[SUPPORT] Block Reward Initiative and First On-Chain Governance Vote

Hello community!

We have reached a historic point. The time has come for community members to fulfill their role in shaping the platform’s future. If you haven’t already, please read the following blog post that was just posted in the Blog.

All insights and opinions are highly valued and we are looking forward to a healthy discourse. Share your opinion below!

Kind regards,
The AE Team

Updates

aeternity Tokens on Mainnet and aeternity Ethereum ERC-20 Tokens are eligible to vote. Also tokens on Ethereum that are already in Migration to Fortuna.

Video Tutorials (Playlist, watch it on YouTube)

For AirGap Users:

  • New iOS and Android apps are now available with full voting support
  • the base aepp also supports connecting to airgap vault now (you need an offline device though, not vault and wallet on the same device). Just create a new base aepp account, safe the seed somewhere and then connect the vault to the base aepp (your private key from the vault and offline device will never leave that device so you can safely use the base aepp with it).

Links:

Base Wallet aepp

Ledger Hardware Wallet

AirGap Android

AirGap iOS

MetaMask

Hybrid Voting aepp

http://vote.aepps.com

AEknow Explorer aeternity Mainnet Voting Results

attention this only reflects aeternity, not Ethereum, also this includes duplicate accounts

9 Likes

Long term plans are ok, but AE team controls 17.3% of circulating supply.
Maybe its best to spend some of that before asking for more.

Also,
Why a founders reward and no staking reward in a DPOS model.
This way the foundation gets extra funding from the funds they have, and miners don’t need to give up the last bit of profit. miners leave with lower reward, thinking price will go up is wishfull thinking, will this compromise security?

Will ae team abstain from voting? (as they have 17.3% of voting power)
What is the quorum for this vote?

From long term aspect, it’s an attractive plan!

There are many dicussions in the community, and one of the focus is that how to spend the BRI coins in the future?

Thinking the coin would go up with unsustainable development is even more wishful thinking if we are being honest.

1 Like

development is ongoing and there is money in the bank.
The team controls 45 million in AE tokens.

Maybe its good to get some financial insight into Aeternity.
I’ve asked this in the past but they are reluctant to show.
If we can see the cashflow we can make a better decision.

2 Likes

Exactly. A positive DRI vote will be an extremely positive signal for everyone involved in the project. It supports the long-term viability of the project and once again confirms the team’s and community’s dedication. In addition, it effectively reduces the immediate supply of tokens going into circulation, although slightly.

It is 100% the right decision IMO. I am interested to learn what medium and long-term arguments can there be against it. I am not even sure about negative short-term impacts.

It is a bit like the Bitcoin halving, but the supply is not really reduced, just a part of it is accumulated for development (which the most important thing, next to network security).

There is one other coin with a successful and effective Dao model that has been in effect since it startes:Dash

And they have not had it easy either, voting is done only from master nodes (holders of 1000 tokens each, 1 vote per master node), and even with the 40 percent of the block reward being sent to the treasure they still have had slow development in the 2.0 version dubbed evolution and have a delay of over 2 years on its release date.

So maybe we could learn about other’s mistakes?

2 Likes

This is exciting, first vote and it’s a big one! As detailed in the blog ae is growing the ecosystem rapidly so I think they need at least 10% BRI. Glad ae has a decent stash of funds on hand at the moment and I want it to stay that way!

3 Likes

I might express an orthodox and probably a politically incorrect opinion here, but this is my personal opinion and I am free to share it. Please note that this is not an AE statement.

Although I don’t particularly like the haste with which this vote is happening, I think it is a good thing and probably should have happened by now.

We all share a common goal - we want AEternity to succeed, we all want to make AE a decentralized platform to build the future upon. In this train of thought - we need to be more transparent and open for decisions being made but for this we need a vast and mature community. This, sadly, takes time but I can already see the signs of the community getting more and more active.

What AE tries to do is to push community development faster and as far as I understood the idea behind this vote - make it more decentralized. This is outside of the scope of protocol building and developing a node that implements it - it is much more than that. AE has a stash big enough for the protocol development but in order for it to be ahead of similar projects we must make a step further - we must develop the community and this requires more resources.

I really hate comparing projects but I’ve often being asked about different projects adoption and what is AE doing for that. I’ve lost count on how many times I’ve been asked why AE is not doing more for a broad adoption, aiming precisely at developers - providing them grants so they take the time to develop nice applications that are later on used. We also want to do this - that’s why the Foundation was created, that’s the idea behind AEX-es and we are actively pushing in that direction. What is more important - it must be sustainable for it to succeed.

Today I’ve read a ton of comments in the Telegram group that left me confused and frustrated. People claiming that voting is a not-democratic approach, people claiming AE will buy lambos and etc :slight_smile: You do know that if AE founders wanted just the cash - they could have disappeared already, right? Can you even imagine the amount of work and stress involved with keeping the pace of our progress? I can assure you - it is staggering. Do you think this voting thingy was an easy decision to make? Why do we do everything we do?

I can answer all of those questions with a simple answer: we want Aeternity to be the very best block chain project out there. Full stop. Nothing less than the best. And we can not do that without your support. AE is convinced that this is the way to go, but AE is not just the team behind it so this is an open discussion for all to participate. We’re going decentralized but it this is a proof of stake decision to be made. Please join us and vote.

7 Likes

This initiative will further increase the inflation rate (which is already of collosal rate) and I strongly suggest you postpone this vote at least a year or so.

For the ecosystem to evolve and gain some value, you really need to lower the inflation rate.

1 Like

1 Why did the team put forward this proposal?You said it’s for the long-term development of the team. But the original private equity has got eth and btc and the team has retained 40 million AE tokens. Isn’t such a large amount of money enough to support the development? Is there a shortage of funds or a lack of confidence in the price of AE tokens?

2 Are the team tokens involved in the vote? If so, the team’s tokens will account for 14% of the current number of tokens. Referring to other POS voting, the participation rate is about 20%. The team’s tokens account for half. It’s not fair at all. And the number of the team’s tokens will increase after the adoption of the proposal. If the team’s tokens can also participate in the follow-up POS voting, then it’s hard to realize decentralization. If we follow the existing voting method, the scheme supported by team tokens can be passed, then POS governance is just another kind of centralization governance.

3 How to use the 20% tokens that the proposal team acquired. Is there a locked position or destruction plan. If not, how to make sure that the money is used for development or community. Since 20% of the tokens can be easily obtained on such occasion, then the team will possibly lack enthusiasm and motivation.

4 If we want to control the amount of money paid by absentees, why not destroy the 20% directly or airdrop most of the net coins to the main net? Airdropping to the main net currency can not only reduce the impact of early issuance, improve the current value of ae, but also increase the enthusiasm of the main net transfer of the exchange. At the same time, the money in the hands of the team and absentee workers can also be airdropped. We can get a win-win result and it will benefit the owners of ae.

5 Why put forward this proposal at this time? There is only one exchange that support the main network transfer. No aepp appears on the main network for half a year. The excessive increase in the early stage seriously damages the interests of early investors. Now that the project result has not come out, why only consider the interests of the team and overlook that of investors?

6 If the team wants more funds for follow-up development, why not consider voting to reduce additional issuance and accelerate the development and marketing progress to increase the value of the original currency?

1 Like

The inflation rate will not be affected. It is in the blog post. Please also read my first comment above.

Completely agree! I couldn’t have said it better.

1 Like

Thank you for the great questions! I will ask the team to provide answers, either here or in the coming AMA. All replies to AMA questions will be shared here as well.

I don’t understand the logic behind this. If the AirDrop goes to Mainnet AE users only and it is proportionate - the large AE holders will have more AE. I am not sure how this helps. Maybe clarify.

That’s an interesting question. My personal opinion is that the BRI tokens must not be used in future voting, but only for [product] development.

I think reducing the inflation rate is something that could be put to the vote in the future, possibly by the community. How will miners vote there though? The BRI vote provides a signal that aeternity development will continue in the long-term, by there being a source of constant flow of tokens.

1 Like

That’s exactly one of the points of starting this. Blockchain governance is super hard. But you can better by practicing it. Few do. aeternity is one of them.

1 Like

If it is unaffected.

Is it feasible to lower network hashrate right now? Is it over-secure already?

I believe that the reduction of the token amount will not affect mining in the medium-term. There could be an immediate effect, but I think reducing the number of tokens going directly into circulation will counterbalance that. We will see. I would say that “there is never a right time for this”. The sooner it is done, the better.

1 Like

Here is the part of the blog post that describes this:

The Block Reward Initiative: Use of the AE tokens

All AE tokens from the Block Reward Initiative will be dedicated exclusively to æternity’s technical development.

Initially, the AE tokens will be held under the governance of the æternity Crypto Foundation, a 100% charitable foundation established in Liechtenstein, which is supervised by the corresponding regulatory body.

A technical council will be consulted for the allocation of the AE tokens. The technical council assures the knowledge transfer between technical experts, æternity developers and the board of the Foundation.

In the more distant future, with the goal of further decentralizing the decision-making processes, the possibility of a DAO-like structure for the BRI AE token allocation could be introduced and subject to another community governance vote. However, among other variables, such profound changes have to be thoroughly tested and rely on a maturing progress of the protocol and the development team.

2 Likes