Masternode Governance: The Importance of Voting!
The Budget Mechanism
As mentioned in the Bitcoin Green whitepaper, the governance budget protocol is a decentralized, built-in mechanism to ensure the project has a source of funding. Five-percent of future block rewards are distributed to a designated address, contingent on a masternode vote. We successfully initiated our budget proposal in July at block 172,800, with the vote passing 363–134. However, we’ve discovered that the vote count is dynamic, instead of occurring once at the initial block, and budget payments are only made on a monthly basis while the following condition is met:
#yes_votes — #no_votes > 0.1 * #masternodes
This past month, the budget payment condition was not met and we did not receive our November budget payment.
A large number of “No” votes were covertly cast against the team fund proposal after the initial successful vote. We have deduced that nearly every “No” vote came from a single IP address, which we believe may be an exchange, staking platform, or crypto fund hijacking clients’ votes. Meanwhile, many of the original “Yes” votes expired as a result of masternodes being reconfigured due to protocol updates. In effect, this was a successful attempt to block 21,000 BITG of project funding and disrupt Bitcoin Green operations, goals, and development. This attempt was successful because of its covert nature and the simple fact that most community and team members have not voted, or monitored the vote, since the original proposal in July. This event is an important reminder: If you hold your coins in a masternode hosting service or pool, make sure to contact them and ensure that YOU have your voting rights!
The Importance of the Budget Proposal
In BITG’s initial distribution, the vast majority of the 2.3% premine was given to the community instead of holding an ICO. Our goal was to maximize coin distribution and community ownership. This initial decision, combined with the current deflationary market environment and the fact that the team fund controls under 5% of the supply, means we run a very tight budget. We rely almost exclusively on volunteer contributions from community members, stakeholders, and individuals passionate about the BITG mission of sustainability. The recurrent budget payments enable us to continue operations.
Primary project expenses include:
- Exchange Listings (1, 2, 3, 4, 5)
- Wallet development efforts and Green Protocol upgrades to track PIVX/DASH upstream improvements
- Development and maintenance for libraries that enable third-party application development, such as bitcoingreenjs-lib
- Rapid response to protocol-level bugs that often require external dev support
- Marketing, tech, and community management support for projects that benefit BITG, such as the upcoming web-wallet, the BITG-powered Stakebase exchange, NodeHost, and the BITG Faucet
- Weekly Roots Network bounties
- Partnerships such as Airwire and Climate Chain Coalition
- Building tools to reduce scam-behavior, such as the Gatekeeper Discord bot
- Marketing efforts, such as our BITG merchandise reimbursement
- Advisory relationships, many of which will be included on launch of the revamped bitg.org site
- Graphic design and web-dev work for our upcoming bitg.org site revamp
- Legal expenses for the eventual Bitcoin Green entity
If you would like to empower the team to continue such developments, please cast your votes in support of the team fund proposal! Again: if you do not control your own masternodes, contact your staking platform, demand voting rights, and share this article with them!
For full transparency: some founding team members are proudly working on and have a personal interest in projects that are collaborating with Bitcoin Green, such as Nodehost and Stakebase.
How To Vote Windows/Mac
To vote, simply open your wallet, Go to Tools → Debug Console, then copy+paste the following:
To Vote YES:
mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 yes
To Vote NO:
mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 no
To Monitor Votes, enter:
How To Vote Linux
(Replace ALIAS with your wallet name)
To Vote YES:
bitcoingreen-cli_ALIAS.sh mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 yes
To Vote NO:
bitcoingreen-cli_ALIAS.sh mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 no
To Monitor Votes:
bitcoingreen-cli_ALIAS.sh mnbudget getinfo
Community Proposal Program (sneak peak)
In addition to funded proposals, the Green Protocol allows for non-funded community proposals. We will begin utilizing this proposal system by having competitions for community proposals to receive direct funding from the budget. This is will be similar to the Roots Network, except masternodes will be the ones to determine if they want BITG to be rewarded to a proposal or not. Valid proposals will be projects, contributions, or developments that support the BITG mission. Stay tuned for more info!