| Time | Item | Who | Notes |
|---|
| 5 min | Reason for meeting | Nash | - It's an opportune time to start getting everyone on the same page with respect to network parameters on Economics.
- There are a lot of questions from people right now about how to validate
- What does it cost to stake?
- What is my expected return?
- Do I have to supply hardware? Should I rent it from someone? What do I need to be thinking about as I choose a shard to stake?
- Will there will be monetary expansion, how much, how is it managed?
- How will validator rewards distributed?
- We should get to a point on what we can publish
- What will be decided at network launch
- What needs to be turned over to the CoOp for governance as part of the governance meeting. In advance of the meeting
|
| Scope of meeting | Mike | - Are we including a fee structure for new validators joining?
- Transaction fees
|
| 10 min | What policies are already set | Greg | - Fees paid out to validators are inflationary. There is an issuance goes down over a period of 10 years over a logarithmic curve. Over the 10 year period we max out of 10% of the original volume. Decided in April of 2017.
- If there are other staking tokens, the sum of the other staking tokens cannot exceed 10% of the total Rev supply.
- Some small percentage of transaction fees in Rev that will be reverted to the CoOperative to fund operations.
- Michael Stay (Unlicensed)
- The CoOp is providing infrastructure, someone has to pay in order for the CoOp to sustain the infrastructure, without being paid, it cannot be maintained.
|
| 10 | The parameters | Nash | - Rate of monetary expansion is a global parameter. Each shard has its own mint contract. Every shard has a total balance, expansion happens in wall clock time. Solution to the Jumanji problem, no cryptographic stuff.
- The validators for 1 shard will produce a transaction that expands the monetary supply that expands.
- Kyle and Nash to meet and discuss how the mint works in the tree model.
|
| Fee Structures in different shards and Phlo |
| - The desire to keep validators incentivized and engaged in the network.
- Validators with seniority are paid fees by new validators joining.
- What about bad actors?
- Icing out of a group of people can be a result of this.
|
| Accusation | Kyle | - Implement negative sum games for slashing. Validators all pay a little bit to completely slash a bad actor. If griefing costs, it will definitely go down. Greg is concerned about griefing solutions and he is not convinced that these are good things.
|
| Moving forward |
| - Timing does it work? Yes.
- Transparency - After 2-3 sessions, start discussing with community in hangout.
|