Viction Improvement Proposal (VIP) #2: The need to development Viction

Governance Discussion
1

Viction Improvement Proposal (VIP) #2: The need to development Viction

Prepared by David Bác Zịt, July 2024

This is just a draft

Executive Summary

VIP#2 proposes three important improvements to the Viction ecosystem:

  • Integrate the EIP-1559 mechanism to reduce deflation in the face of the upcoming supply shock and improve transaction fee predictability and network efficiency
  • Established Viction DAO to manage and monitor the allocation of 80M $VIC to the right target
  • Adjusted transaction fees from 0.25 gWEI to 5 gWEI
    These changes are intended to improve the economic efficiency of the network, ensure transparent governance and stabilize the network’s financial status.

1. Integrate EIP-1559+ into Viction Network

Motivation:
EIP-1559- is a proven mechanism on the Ethereum network that enhances transaction fee predictability, improves user experience, and stabilizes the network’s economic model. Integrating EIP-1559 into Viction will deliver similar benefits, fostering a more robust and user-friendly ecosystem.
EIP-1559+ is an additional version of EIP-1559, allowing the basic fee to be shared at a ratio of 50:30:20 to:

  • Masternode, burning transaction fees and DAO

Benefits:

  • Improved fee prediction: Allows users to estimate transaction costs more accurately.
  • Economic stability: Reduce fee fluctuations, stabilize the network’s economic model.
  • Enhanced User Experience: Simplify the transaction fee calculation and payment process.
  • *Generate income for DAO and increase the profitability of Masternodes

Implementation plan:

  • Phase 1: Conduct technical research and document EIP-1559+ integration.
  • Phase 2: Deploy EIP-1559 on the Viction testnet for thorough testing.
  • Phase 3: Officially launch EIP-1559 on the mainnet after successfully deploying the test network.

2. Establish a DAO to manage and monitor the allocation of 80M $VIC to the right people

Motivation:
Effective and transparent management of the 80M $VIC allocation requires a decentralized and community-driven approach. The establishment of a DAO will ensure community participation, transparency and accountability in the management of the fund.

DAO structure:

  • Members: Includes representatives from the community, developers and investors.
  • Function: Monitor and manage the allocation and use of 80M $VIC to develop the ecosystem.
  • Decision-making process: Uses a blockchain-based voting mechanism to ensure transparency and fairness.

Implementation plan:

  • Phase 1: Building a legal framework and operating rules for DAO.
  • Phase 2: Electing DAO members through the community voting process.
  • Phase 3: Start DAO operations and monitor capital allocation.

3. Adjust base transaction fee from 0.25 gWEI to 5 gWEI

Motivation:
The current decline in the $VIC price requires a transaction fee adjustment to ensure sustainable revenue and stable operations.

Benefits:

  • Increase Revenue: Provide the network with a stable revenue stream to support development and security.
  • Economic Stability: Minimizes the adverse impact of $VIC price fluctuations on network operations.
  • Increased network security: Increasing transaction fees will help significantly increase income between Masternodes, thereby keeping Masternodes continuing to operate if VIP #1 fails

Implementation plan:

  • Phase 1: Announce and collect community feedback on the proposed fee adjustment.
  • Phase 2: Deploy new transaction fees on mainnet.
  • Phase 3: Monitor and evaluate the impact of fee adjustments.

Conclusion

VIP#2 aims to significantly enhance the efficiency, transparency and financial stability of the Viction ecosystem, laying the foundation for Viction to continue operating in a flexible and sustainable manner. I call for community support and participation to improve and successfully realize these initiatives. Each of your comments and modifications is a valuable document to bring the proposal closer to reality and into operation

Expected timeline and next steps

  1. July 2024: Announce proposal and gather community feedback.
  2. TBD: Begin the preparation and testing phase for each initiative.
  3. TBD: Officially implement changes and start DAO activity.

Contact me via Telegram @BacDuck if you have any questions

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edited:

EIP-1559+ is an additional version of EIP-1559, allowing share base fee proportionally

  • Masternode: 50%
  • Burning transaction fees: 25%
  • DAO: 25% (If DAO is not established, it will be burned)
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