CreditBit Explains Executive Board (EB) and Elected Commons (EC) in the Latest Update

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The Creditbit development team is consistent with its updates for the community on Bitcoin Talk. The latest update, DAO (Part II.), elaborates upon the Executive Board (EB) and the Elected Commons (EC).

Executive Board (EB) is the Trust Level with highest powers and privileges. It consists of five addresses with different owners, who disclose some of their identity. EB has regular meetings and can establish new voting and execute some Smart contracts.

It is important for the Executive Board (EB) candidates to disclose their Identity in order to ensure that all 5 addresses belong to different persons.

The EB mandate lasts for six months and the election process is automatically triggered and announced a month before the expiry (candidacy procedure).

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.

The main task of EB is to create proposals and trigger a voting process. It also manages Development Support Fund and represents 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

While, Elected Commons (EC) is an entity of 30 elected addresses, that have a power to elect EB, prepare proposals for voting and tasks for Development Support Fund.

There is no obligation for the Elected Commons (EC) candidates to disclose their identity, but Creditbit supports the idea that each candidate should show a lot of Trust and support to the Community, with things like posting on forum, giving innovative and feasible suggestions, promoting token on Crypto Conferences etc.

Just like in the case of EB, EC mandate lasts for six months.

EC 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, which are assigned to them from EB. They also manage Promotional Fund.

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