We’re glad to see the vibrant discussion caused by the yesterday’s announcement of the block reward vote. Many of you have proposed the reward size change to be made in favor of the decentralized governance mechanism. As such, we can’t ignore this issue and decided to include it into the current vote. Below you will see a brief description of this mechanism usage.
As you know, the Giant blockchain supports the Proposals system — a long-term financial mechanism to maintain its work after a mutual compromise is reached among all the network participants and community members.
Anybody knowing what to do in order to upgrade and promote the Giant blockchain can bring in a new initiative. It must include a good description, arguments for the initiative and a wallet address to which a certain sum will be transferred after the new proposal is approved by the community.
The Proposals Fund concept will allow Giant to make this process automated and as transparent as possible. The decentralized decision-making is made with the help of the masternode system. Every masternode owner acts as a responsible member of the investors board. Each proposal will have a corresponding vote.
Results are put into action in the form of superblocks. Superblocks automatically allocate the funds for a community-approved initiative by sending them to addresses mentioned in the vote. To prevent excess supply, the initiatives will be financed from the rewards decrease. The deficit of successful initiatives will lead to the coin supply decrease.
At this phase, we need to define the precise reward size for one superblock. We would like to ask you not to forget about this parameter when creating your proposals on new reward system.
As soon as all proposals are formulated, the first stage of the vote will be launched on Discord. After the results of this vote become clear, 4 leading variants are to be put on the next poll of masternodes. You will find out more about the mechanism of this next vote in advance, in our next announcements. Stay tuned!