CIP0001-Proposal to shorten VEST withdrawal period to 6 weeks

Abstract

“Power-down” is the process of converting VEST back to COS and allows the token to be transacted freely again. This CIP proposes to shorten the power-down period to 6 weeks. Shortening the period is expected to encourage users to convert COS to VEST and to actively participate in content curation, which will greatly impact the entire Contentos ecosystem.

Specification

Currently, the power-down process takes 12 weeks. Every 7 days after a power-down is initiated, 1/12 of the requested power-down amount is converted back into COS. Since the smallest unit of COS tokens is 0.000001, remaining non-divisible amounts, if any, will be converted on the 13th week. Remaining amounts should be less than 0.000011 COS.

New Period

The proposed power-down process will take 6 weeks. Every 7 days after a power-down is initiated, 1/6 of the requested power-down amount will be converted back into COS. The remaining non-divisible amount, if any, will be converted on the 7th week. The remaining amounts should be less than 0.000005 COS.

Example

For example, if a user initiates a power-down for 100 VEST on Day 0, the process would take place as follows:

Day 7: 16.666666 COS Converted
Day 14: 16.666666 COS Converted
Day 21: 16.666666 COS Converted
Day 28: 16.666666 COS Converted
Day 35: 16.666666 COS Converted
Day 42: 16.666666 COS Converted
Day 49: Remaining 0.000004 COS Converted

Compatibility

  1. Upon implementation of the CIP, if an account does not have a power-down in progress, the next power down will take 6 weeks.
  2. Upon implementation of the CIP, if an account has a power-down in progress, initiating a new power-down will pause the progress of the current one and the new power-down will take 6 weeks.
  3. Upon implementation of the CIP, if an account has a power-down in progress and no further action is taken, the power-down will proceed according to the original 12 week period schedule.

Effective Time

This modification will come into effect at block height 11,314,200, at approximately 2020-02-03 07:00:00 UTC+0.


Dear community,

As a DApp and block producer on the Contentos ecosystem, PhotoGrid proposes to shorten the current power-down period in response to our user feedback. Considering that many of our users are new to blockchain technology and cryptocurrencies, a more flexible COS/VEST conversion process would make users more willing to hold VEST and enjoy greater power over content curation without sacrificing token liquidity for over 3 months. Based on an evaluation by the Contentos Foundation, the blockchain modification will be technically feasible and will be easy to implement on Contentos nodes.

Since this change will affect the whole Contentos ecosystem, we consulted the Contentos Foundation to properly file the proposal. We’re excited to submit the first Contentos Improvement Proposal and ready to work with community members to successfully implement the CIP.

Please feel free to leave comments if you have any questions or suggestions regarding the proposal. Thank you.

Best,

PhotoGrid team


摘要

「Power-down」是VEST轉換回到COS,並重新獲得流通能力的過程。此CIP建議縮短Power-down時間為6週。縮短此週期,可以期待用戶更加願意將COS轉換為VEST,積極參與內容互動,最終對整體生態帶來更好的影響。

規格

目前Power-down需時12週,起始後每7天會轉換請求數量的1/12。由於COS的代幣最小單位為0.000001,剩餘無法除盡的部分,將於第13週轉換完成。剩餘部分原則上應小於0.000011 COS。

新的轉換週期

本提議的Power-down週期需時6週,起始後每7天會轉換請求數量的1/6,剩餘無法除盡的部分,將於第7週轉換完成。剩餘部分原則上應小於0.000005 COS。

示例

假設用戶在第0日要求Power-down 100 VEST,轉換過程如下所示:

第7日:16.666666 COS 轉換完成
第14日:16.666666 COS 轉換完成
第21日:16.666666 COS 轉換完成
第28日:16.666666 COS 轉換完成
第35日:16.666666 COS 轉換完成
第42日:16.666666 COS 轉換完成
第49日:0.000004 COS 轉換完成

相容性

  1. 此CIP生效時,若帳號中沒有正在進行的Power-down,下次Power-down需時6週。
  2. 此CIP生效時,若帳號正在進行Power-down,起始新的Power-down將終止原有的過程,新的Power-down需時6週。
  3. 此CIP生效時,若帳號正在進行Power-down,且沒有進一步的操作,既有的12週Power-down進程將繼續直到完成。

生效時間

本改動預期在區塊高度11,314,200生效,估計時間為2020-02-03 07:00:00 UTC+0。


各位社區夥伴,

PhotoGrid作為Contentos生態的DApp和出塊節點,提案縮短Power-down週期來回應我們的使用者反饋。考量PhotoGrid的使用者大部分對於區塊鏈和加密貨幣較不熟悉,較有彈性的COS/VEST轉換將有助於這些使用者持有VEST來增加按讚的效益,而無需犧牲代幣流通時間長達三個月以上。經過Contentos基金會的評估,此提案具有可行性,並且可以簡單地套用在各節點。

有鑒於這個改動將影響整體Contentos生態,我們諮詢Contentos基金會,透過適合的管道來提出此建議案。我們很高興能提出第一個Contentos Improvement Proposal,並且也準備好和各位社區成員一起讓這個提案順利成功。

如果對於本提案有任何問題或建議,歡迎留言與我們討論,謝謝。

祝好,
PhotoGrid團隊

Valid Proposal ✔

This is a valid CIP with the corresponding “make proposal” transaction at https://explorer.contentos.io/#/tx/b94b18460067e8d830df1e1c26052cb20fb858bc00c92d57d15d15cf94b3f76d

Block producers and BP candidates please vote before block height 10,641,000, which is expected to be reached at approximately 2020-01-26 12:00:00 UTC+0. The voting result will be determined by the active block producers at block height 10,641,000.

For details on the “vote” transaction process for block producers and candidates, please refer to the “proposal” contract document (https://github.com/coschain/wasm-compiler/tree/master/contracts/proposal).

Voting Result

Active block producers at block height 10,641,000: cosofficialbp3, cosofficialbp2, cosofficialbp4, cosofficialbp6, photogridbp, vickybp, cosofficialbp1, cosofficialbp7, cosofficialbp5, bitruebp, costvbp, contentosbp2, contentosbp1, livemebp, cheezbp, brazilbp, cosjiedian, ferrari, bigdaddy, raiseprice, imbest

Approve (21):
cosofficialbp3
http://explorer.contentos.io/#/tx/9b793d25d896eb77e7743582177efe8a6132b2543cf36409e1990175f0a33cc3

cosofficialbp2
http://explorer.contentos.io/#/tx/84ed75eb65957844d171399a367d847258cdada21f57a75c903cc1317d68368f

cosofficialbp4
http://explorer.contentos.io/#/tx/94a37891f186a1a599e8b33c573ffb4022f3814d040527f357901d30a29b5ef4

cosofficialbp6
http://explorer.contentos.io/#/tx/ed84cc3e8d20d9618296f083b1c350b9b4fe52459de1d8f257f1027f29228d85

photogridbp
http://explorer.contentos.io/#/tx/7a38aee5c74cf46fd3f727fa7d6def08ce0f7cc94d3e04da83efbd1303610d16

vickybp
http://explorer.contentos.io/#/tx/38dec8cc249aa1d404e9a3207970d99a2b94fbacfe2b3c6b31f928b1af79fa01

cosofficialbp1
http://explorer.contentos.io/#/tx/4d2e6a25bcabd61036c8a32e33c4e05a5288edca70583451de63c11cad627fb6

cosofficialbp7
http://explorer.contentos.io/#/tx/7fa1a8d70fc43ace6ae5bc4ed9d5255095dcc011f89dd4dece5b7b041ea9af59

cosofficialbp5
http://explorer.contentos.io/#/tx/dd93dba0f1ebfb60bba51291ef1a396cd57b23cdfd1f975532549948c2cbf20d

bitruebp
http://explorer.contentos.io/#/tx/6595393071dc50aaff3ac996a0f9c73b0ccd6d61e78b17b23560c2339bbe247e

costvbp
http://explorer.contentos.io/#/tx/9fb64ecd541d660226110549160b5238a93887302bb1b8978b1b917cedb20ca4

contentosbp2
http://explorer.contentos.io/#/tx/cab2090598f9910dfe20e4d489e81bb19e346dbb191b6294d34b4e866017a74d

contentosbp1
http://explorer.contentos.io/#/tx/d6ada922c0f787d780b47bfb48fffda269621c1a2f0cd849205c541f5318da86

livemebp
http://explorer.contentos.io/#/tx/f811d5c6553ea379e81c450838992c791da17412620a9c1596ceeb636d3a0f5f

cheezbp
http://explorer.contentos.io/#/tx/3f59a31f348b03535a4a191991ddc4a00056c592ccbcd74c5c1210aa1e672d73

brazilbp
http://explorer.contentos.io/#/tx/8fa1e0d3a9b6fa6b1fe628cae1790b0a096a64fc913df6ebfa021e8a7ef3cf72

cosjiedian
http://explorer.contentos.io/#/tx/438adfb698e4fcb2c59db5860f31befc71925dac7b165caf6e05dccb360a7e29

ferrari
http://explorer.contentos.io/#/tx/acff401bf248039019a03f02e4243e98bf6c62fa13a558e1d8fed2afa6417f0c

bigdaddy
http://explorer.contentos.io/#/tx/297e9c16c0d42bb119f1f4a469b8b81af2d37c5b923ae60e9750819a95bdc003

raiseprice
http://explorer.contentos.io/#/tx/a79a4f4b84dc0f21b462524beb20038e2f06509263215d1bfecf709f9bd4c8be

imbest
http://explorer.contentos.io/#/tx/dcf565b4d97e26dda3e8ed90d140f977917036144d13aaa0a3e6bfe720a5c959

Disapprove (0)

This CIP is hereby approved. ✔

The Contentos blockchain patch outlined in this CIP has been validated by Contentos Foundation developers and is available to all block producers. The CIP is expected to come into effect at block height 11,314,200, at approximately 2020-02-03 07:00:00 UTC+0.