Hi Zcoin Community!
It has been brought to our attention that some of you are in favor of increasing the Znode XZC requirements from 1,000 XZC to a higher number.
The argument is that too high a percentage of XZC is locked up (currently 69% of our circulating supply based on 6,100 Znodes) and that it affects the liquidity of the coin on exchanges. Another opinion expressed is that Znodes are too cheap right now, way below the equivalent amount of US Dollars we initially set in late 2017.
To gauge community sentiment on this matter, we are conducting a survey on whether to increase the collateral for Znodes.
A Znode collateral change is a fundamental change to Zcoin’s economics and, therefore, should not be taken lightly. To ensure your opinion is given weight, please do include your reasoning for your decision. For this reason, we have decided not to do a simple poll but will require everyone who wants to vote to post their argument.
With the upcoming upgrade of the masternode code underlying Znodes, everyone’s Znodes have to be reinstalled, and the queue reset. We could use this opportunity to introduce a change to the required collateral.
If enough of you think that, indeed, the Znode collateral requirement is too low, we can increase the collateral required to run a Znode with the upcoming fork. A more drastic option is to remove Znodes altogether, which would free liquidity up though it would mean that all masternode services such as ChainLocks (that provide 51% attack protection) and InstantSend would not be on the table anymore.
We have thought about possible options but to keep the discussion more focused we propose the following (though you are free to propose your own):
- a moderate increase (to 1,500 XZC)
- a doubling (to 2,000 XZC) and
- a quadrupling (to 4,000 XZC) of the collateral
Of course, you can also vote to:
- not increase the collateral at all or to
- remove Znodes entirely!
We would appreciate it if you took the time to reply and tell us what you think!
Thank you very much,
The Zcoin Team