Another Ionomy Update & MeetUp transcript. Major Changes Proposed!

in #cryptocurrency2 years ago (edited)

It's been a few weeks since the ION teams last hangout in which Adam Matlack, chief strategist of highlighted a number of exciting milestones that developers were preparing for including an upcoming partnership for a MMORPG! Today we present an overview of Ionomy’s newest Hangout in which Matlack was back to tell us that the acquisition for their MMORPG has officially taken place and the future is looking bright! He also introduced a number of proposals the ION team has been working on which they’d like to see the community vote on and of course he teased the audience with a sneak peek into some of Ionomy’s newest developments!

The first proposal introduced by Adam Matlack is a soft fork happening in the next update if approved by the community which would see 6 million ION coins added to the total available supply. According to Matlack the team has determined production of ION is behind. To explain he cites Fig. 1, pointing out the first years issuance in terms of what should have happened (the creation of 12 million ION) and what actually happened (only 7.4 million ION were created).

Fig. 1

If you look into the matter further you realize that during year 4 and 5 there will be a huge inflation rate drop off-8.5 %.

As such, the team has re-evaluated some of what they believe to be good monetary policy, their understanding of the flipping of nodes and the market as a whole. The outcome? A better understanding of how the coin should move forward and proposals 2, 3 and 4.

The second proposal broaches the idea of restructuring the inflation models from year 4 to year 10. This new structure would allow a slower decline with the inflation drop off happening in year 10 instead. As far as years 11-100 Matlack implores the community to come together to grow the existing plan for this period.

Proposal #3 is the suggestion to restructure masternode rewards to a “timelock based structure” and is a direct precursor to proposal #4. At this time 20,000 ION are required to host a masternode. In Matlack’s words, “You can move in and out of masternode status in about 24 hours, you have no penalty, and you get half the block reward.” The ION team proposes the following solution to maintain a stronger masternode presence as more work begins to be offloaded to the second layer.

“If you were to lock up your initial 20,000 ION output for 30 days, when you hit a block instead of your master node getting 50% and the staking node getting 50% reward, your masternode would instead get 55% and the staking node would get 45%” with higher gains the longer the coins are locked up.

According to Matlack, “what this does is 2 things, it encourages people to lock coins up for a longer time to prevent the flipping of it and if they (masternode owners) want the economic advantage of receiving a payout, say 25% higher than a normal masternode then they can commit to locked stake....This is a big deal and we (the ION team) feel strongly that it should be like this." Overall, if this proposal is voted in by the community, “If you make a longer commitment there's a better outcome for you” and in theory, a better outcome for the network.

Proposal #4 would see the collateral needed for a masternode cut by 50%. If this proposal is agreed upon, everyone with a masternode now would then be able to have 2. This would double the ION masternode network and lower the threshold for others interesting in hosting which is essential to “protect profitability and make sure the network can achieve what it needs to achieve to drive the protocol level value of ION as a whole.” Combined with proposal #3 these updates have the potential to rocket ION beyond its imagined destination.

As a wrap up to this week’s Hangout Matlack gave community members a sneak peak at the new Ionomy platform...

One of the biggest and perhaps most exciting changes is the re-emergence of the platform’s exchange as promised...this time with an update. Not only will the exchange allow users to trade multiple types of cryptocurrencies, they will also be able to trade in-game assets like atoms.

Also on this new platform ION traders will be able to have 2 address’, one static belonging only to that user, and one time locked with the ability pool addresses.

This option allows more anonymity for users who are concerned with privacy.

As a wrap up Adam shared a final screen shot of the platforms new mobile app:

In discussing the amount of work that has gone into this new view he stated the importance of maintaining support for Ionomy’s main endeavor, mobile gaming, as the company expands its horizons.

Like last time, this weeks Hangout was closed with a Q&A session full of awesome questions and maybe even more awesome answers which you can find a transcript to below the video player. As far as updates that’s all for now...are you part of the ION community? What do you think of these proposals? Are you a masternode owner? How do you think these changes will affect you? Benefits? Pitfalls?

Let us know!!°Br¡tT^N¥° (@TheJadeCrow on Twitter)

Q. How will voting proposals take place?

The next update were actually going to update some of the voting stuff in the protocol itself. Once that happens you'll start to be able to signal the second part we’re talking about is adjusting the ability for emerging consensus we’ll put out a vote system structure where you'll be able to signal your vote via masternodes or the second is we’ll put out a emerging consensus where if enough people adopt it it'll happen but if they don’t, it won’t.

Q. What about a 15 month lock?

We can choose to do 18 months, 90%, that's all we can look at for sure. I think it should reflect the amount of commitment. The share you get should reflect the amount of commitment. The more you put up the more you get but at the same time we need to be careful to not diss the staking nodes. It's important we need them to power the network too so we don't want to take everything from them but i think as long as that is within reason it makes sense.

Q. What is the process for modifications and voting proposals?

The first part of this is we’ve kinda released as the document goes, we’re gonna update today so today's the pdf, over time you'll be able to edit it like a wiki people will contact the editors, email in, change logs and offer edits on these. This is a community driven project, this is a community driven start. We're likely going to break these up into 4 right now it's all together for the first time we’re walking through this as a group. There are conversations on discord we can come to a better place, a better understanding.

Q. Timeframe for these updates?

The first one is the token system were going to put it on the next update. The wallet update is weeks. The biggest part is once the tokens emerge it comes down to how effective the push is. We want to give it some time as far as deploying it but some code has already been started on It really depends on  what kind of traction we get or push back from the community were not going to just slam this through because that would be wrong for us to do we need to hear from you if you disagree or agree we want it to be known.

Another 2 weeks we’ll see where we’re at.


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