Altcoins

Stakin Approves Proposal to Launch a ‘Timely Vote Credit’ Apparatus on Solana

Stakin, a popular staking-as-a-service provider, has recently passed an exclusive proposal. As per the company, the proposal is ‘Timely Vote Credits’ which will launch on Solana’s mainnet to make the network more transparent and profitable. On its official X account, Stakin expressed enthusiasm regarding the latest update.

Proud to announce that we’ve voted YES to enabling Timely Vote Credits on Solana Mainnet. We believe that TVC will make Solana fairer and more performant.

For context:
– https://t.co/K52r8g0r2p
– https://t.co/PKbYuJlkIV

Make sure your validator votes too 🗳️

— Stakin (@StakinOfficial) April 1, 2024

Stakin’s Exclusive Proposal Request Launching ‘Timely Vote Credit’ Mechanism on Solana

In addition to this, Solana shared the details of the project to explain how it works. The company discussed factors that paved the way for the latest proposal. As per it, the validators have come to know their ability to elevate the vote credits that they earn. They can reportedly do so by minimizing the potential of voting on a deactivated fork by procrastinating votes.

This has resulted in diverse strategies that several validators employ while using diverse extents of procrastination in voting. This leads to sluggish finalizations and confirmation of blocks and directly influences the speed of Solana’s transaction processing. In response to this issue, the platform is proposing the Timely Vote Credits project. This requires the allocation of diverse credit numbers to the votes.

In this way, the faster votes get extra credit in comparison with slower votes. The proposal advocates the implementation of this mechanism on the Solana mainnet. Apart from that, Solana also disclosed the voting procedure in which the initial step is the discussion period. It mentioned that the validators should take part in the discussion period to guarantee addressing the concerns.

The New Mechanism Focuses on Bringing More Transparency to Voting

The 2nd step focuses on the collection period where validators can validate their weights. After that, Stakin will distribute the Voting tokens among the validators in line with the stake weights. Each stake import will carry one vote. 3 token accounts related to the 3 voting choices including an abstain vote account, a no vote account, and a yes vote account.

If the accumulation of the Yes votes equals or surpasses 2/3 of the overall sum of votes, then the targeted proposal will get approval. The company added that the mainnet release of the above-mentioned voting mechanism will additionally provide ease in the process of voting on Solana.

Source

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