IOTA, one of the largest crypto ecosystems, announced today its community’s approval of the establishment of a community-owned decentralized autonomous organization (DAO).
Starting Monday, June 13, and following a 17-day voting process, community members chose not to eliminate a significant portion of remaining unclaimed tokens in IOTA’s ledger and voted instead to reallocate them into a DAO.
In short, the choice was to build or burn. Approximately 82% of votes were cast in favor of the building. The tokens that will be held in the community treasury under the DAO are currently worth about $18.5M.
This positions the IOTA community in a primary role to determine the direction and development of the ecosystem. It is now up to the IOTA community to define and build the governance structure and mechanisms of this ..
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