This is a part continuation from the discussion here around staking rewards.
https://forums.minaprotocol.com/t/tokenomics-review-and-recommendation-introduction-of-token-locking-and-treasury-funding-for-mina/6543/79
MY BACKGROUND
I have been involved with Mina in many areas from almost the very beginning, mostly as a community leader and zkIgnite participant and several Mina Foundation funded proposals. I run zkok.io @minacryptcom twitter account and previously ran minacrypto.com.
It is important to note that my understanding of Mina’s mechanisnm is fairly limited and it is a reaction from the Tokenomics report by Economic Design which I feel from a technical perspective may be sensible, from a marketing perspective is the exact opposite of what is needed to change the current widespread negative perception.
WHAT I WOULD LIKE
It would be great to get feedback on this idea from a technical and non technical perspective.
BASIC PROPOSAL
Remove all staking rewards for people who are not running a node.
PURPOSE
To reduce supply and reverse negative sentiment
LOGIC
Right now Mina is in a negative spiral of increased supply and lower price. The current APR and additional Mina for long term holders is becoming increasingly irrelavant in this environment.
I am sure if you asked the average holder if they would like 100 Mina at $1 per Mina ($150) or 150 Mina at 50c per Mina ($50) they would opt for the former.
By creating a much lower supply the idea is to motivate holders to stake their Mina and reverse the negative spiral that is currently happening. They could see Mina as a better store of value
From a marketing perspective reducing supply is a very powerful tool and could bring old holders back to Mina and new investors interested in its potential. It also gives way to new discussions and a chance for many marketing opportunities.
OPINIONS WANTED - TECHNICAL PERSPECTIVES
What are the potential negative aspects to this from a technical perspective?
Is it possible to do?
What would be the security implications?
How does this affect a treasury for the foundation (could a % be allocated to fund this)?
OPINIONS WANTED - COMMUNITY PERSPECTIVES
I realise this idea takes a mental jump
Do you think this is a good idea?
Would you be happy with less Mina overall, but a potential price rebound on what you have?
Do you think this would make Mina more attractive to new holders?
Any other thoughts / ideas?
Mina needs new ideas and direction in order to be saved from obscurity. Please leave your feedback (good or bad). A hard fork is coming and the Community has the power to make things better.
THANKS!!
@hgedia @Trivo @bkase @lamps @AustinBaggio @DFST @dannywillems @Ducca
@EmreNOP