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Governance Discussion

02-07-2019

Let me refer to the recent collateral change discussion in the light of our updates. We wanted to share the info later once everything is ready but the upcoming Governance release forces us to act faster.

The next release will activate the Governance mechanism. It'll be a mandatory update. You'll be notified in advance and have about 1 week to update your GiantCore. After that everyone will be able to submit any proposal including a collateral change. We cannot ignore it and share valuable information in this regard.

Smart Contracts Blockchain Node

As you probably know smart contracts code execution is quite memory consuming, so the masternodes hosting that you easily perform on VPS will become more costly. We wanted to run tests to make projections of the blockchain size growth in different scenarios before announcing it. Nonetheless, we have to make this important note for the discussion. For more precise calculations we'll launch the smart contracts testnet to determine recommended hosting requirements.

Giant Economy

We are going to fix a very common problem that exists in other smart contracts platforms. I'd call it the free-rider problem. A smart contract creator has relatively small costs of deployment and free operation at the miners expense. We can change that by requiring an enabled masternode for smart contract deployment. In this case it will be some contribution to the entire network decentralization and protection from spam. As you can see the collateral size is a quite sensitive issue. The expenses of different parties will rely on that. This size has to reflect our ambition to configure the network balance and distribute the costs adequately.