EOSForce Super Nodes held a Super Node Meeting 19:00 (GMT +8) regarding the new inflation adjustment proposals. The meeting was held in a open-house format, accessible through Zoom to all viewers and open to viewer discussions.
In future, all Super Node Meetings involving community decision on proposals will be open-house. Community discussions will be had on the spot and Super Nodes discuss proposals and Q&A will also be available at the end of each meeting. Viewers will also be able to view the voting procedure live.
Besides the EOSForce Global Community Forum, Super Node Open-House Meetings will be another venue for effective community governance on the EOSForce Mainnet.
Also, in the days after the meeting, voting results will also be published to the community as well as the actual meeting recording.
The 2 proposals discussed in the Jan 7 (1.7) are:
Proposal 1:
It is proposed that:
At the first update after the passage of the proposal if it was to occur, the following changes will be made to adjust the inflation rate:
1. The token production of each block is adjusted from 10 tokens/block to 1 token/block.
2. All transaction fees no longer count into block production reward but as destruction.
3. Transfers made to the BlockOne account get reduced proportionately.
Explanations:
1. The 1 token/block production model increases the total supply by 10,000,000/year.
The inflation rate would be 3.3% at a total vote tally of 300,000,000.
The inflation rate would be 6.6% at a total vote tally of 150,000,000.
2. Further adjustment [on the token production model] will be decided at later BP meetings.
Proposal 2:
It is proposed that:
At the first update after the passage of the proposal if it was to occur, the following changes will be made to adjust the inflation rate:
1. The token production of each block is adjusted from 10 tokens/block to 3 token/block.
2. All transaction fees no longer count into block production reward but as destruction.
3. [Token] transfers made to BlockOne’s account get reduced proportionately.
Explanations:
1. EOSForce has a fixed rate of inflation. It is in fact that the inflation rate is decreasing by the day. Given that the total number of votes cast increases, if the inflation rate is not adjusted, the dividend received by voting a token is decreased factually. If the 1 token/block model is adopted, the voting dividend will go down too drastically such that it would prove insufficient to cover the server cost.
2. A more drastic decrease in token production will lower the earnings of BP nodes and the incentive for voters to participate, as well as the incentive for new BPs to join. It could prove a negative impact on the value of the ecosystem in the short term.
BP Participation and voting results are as followed:
Proposal 1: 12 fors, 0 nays, 11 abstains
Proposal 2: 16 fors, 1 nays, 6 abstains
Proposal 2 reaches passage at a 2/3 overmajority.
It is expected that the EOSForce Core Team will update contracts 2019/1/9, and finish version update 2019/1/11, with BPs finishing multisignature for Proposal 2.
Meeting recording available at:
https://zoom.us/recording/share/95BOBCGx_QMGYjkH7m1dY0_6JIFe2HSAUuTNZL2YRoKwIumekTziMw
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