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Superblock 561600 Pre-Proposals Empty Superblock 561600 Pre-Proposals

Fri Aug 10, 2018 4:49 pm

Last edited by hanniabu on Thu Feb 27, 2020 12:28 pm; edited 1 time in total
Posts : 2
Join date : 2018-09-01

Superblock 561600 Pre-Proposals Empty Re: Superblock 561600 Pre-Proposals

Sat Sep 01, 2018 3:58 pm
Proposal: Coin split 1:100
This is a proposal to increase BLOCK circulation by 100x. All existing fees, rewards, and collaterals will be increased proportionally. This change is needed to preemptively address an anticipated technical problem(see below). Vote yes to approve of this change and no to disapprove of it.

Rationale and further explanation of proposal & background info:

The Issue

If the price were to skyrocket, Blocknet would find itself facing a problem that would require an emergency hard fork to fix, potentially diverting the team and confusing the flood of new block owners. Why? As you know, microservices provided by the XRouter and plug-in services charge fees. At a high enough BLOCK value, these fees become dust-like and incur high transaction costs.

The solution
A hard fork will be required to undertake this, but fortunately one is already planned to eliminate the locked funds from the exploit. A fork at this time would not incur any costs to owners of BLOCK. Moving the decimal place does not effect the value of investors' holdings or the block rewards.

86B Discord post regarding “dust fee”:
lets say we moved the relay fee out to match BTCs at 0.00001: using the 2000bytes example, sending a $0.005 (half cent) microfee would be charged $0.02 by the network for a 366% charge.
Now lets assume we make XRouter transactions feeless: at $2000/BLOCK (optimists anyone?  we'd see minimum transactions required over $0.01 - effectively not allowing us to charge under a penny for various simple XRouter calls/etc
So, despite changing the feeperbyte, changing the minrelaytxfee, etc - we'll still eventually run into this issue. It's easier to just move the decimals out and be done with it for good

86B Discord post regarding "An extra win to the introduce more people to Blocknet"
That video @mamaringo posted had a major key reason for a split: “to attract new types of investors” (or new people, period). To me, this is a major benefit because I think it’s wise to add as many unique community members as possible, daytraders or not, because I think once people are here and learn about what we’re doing, they will stay. I think there’s a consensus that a small price per coin attracts at least one additional buyer due to the current mindset of your typical crypto trader: there are so many different coins and tokens out there to choose from that narrowing down “moonable” prices per coin is done subconsciously - (you’ll find 20 new-to-crypto investors to 1 who don’t understand inflation or market cap). You can see a similar “overwhelming effect” as it pertains to the top 10: the majority of new money first dabbles with Bitcoin, then finds alts, usually buying the top 10, then expands within the top 100 - everything beyond that is perceived as “too high risk” to new money (beyond the high risk they already think they’re taking). Also subconsciously, it’s far more appealing to own “more” of something or deal in whole numbers vs decimals - I personally think it’s a pain dealing in BTC decimals. Having said that, any split we do would be based on charging microfees for our XRouter and plug-in services. In the future if our price is extremely high, it becomes more and more difficult to stay above dust amounts with a microfee. All-in-all I think many of the arguments above of it being “too shilly” or “we’re” better than that” is a very elitist stance. We’ve been battling uphill forever now and I think if a split got more people involved and helped spread the word about Blocknet, I’d heavily be in favor of one.

Estimated time for components in the proposal:


Teams/person undertaking the work:

- Blocknet Development Team

Cost assessment:
-10 BLOCK for proposal fee

Fund custodians:
- Not Applicable

mnbudget vote [your proposal hash] yes/no/abstain
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