On July 2, 2019, the first on-chain governance proposal was proposed on the IRIS Hub, and has been voted through July 7. Three parameters related to Downtime have taken effect immediately on the blockchain after the proposal passed, which marked a milestone for the self-evolution of IRISnet.
The destructive hard forks have happened for many times — usually the two opposing camps are moving forward with their plans because of the disagreement of the consensus. It triggers the crash of market and causes terrible damages for community members including developers, miners and investors. For blockchain, to deliver real value, it has to be able to maintain and upgrade itself through on-chain governance.
IRISnet is the first BPoS blockchain that is self-evolutionary without hard forks. It allows users to propose an on-chain governance proposal for changing parameters or even complete the on-chain software upgrade. For example, if the community is not satisfied with certain modifiable parameters, it is available to propose a proposal for changing it, likeunbonding period, the punishment of validators, etc. By doing so, the IRISnet empowers the whole community.
To change a parameter or upgrade the software, the validators are able to propose a proposal and need to deposit for it. If the staked IRIS is over 2000, then go to voting period. All the IRIS holders are able to vote for it. When the proposal voted through, it can take effect immediately. All the process is transparent and decentralized. The advancement of this mechanism requires great innnovation and strong technology.
The Details of The First On-chain Governance Proposal
The proposal was proposed by validator Everest on July 2, 2019 at the block height of 1,564,501, with 600 IRIS staked entering deposit period.
By July 3, with >2000 IRIS staked by 9 validators, the proposal entered voting period. With 5 days of voting, the proposal has been passed with 89.05% voting power participated in, among which 99.01%voting power voted YES.
The Changing Parameters Related to This Proposal
There are three types of validator behavior that get punished on IRISnet:
Each of these begets two possible consequences:
- Jail time, during which no reward can be earned by the validator;
- A portion of its bonded tokens could be slashed.
This proposal is proposed to change 3 parameters related to Downtime:
1) Min Signed Per Window: 50% → 70%
Before: Downtime is defined as missing 50% of total blocks in about two days
After: Downtime is defined as missing 30% of total blocks in the same time frame
2) Downtime Jail Duration: 24h → 36h
Before: Downtime jail 24 hours
After: Downtime jail 36 hours
3) Downtime Slash Fraction: 0 → 0.03%
Before: No slashing for Downtime
After: Downtime slashing 0.03%
It can be seen that before changing, the punishment for IRISnet validators isquite mild. Because in the early stage of IRIS mainnet, it is possible for validators to make some small mistakes to getfamiliar with the on-chain governance, especially for those new validators who have not participated in the FUXI testnet.
The main purpose for this proposal is to raise the bar for validators, encouraging more excellent validators to get rewards and helping delegators to choose better validators. In this way, IRIS Hub will be securer.
About On-chain Governance on IRIS Hub
There are 4 types of on-chain governace proposals on IRIS Hub:
- On-chain governance proposals on parameter change
- On-chain governance proposals on software upgrade
- On-chain governance proposals on software halt
- On-chain governance proposals on tax usage
About On-chain Parameter Change
On IRISnet, there are some special parameters can be modified through on-chain governance. All the IRIS holders are able to modify. If the community is not satisfied with certain modifiable parameters, it is available to propose a proposal for changing it. What we have passed this time is an on-chain governance proposal on parameter change.
Other parameters that community concerned about, like unbonding period, can also be changed through on-chain governance in the future. It’s also possible for a delegator to vote as he/she wish, which will cover his/her validator’s vote according to the voting power of his/her delegation.
Some of the modifiable parameters can be viewed here:
About On-chain Software Upgrade
There will be more critical on-chain software upgrades in the future, which will be very inspiring!
IRIShub can be upgraded to a new version at the specific block height after an “Upgrade Proposal” passed and is fully compatible with the historical data on the blockchain. Through the Upgrade module, it’s possible to have a smooth software upgrade on IRIShub without hardforks.
About The Process of On-chain Governance of IRIS Hub
On IRIShub, there are 3 phases for on-chain governance now: deposit period, voting period and tallying period. And there are also buring and slashing mechanism on IRIShub.
Official website: https://www.irisnet.org/
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