EOSForce is a community centric blockchain ecosystem that believes in the significance of meaningful community engagement and discussions.
Recently, the subject of EOSForce inflation rate has emerged in a scale in the larger EOSIO community and questions have been raised especially given that 80% of the genesis tokens are in lockup.
In the 6 months since the launch of the EOSForce Mainnet, changes to the cryptoeconomic model on the EOSForce blockchain have been made by the community, including the voting dividend model and transaction fee model. It is what distinguished EOSForce from other blockchain that the EOSForce community is able to discuss possible changes that could be made to adapt the EOSForce cryptoeconomic design for new industry conditions. With this degree of adaptibility, community participation is vital.
In response to the larger EOSForce community discussions and comments, EOSForce Super Nodes are holding a proposal meeting on the subject of Inflation Rates on EOSForce.
Two proposals will be presented by the community, and the larger participation from the EOSIO and EOSForce community is welcomed.
The procedures of the hearing/discussion are the following:
- EOSForce Mainnet Upgrade Presentation by EOSForce Chief Architect Fanyang
- BP discussion on the 2 inflation rate adjustment proposal:
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.
- BPs vote on the proposals
- Community Q&A
Time：2018.1.7 Beijing Time (GMT +8) 19：00~20：30
Conference host: Wang Wei—Walian
Join here: https://zoom.us/j/865276583
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