September 30, 2019
As outlined last week, the relay node runners completed a vote yesterday to suspend their own daily rewards for the next 30 days. This proposal was put forth to allow sufficient time for the development of an improved plan for the relay rewards that supports the long term vision of the Algorand network.
Of the node runners earning daily rewards as part of the early relay node running incentive programs, here is the outcome of their votes:
- 53 YES votes in favor of the suspension proposal
- 9 NO votes not in favor of the suspension proposal
- 19 abstained
The votes can be seen in the blocks between 02099600 and 02177300. A parallel process was facilitated by the Algorand Foundation for a consistent amendment to the relevant contracts. The voting procedures and details can be referenced here.
As mentioned in the voting procedures, the proposal is approved as the majority (over 50% of operating nodes) vote in favor. With the passing of this proposal, the 30 day suspension will go into effect immediately on October 1, 2019.
Over the 30 days of the suspension, the Algorand Foundation will work with the community and the relay node runners to expand and put to vote a comprehensive Economic Improvement Proposal addressing the impact of relay node rewards on the long term supply of the Algo.
In conjunction with the relay node runner community moving to this revised schedule, the Foundation has committed to limiting the number of Algos available to be sold in any given year (whether executed via auction or other methods). This number will never exceed the total percentage of Algos vested by node runners at any given time, as described in EIP-11252019AF. The Foundation will publish a stated target for the following year in advance and its 2020 plan will be published shortly.
*Three relay node runners voted “Yes” using new voting addresses:
Z3ZGNRUZ5AD2F6WIOUCTEQJUKVMIUBZ4JRPOHVFB7KXQL53JRQFWZLQI4A
R6FGWL2REJRVEVG4WEHMQPX4QYSTLO4EVWDYM25XTWS4BTKH6YKM6SSV6I LRHCGHXQRHK63BVDJDGCKR4PNEXEY4RQM3S76GWUUVIF3I7SUD4ECDDMLM
instead of their registered voting addresses:
OYRFJ67ON5W2SN2OCTR6JVBA6HGSXCX2DCO3HH4R2CXPZ4D4O7EZ6H6AOU HDAHB6MIR2Z6NQWX74366BIFH44GLILAEDZ4D2AXFJ2XJ5NTCONSYY6G7U 6MXAVE2DNRVB4ETJQ3IJA7LGHLIZ2MNEDO5DJZDDOUGSMCWG7HYSBHKSOQ
Their votes are not counted in the result for “Yes” votes.
