YATI - Yet Another Token Idea (moved topic)


#1

As I’ve been reading the topics posted here, I’ve sort of taken to the idea of a separate ‘voting token’.

Here are my thoughts:

Since we already have a reward system that distributes rewards in a fair way, why not piggyback off of this existing system and get the benefits of see-saw?.

Imagine this - every time you get a reward, you get voting tokens equal to your reward, and those tokens expire every 30 days to prevent vote hoarding and manipulation.

If we have decided that we are paying everyone accordingly for their contributions to supporting the network, why don’t they get to vote accordingly?

I have seen the posts about MN should have slightly more voting power, well:

Generally speaking, Masternode owners get more rewards, because their operating costs are higher. But if there are too many Masternodes, their rewards drop making Staking more profitable temporarily.
With this is mind, they would also generally get more voting power, but if they start to become too many - stakers get more voting power temporarily.

If you’re not staking or running a MN - you aren’t helping to support the network. With a system like this, those that support the network get to vote proportional to their contribution, and to a lesser extent proportional to their investment.

Thoughts on this idea?

edit:
Here’s another thought - maybe a person could choose to get 100% rewards OR 100% tokens, or a combination of either.

In essence, they are giving up rewards if they decide that votes are more important, or giving up votes if they decide that rewards are more important.

@s3v3nh4cks then it costs to vote, sort of.

Say, I currently get 100 piv in staking rewards per month, but I decide votes are equally important. So I decide to get 50 piv and 50 voting tokens.

Post reply

@jasonxfield
Great idea kodaxx. Love it.

I think it will still need to incorporate a minimum staking time for stakers to receive voting tokens. As stakers can begin receiving rewards instantly through the wallet I think having a whale net might prevent malicious voting power from the heavies.

Hope to see this one implemented. Great thinking.

Post reply 2

kodaxx
Agreed. I think a minimum staking time to start receiving the tokens would be important


#2

Interesting idea, but it will probably not work for people with less than a couple of thousand PIV as they may be unlikely to go to the effort of staking. Personally I think these people should be included as well as people who just want to setup Paper wallets.


#3

I see what you’re saying @spock - but don’t you think that “going to the trouble of staking” is akin to “taking the trip to the voting booth”? I think it’s necessary to award those who support the network and those who want to participate can do so.

They can also choose to abstain (ie not stake). Just as people do in America when they don’t go vote.


#4

Every Citizen can go to vote, but not every Piv holder can stake enough to be able to vote monthly. PIV holders of 100 PIV are likely only to get rewards once a year. 1k once a month. If PIV reaches $10, it will essentially just be the rich would could vote. Shared staking services could help solve this problem


#5

@spock Ah, I understand what you are saying - even if the reward schedule isn’t how the tokens are distributed, I still think the ‘voting token’ idea has merit in some form.

edit: Maybe something described above, with a minimum of 1 token per 30 days (even if not staking) - but would have to find a way to prevent multiple accounts being created to gather ‘free’ voting tokens


#6

How about just one vote token for everyone who stakes anything for a month?


#7

But then couldn’t I take my 10,000 piv and put 1 piv in 10,000 accounts and have…10,000 votes?


#8

There was talk of proof of identity that people were talking about before… Not sure people who value privacy would be into it though.

I think one vote per wallet would be OK, and just trust that the individuals involved in PIVX are honest enough to keep one wallet. Plus it would be a bitch to keep hundreds of wallets connected at the same time.


#9

Proof of Individual: Imagine a wallet that would ask you to read some article or post and require a question be answered and signed with a transaction to prove you did it. Maybe tie a voting token to this daily, weekly or monthly task. Someone could do this with lots of wallets but it would be a crazy time commitment to do it on multiple wallets. I have no idea if this would be practical or even doable but just trying to think outside the box a bit.

I was actually thinking of a coin that staked with a diminishing reward schedule the more coins you had. You could actually stake at zero coins. Imagine a coin that anyone could mint and own just by running a wallet.


#10

@cmcfie there might be something to that!! I think some implementation of that idea would be great


#11

Check out CIVIC secure identity platform, an ICO that is just about to distro coins. I was asking around slack if there had been any idea to implement that sort of tech.


#12

POI is a wonderful concept, making the voter interact with the community before helping with a decision.