In my opinion, the process could be a lot simpler. Slash the earnings of all the top p reps. They should all earn enough to run a node and all sub p reps should earn enough to run a node and still be profitable. Send all the remaining funds to the contribution funds.
Incentivizing People to vote for sub p reps won’t change much if the P rep team does nothing. Most voters don’t care about the whole P-rep system. They just want to stake and earn rewards. ICX is just one coin amongst the many coins they hold.
Also, i don’t think requiring teams to post a bond with ICX is such a great idea.
The funds should go to ecosystem building. Limiting the resources a team has just because they have to post a bond isn’t that great.
In the real world, you get paid for your work. I don’t know why this rule shouldn’t apply here. If you’re a P rep and you truly want to contribute to the eco-system as many say, go through the contribution proposal system. Paying a P rep team over $30,000 in ICX/month to write one article a month about staking is waste in my opinion. Many ICONist just vote for the teams at the top and forget about it so there is no accountability for such teams.
The current system and the one that’s been proposed is based on multiple false premise such as;
a.ICONist will vote for teams contributing. Not many have the time to keep up with p rep contributions 24/7
b.Top teams earn votes based on their proposal. Many People just vote for the teams at the top. There are sub p reps putting in work than many top ranked teams but they aren’t moving up.
c.ICONist can vote out P reps if they don’t contribute: They could but only the few who are engaged will. The majority won’t.
If a p rep team has intentions to contribute, then there shouldn’t be any objection. I strongly believe that most of the funds in the ecosystem should go towards ecosystem building and not as charity to a few teams just because they’re active on social media.
As I always say, there needs to be accountability built into the system for IISS to succeed because people will always act in their own best interest. We’ve seen more activity from the contribution proposal system in a few weeks than what many top 10 p reps have shown in 3 months post decentralization.