The official Creditbit website describes CreditDAO as a decentralized autonomous organization, mainly responsible for facilitating decision process within the CreditBit Community.
In other words, the CreditDAO platform provides the community with a decentralized power to decide about all important issues in fair and safe manner. For the power to be exercised fairly, the following aspects are of immense importance:
The amount of donated or locked coins (PoT) from an address is proportional to its right to vote. Each address has the right to be elected, respectively to gain Trust Level and underlying rights.
The disclosure of identity is mandatory for the Executive Board (EB) candidates in order to ensure that all five addresses belong to different people. On the other hand, Elected Commons (EC) candidates are not obliged to disclose their identity. Though, the platform prefers if the candidates show trust and support to the community either with posting on forum, giving innovative and feasible suggestions, promoting token on Crypto Conferences etc.
The mandate for both EB and EC lasts for six months. There is an automatic process of the announcement of elections one month before the expiry (candidacy procedure).
Trust Levels Powers
Executive Board (EB) is the Trust Level with highest powers and privileges. It consists of 5 addresses with different owners, who disclose their identity. EB’s powers include establishing new votings and executing some Smart contracts.
Elected Commons (EC) consists of 30 elected addresses and has the power to elect EB, prepare proposals for voting and tasks for Development Support Fund.
Voters are all addresses with a Right to vote.
Management of Funds
The tokens donated to all three funds are initially locked, while DAO Fund Tokens remain permanently locked. Only yields from CreditBOND process can be used for the fund purpose.
Development Fund is spent for only development purposes and is fully managed by the development team’s representative at his/her own discretion.
DAO Fund consists of a Community Development Fund and Promo Fund.
EB manages the Community Development Fund. The transactions for this fund are always subject to approval 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.