Important Next Steps for PNT Node Pool

Firstly, congratulations, the final member proposals have now completed. We are at 200,000 PNT.

The next step involves starting a proposal to fund the PNT Node Pool Nimbus,

which can be found here:
PNT Node Pool Nimbus

This is essentially a smart contract that acts as a signer for the DAO. It enables us to perform transactions outside of the DAO via the internal consensus mechanism (voting).

Once we fund the Nimbus, we can then transfer the PNT to a mainnet Gnosis Safe.

There are two options when it comes to the Gnosis Safe:

  1. All members can be individual co-signers to the safe on mainnet.

This option would require people to be more active, since we would need to have a certain amount of signatures for each transaction (i.e. sending monthly rewards to the PNT Node Pool). And there would be no voting weight, or proportional power with the Gnosis Safe, just 1 vote per member

OR

  1. Wait for a custom cross-chain solution that is currently being built, soon to be ready, which will enable the PNT Node Pool on xDai to control a Gnosis Safe on mainnet.

This option maintains proportional voting power over the safe, and will not require a minimum amount of signatures.

The first option we can do immediately. The second option we will have to wait for, but I was informed that it is almost ready. (Full disclosure: it was suppose to be ready by now, but there were some issues that needed to be resolved - A solution has now been found and it should be ready shortly).

After we transfer the PNT to the Gnosis Safe, we can then simply stake the PNT in the pNetwork DAO, spin up the Node and connect to the network.

It is important to note that members can also delegate their voting power to a trusted party (i.e. Peerion) if they do not wish to participate in voting. The delegation option can be found in your Profile > 3 dots > Add Delegate Key > enter the address you would like to delegate your power to.

Please share feedback so that we can start an official proposal and get everything in motion. And since it will take 4 days for the funding proposal to pass and 4 days for the transfer to mainnet to pass, we will not make the next epoch in pNetwork DAO, which means we have 2 weeks still to decide before needing to take action.

1 Like

What an interesting choice. To me gas costs on Ethereum are bad enough that option two seems attractive. I am not ultra-experienced or a phd-holding economist. I also do most of my activities on xDai (and a little matic & bsc) thus it would be practical to keep the PNT Node Pool operations on xDai too. But I haven’t decided yet.

I wonder if standard ETH gas fees would apply to our voting much like xDai applies when running these DAOs?

I can appreciate the equality of having all members voting but I imagine we would end up waiting for slower members who don’t check things regularly. Can we work around this? Build in a mechanism that, for example, eliminates a voter for a single vote if they haven’t voted within N days/weeks?

These are a couple thoughts that come to mind. More to come after it percolates through my mind more.

I should add that my username in all our daos is:
“David (please DYOR…)”

It is hard to consider “1 member 1 vote” fair and proper when some members have 50,000 shares and others have 323. I know what I would choose if I were these people and it is 2 different choices. Yet I am somewhere in the middle and so it is not as easy.

The difference is very significant. To put it bluntly, “Do you want more centralized control in the hands of the whales?” I did not grasp the gravity of this difference when i wrote my first couple replies.

If we can give away our vote (delegate) can we sell our vote? This would really give the whales the power. and yet the logic of weighted votes can’t be ignored. Speaking of delegation, I too am available as a delegatee since I rarely go anywhere and am monitoring my investments online throughout the day.

Are we restricted to these two options? What about 1 person 1 vote on xDai by simply adjusting all our weights to the same number? Are there other unlisted options that we just haven’t thought of yet? This kind of decision is good to mull over for a couple days. I hope our community thinks carefully about it.

Cheers!

To me option 2 is better. The simpler, to me, is better! :slight_smile: Thanks

I also think number two is better two more accurately reflect the shares distribution.

Cool, I think option 2 is better it’s worth the wait!

Please signal your choice for Management of the PNT Pool
  • I choose option #1. One vote per member.
  • I choose option #2. Votes are weighted to reflect the number of shares held. More shares equals more voting power.

0 voters

We were told that we will be receiving an update today on the development status of the custom cross-chain Gnosis Safe solution. Once we receive that information, we will share it here.

The PoC was successfully built and the audit approved. Now there will still be time before is fully ready for deployment, but we may be able to work with a quick and dirty version that will get the job done. We should have the final answer by tomorrow, but if it’s not feasible we should just proceed with option 1 and we can always switch to the new solution when it is ready. This way we can get staked in the pNetwork DAO and start earning.

At this time we see it best to move forward with option 1. We will create a Gnosis Safe on Mainnet and add each member to the Gnosis Safe as co-signers. This will be where we will transfer the PNT from the PNT Node Pool on xDai.

There will be 2 proposals required to pass in order to successfully transfer the PNT.

The first proposal will be to transfer the PNT from the PNT Node Pool Vault to the PNT Node Pool Nimbus.

The second proposal will be to transfer the PNT from the PNT Node Pool Nimbus to the PNT Node Pool Gnosis Safe on mainnet.

Once the PNT is in the Gnosis Safe, we can then stake the PNT in the pNetwork DAO, spin up a node and connect to the network to start earning.

We will set the Gnosis Safe to require a minimum of 10 signatures for all transactions. This means we will need 10 signatures to stake the PNT and 10 signatures to transfer the rewards each month.

Once the custom Gnosis Safe solution is complete, which will enable us to control a mainnet Gnosis Safe from our PNT Node Pool on xDai, we can revisit the option of setting that up if this current solution causes too much friction.

Since we will only be transferring rewards once a month, we do not see this being a major issue.

Please feel free to share feedback here on in our Discord, but ultimately the decision will be made by the passing or failing of the next 2 proposals.