• Nearly 400 IoTeX users voted in favor of IIP-14 with a 99.2% approval rate, staking over 484m IOTX tokens ($13m).
• The voters will be rewarded with Soulbound Tokens (SBTs) for participating in the decentralized autonomous organization (DAO) governance proposal.
• Account Abstraction to enhance user experience by removing technical barriers such as managing private keys and wallet addresses.
Voters Approve IIP-14
Nearly 400 IoTeX community members voted 99.2% in favor of IoTeX’s Improvement Proposal 14 (IIP-14), resulting in an impressive stake of over 484 million IOTX tokens ($13 million). This DAO governance process was overseen by CEO and co-founder Raullen Chai, who announced that voters would receive Soulbound Tokens (SBTs) for their participation.
Rewarding Community Participation
Chai noted that this is not the first time IoTeX has rewarded their community members for taking part in a DAO governance decision, having also done so last month when IIP-13 was approved with 97% of votes in favor from 123 people who staked 141 million IOTX tokens. He expressed excitement regarding SBT rewards, citing Vitalik Buterin’s concept revealed back in January 2022 as being unique and useful.
What Is Account Abstraction?
Account abstraction is a feature designed to make the platform more user friendly while still adhering to high security standards. It enables users to interact more intuitively and seamlessly within the IoTeX ecosystem by breaking down technical barriers like managing private keys and wallet addresses – thus combining convenience (like centralized custody) with benefits of self custody into one package.
Conclusion
Overall, it is clear that the majority of IoTeX community members are satisfied with IIP-14 and its implementation of Account Abstraction into their platform – it will be sure to bring about a better user experience for all involved!
Takeaways
• Nearly 400 IoTeX users voted 99.2% in favor of IIP-14 staking over 484m IOTX tokens ($13m).
• Voters will be rewarded with Soulbound Tokens (SBTs) for participating in DAO Governance proposal.
• Account Abstraction enhances user experience by eliminating need to keep track of wallet addresses & private keys