Ethereum Network Congestion Halts SIFT Voting

Ethereum Network Congestion Halts SIFT Voting

The congestion on the Ethereum network claimed another victim on Monday when the voting scheduled to take place for holders of the Smart Investment Fund Token (SIFT) was postponed for at least a week.

Previous voting cost participants a few cents but the current heavy network traffic has lead to potential fees of around $5 per vote. 

Decentralised Fund Management Impacted by Extraneous Factors

SIFT, which pays monthly dividends in Ether as a function of the performance of its cryptocurrency investment fund, had originally organised a new vote on whether to expand the remit of the instruments covered by its fund to include forex, arbitrage and market making positions. 

The foray into the forex market in particular is a major extension to the original vision but the Fund believes it has the potential to bring extra yield for holders, especially in the short term as their innovative trading bot continues to undergo trials. As a result they are encouraging investors to vote positively for the proposal.

CryptoKitties Saga Continues

The fund’s decentralised, contributor-voting model has been gaining ground within the cryptocurrency space with other, similar blockchain-based mutual funds such as the recently completed Astro ICO delegating approval of its recent mass token burn through the use of a smart contracts-based voting mechanism.

However, the limitations of the pioneering investment model have perhaps been exposed as the congestion and fall-out from the viral popularity of the Ethereum-based blockchain game CryptoKitties continues.  

The Sift Fund management team are hopeful that voting can begin once more in earnest on Monday 18th December to allow time to finalise a series of strategic investment decisions before the new year.