Voting will start on December 7th at 11 am CET and will close on December 16th at 11 am CET.
UPDATE: The Governance vote is closed. The option “Yes, I agree with the token model update and the respective budget allocations” won with 96.8% of the votes.
Hello PlanetWatchers,
We are proposing a radical and ambitious token model amendment to deliver substantial incentives to PlanetWatchers who operate devices in a reliable manner over time, and to boost Planets circulation.
It is worth highlighting that a stable network is a prerequisite to explore a number of promising data monetization opportunities we are currently pursuing.
PlanetWatch’s token model, as described in the White Paper, is based on a maximum supply of 4.5 billion Planets, with a pre-determined yearly reward budget, split across device types, and a bitcoin-style halving mechanism every 4 years.
The key use case for Planets is payment for goods and services provided by PlanetWatch. The main items are:
The explosive growth of PlanetWatch in 2021 resulted in a very large Planets reward flow and later on in the depletion of some recycle bins, leading to a significant decrease of rewards for some device types.
In 2022, the combined effect of a persistent bear market, scarcity of suitable air quality monitors and a dispute with a device manufacturer, with the subsequent disconnection of a large number of indoor devices, heavily affected sentiment around the project. This triggered a significant token price decline, despite the fact that important milestones were achieved in terms of international project visibility and endorsements, real-world implementations of the PlanetWatch technology and the release of tools for scalable data monetization infrastructure.
We believe that 2023 will be a pivotal year for PlanetWatch. As we are getting ready to prove global data monetization, we need a reliable and growing network with good incentives for PlanetWatchers to operate devices and hold their Planets over time. In exchange, substantial perks and bonuses will be distributed in 2024.
Our goals with this proposal are to:
We will remove 1.5 billion Planets from the global reward budget and allocate them to a Token Model Improvement Budget, to be used as follows:
Following the approval of this proposal, the annual reward budget schedule will be amended to reflect the new reward budget.
Last but not least, reward budget halvings will be done every year (instead of every four years) to distribute Planets faster.
All 700M Planets will be burned in one go, as soon as this is technically feasible based on a procedure which will be developed in collaboration with Algorand.
Implementation timeline: Early 2023
Following the approval of the PW:GOV#3, the number of recycle bins has been reduced from 6 to 4. So, 58.75M (235M/4) Planets will be added to each recycle bin shortly after the approval of this proposal.
Implementation timeline: Before the end of 2022
All PlanetWatchers operating a device connected to PlanetWatch’s network can participate in the staking program described below, however… PlanetWatchers who will receive a license refund on or after November 15, 2022 will NOT be allowed to join the Hodler Bonus Program.
A Hodler pool will be created with a budget of 365M Planets. The amount will be split into 365 daily amounts (1M Planets/day), to fund a daily bonus pool over a 1-year period.
Participation in this bonus program will be based on devices meeting some eligibility conditions. To begin with, each Hodler device must fulfil the following criteria, which will be checked on a daily basis:
Please refer to the White Paper for details on Lead and Qualifying definitions.
Each device fulfilling the above requirements can claim Diamond, Gold or Silver Hodler status, subject to a minimum Planet balance in the staking wallet. Balance requirements are specified in the table below:
Discounts on Planet balance requirements are available if multiple devices of the same Type, linked to the same account, wish to claim the same status.
A 1% discount is applied per device to the aggregate balance requirement (needed for that type of device and within the same staking tier), up to a maximum of 40%*. For example, if three Type 1 devices owned by the same user all wish to achieve Diamond status, the aggregate balance requirement on the staking wallet is 3*350,000*(100%-3%)=1,018,500 Planets ⇔ 3*350,000*97%=1,018,500 Planets
*Please note: You will only have access to this 1% discount per device if you opt-in with TWO or more devices of the same type to the same tier.
Starting from February 1st 2023, the eligibility of each participating device will be checked daily (qualifying and lead status as well as the Planet balance in the staking wallet).
Eligible devices will be entitled to a number of bonus distribution shares according to the following rules:
The daily bonus budget of 1M Planets will then be split across the total number of distribution shares (subject to a limit of 38 Planets per share) and allocated to eligible devices based on the number of shares held.
Any fraction of the daily bonus budget of 1M Planets not being spent because of the per share limit will be burned.
EXAMPLEIf the daily bonus budget of 1M Planets must be split across 20,000 valid distribution shares, then 38 Planets are allocated per each share. This uses 760,000 Planets, leaving an unspent amount of 240,000 Planets, which get burned.
The table below shows the maximum daily bonus per device, in Planets:
These amounts are quite substantial. For example, for a Type 1 Diamond device, the maximum daily bonus amounts to 1000% of the maximum daily rewards as per the White Paper. Hodler bonuses come obviously on top of the daily rewards.
Hodler bonuses will be earned daily starting from February 1st, 2023 and will be paid exactly 365 days after the day when they were earned, one day at a time. For example, rewards earned on April 1st 2023 are paid on April 1st, 2024, and so on.
Please note that eligibility requirements must still be met on the payment day. In other words, if you earn a Diamond Hodler bonus for your Type 1 device on May 1st, 2023, this will be paid on May 1st, 2024 only if on that day you still meet the Type 1 Diamond status eligibility requirements. If you don’t, your daily reward will be lost and burned.
In order to stake your Planets as part of the Hodler Bonus Program (starting from February 1st, 2023):
1) On the Explorer, you are expected to select the first device you wish to associate with the program.
2) Then, from a list of the wallets tied to your account, you should pick the one in which you plan to stake your Planets.
This will be your staking wallet, meaning that regardless of the number of devices you end up associating with the program and of the plan (Diamond, Silver and/or Gold) you commit to for each, this will be the wallet we will check everyday – to be sure you meet the set requirements – prior to validating the allocation of the Hodler bonus rewards.
Note: further instructions on how to opt-in will be disclosed during January as soon as the staking mechanism is ready.
Assigning an extra 200M Planets to PlanetWatch will enable the company to speed up the processing of overdue license refunds and to fund additional marketing and community initiatives.
This proposal, if approved via a governance vote – the first implementing voting rights for Planet holders according to the rules instituted by the PW:GOV#4 – will be a milestone in our roadmap to return increasing value to the community through a combined burning and staking mechanism.
Future proposals will focus on achieving further decentralization of the project. In that framework, some additional organic token burning processes will be considered.
This time, voting power will be allocated both based on sensor reputation (for those who own sensors connected to PlanetWatch) and on Planet balance in participating accounts and wallets. The voting power each user will receive corresponds to the sum of sensor reputation and Planet balance.
Please follow the steps below in order to vote.
Note: it is mandatory to hold at least 0.1 Algos on deposit in your wallet for each asset you own.
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 as of November 30th.
Keep in mind that, if you are using the same wallet both as a sensor owner and as the Planet holder, all your voting tokens (Planets holder voting power + reputation score voting power) will be sent to the address selected on the App.
(This is a temporary solution while we are integrating the mechanism that allows Planets token holders to vote more seamlessly)
Your voting power is expressed via the number of voting tokens that you will receive. This number depends on the Planet balance in your wallet as of November 30th.
Option A(address: HRO2KOB6WH5SHHLGAEYCEFAL5CRLZ3RPELQJNZC3BWDZ5O35TFJYFGBJSM)
Yes, I agree with the token model update and the respective budget allocations.
Option B(address: SBMOMATMGVAAJGMDQOZM3CYH6KS7YZBTKGF4DJCUQLW622VUIMFRHVRY7Q)
No, I do not agree with the token model update and the respective budget allocations.
If Option A wins the governance vote, the token model and the White Paper will be updated early next year.
Do not forget to submit your vote – this is a great opportunity to make yourself heard!
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