LikeCoin Governance Proposal | Voting Decision on Proposal #44

I will briefly explain the motion, put forward my own ideas, and finally clearly state my voting decision. If you have entrusted likecoin to me, but do not agree with my decision, you can leave a message and tell me your thoughts, or you can vote by yourself. You can ask me about the voting method, or you can read Daisy's teaching article. Appreciate the citizens of the Republic of Citizens AKA All Likers can now directly vote for governance proposals! . If you really strongly deny me, you can also drag the transfer to other verifiers.

If the content is unclear, you can ask me. It is also encouraged to look at the related works, the way of the likecoin governance proposal, and the thinking of liquid democracy.

#44 Proposal for the Use of Community Funds: Reward Program for Validators to Participate in Chain Upgrades

Proposal : Community-spend proposal: Incentive program for validators who support the LikeCoin chain upgrade

Introduction:

 This is an Incentive program to reward validators who upgrade to LikeCoin chain version 2.0.0 on testnet to ensure a smooth and robust migration. 

 By voting YES to the proposal, you are agree to deposit 100,000,000 LIKE to CDC multisig wallet cosmos1cd3rvuavswgf8p3t30vafpypg9n76evpuvmnxa for rewarding validators who upgrades to LikeCoin chain version 2.0.0 on likecoin-public-testnet-5 in terms of delegation funds for a period of 6 months . For more details: https://app.like.co/view/iscn:%2F%2Flikecoin-chain%2FBgp8SSHg66betrPO-4RmGHFXe-AlU9XhlTSjaNVpvlw%2F1

This reward program is to encourage validators who participate in the testnet version 2.0.0 upgrade to ensure smooth and reliable upgrades.

If the proposal is passed, 100,000,000 LIKEs will be transferred from the community pool to the multi-signature wallet of the community commission committee, cosmos1cd3rvuavswgf8p3t30vafpypg9n76evpuvmnxa, to reward validators who participate in the testnet version 2.0.0 upgrade for a period of 6 months. For the detailed reward plan, you can check https://app.like.co/view/iscn:%2F%2Flikecoin-chain%2FBgp8SSHg66betrPO-4RmGHFXe-AlU9XhlTSjaNVpvlw%2F1 (The content inside is translated by Daisy, so I will not read it anymore 🦥🦥🦥 )!

intention:

1. The total amount delegated by the community is now one-third of the previous amount, and the rest remain in the community pool and have not been used. Judging from the situation of Subdao's payment in the past, only a small amount needs to be reserved. Now that inflation has been rising, and the share of community funds is constantly decreasing, I personally think it is not good for the community. Judging from the current situation, the community is in great need of funds to attract people to participate, and we should find a way to make the community fund sustainable for a long time.
2. At the current price, the income of LikeCoin's validators is indeed not much, and it is reasonable for them not to spend too much time on the LikeCoin chain. In the above case, fund delegation is set aside to attract and reward participating validators. There will be benefits to chain security, validators, funds, and the community.
3. I also agree with the plan to limit the validator of the first 34% of the delegated volume and the minimum commission rate of 5%. Although the first item will exclude me, for the community, it will be more beneficial to the community to allow the latter 67% of the validators to participate, and to make the power more decentralized.
4. A minimum 5% commission rate limit, although some validators will be excluded. But 0% or low commission rate is mostly used to attract commissions. For validators who have funds themselves, they intend to increase their influence, and the cost of validator nodes is actually less important to them (personal feeling). However, this will affect some validators with small capital or relatively new to the community. In the face of competition, they must also reduce the commission rate, or also adjust to 0% to survive. With the addition of the minimum commission limit, the competition for funds can be reduced, and it can be drawn to the participation and contribution of the community. Furthermore, the 5% requirement is actually not high, and it will still allow validators with funds to maintain a certain amount of advantage. For clients with a large amount of funds, based on the current APR of 20.88%, they only paid 1.044% of the interest, and still retained 95% of the interest, which is not a lot. The calculation of income not only depends on the number of LIKEs on hand, but also the price of LIKEs. If the community can move towards a good development path, its income will definitely be higher than 5% of the interest, and it will be much higher.

Decision : Yes

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