Forefront of Decentralization: The First MultiversX Protocol Governance Vote (23 November - 3 December)
After a 9-week discussion window on Agora and the extensive feedback received from the validators who got involved in the testing phase, we are ready to move forward with the Sirius mainnet release governance proposal.
Every user with staked EGLD is eligible to participate and vote for the proposal that will bring tens of new important features and additions to the MultiversX protocol, some of which have been in the works for over 1 year.
Making MultiversX More Powerful
- Optimize Consensus Signature Check: A new feature that optimizes CPU usage during consensus signature verification
- Refactor Resolvers: Solves technical debt by splitting the resolver component's functionality
- Multikey Support: Enables nodes to sign with multiple keys, requiring a multikey node for each chain shard
- PubKeyConverter Refactor: Improves error propagation and supports unique human-readable parts for sovereign shards
- Peers Rating Handler Fixes: Addresses bugs in the P2P peers rating system to enhance response efficiency
- Governance v3: Implements a new voting smart contract with features like MinQuorum, MinPassThreshold, and MaxDuration for proposals
- DNS v2: Introduces new functionalities like saveUserName and deleteUserName, accessible by whitelisted smart contracts
- WebSocket Outport Driver: Refactors the WebSocket driver for improved performance and versatility
- Sync Missing Trie Nodes: Enhances network repair capabilities by syncing missing trie nodes
- Balance Data Tries: Implements hash(key) storage for balanced data tries and introduces a migration function
- Sharded Persister: Adds the ability to split storers across multiple directories for improved data access
- Trie Sync Optimizations: Parallelizes the trie sync process for efficiency
- VM v1.5 Integration: Incorporates features like Multi-async and ManagedBigFloats in the smart contract processor
- State Package Refactor: Enhances code readability by restructuring account implementations
- Full Archive Refactor: Reworks full archive solution for optimised node connection and response cycles
- VM-query with Block Coordinates: Supports VM query execution based on specific block coordinates
- Logs & Events Changes: Improves intra-shard contract call tracking
- Transaction Execution Ordering Refactor: Enhances efficiency and accuracy in determining transaction execution order
- Several other smaller features and fixes
All these improvements will make their way to the MultiversX protocol if the proposal obtains 50% +1 YES votes, the threshold necessary for the proposal to pass.
Important things to know
Although the voting happens on-chain, the full governance system implementation is not yet in place. Sirius will enable it and will open the process to anyone willing to submit proposals, as well as enforce a deposit fee (anti-spam measure), set a higher quorum, and allow liquid staking users to participate.
The voting procedure for this proposal will span over 10 epochs, from November 23 to December 3. Voting power has been retrieved from past snapshot data taken this month (12-22), using the square root of the average staked EGLD. Here’s an example:
A user who had a constant amount of 100 staked EGLD during the snapshot period will have a Governance Power of 10.
The Sirius v1.6 release has undergone multiple rounds of testing, both internal and public, including end-to-end, integration, and differential tests. It’s a combined effort from multiple teams and hundreds of people, bringing forth one of the most complex mainnet upgrades to date.
A historic step for MultiversX and the blockchain industry
From now on, the community will vote for each new substantial change occurring on the protocol, as part of our long-term decentralization efforts.
More than 140,000 users are eligible to join this first call, which has the potential to be the biggest on-chain governance vote that ever happened on a blockchain network.
Cast your vote on the governance portal: https://governance.multiversx.com/proposal/erd1qqqqqqqqqqqqqpgqrgnkavjf5nl943crczz5wjxzs5garatj47dsnupxm6/1
Beniamin Mincu, the co-founder & CEO of MultiversX, is a distinguished tech visionary and one of Europe's early blockchain pioneers. With a notable background as Product & Business at Nem Core in 2014, he subsequently founded and led MetaChain Capital as its CEO. Beniamin continues to shape the future of technology and blockchain with his unwavering vision and leadership.
