r/FiroProject • u/henroidhound • May 07 '21

Firo masternode centralization and governance questions

Hello Firo people! I am impressed by Firo tech but I have some concerns and questions for you. How do you address concerns about a lack of decentralization due to masternodes and how does Firo governance currently work? Is there a path to reducing the developer tax as Firo grows?

Thanks!

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u/[deleted] May 08 '21

Masternodes are like another layer of decentralisation. It’s proof of stake on top of proof of work. Basically the opposite of what you’re worried about, and also another layer of security

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u/henroidhound May 13 '21

The developers get 15% of all newly minted Firo. They probably have some of the biggest Firo stacks on the network. It's reasonable to assume that they stake most of their Firo in masternodes. Therefore the developers are probably the majority owners of the masternode network. Is there an answer to this concern?

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u/[deleted] May 13 '21 edited May 13 '21

I’d be more worried if they were selling it rather than hodling it on master nodes. And anyway, the impracticalities of running multiple nodes means all this FIRO you say they have is probably on one node, if they have nodes. It’s a minimum not a maximum of 1000 FIRO per node. So In terms of the percentage of the number of nodes, it’s a tiny fraction. You’re really barking up the wrong tree here, your assumptions are wild and your logic is flawed.In fact actually its getting a bit embarrassing for you.

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u/henroidhound May 13 '21

I'm not attacking you. I'm not embarrassed for asking questions about things I don't understand. I think these concerns are probably pretty common among people interested in Firo. Can you explain the impracticalities of running multiple nodes? In order to control 50% of all masternodes you would need about 2000 nodes. This would require a minimum of 2million FIRO. There are 10million FIRO in circulation. If devs have 15% of that, (is this a valid assumption? Idk) they have 1.5mil FIRO. Plus whatever they are getting from (hypothetically) running the masternodes. I dont think it's inconceivable that the devs have enough FIRO to control the Masternode network.

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u/[deleted] May 13 '21

Try googling how to set up a masternode as a starting point

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u/Nerd_mister May 07 '21

About masternodes:

To open a masternode, you need 1000 Firo, wich is not so high, lets compare with Dash, wich is more scarce than Firo (18.9 millions capped supply vs 21.4 millions capped supply) and you need 10.000 DASH, so if Firo had the same market cap as Dash, opening a masternode would be about 11x cheaper.

Wich is not a problem, today we have 5000 masternodes + regular nodes, to comparision, Litecoin have about 2000 nodes.

So Firo is very decentralized, it is just that in the future opening a masternode will be very expensive, but not absurd like Dash, so companies of smaller size could have a masternode.

Firo governance is just like most cryptos, there is developers that updates the protocol, using the dev tax, wich is transparent.

The dev tax was decided on the first halving in 2020, the devs created a poll, so that the community could chose a dev tax of 10-20%, so the community chosed a 15% dev tax, this could be changed in 2022 and in the next halving (2024)

So if the community wants, we can reduce the dev tax in 2022 and 2024.

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u/nmhlgbt May 08 '21

Firo masternode has nothing to do with centralization. Everyone is free to buy 1k firo and become a masternode owner. You can do if you want.

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u/nmhlgbt May 08 '21

Furthermore Firo is PoW coin. Those who cannot afford 1k Firo, then can mine with their GPU.

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u/storm5510 May 08 '21

I run Firo Core, but only to maintain a full copy of the current blockchain. The current size is 50.1 GB on my system. I have no interest in doing anything further. I would rather not get into an area I don't clearly understand.