Masternode Governance: The Importance of Voting!

BitGreen
BitGreen
Dec 19, 2018 · 4 min read
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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

What Happened?

This past month, the budget payment condition was not met and we did not receive our November budget payment.

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.

How To Vote Windows/Mac

To vote, simply open your wallet, Go to Tools → Debug Console, then copy+paste the following:

mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 yes
mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 no
mnbudget getinfo
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Sample output from ‘mnbudget getinfo’

How To Vote Linux

(Replace ALIAS with your wallet name)

bitcoingreen-cli_ALIAS.sh mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 yes
bitcoingreen-cli_ALIAS.sh mnbudgetvote many caf6edec6897869d12bd65a46c846de9dcb5109f7ce3b3089a889f3ad5224b41 no
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!

BitGreen

Raising awareness for the advantages of proof-of-stake and…

BitGreen

Written by

BitGreen

Raising awareness for the advantages of proof-of-stake and other sustainable forms of network consensus.

BitGreen

BitGreen

Raising awareness for the advantages of proof-of-stake and other sustainable forms of network consensus. The BitGreen cryptocurrency is a transactional, daily-use currency designed to provide a scalable and sustainable alternative to Bitcoin.

BitGreen

Written by

BitGreen

Raising awareness for the advantages of proof-of-stake and other sustainable forms of network consensus.

BitGreen

BitGreen

Raising awareness for the advantages of proof-of-stake and other sustainable forms of network consensus. The BitGreen cryptocurrency is a transactional, daily-use currency designed to provide a scalable and sustainable alternative to Bitcoin.

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