The EUNO governance team of Masternode operators completed their third major vote on July 14, 2019, on the reduction of Proof of Stake protocol rewards by 33% annually and the partial reallocation of its distribution to 80% Masternodes and 20% Staking from 60% / 40%.
Of total active Masternodes, 46% participated in taking the decision, with 98% voting for the reduction. The vote was preceded with an almost 10 day period of discussions on the pros and cons of the adjustment and assessment of possible alternatives, setting the groundwork an informed proposal and vote. (See the below graph and table for scenario analysis).
The main argument for the adjustment revolved around sustaining the longevity of the chain by reducing PoS emission rates, as well as partially keeping the incentive to hold a Masternode to support the network. The shift to an 80% / 20% ratio was also expected to increase Masternode to Staking use and indirectly improve individual staking rewards by reducing the network weight.
The selected proposal for the vote (Blue column in the Table) was finally based on prolonging the life of the chain, or until maximum supply is reached, beyond which PoS protocol rewards fall to 1 coin per block, as well as a reasonable laddering of rewards that would continue to support the network and in the longer run provide sufficient funding for EUNO coin’s ACID Protocol.
This indeed was a triumph for EUNO’s decentralized governance structure as Masternode operators voted on reducing their own rewards in the interest of the project itself.
The voting took place over EUNO Coin’s new governance portal that facilitated the process and with wallet signature verification ensured transparency and true representation.
Implementation of the change in PoS rewards is expected to take place around mid Q3 2019. Stay tuned for updates on our telegram and social media channels, and don’t forget to spread the word!