Reduce Budget Fees

Reduce Budget Fees

This proposal would reduce the current budget proposal and finalization fees from the current amount of 50 PHR, to half as much (25 PHR). Currently, each submitted proposal burns 50 PHR, whether it is approved or not. Finalizing the budget for each 30 day cycle also burns 50 PHR.

The intent of this change is to make submission of proposals and budget finalization process more affordable for the Phore community.

Whenever we discuss a change like this, I think it’s important to understand the reason things are there in the first place. In this case, the reason for the proposal fee is to prevent spam proposals from being submitted–if we had a 1 PHR fee or no fee for example, then someone might submit a joke proposal just to see if it passed, or simply clog the system with fake proposals, making it hard for people to know which ones should have serious consideration for voting.

Therefore the fee should be high enough that it is a non-trivial expense to submit a Phore budget proposal. When Phore first started and the price was less than $1, a 50 PHR fee made sense. Now that Phore is several times that value, with the potential to go much higher, 50 PHR could quickly become very expensive for someone in the Phore community to submit a proposal.

As an example, DASH has a similar system, and their fee is 5 DASH. With DASH recently being as much as $1,000, even that low fee makes it hard for many people to submit proposals. They have even had problems with people trying to scam others out of 1 DASH by claiming they have 4 DASH but need just one more to submit their proposal (repeating this ploy with many others).

We can have other proposals in the future if the fee seems to have become too high or low as the value of Phore changes. This proposal aims to make it less expensive, but still expensive enough, given the current value of Phore.

If this proposal is approved, it would require an upgrade to wallets and masternodes for it to take effect. This would be combined with any of the other proposals up for voting this month that are approved and implemented most likely in early March along with those changes and any other wallet upgrades and new features that are ready by that time.