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RE: Regarding Changing the Gridcoin PoS Protocol -- Active Poll
You've had a year to join the discussion, read the poll's linked github issue.
You've had a year to join the discussion, read the poll's linked github issue.
I'm sorry not all of us have been with Gridcoin as long as you have CM. I did follow the github link and read through some of the discussion, but thats all I saw, discussion. There is no clear proposal for how this is being done as evidence by this post offering up multiple ways to implement this. My concern isn't that this hasn't been discussed enough, it's that the poll is being created without any information on how the team plans on implementing fixed block rewards. I'm new and maybe this is how things are done but it seems like polls should be linked to a proposal instead of a github discussion page.
No, sorry, but that is wrong.
First of all GitHub is and was never the place where people were send to get information or discuss things.
GitHub also is not the center of the world. It it some outlying, fringe medium most people - if at all - know that you can download stuff.
Also if you send people to "read it" and point them to this thread they see something ONE YEAR old and close it. Or if they read on they see Rob saying "this is not important right now".
And so on.
This thread is NOT how people can make an informed decision. And no, it is also not a broad discussion with "the community". it is a throwing of thoughts from GitHubers.
For example has anyone here addressed the question WHY people are not staking their wallets 24/7? If you want to change that, you should know the reason, don't you think?
I also have one of those big wallets that is not on most of the time. Why? I don't have seen ONE of the three main reasons here. (And I wont tell you know, because you may start thinking about it and come up with other reasons then mine.)
The PoS outrunning the PoR is actually a small problem, since we have only 1,5% inflation.
That means even after 10 years the PoS will only be ~20% higher then PoR. Under "ideal" situation, not counting those who don't stake (especially exchanges) and coins that get lost (there are always some).
But yes, we could decrease the PoS, but I am against any big change at one point. People have invested, counting on their interest. I won't argue about how many that actually are, but it is still a valid stakeholder group and should not be "robbed".
Regarding this my proposal (as I have written similar at the start of the coin) would be to slowly decreasing the interest.
We could decrease the interest by 0,1% roughly once per year until we are down to 0,5% yearly. Then in 2028 we could think again about that topic in a (I am sure) completely new environment. Of course that road could still be changed, but by this you are both reigning in interest and showing that you don't break promises. Gridcoin is a long term coin, so we both CAN do long term plans and have people planning with it long term.
I am full into not-consecutive staking.
Why aren't people staking 24/7? One thing could be that they don't have to since the interest is given out regardless of the wallet being online or not. One suggestion, this one, is to make the reward based on actual work done. That is, benefit brought to the ecosystem. You mint a block and get rewarded for it.
The amount rewarded isn't really the problem. We can stick with 1.5% if that 1.5% is for securing the network.
Yeah, you are giving the only one point I have ever seen.
So now the REASONs why people don't stake all the time?
Because your point is not a reason, since staking 24/7 and once a month is not a difference for interest. So why are people choosing the once a month option?
Fear of getting hacked? Super expensive electricity? I don't know. Maybe it's easier if the people keeping cold wallets actually speak instead of just tossing out cookie crumble trails.
Why run a client that consumes cpu power and must be managed when i can set a monthly/quarterly/yearly schedule to stake for a day and collect my interest?
I would also love to hear from cold wallet investors.