In Janurary we had a discussion and voted on changes to the BOID token-economics. As mentioned then, we have been working on some formulas to algorithmically adjust inflation in the future. This proposal is the first step to implement those formulas. We split the proposal into three different options. Please review the options provided and vote on the one you prefer.
Keep in mind that there will be a two month ramp up time during which these values will be adjusted. Once we have reached these goal values, the subsequent adjustments will be driven by the algorithm and will be less drastic.
Our emission aim is to reach 20B BOID in 30 years, which is an increase of 0.55% per month – roughly equal to 15.5M at time of writing. Currently, total emission is closer to 40M. Therefore, we need to adjust the network settings for power & stake difficulties. The last month situation is approximated as follows:
The proposed cap on WPF (mentioned as WPS) will reduce the emission by roughly 15M. At that point, the realized emission is still around double of what it should be. It is also worth mentioning the stake emission is nearly 8 times the power emission. Therefore, we have proposed three possible scenarios for the difficulty settings, after which the inflation formula will take over.
Leave power difficulty as is, adjust stake difficulty only.
To reach the projected emission, we would adjust stake difficulty from 500 to 1275. This will also result in the stake emission to go down to ‘just’ 3 times the power emission.
Adjust both difficulties, keeping the ratio power/stake emission roughly as it is currently.
Here, we adjust power difficulty from 19.9 to 50 and stake difficulty from 500 to 1050. The ratio of power to stake emission is 9, which is just a bit higher than it is currently.
Adjust both difficulties, aiming for middle ground between proposal 1 & 2
Here, we adjust power difficulty from 19.9 to 38 and stake difficulty from 500 to 1100. The ratio of power to stake emission is 6, which is right in the middle of the first two proposals.
Keep in mind that the percentage shares in these graphs (Validator, Team, WPS) are still likely to change, we are mostly focused on adjusting the total network inflation. Also these values will be adjusted in stages and not all at once.
Remember you can test out the values for yourself using the network simulator at stake.boid.com
- Proposal 1: leave power difficulty as is, adjust stake difficulty only.
- Proposal 2: adjust both difficulties, keeping the ratio power/stake emission roughly as it is currently.
- Proposal 3: adjust both difficulties, aiming for middle ground between proposal 1 & 2
- Alternative: Post your proposal below, include details.
To encourage participation in this poll, the Boid DAC will delegate 50k BOID stake to your account for voting and responding below with your thoughts and input. Be sure to include your EOS account and thanks for your participation.