Nearly 400 Stake $13M in IOTX: IIP-14 Approved!

• Nearly 400 IoTeX community members voted 99.2% in favor of IIP-14, staking over 484m IOTX tokens.
• This proposal sought to implement Account Abstraction in order to make the platform easier and safer for users while maintaining security standards.
• Voters were rewarded with Soulbound Tokens (SBTs) for their participation in the DAO Governance process.

400 IoTeX Community Members Approve Improvement Proposal 14

Nearly 400 IoTeX community members voted 99.2% in favor of IoTeX’s Improvement Proposal 14 (IIP-14), staking over 484m IOTX tokens, equivalent to approximately $13m. The proposal sought to implement Account Abstraction which will make the platform easier and safer for users while maintaining security standards. Participants were rewarded with Soulbound Tokens (SBTs) for their participation in the DAO Governance process.

Account Abstraction: Removing Barriers To Interaction

Account Abstraction is designed to break down technical barriers such as managing private keys and wallet addresses, enabling users to interact more intuitively and seamlessly with the IoTeX ecosystem, whether they be builders or early adopters. By autonomously interacting with crypto accounts and assets, a smart contract removes the need for users to keep track of wallet addresses and private keys – combining the convenience of centralized custody with the benefits of self-custody.

Soulbound Tokens Rewards For Participation

CEO Raullen Chai announced that voters would receive Soulbound Tokens (SBTs) as reward for participating in this decentralized autonomous organization (DAO) governance proposal – an idea first introduced by Ethereum founder Vitalik Buterin back in January 2022.. Last month 123 community members also received SBTs as reward after voting 97% in favour of IIP-13 which sought to add Ether Liquid Staking Derivatives on their platform, doubling down on security measures by increasing validators on their network.

Promoting Active DAO Governance

Chai expressed his excitement about adopting SBTs as reward system incentivizing active DAO governance amongst his community members going forward: “We will continue to reward our community with SBTs to encourage them to participate more enthusiastically” he said.

Secure & Intuitive User Experience

The implementation of IIP-14 is set to improve user experience on IoTex immensely – combining high levels of security whilst making interactions easier than ever before through account abstraction technology. With DAO governance voters actively incentivized via rewards system, it looks like we have yet another strong example of blockchain technology pushing traditional models out of its way!