Jump to content
Lightning Bitcoin
Sign in to follow this  

Update On Our Governance Proposal of the 21st November 2018 关于我们2018年11月21日治理方案的最新情况

Recommended Posts

Dear LBTC Community

The LightningBTC.uk / Eagly governance motion (link contains a full copy of the text submitted on 21st November 2018) was submitted pending approval to the governance section of the official LBTC.io website exactly one week ago. It was also entered as a proposal into the Spark Governance System (SGS) on the LBTC blockchain at the same time: explorer.lbtc.io/billinfo?id=31c8ba875fc9824b94fb65dbf07574d0c62a5cfc

Starttime: 2018-11-21 02:01:22

The full text for this motion was submitted to LBTC.io moderators before I posted it (as a LBTC Committee member) with the LBTC SGS. I have reposted the link to the The LightningBTC.uk / Eagly governance motion full text in an effort to allow anyone in the LBTC community who has not yet had an opportunity time to view this proposal, time to do so before the voting closes.

To those reading, I am properly entered as a LBTC Committee Member as recorded on the LBTC blockchain, so please vote on the motion as it will benefit all LBTC holders for a prosperous long term future.

Thank you for your attention.

“Eagly”. 28th November 2018."


LightningBTC.uk / Eagly治理动议(链接包含2018年11月21日提交的文本的完整副本)在一周前提交给LBTC.io官方网站的治理部门批准。它也同时作为LBTC区块链的星火治理系统(SGS)的提案输入:explorer.lbtc.io/billinfo?id = 31c8ba875fc9824b94fb65dbf07574d0c62a5cfc

开始时间:2018-11-21 02:01:22
在我与LBTC SGS发布(作为LBTC委员会成员)之前,此议案的全文已提交给LBTC.io主持人。我已将该链接重新发布到The LightningBTC.uk / Eagly治理动议全文,以便允许LBTC社区中尚未有机会有时间查看此提案的任何人,在投票结束前有时间这样做。



Eagly。 2018年11月28日。




21st November 2018

[MotionIt is proposed to change the DPOS reward mechanism of LBTC to prevent long term centralisation of LBTC by private forging pools and to allow all LBTC holders to be the true owners of LBTC Network Rights and Benefits.

[See the SGS Governance Link for our Successful Proposal Submission on LBTC.io]

[Proposer] Eagly
[Proposal creation time]

Starttime: 2018-11-21 02:01:22

[Voting time] 10 days
[Status] Voting Currently Active:

The reasons for submitting this proposal are as follows:

  1. The LBTC network is in danger of being centrally controlled by 1 or 2 private forging pools, who are using the coins forged to secure their control of the LBTC Network by building their stakes to the point where they cannot by outvoted via SGS.
  2. LBTC holders are not guaranteed forging returns for holding and staking LBTC coins.
  3. The voting, staking and reward mechanisms are unclear and open to manipulation by forging nodes representing major coinholders who are able to put their own interest above the interests of the wider LBTC community.

The Full Proposal:

My proposal is that we vote to change the DPOS mechanism of LBTC so that as a community we:

  1. Reward the 101 active forging nodes with fixed percentage (I suggest 5% of the new coins forged daily which currently = 90 LBTC) of the new coins forged. Forging nodes will continue to receive the transaction fees for network activity.
  2. Divide the remaining forging rewards equally between ALL LBTC coins currently voting on the network, regardless of which nodes they vote for. All coins voting for nodes will receive a proportional share of the forging rewards.
  3. Change the way that newly forged coins are allocated so that the rewards outlined in points (1) and (2) above are distributed automatically by the LBTC ecosystem DIRECTLY to LBTC voting wallets, thus ensuring fair and transparent division of the new LBTC coins to ALL LBTC coin holders that choose to participate in voting. Eg LBTC coins voting from LBTC wallets are rewarded daily at the network level, not given rewards via the forging nodes they are voting for.



LBTC was designed to overcome some of the major problems of Bitcoin, such as miner centralisation, and to quote the official LBTC Medium on the launch of SGS (linked here: https://medium.com/lightning-bitcoin-blog/lbtc-on-chain-governance-spark-governance-system-2-911885f40e96), the role of the LBTC Holder is “owner of LBTC Network Rights”.

Unfortunately, the structure of LBTC’s DPOS implementation means that the network is already being dominated by private Forging Pools, who areclaiming the majority of the newly forged coins for themselves, and therefore denying ordinary LBTC coin holders in the LBTC community the advantagesand rewards created by the LBTC DPOS mechanism.

LBTC forging nodes and rewards are being centralised by a small number of private coin holders, who are using the DPOS mechanism in private, closed forging pools to grow increasingly large stakes in the network.

If this situation is allowed to continue then these private forging pools will soon control and retain 100% of the new forged LBTC coins (1,800 LBTC per day) giving them full control of the network and allowing them to have an unshakeable hold on LBTC as their percentage stake in the network grows bigger every single day. This situation destroys two of the main core values of LBTC (community and decentralisation), and will, in my opinion, prevent LBTC from reaching mass adoption and realising it’s potential as a major cryptocurrency in the Internet of Value.

With such a small number of coins currently in circulation and an inflation rate of 1,800 coins per day, I believe that the LBTC commmunity needs to vote to change the rewards mechanism through the Spark Governance System (SGS) to protect the rights of smaller stakeholders within the LBTC communityand to ensure the long term survival of the LBTC network. Voting for this proposal will give every single LBTC coin the same long term value on the network as it will guarantee long term DPOS forging rewards for every voting coin.

It is my belief that we as a community need to change the way that forging is rewarded to ensure that the role division within on chain governance remains true to the officially stated intention of SGS (see link above) so that a “Forging node” is “responsible for network stability, not involved in governance”. If the present situation is allowed to continue then the forging nodes will take over the governance of LBTC by creating and retaining so many new LBTC coins that soon they will not be able to be outvoted through the SGS system.

This will create a system similar to that currently experienced by Bitcoin, where the control of LBTC is fully centralised within the control of 1 or 2 private entities. This will destroy the long term prospects of growth for LBTC,
Advantages of passing this proposal:

  1. All existing and new coin holders will be able to assess the rewards they will receive in advance of investing and voting in the LBTC network (1,800 coins divided by total voting coins multiplied by coins staked minus 5% forging fee)
  2. All LBTC coin holders will be able to vote for the forging nodes that they believe will best serve the LBTC network, without concerns that they are voting for nodes that will not reward them.
  3. LBTC holders will be able to stake and receive rewards direct from official wallets and control their own private keys. At present the only real staking option is the Cobo cloud wallet, which does not allow control of private keys.
  4. All LBTC coin holders who participate in voting will be equally rewarded proportional to the number of LBTC coins they stake.
  5. All active forging nodes will be equally rewarded with a fixed percentage of forged coins for supporting the LBTC network.
  6. DPOS and DPOS rewards are some the most attractive features of LBTC. The long term value of LBTC will be secured by rewarding all LBTC holders proportionally to the number of coins they vote with.
  7. The long term value of the LBTC network will be protected from being centralised by a small minority of large stakeholders.
  8. All stakeholders in the LBTC network should benefit long term from this change as it will add long term value to this community.


Disadvantages of passing this Proposal:

  1. More disruption in the LBTC network, will probably result in more downtime with exchanges, integration and possibly LBTC wallets.
  2. The proposal will change existing services with 3rd parties like Cobo.


Current problems addressed by this proposal:

  1. Forging nodes are not required to reward LBTC coin holders who vote for them, and if they do reward coin holders the forging nodes can choose the level of the rewards (eg Cobo)
  2. Voting for nodes that are not forging does not generate DPOS rewards, meaning that LBTC holders who vote for changes in forging nodes to improve the network are penalised.
  3. The voting mechanism at present is not clear or transparent, and there is no way for coin holders to assess the likely rewards they will receive for voting for nodes.
  4. Of the 101 forging nodes currently active on the LBTC network: 51 are controlled by an unknown private forging pool who do not reward voters. 20 are controlled by Benpool who do not reward voters, and the remaining 30 are controlled by Cobo who have a variable rewards (they offer 95% of rewards for their cloud wallet users [who have bno control of their private keys], and 50% of rewards for coin holders who vote via official wallets).
  5. As the current forging nodes are retaining the vast majority of the 1,800 LBTC generated per day, their stake in the network is getting larger and larger. They will end up controlling LBTC if they are not stopped by SGS governance.


A theoretical example of the Proposed forging system in action over a 1 day period:

  • 1,000,000 LBTC coins choose to vote via their LBTC wallets (51 votes each) for 360 different forging nodes.
  • 1,800 LBTC coins are forged daily by the 101 top voted nodes (same as currently forged)
  • The 101 top voted forging nodes share 5% (90 LBTC) of the new LBTC coins plus they take the transaction fees from network activity on a block by block basis.
  • The remaining 1,710 newly forged coins are shared equally between the 1,000,000 LBTC who voted in the period, giving a DPOS reward of 0.00171 LBTC per voting LBTC coin.
  • In this example, a holder staking 1,000 LBTC would receive 1.71 LBTC per day directly from the LBTC network to their voting LBTC wallet address, regardless of which nodes they chose to vote for. If all currently circulating coins on the LBTC network were voting, the rewards would, of course, be lower as there are 3.6m coins in total circulation, although some are held by the team.



Please seriously consider the long term benefits to everyone in the LBTC community of this proposal and vote to pass this motion.

Like many early supporters of the LBTC network I have been concerned at the nature of LBTC’s DPOS implementation, and I believe that this proposal represents the fairest possible solution to the problem of long term centralisation and LBTC network dominance by the largest LBTC coin holders.

The current problems in the BTC and BCH network demonstrate the long term problems and lack of coin holder confidence associated with miner centralisation, and I believe that forging centralisation will create similar problems in the future for LBTC, preventing LBTC from realising it’s true potential.

I would like to ask that all LBTC holders support this proposal, including those coin holders who do currently benefit from controlling the new coin supply and forging nodes and who may lose out in the short term if they vote for this proposal. Please put the interests of the LBTC community before your own short term profits.

Everyone will benefit from these changes in the long term, as they will bring transparency and confidence in the way that the LBTC network operates.

Creating a truly decentralised currency where every coinholder benefits equally will benefit all LBTC coin holders in the long term. This proposal will help LBTC to attract new users and give LBTC the recognition that we need to become the new standard in the future for the Internet of Value. We need to give current Bitcoin holders a viable long term alternative, and the added value of a well structured DPOS mechanism will help us to make this future a reality.During the winter we can build towards a glorious Spring.

Is is wiser to own a small amount of something important than a large amount of nothing.”

Thank you for your time and consideration of this proposal.



The following is a Chinese translation created using the help of online tools. I hope that friends in the Chinese LBTC community will see this proposal and participate. If passed this proposal could be very good for the future of everyone involved with LBTC.



以下是使用在线工具创建的中文翻译。 我希望中国LBTC社区的朋友能看到这个提议并参加。 如果通过,这个提案对于参与LBTC的每个人的未来都会非常有利。





[建议者] Eagly


[投票时间] 10



1. LBTC网络有被12个私人锻造池集中控制的危险,这些私人锻造池使用伪造的硬币来确保他们对LBTC网络的控制,方法是将他们的赌注建立在不能通过SGS投票的地方。

2. LBTC持有人不保证伪造持有和赌注LBTC硬币的回报。






1.以固定百分比(我建议每天伪造5%的新硬币,当前= 90 LBTC)锻造新硬币,奖励101个活动锻造节点。伪造节点将继续收取网络活动的交易费用。





LBTC旨在克服比特币的一些主要问题,例如矿工集中化,并在SGS发布时引用官方LBTC媒体(链接到这里:https//medium.com/lightning-bitcoin-blog/lbtc- ,链式治理 火花 治理 系统 - 2-911885f40e96),LBTC持有人的角色是“LBTC网络权利的所有者”。

不幸的是,LBTCDPOS实施结构意味着该网络已经被私人锻造池所主导,他们为自己声称拥有大部分新伪造的硬币,因此否认LBTC社区的普通LBTC硬币持有人创造的优势和奖励通过LBTC DPOS机制。


如果允许这种情况继续下去,那么这些私人锻造池将很快控制并保留100%的新伪造LBTC硬币(每天1,800 LBTC),使他们能够完全控制网络并允许他们对LBTC进行不可动摇的保留。网络中的百分比股份每天都在增长。这种情况破坏了LBTC(社区和权力下放)的两个主要核心价值观,并且在我看来,它将阻止LBTC实现大规模采用并实现其作为价值互联网中主要加密货币的潜力。

由于目前流通的硬币数量如此之少,每天通货膨胀率为1,800个硬币,我认为LBTC社区需要通过星火治理系统(SGS)投票改变奖励机制,以保护小型利益相关者的权利。 LBTC社区并确保LBTC网络的长期生存。投票给这个提议将使每个LBTC硬币在网络上具有相同的长期价值,因为它将保证每个投票硬币的长期DPOS伪造奖励。










6. DPOSDPOS奖励是LBTC最具吸引力的功能。 LBTC的长期价值将通过奖励所有LBTC持有者与他们投票的硬币数量成比例来确保。

7. LBTC网络的长期价值将受到少数大型利益相关者的集中保护。

8. LBTC网络中的所有利益相关者都应该从这一变化中获益,因为这将为该社区增加长期价值。



1. LBTC网络的更多中断,可能会导致交换,集成和LBTC钱包的停机时间更长。







4.目前在LBTC网络上活动的101个锻造节点中,有51个由一个不为选民奖励的未知私人锻造池控制。 20人由Benpool控制,他们不奖励选民,其余30人由Cobo控制,他们有可变奖励(他们为他们的云钱包用户[无法控制他们的私钥]提供95%的奖励,以及50%通过官方钱包投票的硬币持有者的奖励)。






•101个最高投票的锻造节点共享新LBTC硬币的5%(90 LBTC),并且他们逐块地从网络活动中获取交易费用。

剩余的1,710个新伪造硬币在该期间投票的1,000,000 LBTC之间平均分配,每个投票LBTC硬币给予DPOS奖励0.00171 LBTC

在此示例中,持有赌注1,000 LBTC的持有人每天将直接从LBTC网络收到1.71 LBTC到其投票LBTC钱包地址,无论他们选择投票选择哪个节点。如果LBTC网络上所有当前流通的硬币都在投票,那么奖励当然会降低,因为总发行量中有360万个硬币,尽管有些是由团队持有的。











Edited by Eagly
Corrections & and shortened links in article (then added Chinese translation)

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Create New...