IoTeX Governance Community Decides to Support Ethereum Derivatives Mortgage

According to reports, the governance community of IoTeX, the Internet of Things blockchain platform, voted to support the mortgage of Ethereum derivatives, with 97% of token holders supporting this move. About 141 million IOTXs have been pledged to support the 13th Improvement Proposal for the Network (IIP-13), which increases the IOTX pledge ratio and enhances network security by expanding the number of authenticators or entities that process transactions and maintain blockchains. The proposal also proposes to add support locally, representing pledge buckets as irreplaceable tokens (NFTs), so that liquidity pledge agreements can manage their pledges through smart contracts.

IoTeX DAO voted 97% in favor of adding Ether Liquid Staging derivatives

The governance community of IoTeX, the blockchain platform for the Internet of Things (IoT), has voted in support of the mortgage of Ethereum derivatives, in a move that received the backing of 97% of token holders. As part of the 13th Improvement Proposal (IIP-13), 141 million IOTX tokens have been pledged as support. This proposal aims to achieve two objectives: increasing the IOTX pledge ratio, and enhancing network security through an expanded number of authenticators or entities that process transactions and maintain blockchains. Additionally, the proposal suggests the use of locally represented pledge buckets as irreplaceable tokens (NFTs). By doing so, liquidity pledge agreements can be managed through smart contracts, maximizing transparency and liquidity.

IoTeX and Blockchain Interoperability

IoTeX is a blockchain platform that aims to build a secure and decentralized infrastructure for IoT devices. The platform encompasses numerous innovations that enable privacy, scalability, and interoperability. One of the most important features of IoTeX is its ability to interoperate with other blockchains, including the world’s largest blockchain, Ethereum.

Ethereum Derivatives Mortgage Proposal

The Ethereum derivatives mortgage proposal was created to expand the functionality of IoTeX and enhance its security. The proposal seeks to use Ethereum derivatives, specifically ETH-LBTC and ETH-BTC options, as collateral for the IOTX network. The main goal of the proposal is to increase the number of authenticators or entities that process transactions and maintain blockchains. This will, in turn, lead to increased network security, as well as improved scalability and transaction speeds.

IIP-13: Enhancing Security and Maximizing Liquidity

The approval of the 13th Improvement Proposal (IIP-13) marks a significant milestone for IoTeX’s governance community. The proposal calls for the implementation of the Ethereum derivatives mortgage, as well as the introduction of locally represented pledge buckets as irreplaceable tokens (NFTs). This move will enable liquidity pledge agreements to be managed through smart contracts, increasing transparency and liquidity on the network.
The proposed increase in the IOTX pledge ratio will further enhance network security, by ensuring that there are sufficient token holders with a vested interest in the network’s security. This measure aims to provide a better overall security posture, thereby enhancing the value and utility of IoTeX’s platform.

Conclusion

The approval of IIP-13 highlights the strength of IoTeX’s governance community and reinforces the platform’s commitment to offering a secure and decentralized infrastructure for IoT devices. The implementation of the Ethereum derivatives mortgage and the introduction of locally represented pledge buckets as irreplaceable tokens (NFTs) will enhance the network’s transparency and liquidity, while increasing the number of authenticators and maintaining network security.
As IoTeX continues to expand its capabilities and enhance its security, the platform is poised to become one of the leading blockchain platforms for IoT devices.

FAQs

#Q. What is the aim of the Ethereum derivatives mortgage proposal?

The Ethereum derivatives mortgage proposal aims to expand the functionality of IoTeX and enhance its security. Specifically, it seeks to use Ethereum derivatives, such as ETH-LBTC and ETH-BTC options, as collateral for the IOTX network.

#Q. How will locally represented pledge buckets enhance liquidity?

Locally represented pledge buckets as irreplaceable tokens (NFTs) will enable liquidity pledge agreements to be managed through smart contracts, maximizing transparency and liquidity on the network.

#Q. What is the IIP-13 proposal and how does it enhance security?

The 13th Improvement Proposal (IIP-13) calls for the implementation of the Ethereum derivatives mortgage and the introduction of locally represented pledge buckets as irreplaceable tokens (NFTs). The proposed increase in the IOTX pledge ratio will further enhance network security, by ensuring that there are sufficient token holders with a vested interest in the network’s security.