I spent the week revisiting my thoughts/suggestion about pegging block rewards to usd. I completely agree that it doesn’t work from an economic standpoint when one takes into consideration the huge impact a drop in coin price could have on inflation.
I very much appreciate that we have this forum as a place to discuss and explore ideas. I hope more people can feel comfortable to join us!
@BennyOptions_LL Do you perhaps think there might be merit to adjusting the rewards balance ratio of Block Production Rewards ↔ Representative Reward i. e. reduce total Rep reward ICX by X% and add that same amount to Block Production Rewards?
I also understand your point about a revote… maybe it’s technically possible, but would be a logistics nightmare/not worth it for cost>benefit anyway.
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I really appreciate you sharing this. Running through the numbers whilst considering the vision you are putting forward is great.
I certainly love the intention of the idea to change things to promote collaboration > competition.
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I’m not a fan of inaction around the issue of vote buying. A big public blow up every time it happens is not good for our chains public image, nor is it helpful for our productivity. Perhaps it’s not possible to avoid this all together, but we should be able to better address it before it happens. Our current system is a horrible way to welcome new teams to the community, especially ones that hadn’t fully grasped the quality of what we are building here.
What constitutes vote buying is different from person to person, but we can all agree in principle that seeking out votes by means of promising directly shared returns is not kosher.
I’d appreciate everyone who is interested in stopping vote buying to partake in brainstorming this idea together.
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Firstly I think our community standards could be much more transparent. I don’t think word of mouth is sufficient enough anymore. I suggest we create a document to convey our ‘gentlemans agreement’ that is compiled into a clear one page infographic.
How would we then ensure these rules/this document is seen? Would it be possible to have it shared by default as part of the public chain registration process? We could also host it on the website here, on our subreddit (r/helloicon) and in other areas. What else?
What are the consequences of breaking these rules? If it’s not going to be an on chain DQ vote then how do we hold teams accountable? I don’t like the idea of censorship, but soft censorship in the form of social pressure and ostracisation has worked thus far, all be it in a messy fashion.
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I have a feeling that the most practical solution would be to streamline the process of setting up a node (for those with little/no development skills). This then fosters an environment where ICONists can choose to support community teams for long term value growth, or stake to themselves maximising their own personal short term returns. The goal of this is to eliminate the market for vote buyers to capture votes from.
Thank you for taking the time to read this and I’m excited to hear what you all think 
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In education teachers get similar salaries and work together as one team for our students. The same principle needs to be applied for PREPS. We need to continue to work together!
Thanks for listening and we are so glad to be a part of the team! I wrote this on my phone so excuse my brevity. Thank you!
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Suggestion:
A code of conduct is a set of rules outlining the norms, rules, and responsibilities of, and or proper practices for, an individual.
As part of the PRep registration process, new PReps MUST sign/acknowledge the details outlined in the PRCoC (Public Representative Code of Conduct) in the details of the transaction when they transact 2000 ICX as fees.
Note: This is the standard protocol when registering to an association or a government body in Australia (usually a 15-20 page document)
What a code of conduct should include:
ethical principles - includes workplace behaviour and respect for all people
values - includes an honest, unbiased and unprejudiced work environment
accountability - includes taking responsibility for your own actions, ensuring appropriate use of information, exercising diligence and duty of care obligations and avoiding conflicts of interest
standard of conduct - includes complying with the job description, commitment to the organisation and proper computer, internet and email usage
standard of practice - includes current policies and procedures and business operational manual
disciplinary actions - includes complaints handling and specific penalties for any violation of the code.
Of course, the above is just a template/guideline.
Current Preps could also comply (if this is implemented to the process) by sending 0 ICX with the ‘PRCoC’ in the details of the transaction.
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Hey @ccclub_17 - appreciate the thoughts and glad you joined the discussion.
I see where you’re coming from with this, but this is a highly centralized solution with off-chain regulations enforced by P-Reps. I shy away from anything that requires meaningful off-chain intervention. We would essentially have 22 nodes playing detective/police/judge/jury/legislator as a major part of their roles, making sure that every team is complying with the rules/regulations in the code of conduct. This isn’t the ethos of blockchain technology that got me excited about this space. I feel like creating a legal system, enforcing laws, analyzing/gathering evidence, publicly shaming each other on Twitter/Telegram is not a valuable use of everybody’s time to help increase the value of the ICON Network. I also think it has negative affects on the community given the public shaming side of things. Not a good look to outside investors, node operators, retail traders, or enterprises looking for the benefits of an immutable decentralized blockchain. There will always be two sides to every story (causing regular community drama), as I have yet to see laws with no grey area in the real world. Everybody would need to be entitled to a fair assessment of the evidence, which would involve a lot of time and resources from all Main P-Reps.
I am working to create a proper incentive system that aligns with what we all would like to see. Vote buying, for example, is extremely profitable right now. If we don’t like vote buying, we shouldn’t have rewards for such behavior. If we want to keep this reward structure, then I think we need to expect people to offer additional rewards to those that vote for them. To clearly state my position - I am against vote buying as I believe it’s a waste of network resources, but I don’t view these off-chain rules and policing as a realistic and scalable solution to the issue.
Just to reiterate - I really appreciate you taking the time to share your opinion on the forum. I hope my response does not discourage you from future participation!
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Appreciate your detailed explanation and it definitely makes sense. I was envisioning a process which eliminates ‘the gap of misunderstanding’ from a new PRep teams perspective when they join the network from point one. Not a legally binding contract as such, which needs policing as you pointed out but more as a MOU I guess.
Anyways, glad to hear you’re continuously working to create a better solution.
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