Before reading this proposal, review the updated IoTeX governance process here.
- 2022-08-17: Initial draft
This proposal introduces changes to the IoTeX Delegates program, including reducing the minimum self-stake requirement, increasing hardware/node requirements, and adding new Delegate roles/responsibilities (e.g., making governance proposals).
IoTeX is a decentralized network that is governed and maintained by Delegates, who are elected by token-holders to produce blocks as part of IoTeX’s Roll-DPoS consensus mechanism. By running a node and participating in consensus, Delegates are rewarded with IOTX tokens for every block they mine, and these rewards are often shared by Delegates with their voters.
Anyone can become a Delegate in the IoTeX Network as long as they meet specific requirements, such as self-staking at least 1.2 million IOTX (to ensure sufficient ‘skin in the game’) and maintaining a server with specific hardware/software requirements (to prevent any potential downtime). The current minimum hardware requirements are shown below:
Please visit https://delegates.iotex.io/ for full details on the IoTeX Delegates Program.
This proposal introduces changes to the IoTeX Delegates program, including reducing the minimum self-stake requirement, increasing hardware requirements, and adding new Delegate roles/responsibilities (e.g., making governance proposals). Specifically, we propose the following changes to the Delegates Program:
Parameterizing the minimum self-stake requirement to become a Delegate, which will allow us to adjust the minimum self-stake requirement based on market conditions and other factors. For current conditions, suggestions are welcomed regarding the appropriate minimum self-stake requirement.
Increasing the minimum hardware requirements to 16GB Memory + 200GB SSD
Adding Delegate-only permissions to create new governance proposals
In the future, additional changes to the Delegates Program will be explored, including increasing the number of Consensus Delegates, adjustments to staking rewards, and more. You are welcome to share your thoughts in this thread on any ideas to improve the Delegates Program.
The overarching goal of this proposal is to make the IoTeX Network:
More inclusive by adjusting the financial barrier to become a Delegate, while also requiring sufficient ‘skin in the game’. Note: in addition to the minimum self-stake requirement, anyone that wants to be come a Delegate must also receive >2M total votes (including their own self-stake) from token-holders in order to become a Delegate. As such, someone that self-stakes a lower amount of IOTX will still need to gain votes from the community to become a Delegate.
More robust by requiring Delegates to operate more sophisticated hardware/software. The security and scalability of the IoTeX Network is directly correlated to the robustness of the underlying nodes that power the network.
More engaged by inviting Delegates to propose new ideas and changes for the IoTeX Network via decentralized governance. Limiting new governance proposals to Delegates-only will also increase the amount of Delegates, which adds more robustness to the IoTeX Network. Delegates have a wealth of knowledge about IoTeX, and we believe they should represent their voters to make meaningful changes to the IoTeX Network.
We believe these updates to the Delegates program are low hanging fruit that can be applied immediately and add value to the IoTeX Network.
If this proposal is approved, the IoTeX Foundation will implement the changes independently:
Reducing the minimum stake requirement requires changes to the Delegate registration workflow
Increasing the minimum hardware requirement is tricky to enforce as it’s difficult to verify the hardware that Delegates use; however, all official guidance will be updated to suggest these new hardware requirements and we will explore ways to verify that Delegates meet the new thresholds
The profile page of the Delegates Portal will be adjusted to include a field where Delegates can share their username on the IoTeX Forum, which we will use to whitelist Delegates to create new proposals/threads
In the future, additional changes to the Delegates Program (and ancillary programs) will be explored, including increasing the number of Consensus Delegates, adjustments to staking rewards, and more.
Please share your thoughts on this proposal using the comments section below – we appreciate your feedback!
We will open up approval voting after collecting some feedback from the community for a couple weeks.