CityCoins Protocol Upgrade: Community Proposal
Over the last month, the CityCoins community has been working together to consider how the protocol could be upgraded.
These discussions were initially sparked by a realization that our original (and current) emission schedule is too aggressive, which is creating negative pressure on the ecosystem.
After many open community calls, it was clear that we would first need to formalize a simple format for proposing protocol changes, and fair voting process for all CityCoin holders to have their voice heard.
Taking input and feedback from these calls, CityCoins Core Developer Jason Schrader recently published two proposals:
1. Establish an on-chain voting process
In summary, the voting contract will:
- store all relevant data for the proposals including off-chain links and hashes
- store the total and individual voting records with functions to query the data
- enable any addresses with stacked MIA/NYC in selected cycles to participate
- calculate the relative weight of token holders’ respective votes
2. Compress the protocol emissions schedule
In summary, the proposed protocol upgrades will adjust/compress the current emissions schedule, provide a mechanism to adjust emissions in the future, and provide a mechanism to convert old tokens to the new version.
Jason also flagged the upgrade as an opportunity to add some minor features (token divisibility, optimized VRF code, etc) and some cleanup to the protocol code (reviewing GitHub comments, ensuring correct information, descriptions, and links throughout, etc.).
As a decentralized community it’s crucial that we find ways to continually adapt and improve the protocol, and these proposals are the first step towards a framework that will allow us to do that.
Please take some time to review the proposals linked above and share any feedback in comments in the GitHub issues or in the #emission-schedule channel in the CityCoins Discord server.
Stayed tuned in the email newsletter and Discord announcements channel for more information on when these proposals will go to community vote.