Happening Now: Relay Node Runners Voting on Extension of Suspension to December 3rd.

Voting Procedure to Continue Suspension to December 3rd. 

In order to accommodate the request from the community for visibility of the Algorand Foundation and Algorand Inc selling limits, and in light of the US Thanksgiving holiday, the Algorand Foundation would like to put forth a vote to continue the current suspension through to Tuesday, December 3. (“The Proposal”)

There will be two steps to this process:

On-chain vote: An on-chain vote will be conducted to provide transparency to the community about the level of support the Proposal has garnered amongst the group of relay node runners.

Formal DocuSign waivers: A waiver must be signed via DocuSign to establish formal legally binding consent for this amendment. Anyone who votes against the Proposal should not sign this waiver. Once the voting period has begun, the DocuSign waivers will be distributed to the group of relay node runners for signing and submission. We ask that all supporters submit their signed waivers as soon as possible.

Once this voting process is complete, the results will be published and the outcome will be put into effect.

The voting address you submitted previously to the Foundation will be used for this vote.  If you plan to use a different voting address, please send an email to [email protected] with the new address prior to the end of the voting period. 

See below for vote timing, submission instructions & consent principles.

Vote Blocks, Date & Time

The on-chain vote will open on block 3338000 and end on block 3377500. This period will roughly start Thursday, November 28 at 5:59 SGT (16:59 ET Nov 27th) and last until Saturday, November 30 at 5:59 SGT (16:59 ET Nov 29th).

Submitting your vote

When the voting period opens, send a micro transaction to one of the following addresses:

● ‘YES’ Vote Transaction Address:

HZKY6DTN2J532KYWWXVUTHFRQFSCDDEBIEHWBYVNURIFY74C6DUSC775X4

● ‘NO’ Vote Transaction Address:

2P3QL6CZMDOYZRW7RDSQCSRJAAWU4DGY7QZ5KKSALSVC2TB7OV6QSQWAVY

A ‘YES’ vote indicates support of the Proposal, a ‘NO’ vote indicates you do not support it. Participants may abstain by not voting, which will be counted as a ‘ NO’ vote.

If multiple transactions are sent from the same address, we will only count the last vote from a registered address; please exercise caution when submitting your transaction.

Consent Principles

Given the fact that this proposal will affect changes to the existing rewards schedule contained in each Node Agreement, the terms and conditions stipulated in the Node Agreements must be applied to determine how any such amendment can be affected.

Based on the terms in the Node Agreements, a vote of the node runners to change the rewards schedule will be binding provided the consent of both: (i) the Algorand Foundation and (ii) parties to the Node Agreements who collectively run a majority of the Nodes currently under operation pursuant to that group of Node Agreements. The Algorand Foundation confirms it will provide its consent if the majority of nodes vote in favor of the proposal.

With this, the Foundation confirms that the consent threshold for the Proposal shall be determined as follows:

● All relay node runners under the Node Agreements with 2-year rewards schedule are asked to indicate whether they consent to or reject the Proposal.

● A relay node runner who runs more than one Node pursuant to their Node Agreements shall be treated for voting purposes as being a separate node runner for each Node operated. In other words, each Node operated is counted as one vote.

● The Proposal will be considered as approved if a majority of relay node runners indicate their consent. The majority is defined as over 50% of operating Nodes.

● As of Tuesday, November 26 there are 81 operating relay nodes with a 2-year reward schedule.

● If a relay node runner does not respond indicating whether they consent to or reject the Proposal, that relay node runner will be deemed to have rejected the Proposal in respect of all of the Nodes that they run.

● Algorand Inc, Algorand Foundation, Universities & Non-Profits are not eligible to vote.