Jog
February 13, 2025 12:14
The CFX (CONLUX) network briefly describes the parameter ballot mechanism, explaining how the user can affect the network parameter through steaking and voting on the blockchain.
The CFX (CONLUX) network has presented an in -depth explanation of major parameters’ voting mechanisms to clarify the process of adjusting the network parameters. According to Collux Forum, this initiative follows the user’s feedback after the 14th vote.
Understand the voting mechanism
The core of this mechanism is the CIP-94 proposal, which allows you to vote for chain DAO through a ParamsControl contract. This allows you to adjust the compensation parameters without a hard fork. Users can get the voting right by stating and locking $ CFX and allocating them according to their preferences.
The voting process consists of rounds that last 60 days. During this period, the user can allocate the right to vote at any time. Each network parameter has three voting options. Keep in an unchanged state, increase 100%or 50%. The results of each round determine the parameters in the subsequent rounds.
Mechanism
At the end of each voting round, the network parameter is adjusted according to the previous round. Adjustment is calculated using the number of votes for each option: unchanged, increasing or reducing. The adjustment range is half and twice that of the original parameter value, depending on the voting results.
For example, if the voting for the increase in parameters and the decrease in the decrease, it will remain unchanged. On the contrary, voting for unchanged options tends to stabilize parameters near the original value.
Results of the 14th voting round
The 14th round caused some important adjustments to Confrux’s main network parameters.
- The POW block reward has increased from 1.00 CFX/block to 1.60 CFX/block.
- The interest rate rose from 4.08%to 6.50%.
- The storage point ratio has increased from 50%to 63%.
- The basic fee sharing rate has increased from 50%to 63%.
CurluxHub cannot directly access the current individual voting, but users can check specific voting data through a ParamsControl contract. Future plans include introducing a dedicated voting details page for more accessible information.
Curlux Network expresses gratitude to all community members who participated in the governance voting and emphasized that the proportional calculation of support levels for each option provided information on the final parameter adjustment.
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