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IoTeX Community Votes to Support Mortgage of Ethereum Derivatives

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According to reports, the governance community of IoTeX, the Internet of Things blockchain platform, voted to support the mortgage of Ethereum derivatives, with 97% of token holder

IoTeX Community Votes to Support Mortgage of Ethereum Derivatives

According to reports, the governance community of IoTeX, the Internet of Things blockchain platform, voted to support the mortgage of Ethereum derivatives, with 97% of token holders supporting this move. About 141 million IOTXs have been pledged to support the 13th Improvement Proposal for the Network (IIP-13), which increases the IOTX pledge ratio and enhances network security by expanding the number of authenticators or entities that process transactions and maintain blockchains. The proposal also proposes to add support locally, representing pledge buckets as irreplaceable tokens (NFTs), so that liquidity pledge agreements can manage their pledges through smart contracts.

IoTeX DAO voted 97% in favor of adding Ether Liquid Staging derivatives

In recent news, the governance community of IoTeX has voted to support the mortgage of Ethereum derivatives with an overwhelming majority of 97% of token holders backing this decision. As part of this move, the community has pledged 141 million IOTXs to support the 13th Improvement Proposal for the Network (IIP-13), which seeks to enhance the network’s security by expanding the number of authenticators.

Understanding the Governance Structure of IoTeX Platform

Before we delve into the recently approved proposal, it is important that we understand the governance structure of the IoTeX platform. The IoTeX platform is a decentralized blockchain platform that focuses on the Internet of Things (IoT) industry. The platform is governed by its community of stakeholders called the IoTeX Network Members (INMs).
INMs have the responsibility of participating in the platform’s governance through voting on improvement proposals that are submitted by the IoTeX core team or members of the community. Improvement proposals are designed to enhance the functionality, security, and user experience of the blockchain platform.

What is the 13th Improvement Proposal for the Network (IIP-13)?

The 13th Improvement Proposal for the Network (IIP-13) seeks to enhance the security of the IoTeX platform by increasing the IOTX pledge ratio. This means that more IOTX tokens will be required for network participants to become authenticators, thereby creating a more robust and secure network.
Additionally, IIP-13 proposes the addition of support locally for pledge buckets to be represented as irreplaceable tokens or NFTs. This addition will enable liquidity pledge agreements to seamlessly manage their pledges through smart contracts.

The Benefits of Supporting Ethereum Derivatives

One of the primary benefits of supporting mortgage of Ethereum derivatives is the increased liquidity offered to network participants. The IoTeX platform prides itself on being a decentralized network that supports cross-chain interoperability.
By supporting Ethereum derivatives, the platform enables users to interact with other decentralized applications (dApps) that are built on the Ethereum blockchain. This increases the usability and potential for the platform, and advances the decentralization of the IoT industry.

Conclusion

The approval of the 13th Improvement Proposal for the Network (IIP-13) demonstrates the commitment of the IoTeX community towards enhancing the functionality and security of the platform. By supporting mortgage of Ethereum derivatives, the platform greatly increases its potential for cross-chain interoperability and increases liquidity.
Overall, the ability of the IoTeX platform to continually improve and evolve makes it a promising platform in the world of blockchain technology.

FAQs

Q. What is the IoTeX platform?
A. IoTeX is a decentralized blockchain platform that focuses on the Internet of Things (IoT) industry.
Q. Who governs the IoTeX platform?
A. The IoTeX platform is governed by a community of stakeholders called the IoTeX Network Members (INMs).
Q. What is the purpose of the 13th Improvement Proposal for the Network (IIP-13)?
A. The 13th Improvement Proposal for the Network (IIP-13) aims to enhance the security of the IoTeX platform by increasing the IOTX pledge ratio and supporting locally represented pledge buckets as irreplaceable tokens (NFTs).

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