As many of you know, this May we had our first budget proposal submitted on the Bitcoin Green blockchain. If you’re not familiar, our budget proposal system allows masternodes to vote on redirecting up to 5% of staking rewards to a predetermined address for a predetermined time period. We want to thank all of our community members for taking the time to vote and participate in on-chain governance — one of the most exciting features of The Green Protocol. The proposal to help us fund our tech initiatives (see our roadmap for details) successfully passed 363–134, however, we had problems with the budget initiation. On top of enabling budget initiation and resolving the issue, our developers have been hard at work adding additional features and improvements to the network:
1. Budget Proposal Update
Masternode governance budget payouts have now been fixed. This update will ensure that budget proposals successfully voted on will initiate the funding mechanism in our network. The proposal budget will redirect up to 5% of future inflation to the budget pool. The block reward structure will remain unchanged, so 85% will still payout to masternodes, and 15% to stakers. Budget pool distributions occur on a monthly basis for a set period of time.
2. Decentralized Governance Mechanism
We’ve developed a proprietary feature for masternodes to vote on proposals which aren’t connected to the block reward. Currently, only proposals involving funded proposals can be submitted to the network and voted on. This new feature will allow anyone in the community to put key decisions to a vote. For example, selecting the location of a Bitcoin Green event, determining whether or not to implement a feature, prioritizing objectives–any key decision can now be decided by the community in a decentralized fashion.
3. Transaction Fees To Masternodes
In our original build for Bitcoin Green, we were burning all transaction fees. Now, transaction fees will go directly to stakers in the network. This feature will be essential for the future of our network. When block rewards taper off, transaction fees will remain a primary economic incentive for stakers to continue validating transactions and mining blocks. This will also further strengthen network security by making it prohibitively costly to spam the network with small transactions.
These updates will require a mandatory wallet update. We will be releasing easy-to-follow instructions on how to update your wallet and masternode servers. You will need to update your wallet and masternodes before block 260,000. After block 260,000, all old wallets will be on the incorrect chain. Block 260,000 corresponds to about 9:30am EST, July 26th.
Stay tuned for more updates on our various social channels and feel free to ask any questions you may have. We will release the new wallet very shortly. We’ll all be providing full community assistance and technical support to ensure sure that everyone successfully updates their wallet. Please share this news with any friends or online acquaintances who hold Bitcoin Green!
After we’ve successfully updated to the new protocol, we’ll initiate another governance proposal vote. We’re very excited about on-chain governance and these important new features. Decentralized governance will play an important role in deciding the future of Bitcoin Green, and we plan to push the limits of what can be done with community-led, on-chain masternode voting.