The genesis stakes have powered up!

About 10% of the current total ßind supply has been locked for six months.

The entry barrier for validators has increased to ~7,500,000 votes. This hardens the blockchain against potential early-stage attacks and ensures that the positions of the ecosystem’s initial, independently operated validators are secured (details). 

💡 The genesis votes will be removed over the next 1 to 2 months, after which the network’s voting will be entirely decentralized.

~10% of the total $BIND ß supply is going to be staked for 6 months to protect the early stages of its Delegated Proof of Stake consensus. 

There’s an initial ethics rule set up for @Compendia_org validators: run max 1 public validator, and optionally 1 private. There were reports of this (only) initial rule being broken. We held a poll to increase the genesis vote to protect the network in these early stages.

To achieve the increased vote, we’re staking 700,000 BIND on *all* 47 genesis wallets for 6 months. That’s ~33 million $BIND (or 10% of the entire $BIND supply) locked up.

We’re looking to vote for public contributing validators. People who join our community, contribute, and set up a clear plan. All genesis wallet votes should be removed in ~2 months time, after which the validator rankings will be 100% governed by the community.

Furthermore – this does not affect your vote power (stake + balance). All genesis votes are equal, meaning only the barrier for entry is currently governed by us (the developers of Compendia), for the next few weeks.

But validator rankings, potential forging positions, long-term sustainability, and the course of the network are still decided by the community’s vote power.

We have also asked validators to *not* send us any $BIND for our vote. If they choose to share block rewards with voters, it should go to community voters and not us.

Was this helpful?

0 / 0

Leave a Reply 0

Your email address will not be published. Required fields are marked *