BitShares now pays 3BTS (2x increase from previous 1.5BTS) per created block!
After tons of discussion on bitsharestalk and in the telgram group, The BitShares shareholders have approved to raise the block reward from 1.5BTS to 3BTS on 7th February through a worker proposal.
The committee of BitShares has approved the corresponding modification of the blockchain parameter and the network will execute this change this week.
The proposal has already reach >70% approval by the committee members and will be open for review by shareholders on 24. Feb 00:00 UTC. It will be executed one hour later. And become active after the maintainance interval.
Proxy: xeroc
What follows is a comment by the proxy voter 'xeroc' and does only represent a portion of the shareholders votes:
As it turned out, a couple committee-members have not (yet) approved the commitee proposal. I would urge @abit @bitcute @dele-puppy and @harvey-xts to comply with the shareholders desires as soon as possible or I will consider removing my support from you as a committee member.
Furthermore, given that the payrate has increased by a factor to 2, I would like to see more competition between witnesses and urge every active witness on Steem to consider reading up on BitShares and become an active witness there aswell. The technology is extremely similar.
Still no Steem/Bitshares merger on the agenda? Bitshares has got some great financial features and ecosystem but is sadly underrated due to its complete lack of appeal to the general public and its bad reputation in the crypto community. Steem on the other has got all the shiny and marketing momentum that Bitshares always direly lacked, but could use some better cash onramps and a more varied pegged assets universe. Given that both networks use exactly the same software stack and are designed by the same person, and have a huge overlap among the most prominent members of their respective communities and stake holders, it would be very feasible from a social perspective. IIRC, @dan was even favorable to the idea last time it was floated. It would be really awesome to have Steem support pegged CNY and BTC, user issued assets, and suddenly have plenty of gateways and bridges allowing a closer connectivity with the rest of the crypto ecosystem. And it would be awesome for Bitshares to finally meet its market and gain plenty of users instead of idling universally ignored in a corner of the Internet. I know there may still be a lot of hurt feelings from the time where Dan left the project and some resent due to the questionable way Steem was launched, but given that many of us hold stakes on both side and wish the best for both projects, it would be really great if we could avoid having to waste time and resources maintaining two projects that are so perfectly complementary that they should have been a single project in first place.
In some way it even goes further. At least for me, STEEM allowed me to earn some money so that I can focus on the blockchain space. It further pumped my motivation for developing things and since the launch of STEEM I learned so much that I finally have all the knowledge needed to bring some of the businesses I have planned for BitShares back into active thoughts and discussion. If it only wasn't so much regulated, a platform like Streemian.com for automation of stuff on BitShares wouldn't be difficult to build.
As for STEEM and BitShares, the both do share a common code base, but the economics and blockchain "smart contracts" (operations) are vastely different and I doubt that they can (or should) be run on the same blockchain. However, I think that the both changes can be brought closer together (bitcoin ecosystem calls it 'sidechaining').
Indeed a basic merge would be tricky as both projects use different pegging mechanism, different collateral requirements, different ways of managing margin calls, different reliance on market actors and incentives etc. Definitely a full merge would require a lot of refactoring on both sides. Probably not worth the trouble.
I was more thinking of running one as a sidechain of the other. Since Steem is the one that stands out the most, it would make sense to have Bitshares run as a sidechain of Steem once Steem supports sidechains. From the end user perspective, they wouldn't need to know that there are two chains.
Actually we could even achieve the same without doing a technical merger at all by enabling crosschain atomic transactions between Steem and Bitshares, just as Zooko is trying to do between ZEC and BTC/ETH (see project Alchemy )
But either way, for this to be successful from a marketing perspective, Bitshares would have to operate a change of direction on how it operates its brand image from that of being an independent project / blockchain to that of being a subsystem of Steem just like Liquid and Rootstock will be subsystems of Bitcoin while remaining separate albeit deeply dependent projects. The reason that this is necessary is that end users shouldn't even realize they are using Bitshares at all. They should see XAU, USD, CNY, BTC in their wallet as well as a bunch of tokens (UIA), and they should be able to send BTC and fiat in and out of Steem via the on/off-ramps without even realizing their transaction was routed through Bitshares, a gateway and a bridge. This is what will bring volume to Bitshares and deeper integration with the crypto ecosystem and legacy financial system to Steem while providing a seamless experience to the end users.
I have the strange feeling that such a turn of event will bring in more traffic through the Bitshares platform, the incentive is significant and will most hopefully create some extra ripples of goodness.
Thank you for this information. All for one and one for all! Namaste :)
If I understand it correctly, shareholders have 1 hour to approve or reject a proposal in a stake referendum? Why is it such a short period (I imagine I'm just misunderstanding)?
The review period is currently set to 1h to allow quicker updates of parameters (e.g. fees). During that time, the committee members cannot add or remove approvals of a proposal, but sharesholders can vote out committee members and still prevent proposals from executing .. Given that BitShares is still in its early days, we haven't seen the need to increase the preview period yet ..
Hello @xeroc, I am also a big BTS fan...I read that backup witnesses do not get paid on Bitshares, is that correct?..
That is currently correct. Depending on how the competitions with active witnesses go, we might see a change here.
Also note that BitShares has a variable number of witnesses in contrast to the fixed 21 in Steem.
I was about to set up a witness node on a VPS, until I read this...
Witness pay would make it a lot easier to set up what I'm trying to do with LEARNCOIN and video tutorials for bitshares, but odds are good I would end up spending money on a VPS and time on a witness campaign only to find out I haven't been a member of the bitshares community long enough to get the required votes....
Backup witness pay means you get at least SOMETHING for your efforts...
This is great news for the people involved! I'm not :(
Nice work @xeroc!
I'm a runner-up witness in Steemit for about 2 months now but I would like to try BitsShares as well. Any recommendations on where to start, @xeroc? Thanks!
There is plenty of documentation on http://docs.bitshares.eu
When it comes to creating a witness, it is really the same procedure as with steem.
So you just open an account, get a public key and broadcast your intention to become a witness just like in Steem?
For the use of the Korea coin, you need a feed of Bitshare witness.
Please help.
(코리아 코인의 사용을 위해 비트쉐어 증인의 피드가 필요합니다.
도와주십시오.)
(235,877,907/2,583,630,726)*100 = 9.13 %
It's not much community participation to base mandate for such a change..
From the 2.5B, some 40% are still in the genesis block unclaimed. Some of that stake is probably even lost.
So the comparison with that number is not accurately showing "active shares".
A lot of bitshares are held in exchanges and can't be voted by the "owners".
That doesn't negate the fact that it's still less than 10% of active coins voted to support this.
If I created a poll, and didn't advertise it resulting in 1% participation with a valid outcome - would it have mandate?
The use of workers for a stake-weight poll is not something "official" that will automatically execute a proposal... It is currently used just as an easy way to measure consensus on something. ATM we are following the "community rule" that a worker needs to be active for reaching consensus, this means it have to have more votes than the refund-worker. Again, ATM this means having more than ca 350M votes, or around 45% of all voting stake
How else is there to advertise the vote other than on the forum and in the Telegram channel? That was done, and the pros and cons were debated for several weeks. Are you a bitshares holder?
The screen is taken a bit late, the votes were actually around 400M IIRC
Hi @xeroc can you explain to me why is this increase happening? I haven't seen any trouble with getting reliable witnesses. We have 21, 100%, active witnesses and lots of backup.
I will voting against this however I can unless I see a convincing reason. Sorry I haven't been on bitsharestalk lately.
Well, in BitShares, witnesses not only need to produce blocks but also provide reliable and accurate price feeds for bitassets like bitUSD, bitCNY, bitGOLD, bitSILVER, and others ... also there hasn't been alot of competition for a witness slot lately which I personally would like to see changed.
I am using Blockpay and Smart Coin Wallet.
There seems to be no reason for the shopkeeper to refuse the blockpay. This is especially true when paying with Smart Coin.
BitShare is going to be the winner of virtual currency.
Hi @xeroc - I'd like to speak with you about the Quant project. What is the best way to reach you? I know you must be busy so I'll respect your time. Thank you