Published by the GAB:
1: Changing the Algorithm
Rijk points out that it is key that mining within the Gulden network is – and stays – stable. Currently the hashrate has a big variation, mainly caused by the current division of multi/jump‐pools versus dedicated Gulden miners. The Blockchain is then at risk of getting “stuck / slowing down” which is very much unwanted. A solution would be to change the algorithm that is used in the mining of Gulden. Due to this change non‐dedicated miningpools will not be able to mine Gulden with the mining equipment they use. With the new algorithm it will be possible for the average Gulden user to mine Gulden without having to invest in expensive equipment. One could compare it with the user friendly way it is for users to become a Witness in the Gulden network.
⁃ Change the algorithm to an algorithm that is already being (succesfully) used by another crypto. F.e. Zcash
⁃ Argon2: An algorithm that has already proofed itself in the application of password protection. It has multiple advantages, it is lightweight and easy to implement.
⁃ A Gulden specific alteration on the Argon2 algorithm. Risk: Not proven , needs more development and testing.
⁃ Develop a completely unique and own Gulden algorithm that works together with witness. Advantage: it is unique and specifically built to meet the needs of Gulden.
Disadvantage: developing this from scratch takes a lot of time. Estimation is at least a year.*
Option 4 can also be developed next to the current development, even if at first one of the other option is choosen.
During the meeting all 4 options were discussed into detail between the GAB and the DEVs and the GAB has unanimously voted for the use of the Argon2 algorithm (option 2). With this algorithm it is possible to mine with a normal desktop computer. This makes mining available to “normal” Gulden users. There is currently no other coin that uses this algorithm. This does have impact on the people that are dedicated Gulden miners that purchased hardware and are not mining in pools. The GAB estimates that the numer of dedicated Gulden miners is very low at this moment. By changing the algorithm and making mining available to a much bigger group of people, the number of dedicated Gulden miners will increase rapidly. We expect a stabilsation of the hashrate and as a result of that a more healthy blockchain. Especially looking at the number of people that are currently a witness in the Gulden network, and the fact that the number of witnesses largely exceeds all the expectations. The few dedicated Gulden miners, which bought specific hardware, can still use the hardware to mine other crypto.
The GAB has decided unanimously that the rewards need to be divided in another way. This is a decision that is connected to the things decided in item 1. (Algorithm). There will be no deduction in the number of Gulden in het block reward, but the Gulden in the block reward will be distributed differently. (effective with phase4, -red.)
‐ Witness rewards go up to 30 nlg per block.
‐ Miners are the most important factor in the blockchain and therefor will still get the highest reward. The reward will be lowered though, to 50 NLG per block.
Both parties (GAB and Gulden.com BV) have concerns about the current rate of Gulden and the costs that are involved in the development. The burnrate of the development budget is currently way to high to keep development going in the long run.
After a long debate at the table a unanimous decision was made to –as long as it is needed‐distribute 20 NLG of the blockreward to Gulden.com B.V. This (temporary) decision was made to guarantee the future development of Gulden. We are basically creating a situation where the Gulden blockchain itself is paying the developers of Gulden.com BV for further development of wallets, applications and so forth.
Will we continue with 7 GAB members or fill up to 9?
In the initial document by Aat an idealistic number of members was stated as 7 or 9. Offcourse this was only a suggestion and this suggestion was used as a guide line to forming the GAB. The members all voted for the continuation of the GAB with the current 7 people. We experienced that 7 people is a good number of people to base decision on and it causes less problems with planning meetings were everybody can attend.
When will we have our next online meeting? 8 Juli ‐ 20:00
Rijk’s role in the community
Rijk has announced to the GAB that, from the moment that the decisions above are shared with the community, he will only focus on further development of Gulden. He will leave the Gulden community (Slack etc) per direct. The collaboration between Gulden.com B.V. and the GAB will remain as is.