NEM silver coin for all stakeholders?

[ltcmining]

In the contract linked above, look at this section:
Sustainability Fund

NIS Node Rewards 9%

Silver Coins for Distribution to Stakeholders 9%

Unconventional Marketing 9%

Presently Supernodes (with 3,000,000XEM) are being rewarded daily. This could be seen as helping the rich get richer.
Where are the silver coins, worth as much as ongoing daily Supernode rewards in our community fund?
What could be better unconventional marketing than rewarding original or even ongoing NEMbers? For example, if someone has proof they were an original stakeholder, but were late to their claim or discounted as a sockpuppet, why wouldn’t we give them an opportunity to earn rewards by helping the NEM network by running a supernode with less than the required 3MegaXEM? NEM will grow faster and be more popular if there are fewer bitter people out there who feel like they missed the boat even though they had a ticket for it.

[BenGee]

I’ve been too busy to write a follow up message since I posted the original message a week ago, but discussion in the telegram group has been ongoing and I have some time now to give an update on what has been discussed since then.

One of the earliest suggestions was to re-allocate the ‘Silver Fund’ XEM into the ‘Supernode Fund’. This had a few supporters and so I decided to look into the ‘Supernode Fund’ and found the following information:

It original contained 211,885,438.63 XEM (the same as the ‘Silver Fund’), using the Supernodes map location here: https://supernodes.nem.io/map we can see there are currently 527 Supernodes. The current Supernode rewards payout is 140,000 XEM per day, or about 265 XEM per day for running a supernode or around $68 per day, which is around $2000 per month or around $24,000 per year.

The point was brought up that those running Supernodes are required to have around $750,000 in XEM tied up and thus should be rewarded for this, however $24k a year was a little more than some people expected. Lon previously made the point was made that the ‘Silver Fund’ was created when the price per XEM was very small and thus with the current valuation the ‘Silver Fund’ is outdated. The point was then made that the same should therefore apply to the ‘Supernode Fund’ and if the ‘Silver Fund’ was to be re-allocated that Supernode rewards should either be reduced, Supernode requirements lowered or Supernode funds should also be re-allocated.

The original suggestion of re-allocating the ‘Silver Fund’ to the ‘Supernode Fund’ could possibly re-distribute $42MM from 1800 people to likely less than 500 people (of which are currently already receiving a share of $42MM, though they are taking a significant risk to do so) has since had opposition.

Back to the ‘Silver Fund’ I personally suggested that a compromise should be made that would both please the original stakeholders and the post-stakeholder NEM community. Ensuring we have a strong, stable, together community and avoiding in-fighting is very important.

Some stakeholders contributed .03 BTC when NEM was just an idea that may never have succeeded (like many coins and tokens didn’t). That is worth $330 today and who knows what it will be worth in 10 years, others bought stakes for even more on the NXT exchange.

I would therefore suggest something like 25% or 34% of the ‘Silver Fund’ is allocated as a reward for stakeholders and 75% or 66% is re-allocated for other purposes. It will also be an opportunity to demonstrate our voting system to the cryptosphere at the same time. This would hopefully keep our community strong, free up the majority of the ‘Silver Fund’ for additional funding in 2018 and beyond, and it could also grab a few headlines too.

"211,000,000 XEM put aside to buy silver coins for the original participants in NEM if the value ever reached $260,000 has ballooned to over $52,000,000 before the project had chance to complete.

Using the integrated voting system, the NEM community agreed to reward the original stakeholders with 25% of the fund (around $7000 per person) while the remaining $39,000,000 has been re-allocated to fund the progress of the entire blockchain which will benefit the entire community. This adds to the $500,000,000 the NEM community has already in the sustainability fund. The future is bright for the NEM blockchain, a leader in blockchain enterprise solutions."

Regarding the ‘Supernode Fund’ I did find that originally it was called the ‘NIS Node Rewards Fund’ and the description was the following:

“To incentivise and to accelerate the setup of NIS nodes, a reward program shall be established. This incentive ensures that there are sufficient NIS nodes in the network to keep check of the integrity of the NEM ecosystem. It is estimated that the above reward percentage will keep the NIS network incentivised for the next 6 years.”

A lot of discussion in the telegram group has revolved around others wanting to set up full nodes and be rewarded for doing so. I’m sure the Supernodes were set up for good reason and those who are using over $750,000 to secure the network should be well rewarded. But at some point possibly in 2018 the community and NEM Foundation could look towards changing the ‘NIS Node Reward Fund’ to benefit more of the community, while still rewarding those running Supernodes (again I think compromise to please all in our community is best).

[Styvyrt_Dizzyegg]

Might it work to send a message transaction to all original stakeholders (O.S.), to which they can reply to, in order to put forward their own suggestions of how to use the Silver Fund?

From there it can be put to the vote, O.S. only, multiple choice along the lines of:

a) I, in my capacity as an original stakeholder, hereby express my wish to claim my share of the 9% of the Silver Fund in the form of a silver coin as originally suggested.

b) I, in my capacity as an original stakeholder, hereby express my wish to see my share of the 9% of the Silver Fund put towards (insert IDEA 1 HERE)

c) I, in my capacity as an original stakeholder, hereby express my wish to see my share of the 9% of the Silver Fund put towards (insert IDEA 2 HERE)

and so on.

Each step with say a 14 day deadline.

The problem would then be simply manpower, as if those that wish to take their coin and run do so, those that voted in IDEA 1,2,3 would then have to find a way to action it to whatever degree that is agreed with the purse-holders.

A rather hurried post, my apologies, but as mentioned elsewhere it would be great to resolve this Silver Fund soon.

[suky321]

^^
Is this being voted on, or has a vote occurred? Would original stakeholders have to do anything in particular to claim their portion or would it just show up automatically at the original address assigned in the genesis block?

[BenGee]

There has been no vote, nor is a vote planned at the moment.

In the Telegram group (which everybody should join) the subject came up and was discussed, and I’ve been posting the gist of those discussions here on the forum for everyone to see.

Whether the original stakeholders have a right to “their share” or anything at all is still yet to be established. It is hard to figure out who has rights or ownership over the silver fund which is why I keep pushing for a compromise that satisfies everybody. It does seem to me that we should refer to the actual contract which allocated the XEM in the sustainability fund and then use the NEM voting system to resolve the issue, this would allow the NEM platform to keep its integrity imo.

[suky321]

A vote would be a good way forward. Put this issue to bed. I’m not really fussed either way what happens, it would just be a bonus.

[garp]

A few remarks.
First, regarding this possibility:

"211,000,000 XEM put aside to buy silver coins for the original participants in NEM if the value ever reached $260,000 has ballooned to over $52,000,000 before the project had chance to complete.

Using the integrated voting system, the NEM community agreed to reward the original stakeholders with 25% of the fund (around $7000 per person) while the remaining $39,000,000 has been re-allocated to fund the progress of the entire blockchain which will benefit the entire community. This adds to the $500,000,000 the NEM community has already in the sustainability fund. The future is bright for the NEM blockchain, a leader in blockchain enterprise solutions."

Who would be eligible to vote?

• An original stakeholder and a supernode owner are not the same. Some people will probably be both, but both shouldn’t be mixed. You’re an original stakeholder or not, that can no longer be changed.
• A lot of time has passed since the allocation of the stakes and funds might have been sold or bought. Collecting 3M XEM and becoming a supernode owner has been possible since the launch of the network in March 2015 and after the announcement of the supernode system, although it has become much more expensive this year. It has gotten out of reach of most people, we all know that, but that doesn’t make it an unfair system. Everybody had and still has the opportunity.
• Original Stakeholders should vote regarding the allocation of the silver fund. So the Foundation could indeed organize a vote, the eligible voters being the accounts in the first block and the weight of their vote being the stake or balance they originally received, see the NEMesis block. Whether the current voting system we have is capable of organizing this vote now, would have to be checked.

Second, regarding possible ideas for the allocation of the silver fund:

• As an original stakeholder, I would vote against the silver fund or a part of it being added to the supernode fund to reward supernode owners even more. That would be against the spirit of the project and not a good idea.
• If the silver fund, or a part of it, could be used to benefit all members of the community, I would be in favor.

I would therefore like to suggest to payout periodical rewards to all harvesting accounts (based on their importance). Such a system would be similar to the supernode system but would be much simpler to setup and would benefit everybody. This could compensate for the low transaction fees and harvesting rewards we all experience as community members.
If such an idea would get support from the original stakeholders, I offer my help to the Foundation and to BR to workout and setup the system. I would really like a statement as the one suggested above, thank you for the suggestion

Regards,
garp

[freigeist]

I would therefore like to suggest to payout periodical rewards to all harvesting accounts (based on their importance). Such a system would be similar to the supernode system but would be much simpler to setup and would benefit everybody. This could compensate for the low transaction fees and harvesting rewards we all experience as community members.

If such an idea would get support from the original stakeholders, I offer my help to the Foundation and to BR to workout and setup the system. I would really like a statement as the one suggested above, thank you for the suggestion

It would be nice to receive the silver coin but if not possible i would be in favour of your idea
to give benefits to whole community by distributing to all harvesting nodes.
Or if there are any other ideas that would benefit the whole community i would also support it.

[Absolum]

Any updates on this ?
As original stakeholder i would be keen to receive the silver coin in a form of asset.
I agree the physical silver coin thing is not really feasible, so would be better having the amount of Xem allocated to whoever is in the genesis block.

This thing has been promised so many times!! But never delivered!!!
I believe it’s now time to make it happen…
Simple because is something that has been promised to the stakeholder from the very beginning.

Also, I believe having this silver coins funds circulating will be more beneficial for XEM than having funds locked somewhere. There’s already enough reserve in the NEM bank.

As original stakeholder, and considering this silver coin equivalent asset distribution was promised from the very beginning and has been delayed for so long, I’m expecting a solution in a very short time .

Imaging the fuds otherwise… it’s better to show the world that NEM community deliveries what has been promised. This would be much more beneficial for reputation.

Who should be in charge for this ?
Is there anything we can do in order to help with this?

[cryptonit]

i think the silvercoin should happen
but even the most kick ass silvercoin will just need a shard of the funds
the rest should go into extend the supernode funds to make sure for many years
there will be a high end node backbone

the hardware and configuration requirements for supernode can be adapter over time
so they reflect the needs of the network

[iamsamuel]

Check latest updates on NEM and find future speculations here. NEM (XEM) Price, Chart, Market Cap and Exchanges Updates

[salminho]

is symbolically a very good thing. It really shows that this project is serious and that there is a lot of effort being put in, it is likely that the media also notices this. Redtube Beeg Spankbang