On Saturday the 12th of June, 2021, the Decentralized Treasury Proposal was officially approved by Particl stakeholders with yet another impressive approval rate of 96.6%. This marks a significant moment in Particl history as the end result is a new, more powerful self-funding mechanism for the ecosystem.
Let’s break down the numbers in more detail and go through the timeline for the coming weeks as the new decentralized treasury makes its way on mainnet.
The Results Are In!
The Decentralized Treasury Proposal vote, the first-ever “protocol consensus changing vote”, was an important milestone for Particl because it proposed applying critical changes to the protocol. Indeed, the proposal suggested raising the yearly PART coin emission rate from 2% to 8%, with half of the staking rewards being automatically deposited into a treasury fund by the protocol.
We are happy to report that the proposal was approved by Particl stakeholders, scoring a mind-blowing 96.6% approval rate (minimum required was 75%) and a 70.6% participation rate (minimum required was 20%). The vote lasted for 10,080 blocks, with 6,884 of them voting in favor of the proposal and 239 voting against it.
The participation rate for this voting round increased by ~7% compared to the previous (and first) proposal that required a vote. This is an incredibly encouraging news in light of Particl’s transition into a community governed project and shows just how active its stakeholders are.
When Will it Go Live?
Now that the results are official and that the decentralized treasury model has been approved, it can now be deployed on the Particl blockchain. For this to happen requires a hardfork which relies on two deliverables.
The first one is, obviously, the integration of the decentralized treasury code into the blockchain. The code for the changes has been completed and the build is now going through a thorough testing process on a side network (Particl clone network).
The second deliverable is the integration of the output whitelist into the blockchain. This is tied to the output claim process which is currently ongoing. As a reminder, the pre-fork process ends on June 21st, 2021. If you want your temporarily disabled anon and blind outputs to be re-enabled in the coming hardfork, make sure you’ve read read this blog post and submit your claim before that date, if needed.
Once the cutoff date of the claim period is reached, the final pre-fork output whitelist will be bundled with the next Particl Core release and be submitted to exchanges so they can start the process of preparing for the coming hardfork.
If all goes well, Particl should be forking on the 12th of July, 2021. This is currently a target, the actual hardfork may happen a bit before or after, depending on how fast exchanges and partners get ready for the fork. As always, we will keep you updated with any news on the regard.
The Team Funding Proposal Goes Live Early This Week
Putting in place a decentralized treasury model was only a first step in funding back the current Particl team. The second step is another proposal that will request capital from the treasury fund to fund the team and its operations. This proposal isn’t unlike what anyone else in the community can bring forward, but it’ll be Particl’s first-ever proposal to request resources from the treasury fund.
The proposal will detail the team’s strategy moving forward and will explain how it intends on utilizing the funds it is claiming. The proposal will be published and begin its discussion phase in the early moments of the week, on the CCS platform. Make sure to be around if you want to provide comments and feedback on the team proposal!
Now’s the Best Time to Get Involved
Now that the decentralized treasury model is about to go live on mainnet, you can prepare your proposals and get them ready to be published. If, in the past, you’ve had projects or ideas for Particl but couldn’t get the required capital to start them up, you now possess all you need to overcome that hurdle.
Because every submitted proposal first requires a discussion phase, and then a voting phase of a minimum of one week, don’t hesitate to let the community about your idea as soon as possible. This would ensure that the ecosystem and treasury fund get used right from the start and that no time is wasted before this new addition to the protocol starts benefiting the project.
The entire Particl team is very excited about the new decentralized treasury model and can’t wait to see what you all come up with in terms of initiatives, projects, businesses, and services. Particl now possesses the tools and resources to make anything happen; the sky is now the limit. It is now up to each and every one of us, the Particl community members, to make Particl a resounding success. So LFG!
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