The private currency, Firo (FIRO), is changing its block rewards. Firo does this with a poll. This digital asset was formerly known as Zcoin (XZC). Since Firo is a PoW chain, the new miner reward will be of importance. However, Reuben Yap is also interested in giving rewards to the community. He is co-founder and COO of Firo.
Firo will install the changes as soon as possible. After that, they will review the new changes. If needed, there will also be another poll to vote on the new tokenomics. So, let’s have a look at what is going on with this Firo poll.
What Changes Did Firo Propose?
The changes that Firo proposes are in some cases drastic, compared to the current setup. Firo brought the current poll back to just four choices. The way Firo splits the block rewards is between four players. These are the miners, masternodes, community fund, and the dev fund.
The final poll to decide how #FIRO's block reward division is now up for voting. The vote narrows down the choices from the earlier poll and picks the top two voted choices and lists 2 other intermediate options.
— Firo $FIRO (@firoorg) April 21, 2022
- Miners: A lower percentage for miners will affect them. They may not feel compelled to mine for Firo anymore. On the other hand, FIRO is a profitable coin to mine. Reuben brings as an argument that Firo supported GPU mining for over 5 years. In return, the miners can show their love for Firo now.
- Masternodes: The masternodes are the token holders. If they receive a high percentage, they will hodl FIRO. As a result, this leads to a better-secured network. Since PoW is not the only way to secure the network’s security, masternodes should get a bigger reward.
- Community Fund: These rewards are for the community. This will increase community involvement and responsibility.
- Developer Fund: Needed to keep developments. However, eventually, this fund may fade out and merge with the community fund.
Here are the four poll options that result from previous polls. This will be the final poll now. The project will put the results in place asap. After six months, there will be a new poll. This will give an opportunity to vote on the new tokenomics. Stick to them or change them again?
The current way the project divides mining rewards is as follows. Miners get 50% plus transaction fees. The masternodes receive 35%. The dev fund reveives 15%. Here are the four options for this poll:
This clearly shows an increase in the masternodes. It will now depend on how much the miners will still get. For security reasons, the miners will still be a part of the project. The discussion also focuses on the fact that the miners have a centralized setup. However, the masternodes can also centralize. Something that is sometimes not immediately noticeable.
The Results of the Poll
The results of the poll are in. Option 2 has won, per the picture below. This result sees the miners losing almost half of their rewards. On the other hand, the masternodes get now 10% more. Furthermore, the community receives a nice 10%.
At last, the developers stay steady at 15%. This is an interesting and positive development. It sees the community taking a bigger role in securing the network. In 6 months’ time, Firo will evaluate the outcome of this poll again. Job well done to the platform and all voters.
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