YESOD RELEASE CANDIDATE 1 - MERGED
A potential upgrade to Zen Protocol, “Yesod-RC1” git ID 05d38f...abc936, is now available for community review. The most recent Zen Protocol Upgrade provides token holders with an improved governance toolset, thus it is fitting that this proposal provides an improved toolset to execute decisions that are made. This upgrade provides coin holders with 2 primary abilities:
- The ability to divide the block rewards between miners and the CgpContract
- The ability to determine where the funds which are held in custody by the CgpContract will be sent to.
NOMINATION PHASE
The first phase, a period of 500 blocks, allows ZP holders to nominate their preferred proposal’s PayoutBallot ID. Only ballots which have been nominated by at least 3% of outstanding ZP will be eligible recipients of a PayoutTransaction in the vote phase.
VOTING PHASE
The second phase, a period of 500 blocks, allows the token holders to cast a vote on:
- The division of ZP created in a coinbase transaction between Miners and the CgpContract. In order for a block to be valid, it must include an AllocationOutput of X to the CgpContract. Each month/vote this changes, based on the weighted median result of the ZP that vote. In order to provide stability to miners we guarantee that the maximum variance of the block rewards will be 15% from one vote period to the next.
- The winning PayoutBallot (recipient, assets & amounts) is calculated using a simple first-past-the-post system. Each interval (~month) there is exactly one winner. Users can vote to abstain by setting the CgpContract as the PayoutRecipient. We encourage developers to create smart contracts to enable more complex payment schemes.