@polkownik ^ No. This is probably the worst idea imaginable. Let’s be reasonable and remember the history of hard-forks away from Bitcoin, that ultimately proved unsuccessful (Bitcoin Cash, SV, etc). This soft-fork is a necessary adjustment simply to ensure the maturing of this ecosystem that is still in its early stages. The pros outweigh the cons. Those opposing the change need to vote accordingly as miners. 10% isn’t a lot to ask. 90% is a supermajority. Even Bitcoin soft-forks including the Lightning Network had its critics. This is normal where free speech is allowed. Vote with your hashpower, not your keyboard text.
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Solution: . Each project that is implemented in Ergo should pay commissions for example 10% of its profits to maintain an Ergo bank to pay miners, new projects and votes. That revenue coupled with a storage rent increase could be enough forever. I would also propose that the payment for storage be exponential, since if someone loses the keys forever, the Ergos should return to the network within 2 years. To do this could be al like so:
1 year - 1 Ergo per wallet.
6 months - 2 Ergo
3 months - 4 Ergo
45 days- 8 Ergo
23 days- 16 Ergo
11 days- 32 Ergo
6 days- 64 Ergo
3 days - 128 Ergo
36 hours- 256 Ergo …until wallet holdings are exhausted if no activity.
@Cupierjack Storage rent is a little controversial to start with even at the rate proposed. I think storage rent is a good idea as dust that’s never going to be used could be recycled back and this is healthy for the network. There is no way of knowing that someone has lost their keys unless they say it directly and even then they could be lying it would be dangerous to put the rates you prepose in place. We have got to remember the purpose of why storage rent is implemented and not to abuse it. Storage rent should be set at a conservative rate there is a difference between charging a little bit of storage rent and draining one’s wallet in a short amount of time due to inactivity.
Someone should be able to store an adequate amount of Ergo over a long period of time for a small agreed-upon storage rent fee.
Increasing storage rent fees to this degree or altering 4 year fee schedule would require hardfork.
It’s important to remember that non-Erg tokens can also be consumed and redistributed to mining network in form of storage rent.
If an address or “box” has been inactive for 4 years, and can’t pay full storage fee, the box is destroyed and all other tokens held in box are rewarded to miner.
Will probably take quite a while for the non-Erg tokens to become large part of storage fees, but eventually they’ll likely be significant part of storage fees/ mining rewards. Since these tokens can include wrapped assets like tether, USD, ADA, eth, BTC (anetaBTC), etc.
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EIP-27 was activated on the testnet today @ block # 180,384 ( Ergo Explorer ) . EIP draft updated: [WIP] EIP-0027: Emission Soft-Fork by kushti · Pull Request #52 · ergoplatform/eips · GitHub .
Let’s have a community chat on mainnet activation over the telegram Telegram: Contact @ergoplatform , on March, 10th, 2022, 2 PM UTC
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The answer of the miners is clear. ERG mining hashrate is lowest from month and will falling down more
So if you have money in the bank, bank shoud take it , just because you not spending them all for a while?
No confidence by that to any wallet or network you will earn…
not bad, Stupid idea.
Since it takes a lot of compute-heavy work to keep the ledger constantly updated it makes sense that miners should be incentivized and know they won’t be cast aside in the future when the block reward goes or gets smaller.
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Instability of Bitcoin Without the Block Reward
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I read the abstract. This is a pickle.
When Ergo mining rewards eventually get whittled down to transaction fees and storage rent, what will save us from miners being similarly incentivized to cause havoc for the security model?
When the staking rewards for Cardano are no longer significant, do they suffer the same problem of the SPO’s being overcome by bad actors?
The rest of the article reminded me of the good old days, may they return, when I will read such articles with the time available to do the read proper justice.
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Put your money in Switzerland and in 5 years without moving it you have 80% left. That without counting that the bank does not break.