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Reduce the annual rate of inflation to 1%

inflation by eosvibesvote 01-June-2019 00:00:00 UTC poll-yna-v1

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  • 112 accounts
  • 12 days since poll started
  • 1.1% participation
  • 100% YES lead over NO

This proposal seeks to change the EOS annual rate of inflation from 5% to 1%.

Currently, EOS has a 5% annual rate of inflation.

Out of this 5% inflation, 4% is being accumulated in the eosio.saving account and 1% is distributed to block producers in pay for running/securing the network.

As of 5th March 2019 the eosio.saving account has a token balance in excess of 28.75 million EOS ($108 million) and this number grows larger with each passing day.

Approximately 3.6 million EOS tokens (4%) are created and sent to the eosio.saving account each month and this number increases over time through the mechanism of compounding inflation.

The original purpose for having this 4% inflation accumulate in the eosio.saving account was for the community to vote on how to spend it, for example, the community could vote on various worker proposals, or they could vote to burn it.

However, 8 months have past and there is still no defined use for this large quantity of EOS tokens that continues to flow into the eosio.saving account.

This large quantity of accumulated tokens has now become excessive and if we continue to allow it to keep growing, it will eventually become an attack vector for the network.

It is therefore time to turn the tap off and reduce the level of inflation down from an unnecessarily high 5% to a more reasonable 1% by cutting out the 4% that’s being generated and sent to the eosio.saving account.

This proposal is therefore a request for the top 21 block producers, through a 15/21 multisig, to reduce the continuous_rate of inflation within the eosio.system contract from 5% to 1% and furthermore, to stop any EOS tokens being accumulated within the eosio.saving account by turning off the eosio.saving transfer action.

The 1% rate of inflation going to block producers (0.25%+0.75%) will remain unchanged.

该提案主要目的在于将EOS年通货膨胀率从5%改为1%。

目前,EOS的年通货膨胀率为5%。

在这5%的通货膨胀中,4%被分配给eosio.saving帐户,另外1%被分配给区块生产者做为保证网络安全以及运营的费用。

截至2019年3月5日,eosio.saving账户的代币余额超过2875万枚EOS,而且这个数字每天都在变大。

在eosio.saving帐户中积累4%通货膨胀的最初目的是让社区投票决定如何花钱,例如,社区可以对各种项目提案进行投票,或者他们可以投票去销毁它。

但是,对于大量涌入eosio.saving帐户的EOS代币至今仍然没有明确的用途。

随着时间的推移,这种没有任何目的或明确用途的通货膨胀将导致所有长期EOS代币持者承受不必要的价值稀释。

因此,现在应该关掉这个“水龙头”,将通胀水平从不必要高的5%降低到更合理的1%。

该提案向前21名区块生产者正式提出:将eosio.system合同中的持续通货膨胀率从5%降低到1%,并且还要停止更多EOS代币被继续转移到eosio.saving帐户通过关闭eosio.saving转移操作。

区块生产者将继续通过1%通胀率获取他们区块生产奖励。





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6 Comments

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  • I'm currently abstaining from this vote because of conversations with those who have concerns over inflation just going to BPs. Ideally more inflation should go to non-BPs or they will eventually solidify their own positions using the tokens they gain via inflation. The real problem is not having a mechanism to distribute this 4% inflation as originally intended. I'm hoping work done by the eosDAC worker proposal system will serve as an example which may some day be implemented in the system contracts.

  • Totally agree. Turn the tap off for now. It will strengthen the EOS token price.

  • The Members of EOSProxy unanimously agree with this change.

  • Steem and Bitshares fund development out of their inflation, what's the value of those networks today? Turn the tap off for now.

  • I fully support removal of 4% annual inflation which has been serving no purpose, except for inflating the supply and devaluing EOS tokens for all token holders.

  • A critical proposal to approve and reduce the risk to EOS network. This additional inflation is accumulating with no defined purpose and increasing token supply and it is a honey-pot for potential rogue elements.