We’ve amended this proposal and we’d like explain what’s new in this updated version. The full proposal can be viewed on Github here.
So what’s changed?
Backward Compatibility (in Github, lines 115 - 121) existing staking buckets can be converted into NFTs, subject to the requirements with respect to the number of IOTX staked and the staking duration. There will be a finite number of NFT types. These NFT types will require an exact number of IOTX to be staked for a specific duration.
While the specifics are being determined, we do know there will buckets-converted-to-NFTs that require 10,000 IOTX and a staking duration of 30 days. The other known type will be 10,000 IOTX and a staking duration of 91 days. (burn-drop eligible)
Many staking buckets have a quantity of tokens that won’t fall neatly into one of the available categories. In order to be converted into an NFT the bucket must have that specific number of tokens, no more and no less.
The proposal on Github and the video explanation cover how that will be handled.
In the diagram, “System Contract”, we’ve included a new state, “Unlocked Bucket”.
Please watch this short video where Zhi Zhong, IoTeX’s Director of Engineering, gives a clear explanation of the changes made to the proposal.
As always, let us know what you think!