FunctionX Validators

Questions
1

Hi everyone !

I’d like to propose something to the team with respect to validators.

1) Team addresses:
I think the team should publish team FX addresses and their distribution with respect to the objectives of the project.

2) Team’s validators step down:
I think it would be a good time to announce a stepdown on team’s 20 validators : individuals or companies could still have validators, but the initial team validators would need to progressively be increased up to 20% commission and then shut down (for example : one every two months), because they were given the advantage of running first, and incitate delegators (including team) redelegate to other “non-team” validators.
We currently have 48 active validators.

3) Redistribution of team’s validators’ commissions:
Here are the team validators and the commission they were attributed since launch (total=449.124,797938546 FX) :

   ChiangMai	16178,1473311158	FX
   Tokyo	    18305,5139715752	FX
   Cyprus       17037,4088405629	FX
   Shenzhen     16212,3760155875	FX
   Amsterdam	18566,7559018639	FX
   London       31348,5332554295	FX
   Taipei       31750,3740256123	FX
   Montreal     16917,7970132102	FX
   Dubai	    30116,7817414254	FX
   SoPaulo      17748,1612014177	FX
   Istanbul     19314,4068480624	FX
   Madrid       16548,6038736614	FX
   Bucharest	14010,9199525871	FX
   Miami	    16875,1654203991	FX
   Seoul	    17965,0116487258	FX
   Innsbruck	20752,1766780459	FX
   Singapore	60712,3628644660	FX
   Jakarta	    20067,5470645059	FX
   NewYork	    32077,1528217626	FX
   Delhi	    16619,6014685292	FX

Multiple choices (and mixable) would be possible after withdrawing those commissions (soon and in the future) :

  1. BURN the FX
  2. AIRDROP of these FX to any non-team validator running for more than 1 month without slashing (depending on delegated shares)
  3. AIRDROP of these FX to all validators running for more than 1 month without slashing (depending on delegated shares) and delegators, with maybe a greater share to early validators
  4. AIRDROP of these FX to all delegators
  5. FUND the official FX community pool (currently funded with 25.488.915 FX)
    I’d be surprised the team has anything
    Of course, for more transparency, the team’s FX addresses should be excluded from any airdrop.
    We currently have 1.857 active delegators (distinct FX addresses). I don’t know how many the team manages.

These are just proposals, but I’d really like these to be discussed.

Thanks for listening, and once again, happy new year to everyone.
I’ll be happy to read your comments about this, especially @zaccheah, validators’, and all other forum users.

2 Likes
2

I respect your decision, however, if you look at it from a business point of view, i think it is too early for the team to shut down their own validators.

  1. Main-net is not even 1 year old and it just launched recently

  2. We do not know if we can trust any of the public validator to have constant uptime, we need at least a year’s worth of track record ( Personally, i think even a year is too short )

  3. Securing the network is the team’s highest priority at this stage since we are only at the infancy stage

  4. We are aiming for decentralization but we should not rush things too fast when security is at stake

  5. The company is doxxed so we know that they won’t do any malicious things to the network but we can’t say the same for public validators since none of them are doxxed. Once again, security reasons.

One thing that may help without shutting down their validator is to raise the commission, but at a decent pace and not too fast because we do not know if public validators can have constant uptime. So the team can maybe suggest a commission hike like 1% a month as we slowly start to trust public validators.

After all, it is the public’s money (delegators) and the team’s reputation of having a secured network at risk here, not the validators.

As much as i would love delegators to spread out, you have to consider a few things from our point of view.

  1. Track record
  2. Real life reputation & Trust ( Like everstake, stake.fish, B-Harvest all have reputation of having good global backups and they are fully doxxed )
  3. Delegator’s money at risk
  4. Company’s reputation at risk
  5. Network security at risk

Take it slow, public validators have barely been up for a month only.

It is too early to ask the company to shut down their security for this small reason. Decentralization takes time and it will eventually spread out on its own.

Just remember to take a look from this point of view:

Would you put 500k of your own money or any amount into a new bank with no reputation and track record in real life? Or would you rather put it in a globally recognized bank with reputation?

I’m sure you get my point.

Us delegators don’t dare to put our money randomly unless we know the public validators have track record OR reputation in real life that can back up what they say online.

3 Likes
3

@SCENE :

  1. I agree with your point of view. But decentralization is the key. And we barely had 50 new validators in a month-time. We need many more validators to come up… And we need to incentivize them. (I’m not very keen on your bank argument though, as the main goal here is to decentralize… but ok, more progressively)
  2. I’m eager to have your point of view regarding the team commission fees redistribution as well.
    Thanks a lot for your time and !!
4

I think you may have misunderstood about what i mean about the bank argument. It wasn’t about decentralization but about reputation.

If you had a sum of money in real life and you have 2 options to put your money. Who will you choose?

  1. Everstake / B-Harvest / Binance Staking / Stake.fish
  2. Me

The choice is obvious because nobody would dare to hand their money over to someone who they just met.

But as time goes by, community validators who show their worth will definitely gain reputation and trust from the public (delegators). It takes time. Community validators can also self bond their own funds to show that they are serious in maintaining security and their conviction.

Right now, the priority is to secure network, deploy DApps and build the whole ecosystem from ground up. Decentralization is part of it but that is the last and ultimate end goal.

Before a network can become truly recognized and decentralized, it has to secure the network and have a strong foundation first.

  1. Crawl
  2. Walk
  3. Run

You can’t expect a baby who just started crawling to fly straight away.

That being said, i myself and my friends have already delegated a decent part of our funds to all the community validators. We will delegate more as time passes but like i said, it takes time for trust to get build up. Cheers :smiling_face_with_three_hearts:

1 Like
5

Agree with @SCENE on this.

There seem to be 2 or 3 company validators with 0 delegators (Lagos, Kigali)
Maybe company can “inactivate” these nodes for first step.
And later on this year remove them.
For example when max 50 is reached.

But for now there is stilll room for 2 more public validators, so let’s wait at least till these spots are filled in.

1 Like
6

I’ve always said this, for transparency, I want to see what they’re doing with not only the commission, but also their delegating rewards. They have over 100 million delegated so they’ll be earning 2.5 million fx a month at minimum. If I had a say, I would like it to be used for marketing and liquidity.

1 Like
7

@JL23, the thing is : if they use it for real-life purposes (marketing, etc.), the market will drop because they’ll have to sell them on the market (Coinbase, Uniswap, Bithumb, etc.). That wouldn’t be the best idea…

8

I’ve sold 75k FX at a time and it moved the price half a cent, and it recovered within 30 minutes. I’ve done this a few times with my gambling stack. But, I wouldn’t mind it being used as liquidity as the liquidity on exchanges is low right now. Or use it to hire a market maker.

1 Like
9

You have to know about dilution and inflation.

If they sell their earnings every time, not only will their holdings get diluted because of the inflation, it will also look like the company is not confident in their project.

In the stock market, everyone is afraid of dilution. Your share percentage will get lesser and lesser.