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Governance vote: Type 3 rewards

PW:GOV#1 | Governance vote: Type 3 rewards

Dear PlanetWatchers, our project is growing very fast and every day we are facing (welcome) challenges: scaling up our team and IT infrastructure, optimizing hardware procurement and shipping processes, etc. 

In addition, as the project progresses and we keep evaluating new technologies and opportunities, sometimes we might identify topics where we feel that an adjustment to the rules in the White Paper could be beneficial to the project. Should this occur, we will make a proposal for a White Paper change and submit it to a community vote, as foreseen in the Paper itself in the Governance section.

Now for the first time in the history of PlanetWatch, we would like to ask PlanetWatchers to vote on a proposal for a White Paper change. This is a great opportunity for you to make your voice heard! 

What’s the proposal?

We are proposing to implement a permanent 50% increase for the max rewards per stream for Type 3 sensors, to be funded out of the standard Type 3 rewards budget. In practice, in terms of the Reward Rates section of the current White Paper, the proposed changes will yield modifications in the tables below:

Since the overall reward budget is unchanged, the proposed changes would modify the Type 3 saturation point (see below):

Why are we proposing this?

As discussed in the White Paper, indoor air quality sensors which are approved as RESET Air Accredited Monitors are classified by PlanetWatch as Type 3 devices. Such devices are extremely reliable and they are required in all indoor projects aiming to obtain the prestigious RESET indoor air quality certification for a venue. 

Recently we realized that the level of global interest for data from RESET-compliant devices is even higher than we anticipated, so we believe that the current reward rates for Type 3 sensors do not fully reflect the future value of such data. So, in order to properly incentivize the correct deployment of Type 3 sensors, we suggest that reward rates should be permanently increased by 50%.

Please note:

  1. At the moment, owners of Type 3 sensors are already receiving rewards at the proposed rate, because PlanetWatch is funding a 50% top-up bonus with respect to the current White Paper reward rate. This bonus will be funded by PlanetWatch until December 31st, 2021 at the latest. In other words, if the proposal is not approved, Type 3 sensor owners will see a 33% reduction in their earnings as of January 1st, 2022. 
  1. In any case, the outcome of this vote will not affect at all rewards for Type 1, 2, 4 sensors. The vote only affects Type 3 sensor rewards.

How can I vote and when?

Voting requirements:

  • Update the PlanetWatch App to the next version, which will be released by December 20,
  • Hold a registered PlanetWatch account to which at least one sensor is connected,
  • Hold at least a preloaded wallet in the App, with at least 0.102 Algos available for voting operations (0.101 Algos are spent to initialize a special token used for the vote, plus and 0.001 Algos are spent for the transaction delivering your vote. 

We remind all users that it is mandatory to hold at least 0.1 Algos on deposit in your wallet for each asset you own.

Voting process:

  • Request to participate in the vote via the App,
  • Choose the wallet where you’ll receive the voting tokens,
  • Vote for option A or option B (all your voting tokens will be sent to the specified address)

Option A (address will be communicated in due course)

YES, I support the PlanetWatch proposal for a permanent 50% increase for the max rewards per stream for Type 3 sensors, which will be funded out of the standard Type 3 rewards budget.

Option B (address will be communicated in due course)

NO, I do not support the PlanetWatch proposal for a permanent 50% increase for the max rewards per stream for Type 3 sensors, to be funded out of the standard Type 3 rewards budget.

Voting will start on December 20 at 2.00 pm UTC and will close on December 23 at 2.00 pm UTC. 

How much is my voting power?

Your voting power is expressed via the number of voting tokens that you will receive. This number depends on the aggregate reputation score for all sensors linked to your email address. The score snapshot will take place on December 6 after the daily reward distribution.

As you know, in the PlanetWatch ecosystem voting power is related to sensor reputation, i.e. power is accumulated by operating sensors which stream useful data. This is very different from most other ecosystems, where voting power is directly attached to wealth via the number of tokens held. 

This is a great time to be a PlanetWatcher! This vote is the first test of our innovative governance system. We hope that all eligible PlanetWatchers will choose to participate. 

We recommend you vote for Option A.

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