CreditBit Discusses Management of Funds in the Latest Update

Jayanand Sagar | February 27, 2017 | 9:54 pm
bitcoin, creditbit, press release
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CreditBit Discusses Management of Funds in the Latest Update

Jayanand Sagar | February 27, 2017 | 9:54 pm

In the last update about Creditbit token ecosystem, the Creditbit development team also updated the community about the management of funds.

Creditbit is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.

The update titled DAO (Part II) was posted on Bitcoin Talk which had a section called Management of Funds, solely dedicated to the discussion on the working of the three Funds.

In a previous update, the development team had talked about asking the Creditbit community to allow the minting of certain amount of tokens and depositing them on three dedicated Funds, each with different function.

The three Funds under discussion are:

Development Fund – explicitly dedicated to cover some of expenses to the Development Team

Community Development Fund – dedicated to Development Support Team.

Promotional Fund – dedicated to Promo Team for promotional purposes.

The latest update clarifies that all tokens donated to all three funds are permanently locked and only the interests from Staking process can be used for the fund purpose.

The Development Fund is fully managed by the development team’s representative at his/her own discretion. Funds must be spent for development only. Frequent reports from Devlopment team will reveal the functionalities and apps under development.

Community Development Fund is managed by EB, each transaction must be approved by at least three 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.

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