SmartCash Increases Masternode Collateral by 10x Without Voting
A Twitter user @tipmebits has reacted to SmartCash’s mandatory update to version 1.2.8 for SmartNode operators. A new collateral requirement for SmartNode has been introduced as part of the update. SmartNode operators are now expected to have collateral of 100,000 SMART, instead of the current 10,000 SMART.
Although it is not a new thing for blockchains to release updates and fixes, what comes as a surprise is the fact that SmartCash has increased the collateral for running a SmartNode without consulting their community.
#smartcash changes collateral to 100 thousand $SMART. 10x the current value. No vote or governance required for this change to fundamental coin specs… Especially without consulting community that has a working, established voting method.
Apparently, SmartCash did not go through their already established voting system in implementing this change, as they state that their Governance Portal is only for funding projects from the community hive budget.
The crypto project announced the new version in an official post noting that the update will help “rebalance incentives and improve the effectiveness of the SmartNode network which recent stress testing uncovered.”
SmartNode operators will have about two week window after the release of 1.2.8 to upgrade before their current collateral becomes ineligible for block rewards.
The project has given two primary reasons for implementing this change. First, they want to improve the quality of servers running on their network. Secondly, this update will balance the economy of the network.