Hello, ONE community!
This is the HIP28 revision proposal !
Harmony commits to utilizing the treasury for the Recovery One plan, rather than minting new tokens.
Continuing to support network services and partnerships is vital and will require new methods of funding.
This proposal is to collect and use half of the network transaction fees to fund these necessary services and partners.
This is a the second revision after v1 failed here HIP-28 Fee Collection
Blockchain and Web3 projects must adapt to current market conditions. This proposal is to update the current burning mechanism of transaction fees to be shifted toward utilizing those fees to fund the blockchain’s required services/partners in order to continue development.
Harmony relies on vital services and partners (such as server infrastructure, oracles, endpoints, multisig, etc.), without which it cannot continue to build and develop into the future. Given that Harmony has committed to not minting new tokens and to using the Harmony treasury to recover de-pegged asset value, a new and innovative way to procure funding for these services/partners is needed. An obvious source for this funding comes from transaction fees that users already are paying. Recovering the de-pegged asset value and continuing to move forward in development go hand and hand for the success of Harmony.
Any change in behavior for existing network protocol feature will require governance vote to ensure the community are fully aware of the update.
This proposal will remain on the Talk forum for 2 weeks for community engagement purposes and feedback.
A poll will be attached to gauge sentiment, which is not to be considered as an official vote and an AMA may eventually happen if there is a need to.
After 2 weeks, a snapshot vote will be posted, at which time validators will have a week to vote.
How to obtain quorum
- the total_stake and validator_stakes from all validators in the network is captured on a given block
- all votes (Yes/No/Other) received needs at least 50% of total_stake minus stakes from known CEXes and big Validator who don’t wish to participate into governance.
- and 66.67% consensus vote (Yes) from point 2)
Note: There are some ongoing discussion with a group of core validator to revamp our governance and avoid the manual removal of the non participating validators. Additionally, they will finalize the list of the non participating validation. Hence, the above is subject to change in the future.
Fees are currently burnt and we are looking now at collecting half of it to a multisig wallet. It is a change from HIP28v1 where we proposed to collect all the fees.
This has the benefits of still having a “burning” effect on the ONE emission while fees can still be collected.
Thank you for taking the time to read this revision proposal, and please provide any feedback you may have.
thanks for the core validator group for the initial discussion on this HIP @HoundOne_Validator @AffinityShard @RoboValidator @easynode @Pioneer @TECViva @FortuneValidator @SmartStake @Onebullvalidator_One @Jimbo_JCR.one