effective and makes the platform user friendly while keeping impeccable security standards at par. It removes technical barriers like managing private keys and wallet addresses and enables users to interact more intuitively and seamlessly with the IoTeX ecosystem – whether they are builders or early adopters – without having any need of keeping track of wallet addresses or private keys as it autonomously interacts with crypto accounts and assets in combination with convenience of centralized custody as well as self custody benefits so as to improve user experience overall.
IIP-13 Approved With 97% Vote
The community had previously approved IIP-13 which was put forward by 123 community members who staked 141 million IOTX tokens – receiving a 97% vote in favour from all participants combined.
Raullen Chai expressed his joy on adopting SBT rewards for encouraging DAO governance participation from its users noting how unique and useful these tokens were when Vitalik Buterin revealed them back In January 2022 itself. The Account Abstraction feature released will be very beneficial for both builders as well as early adopters helping them gain improved user experience whilst maintaining security standards simultaneously making it easier for them all to interact using this revolutionary platform through removal of technical barriers like managing private keys or wallet addresses amongst others