The new regime needs at least 75,000 votes to accept or reject the proposal.
sweat economy, back label sweatcoin And the Sweat Wallet app, plans to launch a new governance vote in the Wallet app later today. In doing so, it will be up to the SWEAT community to decide what happens to the 2 billion SWEAT tokens sitting idle in inactive users’ accounts.
Token holders can now participate in the decision-making process by the principle of one person, one vote, thereby democratizing the future of tokens. The question of what should be done with the tokens has persisted for too long, especially after repeated prompts and reminders to users to activate their app and claim their tokens went unanswered.
It is worth noting that the amount of coins involved in this matter makes the governance vote important. However, the project still needs to ensure that the voices of all its community members and token holders are heard, regardless of holding size. This is because Sweat Economy is pushing to promote its commitment to make the decision-making process community-centric.
In September last year, Sweat Economy distributed approximately 4.7 billion sweat tokens to 13.5M of its sweatcoin users at the time. This happened about two weeks before the move-to-earn project Won A crypto custody partnership deal with London-based decentralized digital asset management infrastructure Credo. It was learned that a large number of users did not activate their wallet apps after token generation and distribution.
Due to this, up to 2 billion tokens were left unclaimed and locked up in inactive user accounts in 24-month contracts, which was approximately 13% of the total supply of SWAT tokens.
Sweat Economy Governance: Vote For or Against?
The new regime needs at least 75,000 votes to accept or reject the proposal. There is every possibility that the amount of votes will exceed 75,000 as the previous vote attracted over 150,000 participants. Sweat Economy is even more positive about this prospect considering the bulk of the sweat tokens involved.
There are two options to vote for or against whether the 2 billion inactive SWEAT tokens should be recovered and transferred back to the SWEAT Treasury for possible future distribution or other uses, through another round of votes or tokenization. will also be decided. Must remain in accounts of inactive users.
Every token holder has a fair chance to make their vote count and the voting will run for 7 days with a possibility of 3 day extension depending on the inflow of votes. So far, Sweat Economy has received feedback from holders indicating that the governance vote is a welcome development.
On the one hand sweat economy is preparing for it launch in the United States this September. It will facilitate SWAT wallet installations among US residents. At the same time, existing users of the Sweatcoin app will receive their SWEAT token allocation in direct proportion to their current Sweatcoin stake.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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