Block World | Bear market validators are struggling to operate and hope for the understanding of all clients

Fast forward to the second half of 2022, and the world is facing economic problems. International Monetary Fund (IMF) Managing Director Kristalina Georgieva recently pointed out that the global economy is facing its biggest challenge since World War II. Others say the world is about to enter the Great Depression.

The new crown epidemic, coupled with the Ukraine-Russia war and other issues, have made global economic problems more complicated and more difficult. The price of food and energy has risen, and everything has become more expensive, but the labor force of migrant workers has not increased, and life is difficult. This is the reality of the current global economy. Therefore, it is not only the currency circle that has entered the economic winter period.

Since the currency circle entered a bear market, the prices of many cryptocurrencies have fallen sharply, and some have returned to zero, ending dismal. This creates practical difficulties for validators to operate nodes. Validators are not volunteers, and node operation requires a certain expenditure to maintain the security and stability of the node. The operating philosophy and purpose of each node are different, and the commission percentage set by the validator is different. The commission varies from 0% to 100%.

Let's start with a simple science. If the node commission is 0%, the client can receive 100% of the annual interest rate; if the node commission is 100%, the client can receive 0% of the annual interest rate, that is, there is no income.

The commission set by the BusinessAsMission node at the beginning was 15%, and it was not increased to 18% until the LikeCoin chain was upgraded. The commission is added because the upgrade of the LikeCoin chain has certain requirements on the equipment of the node operation system, which needs to be upgraded to have stable and safe operation. So, it increases our operating costs.

We don't want to arbitrarily add the percentage of commission income, so we just add a little (plus 3%) to see if we can achieve the minimum break even. Although our entrustment amount increased, after almost a month of trying, the result was not satisfactory. Because LikeCoin’s currency price has dropped significantly, it has dropped by more than 80% compared to a year ago.

After some calculations, we decided to increase the BusinessAsMission node commission from the current 18% to 25%, plus 7%. I hope all clients can understand and let us overcome the difficulties together. Thanks for your support!

May the cold winter pass soon!

The article is made public and aims to be shared for the benefit of others; please support "Creation is Valuable" and " Appreciate Citizen ".
Please choose one of the following cryptocurrencies as a reward☕ to support the creator:
【 LikeCoin 】【 USD 】【 ATOM 】【 OSOM 】【 DSM 】【 XTZ 】【 JUNO 】【 CRO 】【 IOV 】【 HUAHUA 】【 BTSG 】【 ETH 】【 Custom Amount 】 Thank you for your support😄

＊＊＊＊＊＊＊＊＊＊＊＊＊
Me and @Paul. It is a team of validators of the LikeCoin node " BusinessAsMission ".
You are welcome to become our delegator and pledge your LikeCoin to our node, thank you for your support!
＊＊＊＊＊＊＊＊＊＊＊＊＊