Proposal 31: Modification to blocks per year proposal B

Proposed By:
PROPOSAL DESCRIPTION
This proposal is to adjust BlocksPerYear parameter to normalize the inflation rate and reward rate. BlocksPerYear parameter ● There is a parameter called “BlocksPerYear” in genesis file. ● The parameter estimates the “number of blocks in a year” ● It is used to calculate block provision, which is the inflation reward for each block. ● Current the respective “blocks_per_year” value is “5303798” on the Secret Network (May 5, 2021) Proposal ● Adjust the BlocksPerYear parameter from 5,303,798 to 4,637,647 so that it aligns with current blockchain status and expected future expectation. New Target Block Time of Secret Network ● 4,637,647 can be derived by below formula: 4,637,647 = 31,536,000 / 6.8 31,536,000 seconds in a year / block time we should target. Why target 6.8 seconds instead of 6 or 6.5? With all the secret contract activity on the network it seems realistically we will remain in the 6-7 second block time range (and even as high as 8+ seconds). 6.8 was chosen through community discussion and rough consensus from technical minds in the community, we will go above and below 6.8 as an average value periodically as we have been for some time now. Influence On Inflation Rewards ● block provision : total inflation rewards for whole chain for each block ● block provision is calculated as below formula : block provision = (inflation_rate / staking_ratio) / BlocksPerYear staking_ratio = bonded SCRT amount / total SCRT supply ●Number of blocks produced in the current Secret Network is approximately 8.52% lower than the current BlocksPerYear parameter because of 6-7 second range for block time. ● Therefore, all validators, the community fund pool, and the foundation pool are receiving at least 13% less inflation rewards than theoretical reward rate. Average block time of the network may vary from 6.8 in the future. If/when this occurs this parameter can be re-visited and re-adjusted through another governance proposal.
Voting Data
Veto
0%
0 SCRT
No
0%
0 SCRT
Abstain
0.29%
126,071.1899 SCRT
Yes
99.71%
43.614352M SCRT
VOTES
Yes secret1etaa3cfupmm7za29pmylcwv0jtvxtateywaqad
Yes secret15lm3rcy2qq5uf8pykv8j20q03adg2dy40kghn6
Abstain secret152d8fap6xt93xzejkgt3aqssaq8rvdfg6qc44s
Yes secret1mc32l0e20c5hhhraplwgk7npeywa6dy2vrktp9
Yes secret146v4v2wsgnu4dv9phhtrfcuvugktyzdj8quqqv
Yes secret13h2rvh6kcjrfmnlg7t4sd3enzmgdvkh4ujga7q
Yes secret196tp3wmx7qcw9jg6v4a8kk5hd6uwgc6qdw07yj
Yes secret158puq0a3ng7ltpa2ulf78fsjgrh0zyvd4975ds
Yes secret1055zlggrsemus2dg7y7fcdf8g3e674reega20f
Yes secret1sdf80g92at333j0r3hfh3ksuqgpg4f07x07y6m
Yes
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Yes secret17dedzvvhcuhq0yef8y0w90vlujzh889rqjmu73
Yes
Secret Keeper
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Yes secret1kkvmlpads497skfu8g6secush45ggm7sajltyn
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Yes secret1guvjarj8ugccwhgmp0n292fpv96yykh7hqjeem
Yes
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Yes
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Yes
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Yes
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DEPOSITS
Missing deposit data.

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