LikeCoin Community Call #202012 Minutes

Table of Contents

To discuss the optimal inflation rate of LikeCoin chain


Date & Time

  • 2020.12.07 (Mon) 1820–1900 (GMT +8)
LikeCoin community call #202012 (45 mins)

Minutes

1. To discuss the optimal inflation rate of LikeCoin chain

  • Oldcat (01’30”) briefed the background of Proposal #6 raised and subsequently withdrawn by Guanyun
  • kin ko (03’35”) presented the key numbers of LikeCoin chain for participants reference:-
    – Total LIKE: 1,010,284,824
    – Delegated: 312,927,492
    – LikeCoin chain staking ratio: 30.97%
    – LikeCoin inflation rate: 2%
    – Cosmos Hub staking ratio: 71.54%
    – Cosmos Hub inflation rate: 7–20%
    – LIKE ERC-20 pending migration: 158,598,201
  • Chung (07’37”) explained how Cosmos adopted a dynamic inflation rate of 7–20%
  • Forbole (14’53”) explained the difference between inflation and real inflation. Only those delegated their tokens receives the inflated tokens.
  • Forbole (19’59”) expressed his views on diminishing return on delegation ratio generated by increase on inflation. Further elaborated the rationale of his radical proposal and the very importance of commitment of validators.
  • leafwind (25’30”): not sure about the optimal inflation rate, need to experiment with it.
  • Nicholas (26’30”) expressed his reservation on change on inflation rate soon after the change brought by Proposal #5. Suggested phased adjustment on inflation rate.
  • Anwen (29’23”): agreed with a more aggressive approach as long as there is no “controllable situation”
  • Forbole (31’10”) reminded the commission rate by validators should also be relaxed as inflation goes up and it makes more sense for validators to set a single digit % commission rate.
  • kin ko (33’53”) tested the acceptance of a 7–20% inflation rate proposal with participants. There were 6 raised hands to support raising a proposal in their direction. Guanyun is expected to raise Proposal #7 according to this.
  • Chung (37’00”) reminded there are around 160mil $LIKE yet to be migrated from ERC-20, and around 180mil $LIKE in ecosystem development pool, better be taken into consideration. kin ko: validators may raise proposal to provide signal to foundation to utilise the ecosystem development pool to delegate to validators to increase chain security and support validators.

2. AOB — base for day to day communication

  • leafwind (39’54”): need to agree upon a day to day communication channel. Some say Telegram, some say Discord. No consensus reached in the meeting.

**Post community call followup**

Day-to-day communication channel

Proposal #7


Next community call

  • LikeCoin community call is scheduled on first Monday every month
  • The next meeting will be held on 2021.01.04 (Mon) at GMT +8 1820 in meet.google.com/ovn-smic-auu
  • Look forward to seeing you then

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