The soft launch of the Edgeware network remains scheduled for Sept 15, 2019, at 00:00 UTC. This is 8 pm Sept 14 EDT.
At that time, validators are expected to start their nodes. Edgeware will launch in ‘betanet’ mode. This article will describe what this means for tokenholders, validators, and governance participants.
Edgeware will launch with token transfers set to permit a minimum of 9,000,000,000 EDG per transfer. This is accomplished by setting the initial token transfer minimum amount to 20%+ of the network - as no single address has this amount or higher, no address can perform transfers.
In order to enable transfers, the governance process of the network must perform an update to this parameter. It is the recommendation of Commonwealth Labs that this change only occurs under strong conditions of network stability. See the Governance Process section below for details on what this might look like.
Validator Slashing is Initially Set to 0%
In order to encourage a diversity of new validators and create an easy process for existing validators to set up operations at little to no risk, we intend that the network be initialized with a 0% slashing rate. Once operations are more standardized and the network is more stable, we recommend increasing this to 10%.
Initial Validator Set
We are working with highly qualified (testnet experience, primarily) teams to seed an initial validator set for the genesis. After that first genesis block, anyone may bond on-chain and gain or subsume a validator slot. See details for the qualification process and recommended validator actions here. There is no appreciable difference between a validator who is present for the genesis block and those that bond afterward, other than the function of launching the network. Validators will compete for these slots by offering the highest bonds and attracting individuals in the nomination process.
Governance and Upgrade Process
Edgeware has a minimalist set of several governance ‘modules’ intended to allow rapid testing of decision-making processes for on-chain governed protocols. These work together to create a flexible pipeline for upgrading the network. The main functions relevant at launch are:
- Signaling (Non-binding Polling) Module: Users will be able to signal their interest in, for example, enabling token transfers or adjusting the slashing rate up from 0%.
- Democracy Module: Initially this module will support binary votes (For example: yes/no, support/against) and could be utilized similar to signaling when a broad consensus has been realized via non-binding polls. For example: Imagine that 96% of users polled agree that “We should enable token transfers” - then a user can propose a referendum to execute an upgrade confirmable through a Democracy Module vote to enable them. Edgeware governance is currently set up so that proposals have a 2 week voting period as well as a 2 week period delayed enactment period. Meaning any proposal will have at least 4 weeks before a proposal goes from transaction to implementation.
- Council Module: The council module supports one or more sets of users with expanded powers over the network compared to non-council users. Initially, Edgeware will launch with 6 council seats, 5 of which will be available to campaign for; Commonwealth Labs will hold one Council seat. Token-holders will elect new council members and can alter their sets of rights. Specifically, the Council as a whole can perform actions that do not require as strong of a majority of consensus as user-wide referenda and they can disaffirm certain actions. Depending on how the community decides to vote, the council can also grow, as it is processed by a democracy vote. The purpose of a council is to offset the ‘low-turnout’ problem of democratic systems.
See the White Paper for more details and explore council functionality at Commonwealth.im
- The Betanet will have a root key in case of an exceptional need. Currently, this control is assigned to a Commonwealth Labs-controlled address. As previously mentioned, Edgeware governance currently have a 4 week minimum period for on-chain changes. This may be too long to in case of some unforeseen emergency. While the testnets have not seen the usage of said key, the September 15th launch presents a different set of circumstances. Within the first week of the network launch, a democracy proposal will be created to permanently disable the root_key. We trust the community will vote to remove this power!
The Primary Governance Objectives for the Edgeware Network
In order for the network to succeed, users will need to accomplish the two upgrades we have discussed here, specifically:
- Increase the validator pool size.
- Disable the root key.
- Enable Token Transfers by reducing the required minimum transfer amount.
- Increase the Slashing Rate for Validators.
By calling the launch of the Edgeware network a ‘Betanet’, we intend to describe the unstable conditions and reduced functionality over what Edgeware will soon become. We’re excited about the initial cooperation required to reach this point - please stay tuned to @HeyEdgeware on Twitter, and enter the conversation at Commonwealth.im.
We’ll see you Sunday, Sept 15 00:00 UTC!!