Increase witness payment to 4BTS/block

[bitcrab]

Title: Increase witness payment to 4BTS/block
Authors: Jerry Liu<jerry.liu@transwiser.com>
Status: Draft
Type: Protocol
Created: 2017-1-31
Discussion: https://bitsharestalk.org/index.php/topic,23702.0.html
Worker: no

Abstract

I here propose to increase the witness payment from 1.5 BTS/block to 4 BTS/block.

Motivation

With the growing of the Bitshares ecosystem, the community begin to demand more on witnesses, including more stable block production and more reliable price feeding to smartcoins. on the other side, the current witness payment level - 1.5 BTS/block is too low to encourage witnesses to pay more cost and effort to upgrade their services, and there are not enough qualified witness candidates ready to be voted, this proposal is to solve this problem.

Rationale

Under current witness payment level witnesses can only get low profit while limiting the input, a detailed summary from rnglab can be found at https://bitsharestalk.org/index.php/topic,23607.45.html .

Propose to increase the payment to 4BTS/block is a compromise to differnent parties, first, this is a solid increase that can encourage witness to pay senseful more cost and efforts to upgrade their service. second, the number is comparatively conservative and avoid to occupy too much resources of daily budget.

When I wrote, the BTS supply is 2580953927(reserve pool not included), so 4BTS means 1.6% annual dilution rate.
Today(2017/1/31)'s total avaliable worker budget: 305493 BTS. in which 68961(22.6%) are paide to 3 real worker and the left is for one refund worker. while 4BTS means 115200 BTS daily payment to witness.

According to above conditions, 4BTS/block is acceptable to all the parties.

Discussion

How to make sure that the witnesses will and really do more after the payment increase? Can we set some standard to qualify active witnesses?

the current mechanism to determine active witnesses is based on voting, is decentralized, some people has shared their idea on what standard a witness should reach.

For example rnglab has expressed, "It seems to me that having two 8Gb nodes per witness, with failover able to identify and move away from minority forks (when possible with just two nodes), are the minimum technical requirements to handle the upcoming network growth."

As a proxy, I also expressed my standard to qualify witness, with main concern on price feeding:

1.stable block generation.
2.at least feed bitCNY or bitUSD or both.
3.the price feeding should be reliable enough with no obvious drawback like "yunbi fault" .

I already began to evaluate witnesses and vote the unsatisfactory ones out following the above rules.

When the witness payment really increases, voters will pay more concern on witnesses' working quality, and I believe the unsatisfactory witnesses will be voted out, however, I don't think we need to rush to set a common standard on witness admittance at this stage, proxies will take actions on their own judgment and some times later a general accepted standard can emerge during community interaction.

Why not separate the block production service and price feeding service?

I agree that block production and price feeding may need different resources and expertise, however, it's not very difficult for one to do both by learning new things or cooperation.

To separate the 2 services need some new design, if we can solve the problem as a whole, it will be not worthwile to introduce more complexity and pay more time and coordination cost to solve such a not so complicated problem.

Summary for Shareholders

The idea behind this proposal is "pay to who really contribute" and "raise Bitshares standard", it can be seen as the response to the challenge bring by growing network, hope this bring satisfactory consequences.

Copyright

This document is placed in the public domain.

[ThomasFreedman]

I approve of this BSIP and I thank the author for making the effort to submit it. I do not agree 100% with every element of this BSIP (regarding separation of feed / witness roles), however I believe passing this proposal is in the best interests of holders of BitShares for the reasons stated in the rationale section.

[bitcrab]

just create 2 workers to collect share base opinions before create committee proposal, please vote according to your opinion.

[xeroc]

Why do we need a BSIP for this?
committee proposals should go here:
https://github.com/BitShares-Committee

A BSIP proposal could be to move control over the feed production away from witnesses to a set of paid accounts (e.g. workers)

[bitcrab]

sorry, I am not aware that we have such a section specially for comittee proposals.

[xeroc]

sorry, I am not aware that we have such a section specially for comittee proposals.

It's no wonder, I don't think it awareness of it was raised a lot ..
Maybe we should move those repos into the btishares project aswell .. makes sense to me

[bitcrab]

totally 3 workers are created for making final decision, the options are increasing witness payment to 3BTS, to 4BTS and leave it unchanged, please vote according to your opinion.

[grctest]

Time to close? Considering Bitshares rise in marketcap & the recent reduction in witness payment?

[abitmore]

Too old and doesn't apply now. Closing.