Well development team is best what we have now and they proved to be reliable, so I personally don’t see any issue if development team will have control in deciding which project to fund. In my opinion it is best solution we have right now.
Reuben, you mentioned in video with DJ Mines that the girl who made Progpow herself as miner said that we are over paying for mining. What was her ideal number to give for mining?
We spoke briefly about the initial numbers I proposed in the original post.
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Thank you for your testimony. It seems, you needed to do this.
Your situation is one of the most usual.
You have made your choices, you have priced your risks and you are stressed: I imagine that is more or less the case for all of us in cryptocurrencies.
But the question here is, with all the resources you put into crypto, what did you do for Firo? To support the course, to contribute to the community ?
Did you buy quantities of Firo? No, you preferred to buy GPUs.
Have you invested in infrastructure for masernodes? No, maybe tomorrow…allways tomorrow…
Have you invested time in the community? No, you don’t have time.
No one will blame you for your choices (except maybe yourself if ETH really goes PoS). I have a lot of empathy for your situation, but why should the Firo community continue to distribute most of the block reward to miners at the expense of masternode holders who, they have bought large quantities of Firo, are generaly loyal for a long time and try to devote time to supporting the community?
I agree with you on all points, even on my concern about the future of Firo if we don’t quickly resolve this problem of the attractiveness of the course.
It is absolutely necessary to stop this haemorrhage of Firo sales from miners and create a permanent movement of purchase through masternodes owners.
I remind you of the possibility of creating masternodes at different collateral levelsl: for example 200-1000-5000 Firo (and take the opportunity to switch to a reward per block and per masternode).
I also remind you that when I propose 15% for miners, you have to add the transaction fees (which are not huge at the moment but it is always more than nothing and it can increase)
Spending development resources to create or invent tiered masternodes when there’s no logical technical reason for it is also not the right path and misses the woods for the trees when we need to focus on our privacy tech.
I’ve also checked the NEM node checking mechanism and it’s a 100 percent centralized model where funds are allocated and a centralised checking service is made.
https://twitter.com/0x6861746366574/status/1495644389871611906?s=21
There are two main reasons to create masternodes with different collaterals:
- make masternodes accessible with 5 times less capital than currently (200 Firo vs 1,000 Firo), thus attracting more people to Firo
- once the person has a “small” masternode, motivate them to acquire a “bigger” one (better paid).
These two reasons are likely to create a strong and long-term demand on Firo.
Development ressources affectation is a choice: I don’t think it looks particularly heavy for my proposal, but I’m convinced that something needs to be done quickly to support the Firo price by increasing demand. There comes a time when even the oldest among us will lose hope in Firo’s ability to ever be recognized for what he should be.
About Firo’s focus on privacy technology:
I appreciate the work that has been done on this point for 5 years.
The development team modified I don’t know how many times the pricacy technologies within Firo, replacing the previous one with a more efficient one and the more efficient one with an even more efficient one etc…
But after 5 years, I ask myself the question: for what result?
In the end, the other anonymous cryptos (Monero, Dash, ZCash) are still more successful than Firo, They have all done less technical development than Firo. Firo is the best performing anonymous currency, but no one cares. What benefit did we derive from this technical performance? None: the price of Firo has been dropping for 4 years…
It may be time to question this race for technical performance and consider other points.
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Precision :
My proposal for tiered masternodes is really to help newcomers get into the Firo system, which makes more sense when we lower miner compensation.
Personally, the current masternodes at 1,000 Firo are fine with me.
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Yes we don’t intend to do any major protocol revamps on Spark but we are already well into Spark development and I prefer not to delay that unless community wants us to delay it by a couple of months. Spark is pretty complete and we want to focus on utility and use cases after that.
The thing is I feel with any masternode thing it’s a one off boost. Why I think it’s justified now is mainly because miners are not pulling their weight and to reflect the contribution to the network and community. Also don’t forget about the community fund.
Having any new masternode tier, would mean diluting the existing mastenode rewards or taking it additionally from somewhere. Where would this new token emission come from? Slash miners more?
I haven’t looked closely at how other tiered masternode coins work, but the idea is to evenly distribute the masternode reward between the different masternodes, proportionally to their collateral and increasing the reward based on size of the masternode in order to motivate people to acquire bigger masternodes.
The most rigorous solution is to pay the reward to all masternodes at each boc, depending on the level of the masternode and the number of masternodes.
For example :
Today there are 4,000 masternodes at 1,000 Firo (collateral: 4,000,000 Firo).
Imagine tomorrow 20,000 masternodes at 200 Firo (collateral: 4,000,000 Firo) and 800 masternodes at 5,000 Firo (collateral: 4,000,000 Firo)
I think I’m thinking very big: it would make a total of 24,800 masternodes and 12,000,000 Firo kept as collateral, but let’s think big so as not to be mistaken in theory.
Hard/impossible to make 24,800 block reward transactions every block.
So let’s say, for example, that in each block, 100 masternodes are paid: each masternode will be paid every 248 blocks. There are 288 blocks per day, so each masternode will receive a payment every day and even a little less (but we can opt for 10 paid masternodes per block, which will make a payment every 2,480 blocks, or approximately 9 days, which is still faster than the current 15 days between 2 masternode rewards).
How to calculate the reward of each block?
MN200 = number of masternodes at 200 Firo
MN1000 = number of masternodes at 1,000 Firo
MN5000 = number of masternodes at 5,000 Firo
BRM = base masternode reward
Bonus1 = reward bonus of a 1,000 masternode compared to a 200 masternode
Bonus2 = reward bonus of a 5,000 masternode compared to a 1,000 masternode
The general formula will be something like (and we deduce from this formula the reward for each type of masternode at time “t” according to the number of masternodes of each type):
Block Reward = (MN200 x BRM) + (MN1000 x BRM x 5 x Bonus 1) + (MN5000 x BRM x 10 x Bonus1 x Bonus2).
This may sound complicated but I don’t think it really is.
Obviously I also see where Zen is coming from.
Spark seems so good, I wouldn’t dream of considering delaying that.
What you describe as a one off boost, I think of as a jump start leading to other benefits. (as mentioned previously the possible benefits)
It’l be a lot more exciting if even Firo only had a one off boost and reached a new price range.
As I mentioned a while ago. I like the idea of tiered masternodes. Regarding where the dev complexity and cost is worth it I don’t know. If it was, money should come from masternode block rewards.
I don’t think anyone right now wants to slash miners into oblivion.
Edit:
In my formula, the “Block Reward” is the number of Firo allocated in each block for the reward of all masternodes (50, 60 or 70% of the global bloc reward, including miners, dev…).
Tiered masternodes does not have influence on the level of the block reward for all masternodes: if it is 60% for the masternodes, it is this 60% that will be distributed between the different levels of masternodes.
Edit2:
Correction in the formula:
Masternode Block Reward = (MN200 x BRM) + (MN1000 x BRM x 5 x Bonus 1) + (MN5000 x BRM x 25 x Bonus1 x Bonus2).
Today the Masternode Block reward is 4.375 Firo (35% of the block reward). Triered masternodes do not decrease other block rewards (miner, dev…).
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You won’t find any miners if reward cut by 60%. You might as well just remove mining from the network and move on as a non-PoW coin. The way Reuben talks he clearly views miners as some conglomerate of nefarious actors looking to ruin Firo rather than thousands of decentralized workers with little loyalty to any project. You either want security or you want centralization. With PoW, Security often comes from the highest bidder. That would be ETH, but Firo has been competitive enough to earn a share of that hashrate. All of this seems to be ignored and greed from masternode operators is going to win here.
It’s clear from reading “loyal” Firo users here that they prefer a less secure network where only those most “loyal” get rewards. So I would recommend just making a clean break from PoW. A 60% reduction in the reward makes mining not profitable on the Firo network anyway. I certainly won’t be securing the network at a loss just so I can be considered a “loyal” comrade to the network. lol
Maybe look into difficulty adjustments and communism. It’s a pretty communist ideal to pay masternodes and miners the same block reward when masternodes provide more security benefits than the miners do. You seem to have a few things backwards.
I thought I was pretty clear that I didn’t see miners as intentionally nefarious, just mercenary, hence the latter description.
There is no question of making anyone lose money: the drop in the reward for miners will be balanced by the drop in hashrate, the drop in difficulty and, above all, which is our common goal. : the increase in the Firo price.
No one will ask you to finance the Firo project at a loss.
But before taking offense at the drop in rewards for miners, I invite you to think about the masternode owners who have been faithfully supporting this project for a long time, refusing to sell their coins so as not to contribute to the drop in prices. Between miners selling with the flow and masternodes holding against the odds, it’s high time for a rebalancing.
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You guys seem very keen on making a demand for Firo.
Have you ever wondered what an investor with 1 million USD or more looks for when investing in a crypto currency?
Have you bothered to reach out to experts like for instance Lyn Alden and ask?
https://www.lynalden.com/about-lyn-alden/
Or are you guys just assuming that you need less sell pressure, more nodes, more people to get in?
Personally, and i am a very small ignorant uninformed fish, i look for decentralization, and security first.
So my question would be.
What control does the Dev team have (is it like ETH where they can rollback the chain if they please for instance)
What kind of voting is there, masternodes, vs POW miners, vs Devs.
What are the use cases for the coin, if its a privacy coin, how easy would i be for a government to break it (centralised masternodes anyone?)
Best regards.
I have another question, and again i might be ignorant.
Firo masternodes. Do they run on Bare metal, in private hands so its decentralized. Do any of those people bother running redundant internet connections (which cost 1500 USd a month)
Or do they run on Amazon, Google and Microsoft servers, because thats just the easy way to do it?