IISS 3.0 Proposal

Team: POS Bakerz

Decision: Approve

Comments:

  • We support this proposal which will bring the ICON blockchain closer to decentralization.
  • We believe that the minimum bond of 6% for P-Reps lowers greatly align the interests of P-Reps and voters, we also like the fact that it lowers the benefit of vote-buying and that P-Reps will not be able to claim their I-Score when the bond requirement is not met. Our view is that this bond requirement should be implemented progressively over a 12 to 18 months time frame.
  • We love the CPF, the way it is finance and the fact that Main P-Reps will have to vote on proposals. This is a unique proposition and strongly brings the network closer to decentralisation.
  • On governance slashing, we appreciate the 3-day window to vote vs. 24 hours, but we think that the 20% slashing penalties are a bit harsh. Maybe an iterative approach would make more sense here. E.g. do we manage to get all P-Reps voting with only a 0.1% penalty? If it is the case, then fine.
  • Stopping additional delegations is important since P-Reps with lower bonds may not want to be over-delegated, and others such as the Foundation are getting too many votes and can’t do anything about it.
  • We agree with the idea that some might want to stay out of governance. Having this possibility will attract some exchanges, which is a plus for ICON. However, we believe that if one chooses to stay out of governance, then he should not get a Main P-Rep status or qualify for Main P-Rep rewards.
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