IOTA has released the results of its Shimmer governance voting for the Tangle Community Treasury, which took place between June 17 and July 2.
In an effort to embrace decentralized democracy, IOTA has announced the outcome of the voting process that occurred in the final two weeks of June to select new leadership for the Tangle community.
The voting process was initiated in mid-June, with community members encouraged to cast their votes using their Firefly or Bloom wallets. This coincided with the IOTA Foundation’s restructuring of its leadership and establishment of the Technology Adoption Department to promote its technology globally, as detailed by Crypto News Flash.
The initial results were announced on July 2, allowing the Shimmer L1 nodes a few days to verify them before they were officially confirmed.
The nodes have now completed the verification process, as revealed in a recent blog post. This confirmation establishes a legitimate elected Tangle Treasury DAO LLC and empowers the Tangle Community Treasury to continue its operations with a renewed team and a strong mandate.
The winner of the election is Linus Nauman, who will assume the role of the new Program Lead for the Tangle Community Treasury.
The Tangle Community Treasury is a committee-based grant program that supports the Shimmer and IOTA networks by empowering developers and innovators. The committee reviews and approves proposals from developers while maintaining transparency in its operations.
The IOTA ecosystem has been actively providing grants to foster innovation. As previously reported, it has funded 26 out of 99 applications, totaling $2.744 million. The recipients are working on various solutions in lending, SocialFi, DeFi, NFTs, and more.
Nauman expressed gratitude to the community for their votes and pledged to spare no effort in advancing IOTA development. He stated, “As the new Program Lead of the Tangle Treasury, I will ensure that community funds are spent wisely and effectively. We will expand the IOTA and Shimmer ecosystem.”
In addition to Nauman, ten other individuals were elected, including Nicole O’Brien, Richard Mediavilla, Yi-Wei Lin, and Phantom 3D. These four received the highest number of votes and will join the Tangle Community Grant Committee for the Shimmer network. Nicole O’Brien, the CTO of Bloom Wallet, is already well-known in the IOTA community.
Following the successful voting process, the Tangle Treasury DAO will convene to offer new contracts to the elected individuals and release the previous holders of the positions. The handover process will involve transferring the committee’s funds, which were allocated through a voting process in March, to new multi-sig wallets controlled by the newly elected members.
The revamped Treasury committee is part of IOTA’s ongoing efforts to position the network for global dominance, as envisioned by founder Dominik Schiener.
Meanwhile, IOTA has experienced a slight increase, with a 2.28% rise in the past day, trading at $0.1537, despite a 35% decrease in trading volume.