Quick Update On The Community Vote And Network

Kieren HylandNav Coin Updates0 Comments

Hi everyone! Just a very quick Monday update from the team.

It’s been a busy few weeks with the team involved in lots of planning/strategy sessions – but we’ve noticed some confusion around the community vote & a few other items, so we thought we’d give you a quick update.

Update on the community vote:

  • The vote was originally set to last for 4 weeks, which is why it will show the vote as ‘ended’ in your wallet. However, the votes are still being counted on the network.
  • We will extend the voting period for another 8 weeks. We will be updating the Community Fund Vote page to reflect this, but do realise that there may be some confusion because the wallet will continue to say that they vote has ended. This will be addressed in the next wallet update.
  • Part of the reason why we are extending the vote is that we’ve just had another 1.5 million coins update to the latest wallet version and are voting yes. With over 73% of blocks voting yes in the last 1000 blocks we are getting VERY close to our target, and without needing to change the rules of the vote.
  • We have been very hesitant about changing the rules of the vote mid-way through the voting period. There was lots of support from the community about excluding old wallets from the vote – but because this rule wasn’t outlined before the vote, it walks a fine line between ‘doing what the community wants’ versus ‘changing the rules to get what we want’. We want this vote to be seen as fair, and without intervention – hence our hesitation around changing the rules.
  • So TL/DR:
    • The Community Vote is being extended for another 8 weeks
    • We are very close to getting the 75% required (73.8% in last 1000 blocks).

Network Stability:

  • There have been users mentioning the occasional issue with the blockchain – with periods of no blocks being mined, followed by blocks being mined very quickly. We have been aware of this issue, and have been working on a solution since last week.
  • In the next wallet update, we will be adding fixes to help stabilise the network. We’ll be releasing more information on this issue at a later date.
  • Part of the reason why this is happening is due to lots of old wallets in the network, so to help with the issue we would ask everyone to make sure your wallet is updated to the latest version and stake your coins. And if your coins are on an exchange, download a wallet and get staking! You’ll earn 5% per annum on your NAV, and will be eligible to vote for the Community Fund.

That’s all for now – talk soon.

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