The intent of the white paper is for the inflation rate to be a constant yearly percentage of the total supply. The current implementation is an approximation of that.
This is a subject that often leads to confusion, therefore it's important to note a few things:
Pecuniary incentives are pretty central in the security design decentralized ledgers
The goal is to narrow down the as much as possible what can be upgraded to the parts which require agreement between all the participants. This is referred to as the "economic protocol". Fundamentally, the economic protocol decides which blocks are valid and which aren't, and provides a scoring function that determines the canonical chain among several ...
Here is a link where Arthur B. talks about the need for hard forks:
The summary is that new features should be done via on chain governance as they can be contentious and we want to avoid centralization. On chain governance empowers stakeholders to vote on whether they want those changes....
"Stakeholders govern the protocol" is what it says, there is on-chain governance process where amendments to protocol are voted by stakeholders. An overview of how it is done can be found here.
It is a 3 step process. In first step filters out best proposals among many via stakeholder voting. In second step, a vote decides inclusion of protocol in test ...
The existing bakers bake on the testnet chain during the testing phase. What happens is that a new testnet is created and forked from the first block during the testing phase. Bakers will run both the mainnet chain as well as the testnet chain simultaneously, and baking/endorsement rights will be identical for both chains, so the effects of the protocol ...
Only bakers can vote, in order to be a baker you need 1 roll delegated to you (currently 10,000 xtz). Otherwise you can delegate your xtz to any baker that you trust with your vote. If baker A will vote Yay and you disagree then move your delegation to baker B which will vote Nay.
There is I believe here a slight confusion on your part in the interpretation of the word "quorum" here because as per implementation there are 2 conditions for the amendment to be accepted:
the voting quorum must be met, where quorum here means the percentage of actual votes (yay + nay + pass) to the total number of possible votes (80% initially and ...
Total maximum reward per year is a fixed number of XTZ therefore the effective amount of percentage inflation due to rewards is due to reduce over time.
It can be updated through a protocol update voted upon by the tezos community. There is no way to tell when such a change will happen but it can be expected to be addressed within a year so as to keep up.
Unless I am reading it wrong, there was one operation injecting both proposals:
in Block 332624: https://tzscan.io/BMVgMmYjA6zLbdGGKFme1VZ98GBPFgtBoJAigsH6578Yf3b8m5U
These are the two proposals:
It's the responsibility of those that are proposing the changes to provide the amended source code - we can then validate the changes with the proposal hash. I assume Nomadic Labs will provide this around when they formally propose the changes.
During the 48h cycle with the fork chain.
The test chain now lasts as long as the third phase of the amendment process, so approximately 3 weeks.
They are simply processing the same transactions that mainchain are producing using the new protocol looking for bugs?
There is no particular reason to replay on the test chain the transaction that happen at the ...
There are really two votes here.
Voting on which proposal which actually be voted on. There might be several proposals, but only one proposal can win per proposal period.
After a proposal has been selected there are two votes on the winning proposal. The first vote during the exploration period, and the second vote during the promotion period.
For more ...
Every delegation contributes to the number of votes a baker represents, where each vote is equivalent to 8000ꜩ (a roll).
Let's imagine I hold 24000ꜩ, and I delegate them to a baker. My delegation would represent 3 rolls/votes after 7 cycles if I'm not mistaken.