Council Members Present:
- Hart Lambur
- Juan Garre
- Mat Travizano
- Tomasz Stańczak
Opening
The Council meeting opened at approximately 8:00 pm (UTC) on June 27, 2023. It was noted that proper notice had been provided to the Council in accordance with the Bylaws. Four of the Council Members were in attendance and the meeting had a quorum. The Council consented to the appointment of certain third-party notetakers and attendees.
Data Fee Architecture
The Council meeting was opened with an update on the data fee implementation progress that was approved under FP-5, including testing of the data fee integration and assessing performance. The Council was informed that the initial data fee integration was on-track and asked the Foundation to ensure that the Forta community was provided with early notice of the effective date of the integration through relevant channels as the date became clear.
The Council turned its attention to reviewing the document it commissioned to help the community decide certain details regarding data fee implementation, including the subscription price for the general plan and the information requirements and process to create a premium plan on the Network. A consultant to the Foundation explained that various feedback had been received from Forta users and a general range of pricing in FORT had been determined. Discussion ensued about the payment methods and price for the general plan and the Council concluded that the community could vote and approve such price. The proposed process for creation of premium plans was discussed and it was noted that owners of premium plans would be able to choose whether to offer their plan in FORT or USDC, as both were approved as payment methods were approved under FP-5. The Council discussed the details of the Lock smart contracts and proposed smart contract roles, including the Council multisig deploying the Lock smart contracts and maintaining the lock manager role. Following discussion, the Council requested the Foundation incorporate comments from the meeting into a more formal proposal as FP-6 and post it in the forum for community feedback prior to a FORT token holder vote to be held between July 10 to July 12, 2023.
A final version of the FP-6 proposal was presented to the Council async and approved following approval of more than half of the active Council members in accordance with the Bylaws.
Node Pool Distribution
The Council turned its attention to the Network’s reward distribution system for pool owners and delegators. A consultant for the Foundation explained that there have been instances where a pool owner could increase their commission within a node pool towards the end of an epoch - sometimes within several hours or less - which provides little time for delegators to understand the ramifications of the commission change before the epoch ends and reward distribution occurs, resulting in delegators potentially receiving less rewards than they might assume. The Council discussed and agreed that, in order to promote staking and therefore network security, delegators should have more time to react to commission changes made by pool owners before a reward distribution that is subject to the change occurs, and discussed several lengths of time that could improve visibility in the Network in this regard.
A proposal to increase the amount of time it takes for a change in node pool commission to become effective within a node pool to two epochs (two weeks) was presented to the Council for approval.
The proposal to delay a node pool commission change to two epochs was passed by the Council following approval of more than half of the active Council members in accordance with the Bylaws. The Council agreed to sign the required multisig transaction and to keep the Council and the community informed of the impact the change has on the Network.