Zilliqa governance proposal attempts to strike a balance between permissionlessness and spam mitigation.

1/ Allows one to start a conversation on a change that one firmly believes in by describing the idea as a ZIP and getting the initial buy-in from the community on the forum.
2/ However, it mitigates spams by requiring enough buy-in from the community in the form of informal "FOR" votes on the forum. At least 25% of votes must be "FOR", thereby signalling sufficient interest to take it to the next step. No $gZIL requirement also helps at this stage.
3/ At the next step of formal voting on the governance portal via Snapshot, it is required that the proposer must have at least 30 $gZIL to put the proposal to vote to prevent spam. But, in case the OP doesn't have enough $gZIL, anyone could do so on the OP's behalf.
4/ During the voting period, anyone with $gZIL can vote. But, the voting is valid only if enough people have voted for or against the proposal. The total number of FOR and AGAINST votes must be 20% of the total $gZIL supply captured in the snapshot.

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More from @maqstik

14 Jan
Some good discussions on the governance process: forum.zilliqa.com/t/zip-12-stand…. Thought it's worth sharing a summary of what people have been discussing:

1/ Several community members have argued that the voting period on the governance portal should be extended to 7 days 👉 Accepted.
2/ Someone asked to have a Telegram ZIP Alert bot to notify people when there is an ongoing vote. 👉 Maybe @Zillacracy could add this feature in their staking bot t.me/ZillacracyNoti…? The bot currently notifies delegators when the staking rewards are available for claim.
3/ Is there a minimum amount of time before people can decide to make changes to something that has already been approved, or is it a permanent thing? 👉 Maybe a cool-off period of a few months could be set in the future to make sure that the current flexibility is not abused?
Read 7 tweets
12 Jan
A summary of the $ZIL governance process via $gZIL:

[Step 1] Proposing a topic: This has to be done on forum.zilliqa.com using the template provided.

Next steps in the thread 👇
[Step 2] Discussions and informal signalling: This happens on the forum as well. You can discuss a proposal with other community members and suggest changes and finally signal your opinion, i.e., whether you are in principle FOR or AGAINST the proposal.
The signalling is only informal and not final. No $gZIL is required at this point.

Step 2 Requirements:

1/ Each proposal must be given at least 3 days for others to signal their opinion.
Read 9 tweets
3 Jan
We continue to hear that several $ZIL holders are unable to withdraw their tokens from certain exchanges and their withdrawal transactions seem to have errored out as incorrect nonce.

A thread on status update. 👇
1/ This has only affected a few exchanges, while there are others, where withdrawals are getting processed as expected. Also, given that the network is processing transactions as usual, we understand the frustration of some feeling stuck while others can interact on-chain.
2/ PROBLEM: We have spoken to some of these affected exchanges to better understand the issue at hand. It appears that those exchanges issued several consecutive withdrawal transactions which are expected to include an increasing counter called nonce.
Read 9 tweets
29 Dec 20
Some observations and thoughts on ZILSwap: What went well, its impact on the $ZIL ecosystem and where we need to improve with some concrete plans that are being worked on. A thread:

1/ ZILSwap was launched by @SwitcheoNetwork on Oct 5, 2020 (~2 months old). Soon after, we noticed for the first time, a flurry of ZRC-2 tokens (equiv. of ERC20s on $ZIL) getting launched on the network (even though the fungible token standard had been around for a while).
2/ The ability to provide a marketplace for people to exchange tokens was the trigger for deveopers to start issuing tokens and developing a token economy. In fact, there was a token for which, the entire supply was put on a ZILSwap pool w/o any team withholding.
Read 14 tweets
28 Dec 20
$ZIL ecosystem has grown rapidly in the last few quarters and at least some of it can be attributed to the cascading network effect of seed node staking. A thread on observations, thoughts and ideas on taking it to the next-level (bundled together with some tangible numbers).

1/ Staking has so far locked around USD 400 million of $ZIL. In fact, the underlying incentive design has converted passive community members into daily active network users. And the numbers do speak. Since its launch, the daily txn volume on the network has increased by ~40%.
2/ The most immediate network effect of staking came in the form of $gZIL -- an ecosystem-wide governance token issued alongside staking rewards. $gZIL itself has driven a quarter million on-chain transactions (in the form of token transfers).
Read 9 tweets
21 Dec 20
@zilliqa just completed a network upgrade. Five key improvements that platform users, miner and developers can expect after this release:

1⃣ Transactions can now be "soft-confirmed", as soon as they are processed within a shard. It will reduce the visible latency.

Thread 👇
2⃣ A new feature to allow tracking of transaction status. Users can now check whether their transaction was dispatched to the network, soft-confirmed, confirmed, or rejected. No more "Oops! The transaction could not be found on viewblock."
3⃣ A new governance mechanism for miners. Miners can now vote on proposals by attaching votes to their Proof-of-Work (PoW) submissions. This is in addition to the $gZIL governance.
Read 5 tweets

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