Full Proposal
CBR Update 1 - Addressing some Concerns
What is CBR
CBR is a protocol change that intends to do three main things:
Protocol produced rewards will no longer be given for non-participation in the network. In order to be rewarded with GRC, a participant must help secure the network by staking blocks, crunch whitelisted BOINC projects, or both.
Secure the network. It is expected that this shift in reward mechanisms will incentivize more competition for block creation, which in turn will provide greater stability and security to the Gridcoin blockchain.
To create an intentional economic model to expand on in the future.
For more information, it is encouraged that you read the full proposal linked both above and below.
Quoted Introduction from the Proposal
The current percent interest mechanism does not incentivize Gridcoin participants to maintain an active GRC balance on the network. This is a combination of minimal transactions performed on the blockchain and the lack of a demurrage system to encourage active participation. It is imperative that we develop and implement a reward mechanism that ensures the security and integrity of the Gridcoin ledger. We propose the following block reward mechanism defined as Constant Block Reward (CBR).
The Poll
The poll runs until June 6th.
At the time of posting, 240 votes have been cast producing the following results:
| Option | Votes | Share % |
|---|---|---|
| 75/25 With A 10 Grc Block Reward | 131 | 69.25% |
| 65/35 With A 16 Grc Block Reward | 22 | 12.03% |
| 85/15 With A 5 Grc Block Reward | 50 | 9.11% |
| Reject Proposal | 11 | 3.7% |
| 80/20 With A 7 Grc Block Reward | 28 | 3.58% |
| Abstain | 9 | 1.33% |
| 70/30 With A 13 Grc Block Reward | 9 | 1.01% |
Discussions on CBR
Linked at the start of this post and directly below you will find the first update that answers some questions the community has been asking.
CBR Update 1 - Addressing some Concerns
There have also been two live discussions on CBR so far, one on The Fireside Chat and one during Hangout #55.
The Fireside Chat Episode 03 - CBR
(I will update this post with a link to Hangout #55 when I have one)
There will be another Fireside Chat dedicated to a discussion on CBR and Manual Reward Claims (MRC) this Thursday at 8:00pm Eastern, Midnight UTC, on the Gridcoin discord server. Feel free to post any questions you have here and we will try to answer them during the chat (or join us live!).
New Questions/Developments
The main question that has been asked over the past few weeks has been:
"What will happen to unclaimed interest after CBR is implemented?"
In the simplest and most practical of terms, any unclaimed interest after the implementation of CBR will be lost.
CBR is going to be a hard fork, meaning the update will be mandatory. Any owed interest on the old chain will be left behind.
The poll runs until June 6th, and then CBR must be tested and its implementation timed to cause the least disruption to the network overall -- if there are other nearly completed updates that will also be mandatory updates, CBR might be held until those are ready as well. The timing of implementation will ultimately be decided by the core devs, but rest assured, there will be ample notification.
Nevertheless, it might be wise for large balances with interest owed to them to begin the process of staking that interest.
Active Vote-Weight Estimation
A unique aspect of the CBR proposal is how it determines its validity. To smooth out the poll validation process, we designed something called Active Vote-Weight, or AV-W. Essentially, AV-W attempts to account for the vote-weight which is not active during the length of the poll. For a detailed explanation of AV-W, have a look at the Validation section of the main proposal.
@sc-steemit has already added a dynamic AV-W estimator for the CBR poll. You can follow the results as the poll reaches its conclusion on the Gridcoinstats block explorer linked below. Do keep in mind that the final AV-W cannot be determined until the poll is completed and all the averages calculated.
Thank you startail!
That's it for this CBR update. Keep asking questions and, of course, don't forget to vote by June 6th!