After Proof-of-Work (PoW) and Delegated-Proof-of-Stake (DPoS), Cyber Republic Consensus (CRC) is Elastos’ third consensus mechanism. CRC’s primary purpose is to provide a means of autonomous community governance to underpin and direct the development of Elastos technologies, propel the expansion of its community body, and support a decentralized mechanism for dispute resolution, management of community assets, and robust incentive structures that foster community participation in the governance of and contribution to the Elastos community. Just as the community members who participate in CR Council elections, CR Council members serve integral roles to the function of Cyber Republic.
After a succession of well-coordinated development efforts, the inaugural CR Council elections will culminate at block height 658930 on June 10, 2020, at approximately 2am UTC. At that point, the inaugural group of CR Council members will be officially elected.
In the coming weeks, the Blockchain Team will release the latest node program, ELA Version 0.5.0, which will demarcate the above block height at which time the inaugural CR Council elections will culminate. ELA Version 0.5.0 will also support CR functions such as Proposal creation, CR Council member voting, and Council member impeachment processes.
Subsequently, the ELA balance donated to the Cyber Republic Interim Council will be sent to the CR Council Expenses Address, thereby transferring management of the fund to the inaugural CR Council.
May 20, 2020