LikeCoin Community Call #202101 Minutes

Table of Contents

Next meeting will be held on 2021.02.01 (Mon) at GMT +8


Date & Time

  • 2020.01.04 (Mon) 1820–1900 (GMT +8)
LikeCoin community call #202101 (40 mins)

1. Progress Update

  • Phoebe Poon (00′:58″): LikeCoin launched Civic Liker 2.0 that provides a new set of subscription tools for creators. The Cosmos x IPFS plugin is under active development, expected to come with the next LikeCoin chain, Fotan, upgrade with Cosmos stargate.

2. Introduce the validator community on Discord

  • Phoebe Poon (2’21”): Remind everyone to join the new Discord channel to discuss LikeCoin governance and day-to-day communication.

3. Proposal #7 recap on increasing the inflation rate from 2% to a dynamic inflation rate of 7% — 20%

  • guanyun (4’00”): provided a quick recap on proposal #7 initiative
  • Chung (6’56”): explained what it means on a 0% commission rate
  • Chung (11’50”): clarified the concepts of commission as there might have misunderstandings during the discussion. “Validator commission” is the tax validator collect for running a validator node
  • guanyu (17’52”): seek support on deposit for the proposal as it will require 1mil LikeCoin for a proposal to enter the voting period
  • Chung (18’36”): agreed to support and think that the proposal will gain support from the community as it is well discussed
  • guanyun (19’10”): showed his concern on the 1mil deposit limit is a bit too high
  • Chung (19’43”): explained the limit was set to maintain stability during the birth of LikeCoin chain
  • kin ko (20’15”): responded and provided another reference of the LikeCoin token price was much lower when the deposit limit was set. Kin agreed that the limit should be lower but suggest to focus on proposal #7 discussion first

4. Potential increment on Delegation commission range

  • team staky (10’07”): asked about how the delegate commission range was set on LikeCoin chain
  • team staky (11’02”): expressed the team view on the commission rate that they often start with a low fee as a validator so as to get noticed by delegators on their services. But they are happy to readjust when there is a finalized recommended range
  • kin ko (13’54”): explained the original delegation commission was a conservative measure for stability reason when LikeCoin chain started. Proposal #1 was then in place to signal validators to choose from 40 to 60%, a smaller range to help them get started

5. Use of community pool

  • team staky (28’15”): think that there should be some funds to support proposals that promote the overall adoption of LikeCoin. Expressed concerns that the current community pool size is too small to attract a long time contribution. Suggest setting up a general guideline for proposal submission in the long run
  • Chung (32’14”): provides clarification on the community pool and ecosystem pool. There are 20% of LikeCoin reserved for the ecosystem development purpose. And the private key is held by the LikeCoin team. The community pool comes from the tax of block rewards and transaction fees. It is accumulated automatically on-chain and no one keeps the private key. It can only be spent in the form of proposals
  • kin ko (33’25”): added that both token pools can be used by raising proposals. The community pool will be executed automatically when it passed. For the ecosystem development pool, it will require a signaling proposal to ask the foundation to handle the transaction/grant.
  • kin ko (34’48”): provided context about the ecosystem pool that it was designed to reward content creators but do have room for the community to discuss how to utilize it

**Post community call followup**

Proposal #7

This is a parameter change proposal on increasing the inflation rate from 2% to a dynamic inflation rate of 7% — 20%. The proposal is raised by guanyun and entered the deposit period. LikeCoin holders can deposit LIKE to support the proposal from 2021.01.06 to 01.21 using the Big Dipper.


Next community call

  • LikeCoin community call is scheduled on the first Monday every month
  • The next meeting will be held on 2021.02.01 (Mon) at GMT +8, 1820 in meet.google.com/ovn-smic-auu