Proposal #4, #5, Super Like & Liker Land
Date & Time
- 2020.09.07 (Mon) 1820–1900 (GMT +8)
0. kin ko | ckxpress welcomed 2 new validators
- Nicholas — independent open source advocate from Hong Kong
- leafwind — independent writer, data scientist from Taiwan/Japan
1. kin ko | ckxpress introduced potential Proposal #4 — direct democracy by stakeholders (00’20”)
- allow individual LikeCoin stakeholders to raise proposal
- allow individual LikeCoin stakeholders to vote. If one does vote, her/his stance will override that of the delegated validator(s)
- expected to empower individuals and be a step forward to democracy
- expected to lessen the pressure of validators who may not be able to understand every single proposal
2. kin ko | ckxpress introduced potential Proposal #5 — to increase inflation rate (04’50”)
- the current inflation rate of LikeCoin is 1%
- it was set at the genesis of LikeCoin chain on 2019.11.15, and 1% is used as a conservative measure
- as a reference, the inflation rate of Cosmos hub ranges from 7%-20%, depending on the percentage of delegated tokens
- percentage of delegated token is regarded as secure when it’s over 2/3 (Byzantine Fault Tolerance), and LikeCoin chain’s number is just about 2/3 at the moment
- with increase in inflation rate, rewards of validators and delegators will increase. It is particularly important, now that there are getting more validators and the average delegated tokens for each validators is going to decrease.
- Delegators sacrifice liquidity of their LikeCoin to provide security to the chain, while validators provide server bandwidth, storage and certain computational power. LikeCoin stakeholders who do not stake their token will have their holdings diluted by the inflation.
- michael of FamilyTV commented increasing to 2% is a reasonable number.
4. Ng Wing Tat (David) demonstrated Super Like on Liker Land (20’00”)
Next community call
- LikeCoin community call is scheduled on first Monday every month
- The next meeting will be held on 2020.10.05 (Mon) at GMT +8 1820 in meet.google.com/gbd-dmwh-wua
- Look forward to seeing you then