Minimum Commission - Follow up
paradox
3 years ago
Dear community,
Fifty-six days have passed since the on-chain minimum commission was set at 3%. There was an involved discussion leading up to the public vote with some posts raising possible concerns, while others only saw benefits.
Now that sufficient time has elapsed I am reengaging the community to gauge feedback. Validators, has a minimum commission provided you with desired results? Nominators, are your returns still in fair good measure? Has the footprint of validators changed to any great extent?
Please share your views and don't be limited to the questions above.
Comments (3)
The commission change has been noticeable for me, but the rewards are lower than what I projected. This is because my server isn't top of the line and I'm guessing my validator loses a lot of block slots from being too slow. The prospect of achieving the reward average (or higher) is a big incentive for me to upgrade my server. From my anecdotal experience, the minimum commission is urging me to be more competitive as a validator. I don't know if this is the case for everyone but if it is then we have more a powerful network of machines running nodes. And the recent runtime retiring Ubuntu 18.04 is harmonious with this evolutionary trend.
At Gatotech we are convinced this was a step taken in the right direction, and that is even more evident when other substrate-based networks are either adopting it right away or considering it for their economies. It is very encouraging that emergent behaviour coming from this change has so far been mostly positive for all parties and we particularly expect that the network will benefit from a healthy set of validators which will keep reinvesting in the technology to achieve consensus in a reliable way for the long run. Next ideal steps would be of course aligned with the original ethos of building and maintaining a true trust-less and decentralised network for the benefit of the entire humankind! Wholehearted thanks to Will (Paradox) for paving the way ahead! :-)