coincodex.com
Key highlights:
- The community voted to optimize Zilliqa's sharding setup by retiring some underutilized shards.
- Miners approved balancing how mining prizes are doled out so slower rigs get a fair shake too.
- Managing the token supply actively is aimed at avoiding crazily spiking or plunging prices like you see at the grocery store during extreme sales.
With change on the horizon for Zilliqa, its dedicated community has voted resoundingly to pass four exciting new proposals through the project's decentralized governance system. These proposals could help refine Zilliqa's mining payouts, address network sharding, and even put inflation on a short leash. Let's take a closer look at what upgrades may be in store for this hardworking blockchain.
Changes are coming to rewards and sharding on #Zilliqa!
— Zilliqa (@zilliqa) November 10, 2023
2 major proposals have passed through governance, introducing active reward control and removing unnnecessary shards ahead of the launch of more efficient sharding with Zilliqa 2.0.
Find out more about these upcoming… pic.twitter.com/ByoqsZAP1a
Streamlining sharding to boost efficiency
Proposal One aimed to optimize Zilliqa's current sharding setup, which has seen some shards lying dormant more often than not. As any IT worker knows, idle resources are wasted resources. With these empty shards just sitting there taking up space, blocks were slower to form than they could be.
Thankfully, the community agreed in near unanimous fashion to temporarily retire these sleepy shards. This should pick up the pace of new blocks and reduce costs for nodes in the process. Picture a highway with closed lanes during off-peak hours- less congestion and smoother sailing for all. With any luck, Zilliqa's performance gets a nice little tune-up as these changes take effect.
Fair play for all miners
Proposal Two sought to even the playing field among miners by rebalancing how rewards are distributed. Currently, those with lightning-fast rigs make out like bandits compared to slower hardware. But as any good coach knows, teamwork means everyone gets a chance to shine on game day.
This proposal aims to reward steady contributions over sheer speed. A miner working hard with modest means will find their efforts more fairly compensated. In turn, there's less pressure to spend a small fortune on ever more powerful servers just to stay competitive. A more distributed network is a more resilient network- a great display of sportsmanship by the Zilliqa community.
Keeping inflation from going rogue
Which leads us to Proposal Three- keeping a tight leash on ZIL inflation. As networks improve, rewards rise exponentially if left unchecked. We've all seen what runaway prices do to the grocery store. Thankfully, the community voted for a responsible fix here too.
Active reward management will take the temperature of the network monthly and adjust payouts accordingly. Picture a central bank nudging interest rates up or down based on economic conditions. The goal is stable, competitive returns without any nasty surprises down the line. Managing monetary policy prudently - it seems the Zilliqa gang has learned from history's hard lessons.
Staking sweetness with proposal four
And last but not least, Proposal Four aimed to refine the staking experience with quality-of-life changes. Chief among them, leveling up lone wolf stakers who prefer to go it alone. Tracking participation more closely, streamlining claim processes- the little things that make a big difference over time.
With unanimous approval across all four proposals, it's clear this community is committed to the constant betterment of Zilliqa. Together, these upgrades could help optimize the whole experience for all involved.
As a result, the ZIL price has followed suit- appreciating over 40% in the past month to around $0.022 at the time of writing. But with active inflation management now in place and a streamlined architecture on the way, Zilliqa's prosperous voyage could be just getting started.