The First Horizen DAO - ZenIP 42206 Approved The EON Forger Subsidies Fund

0 118

Written by

PVMihalache

#Club1BCH

1 year ago

In community: Club1BCH(4ac4)

Topics: Horizen, HorizenEON, Ethereum, Cryptocurrency, Writing, ...

Was a good year so far and it's a bullish 2024 in the Horizen! Yes... I am playing with words... again!

Horizen is an open-source, public protocol with a broad and diverse ecosystem that includes developers, miners, node operators, across multiple blockchain networks. The launch of the Horizen DAO made it easier for Horizen community members to get involved in governance and make their voices heard in the direction of the project.

Horizen was a community-driven project since day one, and creating a powerful social layer was crucial for maintaining the integrity of the ecosystem. This approach is directed by the guiding values of transparency, security, accountability, community involvement and social responsibility.

The Horizen DAO will decentralize decision-making for technical, non-technical, and other substantive improvements to the system, through proposals called IPs. The Protocol Improvement Proposals (IPs) are used to select and implement new features and core protocol changes in many blockchain projects.

The ZEN holders are the ultimate decision-makers for the future of Horizen and exercise governance over the network’s evolution through participating in the Horizen DAO. Join the discussion and learn more about it in the Horizen DAO Discourse or Discord.

ZenIP 42206 was the first Horizen community vote, and $ZEN holders decided that the Horizen Secure Node rewards to be redirected to Horizen EON forger nodes. The purpose is to drive the success of the Horizen EON network by increasing the security and decentralization of the network.

About ZenIP 42206 – The First DAO Proposal

ZenIP 42206 proposed redirecting the portion of the Horizen mainchain block reward currently paid to Secure Nodes to an EON Forger Subsidy Fund. The voting started on the 20th of November 20th and ended on the 23rd of November, at 00:00AM UTC.

What changes will ZenIP 42206 bring? The main change will be the the creation of a DAO-controlled address called “EON Forger Subsidies”, which will be set up on both EON and the Horizen blockchains. The 10% of the block reward currently paid to Secure Nodes will be redirected to the “EON Forger Subsidies” address on the Horizen mainchain, and held there until two conditions are met:

Forging on EON becomes open to the public
A mechanism to automatically forward transfer 10% of the block reward to the EON chain’s “EON Forger Subsidies” address has been added to the mainchain

There will be an automated distribution of funds based on block forging, with an equal amount of ZEN paid out for each EON chain block forged, when forging becomes open to the public and the automated forward transfer is set up. All block subsidies will be distributed at the end of each Sidechain Consensus Epoch, while the Secure Node tracking service will be deprecated.

As the proposal reached quorum, the Secure Nodes operators will no longer be eligible to receive block reward allocations but will have the option to choose to migrate to EON to be eligible for forging subsidies. The vote was straight-forward, as 98.17% of the voters voted in favor.

The rationale of the proposal tackles the increased need for security and decentralization in the EON sidechain. There is increased burden on the mainchain resulting from many secure node holders having subpar hardware, and the change will offer the operators the possibility to receive part of the block reward and EON gas fees by participating in the EON sidechain

The way forward is decentralization and innovative reward systems, therefore I am all in favor! The EON Forger Subsidy Fund will create a stronger ecosystem and my vote was "FOR"!

You can vote with $ZEN tokens on HorizenEON or $ZEN held in the Sphere Wallet. You can link both holdings in few steps, using the Sphere integrated signature system to merge both into a single vote. Watch the video for a step-by-step guide!

What makes EON special? It's sidechain not a layer-2 solution, meaning that all the tools will be benefit from the full power of the Horizen open-source public protocol.

It is easy to move $ZEN to EON, directly from the Sphere Wallet. Make sure you have the latest version, and select the desired sidechain for the withdrawal from the drop-down menu. I sent 0.1 ZEN as a test and the transaction was completed in seconds.

Start building on EON, mint NFTs and enjoy community built Dapps such as The Faucet Coin $TFC, the Love Faucet and Zen Domains. I will allocate time to mint Humble Tractors New Horizen in December, and make sure everyone gets an early Christmas EON gift!

The Faucet Coin ($TFC) was the first DApp deployed on HorizenEON. The Faucet Coin is a unique experience, with zero initial supply! There was no premint and no team allocation. You can claim one $TFC every day and help the token grow towards the 1 billion supply.