LikeCoin chain Proposal #1 - Relaxing validator requirements to transform LikeCoin chain to a permissionless, BPoS mechanism
As a conservative measure, when LikeCoin chain was first launched in Nov 15 2019, LikeCoin Foundation has limited the number of validators to 7, and have the validators mainly coming from reputable players of the previously existed Ethereum-based LikeCoin community.
Now that LikeCoin chain has been up and running smoothly for almost 3 months, with:
- 1,374,844 blocks produced and counting
- 6,738 wallets with LikeCoin
- 87,636 transactions
- 316,564,659.2875 LikeCoin migrated from LikeCoin ERC-20
- 247,640,000 delegated LikeCoin (78.23%)
we believe it is the right timing to relax the requirements for being validators, so as to transform LikeCoin chain from the so called Proof of Authority mechanism to a more open, permissionless, Bonded Proof of Stake mechanism.
There are 3 changes in this proposal:
- To make validator permisionless. i.e. anyone may set up a server to nominate her/him/themselves as a validator of LikeCoin chain.
- To increase the number of active validators from 7 to 10.
- To allow a range of commission rate between 40%-60%, set by a validator independently.
If the proposal is passed:
- LikeCoin chain will be more decentralized, more open.
- Competition among validators will emerge. There may be more than 10 parties interested in becoming a validator of LikeCoin chain, while only the top 10 with most delegated LikeCoin will be active and may propose blocks and receive rewards.
- Validators may adjust their commission according to their own strategy to differentiate themselves.
- Likers shall have more choices in picking their validators.
drafted by @ckxpress on 2020.02.10 in Taipei.