[ANN][CRB] Creditbit - ERC20 token

Dear members of our small but firm Community,

this is the last post regarding Creditbit token ecosystem, later posts will be, as promised, focused mainly on migration and development progress.
There are still many things to do; web page layout is done, texts need some polishing, forms are getting prepared. But most of all, we have to finish our main topic - DAO. For those of you, who haven’t read Part I yet, we recommend you to read it first.

DAO (Part II.)

Identity disclosure

Executive Board (EB) candidates must disclose their Identity to ensure that all 5 addresses belong to different persons. Elected Commons (EC) candidates are not obliged to disclose their identity, but we support the idea that each candidate should show a great deal of Trust and support to the Community, either with posting on forum, giving innovative and feasible suggestions, promoting token on Crypto Conferences etc.

Mandates

EB and EC mandate lasts for 6 months. Election process is automatically triggered and announced 1 month before the expiry (candidacy procedure).

Trust Levels Powers

EB have regular meetings, conclusions are public and posted on the media. It approves decisions with minimum 3 of 5 (approving) votes for the proposal. Main task of EB is to create proposals and trigger a voting process. It also manages Development Support Fund and represent CreditBit to the public and media. It is expected for members of EB to actively participate in a process of development as Product Owners, giving developers clear view on priorities of developing.

EC is a think tank of our Community. It produces new ideas, prepare draft proposals, drive marketing and promoting activities, review and test new applications etc. Each 14 days they appoint a Facilitator, an EC member who moderates and guides activities. Members work in groups on the projects, that are assigned to them from EB. They also manage Promotional Fund.

Management of Funds

All tokens donated to all three funds are permanently locked. Only interests from Staking process can be used for the fund purpose.
Development Fund is fully managed by the development teams representative at his/hers own discretion. Funds must be spent for development only. Frequent reports from Dev team will reveal the functionalities and apps under development.
Community Development Fund is managed by EB, each transaction must be approved by at least 3 EB members. Purpose of spending is in their own discretion, but regular reports must show reasons and the nature of spending.
Promo Fund is in full discretion of Elected Commons, transactions and awards will be voted in batches and released once a month.

We would like to thank you for your support, likes, retweets and shares. Maybe you noticed, we are entering chinese markets. We are as enthusiastic about this as you probably are.

You will hear from us soon...

Credit Dev Team

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