VYB Announcements: Rewards Pool, Governance, Project Fund
This post will provide updates on a few important issues related to the Verify Your Brain tribe and the VYB token. In particular, this post will address the following:
- Upcoming changes to the VYB rewards-pool smart contract
- VYB tribe governance
- VYB project fund
Upcoming Changes to the VYB Rewards-Pool Smart Contract
The rewards-pool was started at 1/3 the full rate, with a 2-day voting period, so that various aspects of the rewards-pool smart contract and the www.vybrainium.com front-end could be tested and verified, and to limit the potential for any token-distribution problems similar to the Proof of Brain Storm.
As soon as it became clear that things were indeed working as intended, the rewards-pool rate was doubled (from 1/3 to 2/3), as was the voting window (from 2 days to 4 days).
During the first few days of the ramp-up period, some differences were identified between the ‘old’ way of distributing Hive-Engine token rewards (known as ‘ScotBot’) and the ‘new’ way, which is referred to as the ‘comments smart contract’ by the Hive-Engine devs (or as the ‘rewards-pool smart contract’ in the initial VYB white paper and herein). Here is a list of some of the known differences:
Exclusionary tags are functional with ScotBot, but not with the rewards-pool contract. (smart contract code has been revised to eliminate this difference; revised code is being tested)
Tribe-wide account muting requires posting-key authority with ScotBot, but requires active-key authority with the rewards-pool contract. (smart contract code has been revised to eliminate this difference; revised code is being tested)
Post-specific muting is functional with ScotBot, but not with the rewards-pool contract.
Token-specific vote multipliers are functional with ScotBot, but not with the rewards-pool contract.
‘Taxing’ posts that do not use the token’s official front-end is possible with ScotBot, but not with the rewards-pool contract.
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The exclusionary-tag difference was deemed important enough to warrant an immediate revision of the ‘rewards-pool smart contract’ code, and @eonwarped completed that code revision expeditiously (on 12/23/21). However, that code revision is still being tested. As soon as that testing is complete and the revised smart-contract code goes live, we will update the VYB rewards-pool smart contract configuration as follows:
- Increase the rewards-pool rate from its current 2/3 rate (6 VYB every 2 minutes) to its full rate (9 VYB every 2 minutes, or 6,480 VYB per day). VYB will maintain this rate through February 2025, at which time it will be reduced by 50%, commensurate with POB’s 50% rate reduction (scheduled to occur on POB’s 4th birthday).
- Increase the voting window from 4 days to 7 days.
- Add the following inclusionary tags (in addition to vyb & verifyyourbrain):
- pob
- proofofbrain
- hive-150329 (the Proof of Brain 'community' tag)
- Add the following exclusionary tags and/or exclusionary apps:
- no-vyb, novyb
- these tags are for accountholders who want to self-vote and still want to post to the Proof of Brain tribe
- this is because self-voting is prohibited on Verify Your Brain (doing so will result in post-level and/or account-level muting)
- whereas VYB tokens will be awarded to posts that use any of the Proof of Brain tags, the only way Hive accountholders can self-vote on Proof of Brain and not get muted from Verify Your Brain is to include one of the Proof of Brain tags AND include either the #novyb or #no-vyb tag
all generic-tribe tags except those associated with the Proof of Brain and Verify Your Brain tribes- UPDATE: this 'feature' will not be implemented right away; an automated comment-bot needs to be configured to clearly explain to folks who use multiple generic-tribe tags why they are not receiving VYB rewards. Once the bot is operational, we will let it operate for a couple weeks warning folks about the pending changes before the changes are actually instituted. Also, additional time and attention is needed to more clearly define what constitutes a 'general purpose' or generic tribe.
this is being done to cut down on tag spam and to force Hive accountholders to choose which generic tribe they want to engage withall Hivers are welcome to post original content via the Proof of Brain & Verify Your Brain tribes; however, they must choose between exclusively earning POB & VYB versus all the other generic-tribe tokens ‘out there’we hereby request @proofofbrainio consider adding all generic-tribe tags (other than Verify Your Brain & Proof of Brain) to the POB exclusionary tag list as well
- dbuzz, hive-193084 (i.e. buzzes made via D.Buzz)
- match Proof of Brain’s current exclusionary tags, which include
- actifit
- steemhunt
- appics
- dlike
- share2steem
- additional tags that tend to garner low-effort or highly-repetitive / low-information posts
- no-vyb, novyb
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VYB Tribe Governance
As was stated in the initial VYB white paper, @trostparadox, @scholaris, and @calumam (hereinafter referred to as the VYB Management Team, or VMT) have been actively working together as a consensus-focused team to launch the Verify Your Brain tribe and to make it as successful as possible. All three VMT members espouse the principles of decentralization and transparency and will favor decisions and actions that adhere to and promote those principles.
As such, all major decisions made by the VMT thus far have been with full consensus. All major future decisions will ideally be made with full consensus; in the rare likelihood that consensus cannot be achieved and a decision is required despite the lack of consensus, that fact will be transparently disclosed and the nature of the disagreement explained.
In addition to adhering to consensus-based decision-making, the VMT desires to actively solicit feedback from the community. As such, a VYB Stewardship Board (VSB) is being appointed. The following criteria are being used to establish eligibility for membership on the VSB:
- Received VYB either via the airdrop or via active engagement in one of the numerous @vyb.earn contests,
- Posted (or commented) at least once using the official Verify Your Brain front-end (www.vybrainium.com) (as of January 10, 2022), and
- Did not sell any VYB tokens (as of January 10, 2022).
The above criteria resulted in 50 accountholders who qualify for membership on the VSB. A separate announcement listing the eligible accountholders and detailing VSB membership procedures will be posted soon.
Although the VSB will serve in an advisory capacity, there will be one area in which the VSB will have sole decision-making authority -- the VYB Project Fund (see below).
In addition, the VYB Anti-Abuse Team will rely upon the VSB's guidance for any 'gray areas' that may arise with respect to account-level muting.
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VYB Project Fund
The official launch date for VYB (December 18, 2021), was chosen to coincide with the point in time wherein the total number of POB tokens ever issued would exactly equal the total number of VYB tokens being pre-issued (2,042,042). Those 2,042,042 VYB tokens were pre-issued as follows:
- 1,000,000 VYB to airdrop recipients
- 1,000,000 VYB available to be claimed via the POB-for-VYB claim procedure
- 42,042 VYB to be earned by participants in the various @vyb.earn contests
However, when the decision was made to slowly ramp-up the rewards-pool distribution rate (as described above), this resulted in fewer VYB tokens being issued each day, relative to the number of POB tokens being issued. As such, more POB tokens than VYB tokens have been issued to-date. That differential is currently in excess of 80,000 tokens.
As soon as the VYB rewards-pool distribution is adjusted to its ‘full’ rate (which will occur as soon as the exclusionary-tag capability is fully tested and enabled, as mentioned above), enough VYB tokens will be issued to @vyb.fund to make up for the differential between total POB tokens issued and total VYB tokens issued.
The dispensation of those tokens will be at the sole discretion of the VSB. A separate post will be made to more fully explain the VYB Project Fund and its proposal submission and ratification procedures.
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