As many of you know, a very important duty entrusted to masternode holders is the ability to vote on governance proposals on the Bulwark blockchain. Each month a superblock is produced and minted which contains 10% of block rewards for that month, these rewards could go anywhere – but there needs to be consensus on that decision. Nobody can claim that BWK alone, which is where masternode governance comes in to play.
How much Bulwark is available?
Once Governance is active on the network, 10% of Block rewards will be added to a superblock which is mined each month, exact figures for which can be found in the Bulwark Whitepaper. For the first 3 months of Governance the total monthly budget to be allocated between the development team and any community initiatives is 72,000 BWK.
What happens if too few proposals are passed?
If no proposals were passed in a month, then the super block will not be created, and therefore the 10% of supply will be in a way “burnt”, except it was never actually created.
What can also happen is that less than the maximum amount for a superblock may pass, thus a smaller superblock will be created. Any leftover coins are once again “burnt” or more accurately, they’re never even created.
Another situation which can arise is that proposals asking for more Bulwark than will be generated have passed. If there is not enough BWK left in the superblock to fill a proposal, instead of a partial payment to the proposal with more votes, the network will automatically fill smaller proposals which have also passed to minimize the “burnt” amount, while the larger proposal which couldn’t fill is passed along to the following month.
What if there isn’t enough BWK in a superblock to fund a proposal?
Another feature of governance is repeat proposals, you can actually specify how much BWK you would require per block, and how many blocks you need. For a repeating proposal to host a website, somebody could ask for 100BWK per month out of the superblock, for the next 6 months. Similarly, if there was a huge project that was larger than a single superblock could provide for, you could instead request for a large amount for 3 months to gather the funds. For large proposals it is better to break it up over multiple months, as it means instead of essentially removing governance funding from others for multiple months where you take every BWK from each superblock, you could instead request 25% of the superblock over 4 months, which allows others to get involved in Governance without interruptions or lack of funding.
What can be voted on?
You can pull up the list of active proposals in your wallet at any time, simple type
mnbudget show in to your debug console. The wallet will then shown all of the proposals currently open to be voted on, along with all of the details relevant to each one, as well as the hash which you can use with the vote commands to support or reject the budget proposal.
You can also head over to the Bulwark Community Forum and browse the Proposals section to get a more detailed view of what the community is proposing.
How do I vote?
Currently all Governance interactions must be done through the Bulwark RPC console. We are working on a web portal to simplify the proposal creation, sharing, and voting process, but we’ll give you a run-down on how to create a proposal or vote on an existing one so you’ll be able to voice your opinions, even without the web portal.
- Pull up the list of active proposals using
mnbudget showand take note of the hash corresponding to any you’re interested in voting on.
- Using the command
mnbudgetvote many votehash yes|no, replace
votehashwith the hash of the proposal you’d like to vote on. Then decide whether you’d like to vote
noon the proposal. This will instruct all the masternodes you run to vote for or against the proposal.
You’ll want to do some preparation before submitting your proposal to ensure you can clearly and concisely explain what you’re planning on doing with the coins.
To begin the submission process, enter
mnbudget prepare in to a Bulwark RPC console. This will show you all of the details needed in order to submit the proposal.
Proposal-name :This is going to be the name of your proposal. It has a 20 character limit, so make it count!
url :This field allows you to submit a URL to an expanded explanation of your proposal. We have a section on our Community Forum specifically for discussion of proposals. Linking to a post in this section is the easiest way to spread the details about your proposal. The more detail you can go in to about how the funds will be handled and where they will be stored, the more likely you will be to convince people that they should vote for you!
payment-count :This field denotes the number of payments you are requesting. You can request a one-time payment, or several smaller, recurring payments if your project will require ongoing funding.
Block-start :This field denotes the Super-Block that you’d like your proposal to start paying on if it is accepted.
Bulwark-address :This is the field in which you put the Bulwark address that you’d like to receive the superblock payout with.
Monthly-payment :The amount of coins you’d like to receive every month.
Finally, once you’ve gathered the requested information and reviewed its accuracy you’ll want to run
mnbudget submit to submit your proposal to the network.
Also in the RPC console, you can enter
mnbudget help which will explain further commands you can use to vote, submit, and view various proposals on the network.
Bulwark Core Team Proposal
We are very proud to announce the first ever Bulwark governance proposal, submitted by the Core Team. We now need YOUR help to continue funding and growing the Bulwark team! Please find an outline of the proposal we would like you to vote upon below:
- Support Infrastructure
- Software Development
- Hardware R&D
For more information, please check the full proposal on our Community Forum.
How to vote
Head to the debug console on your Bulwark wallet containing your collateral. To view the full details of our proposals use
mnbudget show. When you are happy to vote, run:
mnbudgetvote many eebbb3643f66a46afba00663a0b7c413f427e20a0ea0c7c840855f4ea6339565 yes
This will vote yes to our proposal, and assist with funding the Bulwark project.
In summary, we are very happy to finally flick the switch on governance. Governance truly is the catalyst for our 2nd year plans, allowing us to continue development, and continue hitting roadmap milestones. There’s so many huge new developments in year 2, starting with Bastion and Aegis in Q1. Furthermore, we have plans for team expansion which will bring us new members for the #BulwarkGang, and redesigns of the explorer and desktop wallet, with a brand new software release in the form of a mobile wallet lined up. Thanks for voting!