Blockchain-powered internet and operating system, Elastos, recently released its latest updates in an official announcement. It shared details of the upcoming Cyber Republic Consensus elections and ELA node upgrade.
The Cyber Republic Consensus (CRC) is the third consensus mechanism for Elastos. It comes after the Proof-of-Work (PoW) and the Delegated-Proof-of-Stake (DPoS) mechanisms respectively.
The primary purpose of CRC is to provide a means through which sovereign community governance can support and conduct the growth and development of Elastos technologies. This council also has the responsibility of expanding the community body and manage the community assets. Another key focus of the CRC is to underpin and facilitate a decentralized mechanism that will solve disputes. Moreover, CRC also has a role to play in expanding the incentive structure. This aims to encourage and drive up community participation in governing and contributing to the Elastos community.
Recently, the Cyber Republic ETH Task Force joined the Ren Alliance. This partnership will facilitate planning for the creation of an ERC-20 renELA token. This token, secured by Ren protocol, will also release Elastos into the growing Ethereum decentralized finance (DeFi) space.
CRC elections update
The elections for the council members of the CRC calls for the participation of the Elastos community members. The elected members will play an integral role in the smooth functioning of the Cyber Republic. The inaugural election of the CR Council will culminate at block height 658,930 at approximately 2 am UTC on June 10.
ELA node upgrade
The official announcement on the website also indicated the release of the ELA version 0.5.0 program by the Elastos blockchain team. With this, ELA version 0.5.0 will become the latest node program. It will also distinguish the block height 658,930 during the time for the culmination of the CR Council elections.
Moreover, the ELA version 0.5.0 will support a range of Cyber Republic functions. These functions include the creation of proposals, the voting process of the CR council members, and even the process for impeachment if needed.
Going forward, the Cyber Republic Council Expenses Address will receive the ELA balance donated to the Cyber Republic Interim Council. This would also enable the transfer of funds management to the inaugural CR Council.
Previously, Elastos released a beginner’s guide to explain the concepts involving its SmartWeb.