🇺🇸4th DeFiChain Improvement Proposal: Reduce masternode collateral to 20,000 DFI?

Currently, the collateral required to run a masternode is 1,000,000 DFI.

With the steady increase in price of DFI — now at $2 — it is becoming more and more costly to set up a DFI masternode, in terms of arranging collateral and the creation fee (100 DFI).

All information regarding the proposal in video form

Proposal

In an effort to further improve decentralization, we propose that the collateral be reduced to 20,000 DFI.

Also, the masternode creation fee will be reduced from 100 DFI to 10 DFI.

Upon approval, this proposal will be implemented as soon as possible.

Important Information regarding the proposal

With the DeFiChain Foundation running no masternodes themselves, the outcome of this proposal is entirely in the hands of the community.

We do hope, however, that you accept this proposal in order to further improve decentralization of the DeFi Blockchain.

Voting for DFIP 4 will commence today, on 7January 2021 at 20:00 SGT, and end on 11 January 2021, at 20:00 SGT.

Before making your decision, we encourage you to discuss your thoughts on this proposal with the wider community on Telegram and GitHub. We would love to hear your feedback, or any questions and concerns you might have.

As to how the voting will take place: you will receive an email from us soon, explaining how you can cast your vote, whether you are running your own masternode or staking on a platform like Cake.

With that said, we would also recommend that you check out our third, fifth, and sixth DeFiChain Improvement Proposals.

We welcome any feedback and look forward to hearing your opinion!

Join the discussion now and give your feedback on GitHub and Telegram!

--

--

--

Bringing #DeFi (Decentralized Finance) to #Bitcoin. https://defichain.com

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

How to Transition from Full-Stack Developer to Web3 Pioneer in 2022

Shield Ecosystem Update- August 2021

This Week in Blockfolio Signal — March 15th

New Era Defined by the Idea of Decentralization

Redefining Trust: M&A Transactions

Argentinian Province Misiones Plans to Issue Its Own Stablecoin

Standard chain, another way to interpret the basic technology of constructing blockchain

CashApeRise x Satoshi CLUB AMA Session 18 Jule

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
DeFi Blockchain

DeFi Blockchain

Bringing #DeFi (Decentralized Finance) to #Bitcoin. https://defichain.com

More from Medium

A Crypto Token that ALWAYS goes up in price?

5 Top DeFi Tokens

Introducing Stable Coin Factory

Transaction Fee operations How-to