Interview with Bittorrent trustee Cancer: Understand Abit, the impact of the new version change on BTS is positive

Foreground: On July 30,Bit shares& have spent (BitShares) core developers Abit released version 4.0 upgrade on the BBS, this upgrade is adjusted for users to vote. Normally, the project version upgrades are nothing new, also is usually a good event. But bits of upgrade has triggered a heated debate in the community, the reason is the council and community members didn't know about the matter before upgrading, Abit also does not have a vote. So cause a lot of people think that bit too centralized, and at the same time the user thinks the new rules are too tough. & have spent

The matter has passed about a week, the bitte stock now on the change in the end hold what kind of attitude? After this upgrade, how does the change in voting rights affect the project and its stakeholders? In this connection, Rhythblockbeats contacted Cancer (an early investor in Ethereum and an early evangelist of blockchain in China), a member of bitcoin's board of Directors, and asked him to talk about the causes and consequences of this incident and his plans for the future of Bitcoin.

BlockBeats: How did the community find out that the core developer secretly changed the voting rules, and how has this affected the community?

Cancer:Beijing time on July 30 21:55 is the 4.0 upgrade BTS reservation time, when everyone was staring at what is unusual, new blocks out after you took a few minutes also didn't find any abnormal, all sorts of function is normal, is think is to celebrate the successful upgrade, some people say that feeling all voting data have big different with before, feeling that there is a right to vote the attenuation function. On closer inspection it seemed to be, and everyone was shocked and started a heated discussion because there were no changes to the voting system in the 4.0 development plan.

Then Abit in the group of the council told everybody, he made several related functions, these functions when voting time didn't pass, no column to a development plan, the 4.0 release did not write the release note, after the 4.0 release for more than a month, in the chain of the testing should have found a few developers, but maintain silence, until the upgrade is complete, the community did not know this matter.

律动BlockBeats： 那么 Abit 做的几个功能都是什么？对社区的影响有多大?

Cancer:These functions simply say:

1. The attenuation mechanism of voting weight (vote decay)

New account registered, voting weight is zero, the initiative after the vote, began to take effect.

After each active update of the voting, the voting weight is updated to 100%, and the attenuation is 12.5% on day 360, and then the attenuation is 12.5% of the total weight every 45 days, and the voting is completely invalid on day 675.

In case of proxy voting, the weights of proxy and principal voting shall be superimposed.

2. The council election to vote a mechanism

If a voter votes for more than one board member, the number of votes cast by each trustee = the total number of votes cast by the voter/the number of board members cast by the voter

3. Lock voting mechanism

Simply put, it is possible to double ticket rights through lockers.

4. Voting rules after permanent lock-up takes effect

When there is the first chain "permanent lock up state" lock up positions, voting rules take effect as follows:

4.1 For accounts that do not hold the "permanent lock-up status" position, the voting weight is zero.

4.2 Mortgage BTS and collateral BTS shall no longer have the right to vote.

This community vibration caused by the great at the beginning, whatever chain, "individuals can control" is unacceptable, so quickly, we have cash users see selling BTS, see have BTS project party announced on the chain to move the project to other male chain.

But a day or two later, we found this matter to the community of the impact of not imagine, look from prices also caused no collapsed, and the community more people with an interest in the discussion on the rationality of the changes themselves.

Rhythm BlockBeats: why the core developers without a vote will change the rules? After have similar events happen?

Cancer:Frankly, I can see why Abit would choose such a cover-up to change the voting rules.Because in many cases,"An unhealthy voting system is unable to vote let oneself become healthy".

Let's look at these rules changes is how to solve the problem.

The attenuation of voting rights should be solved by the fact that there are many large voting Banks that do not care about the status quo of BTS and do not update voting for a long time, which results in the failure of the voting results to reflect the actual needs.The one-vote voting mechanism of the board of Governors aims to solve the problem that some large voting booths have too strong control over the election of the board of governors under the current voting mechanism.

Lock voting mechanism, lock voting mechanism is built on a hypothesis, that is, lock users pay more attention to long-term interests, so it is more suitable for governance. Giving lock users more voting rights is conducive to governance based on the long-term interests of BTS.

Cancellation of mortgage right of the BTS of ticket + deity of mortgage right of BTS ticket a question is likely to have prejudice, BTS community had a virtual currency the earliest bitCNY mortgage type stable currency, in the big bear market in 19 years, mortgage type stable currency inherent disadvantages caused serious serial blasting warehouse, make the price of BTS all the way down, sucked and community through voted to lock in feed prices, stopped decline, but also caused great damage to bitCNY holders. After that, the community reformed the pricing mechanism through BAIP2, which greatly alleviated the problem of serial explosion caused by the trading structure. It should be said that in this case, the community should restore the normal feeding price through some appropriate paths, and make bitCNY become a financial instrument that can anchor legal COINS again. Otherwise, what's the use of mortgaging BTS and borrowing assets anchored with BTS? However, in order to maximize their own interests, the mortgagers often refuse to make any small sacrifice and insist on locking the feeding price. It is precisely because of the large number of mortgagers' voting rights that the unlocking of bitCNY's feeding price has been unable to be implemented. In this respect, the right to cancel the mortgage on BTS is a removal of this prejudice.

The community's reaction to the changes shows widespread support for voting rights attenuation and vote by vote, as well as high support for the lock-up voting system, where the details are the main points of debate. The cancellation of BTS has met with strong opposition from some specific groups.

It is safe to say that any attempt to make these changes by ballot would have been unsuccessful. BSIP22 was a proposal to reduce voting rights, and it took a year or two to pass, let alone abolish them. Therefore, in a sense, Abit's concealment is also a helpless move.

Nothing like this has happened before. The reason why Abit has succeeded this time is related to the current situation of BTS. At present, few developers pay attention to the development of BTS itself. All this provides an opportunity for Abit to act on its own.

BlockBeats: Since the change, we have seen a big change in the terms. What is the impact of this on Bitmex (including the impact on governance, currency holders, the board of governors, etc.)?

Cancer:Ticket right attenuation makes the vote reflected more money to the user's current attitude, a ticket for reducing the hoard for control council elections, lock up more voting mechanism is expected to make the voting results can reflect the focus on the long-term value of the BTS users, may also have a deflationary effect, make less BTS to go around in the market. To cancel the effect of mortgage right of BTS ticket is clear - to reduce bias in various bitAssets relevant to vote.

In general, change to the influence of the BTS is quite positive.

Rhythm BlockBeats: What are the current views of the board or the major stakeholders of BitStream on this? Will the new scheme be revised again?

Cancer:It should be said that in the public sector, no one will agree to change the agreement privately before the consensus is formed, which is the most basic idea. However, when it comes to the specific change itself and how to deal with the aftermath, different people have different attitudes.

There are those who are supportive of the changes, who think that if the code is reviewed and no other concerns are found, the community will continue to use the Abit version, and there is a high level of support among foreign users.

Kind of people to change is firmly opposed to that not only changes the process is not acceptable, cancel the mortgage right of BTS ticket such changes would be unacceptable, the Chinese community council (cn - vote) is the representative of the group holding this attitude, because the association of the constituents of the right to vote proportion of mortgage right of BTS ticket is very big, greatly reduced the right to vote of Abit changes make the guild, the core asset of the right to vote as a guild is hard to accept. And guild has been put into action, developed the restoration of the voting system into 4.0 state before the patch, ready to call for all witnesses to install the patch, and by voting to support installation patch witnesses.

BTS, so to speak, is now facing a battle, a vote, can be thought of as "reform" and "conservative", if the conservatives win, then returned to 4.0 before the voting system, mortgage BTS to preserve the right to vote, and looking for path bitCNY unlock feed price to regain vitality and will be in sight.

If the reformers win, the rights to mortgage BTS will be taken away, and you can expect the community to discuss how to properly allow bitCNY to unlock the price and form a proposal to reinvigorate bitCNY. The community can also directly use the voting rights attenuation, one vote one vote, lock up the right to increase the voting efficiency and fairness of the rules.

& have spent

It is not simply a matter of right or wrong. It is a matter of two directions and two cultures. Everyone who wants to take sides needs to think hard about what each of them means. We should try our best to think from the perspective of "the lesser of two evils" and "the greater of two evils". To strive for a better future for BTS.

Rhythmical BlockBeats: What adjustments will be made to Abit's permissions? How to avoid similar events in the future?

Cancer:Abit there is not a special permissions, only making bitshares code library administrator privileges is associated with the stronger a permission, but now also did not adjust the permissions suggestion, I feel everyone thought, to avoid such things happen, from the system must be conducted prior to upgrade to fully test and code auditing, the next upgrade this respect there is no reason to treat STH lightly, because Abit finagled should still out of goodwill, but similar events happen again, no one can predict what is the result.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia