Idea: 275-recyclable-fee Title: Ricardo Guilherme Schmidt Status: Draft Created: 2018-06-02 Requires: 172-topic-democracy
Instead of Burning fees, user lock them in a contract where a democracy can choose where user can destine them, such as approved Status Open Bounties.
- Lead Contributor: Ricardo Guilherme Schmidt
Burning fees are used when there is no rightful beneficiary for the destination of funds, however in a fixed supply economy will ultimately lead to a failed model because of excessive deflation of economy. Recycling fees to approved destinations by Status Democracy can lead to a self funded DAO through its own fees. This fees should not be introduced without reason, instead they are only introduced when there is no other way of achieving an social-economic feature, for example, a curation board where users can pay to increase a determined rating but there is no rightful destination of this funds in an decentralized organization. Future features of Status Network, such as “Emoji Score Board” will send fees to recycling. Users that have their locked fees will be able to select where that fees can go, therefore deciding by themselves which features to be implemented in Status are more important.
Users have low incentives for donating his own funds to Status Open Bounty. While using Status Network, users sometimes have to pay to change the state of network, but that funds are kept in control of user. Users now have locked funds which they can only spend in approved Open Bounties, and they have free time to decide which one they want to support.
Requirements & Dependencies
172-topic-democracy voting app for deciding where the fees can be destined.
Security and Privacy Implications
Pseudo-anonymous addresses can have public behavior tracked.
Minimum Viable Product
Description: Dapp listing approved bounties and enable to send part or total user locked funds.
Description: MVP + Voting app controls approved bounties.
Status Open Bounty gets funded by users of the platform through the Recycle system. 25% of locked fees are recycled within a month.
Launch recycling Status App in Mainnet with at least one source of fees.
Copyright and related rights waived via CC0.