Community Meeting 25 April 2020
Rules of Meeting ● Be polite always ● Follow Agenda ● Turn of mic when not talking ● Do not interrupt until Questions sections ● Aim to be concise and to the point with questions/discussion
Agenda ● Development Update ● Block Reward Division ○ Deterministic Znodes and LLMQ ○ Goals and Considerations ○ Lelantus ○ Current community sentiment from ○ Mobile forums ○ Elysium ○ Development Reward ● Recent events ○ Mining and Znodes ○ Binance USDT pairing ○ Vertbase listing ○ Lots and lots of coverage! ■ Nasdaq op-ed ■ Altcoin Buzz ■ Messari Unqualified Opinions ■ Base layer podcast
Development
Deterministic Znodes and LLMQ Testnet is up and running. ● Stress test on Monday/Tuesday ● Final checks ● Znode tool being updated 1-2 weeks estimated ● LLMQ quorums being formed. ● Plan to release 1st week of May. ○ 3 weeks to update and register new Znodes ○ +3 weeks to deactivate old Znodes and move to Deterministic masternodes ● Update Electron Zcoin client might be behind a little. ○ To work on basic display ○ To move to a wizard type of guide ○ Arcadia is providing quotes
Lelantus Integration Details ○ Batch Verification ■ a) to be done on sync and gathering as many as possible. ■ b) to be done on a per tx basis (as many transactions will have multiple spend proofs and even where there is two proofs the time is cut down almost by half) live. This means that each tx will not take more than around 1 second to verify. ○ Anonymity Set ■ 64k set. 16k sliding window ○ Wallet Handling ■ Upon successful sync to latest block and if there are new incoming transactions since last sync, prompt for password. It will auto mint all funds for you then lock. Otherwise no prompt if no new incoming prompt. ■ If wallet is kept open, upon coming back to wallet when locked, auto mint all funds ■ Have setting to disable auto-mint. ■ Even when completely spending a Lelantus mint, always have a change amount reminted (even if value is 0). This prevents people from knowing whether a mint is completely spent or not. ■ Mints should always be individual transactions (with unique txid) for each address (not grouped together). This prevents mints from being tied together (can't avoid the time element but better than not having it). Each input should also be broken into two random numbers (which are hidden) to prevent correlation attacks. ■ Lelantus spends should be the default Send (no more separate tab). Transparent send has to be ticked to be able to send transparent funds
Recent Events and Coverage
Questions?
Block Reward Division
Goals and Considerations ● Pros of dev reward ○ Continued funded development and research ○ Certainty that project will continue ○ Certainty of funding allows long term hires ● Issues with the dev reward ○ Places heavy reliance on core team ○ May discourage outside developers ○ Acts as a tax on other holders of Zcoin ○ Seen negatively by outsiders ○ Volatility of reward affects budget ● Mining ○ Builds community and good distribution mechanism ○ Seen as equitable especially among privacy coin advocates ● Znodes ○ Rewards long term holders and builds loyal community ○ Centralization of wealth and in certain projects has lead to cartels
Mitigations ● Alternative sources of funding ○ Zcoin Crowdfunding System (https://zcs.zcoin.io) ○ Zcoin OpenCollective (https://opencollective.com/zcoin) ■ Recurring fiat payments
Current community sentiment from forums - Discussion has been ongoing for over a year - Most community members seem to approve of Dev fund - Hard to tabulate sentiment, but we if place everyone's percentages from the forum we get: Source - https://docs.google.com/spreadsheets/d/136bkJdcMi50ao48Mg6KjoUlDurVHGl7DB3d0vHzUIbo/edit?usp=sharing
Dev Fund requirements - Salary of ~40k USD for all current team members - 1000 USD for various infrastructure servers (Github, Slack, Testnet instances, CI) - ~12,000 USD for other misc expenses (AMAs, CMs, Market making, PR) - Total ~53,000 USD - Does not include any conference attendance or events or sponsorships To cover this assuming Zcoin at 4 USD/XZC requires 13,250 XZC/month 12% of Block Reward = 12,960 XZC (USD 51,840) 15% of Block Reward = 16,200 XZC (USD 64,800) 20% of Block Reward = 21,600 XZC (USD 86,400)
What would we do with more funding? - Additional developers (mobile, UI and QA) - Additional researchers (we have some interest but need funding) - Code audits (costs between 50-150k USD) - Dedicated marketing teams (need new talent to push this) - Should core team be even involved with marketing? - Greater budget for gaining adoption (payments for integrations) - Need to consider cost/benefit
Questions?
Dev Fund for how long? - Various options have been proposed - 2 years (with decision to renew 6 months before) - 4 years - Perpetuity - 2 years gives more pressure to decentralize and greater accountability - Lelantus would be fully deployed and project should be in a healthy state - Is it enough to gain outside developer support? - Can assess how successful ZCS funding and OpenCollective is - Can be renewed with community support - 4 years - More certainty and ability to keep talent and do longer term plans - Less possibility of schisms - Trust placed in current team
Impact of halving on Znodes ROI after halving ● Return on Znodes is large up to the number of total number of Znodes ● Currently there are ~5800 enabled Znodes on the network. Znodes get paid out 30% of total reward. ROI is about 14% annually. ● Assuming we keep to the same reward percentage, ROI will drop to ~7% after halving. ● Blockchain size of Zcoin increases at about 21GB a year (unless change of PoW). So likely cost to run Znodes will increase. Source - https://docs.google.com/spreadsheets/d/1prnFnnJUQdaE43QTuaAwcYSB1t0554KQOITByaqxFwk/edit?usp=sharing
Impact of halving on Miners ● 91 GH/s ● 120,960 XZC per month before halving (56% of block reward) ● Estimated ~35,000 GPUs mining earning 3.456 XZC a month each ● After halving ○ 55% of block reward = 59,400 XZC ○ 50% of block reward = 54,000 XZC ○ 45% of block reward = 48,600 XZC ○ 40% of block reward = 43,200 XZC ● Important for chain-locks to be activated
Questions and Discussion
Recommend
More recommend
