HIP 67: Repeal Redenomination

[edakturk14]

HIP 67: Repeal Redenomination

• Author(s): @edballou
• Start Date: 2022-06-20
• Category: Economic
• Original HIP PR: Create 0067-rescind-redenomination.md #455
• Tracking Issue: this
• Status: Approved

Summary

First and foremost, this HIP acknowledges the community's vote in favor of HIP-39 Redenomination. Since then, the community has passed HIP 51, which solves some of the central issues motivating HIP 39 (Incentive Unit Bias) through the introduction of subtokens. Since HIP39 was passed, additional complexities and complications have also come to light that have changed the difficulty and economic motivation to implement HIP39 on or before August 2022. We believe that it is no longer necessary to implement HIP 39 (Redenomination) at this time and propose to cancel HIP 39 if the community agrees.

As there was no timeline in HIP 39, the testing and proposed implementation took longer than expected while other economic HIPs were passed. To address the tension around this lag in implementation, HIP 52 and HIP 53 include a mandate that code must be included in order for the HIP to be voted on.

Rendered View

https://github.com/helium/HIP/blob/main/0067-repeal-redenomination.md

[edakturk14]

The HIP has been approved via heliumvote, with +96% voting For HIP 67.

On behalf of Helium Foundation, the HIP Editors, and the wider Helium community, I am marking this proposal as approved and recommending that the coredev team implement the necessary changes as soon as reasonably possible.

[vincenzospaghetti]

This HIP has been approved, and we are closing this issue. Thanks for your contribution to the Helium Community!