Hello pNetwork community,
This is Matteo, from the pNetwork Community Association!
We are excited to announce that we have almost finalized the development of pNetwork v4, and its launch is just around the corner! As part of this major milestone, we are introducing two essential, community-driven components that are necessary for the new protocol to go live: the Security Council and pNetwork v4 Nodes.
Both of these components need to be operational before the launch, and, since pNetwork v4 is decentralized and community-powered, we would like your feedback and support to shape how these components will function—and to identify who will take part in running them.
pNetwork v4 Nodes
pNetwork v4 Nodes play a central role in securing the network and validating cross-chain activities. Here’s what you need to know about these nodes:
Key Features of pNetwork v4 Nodes:
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Event Attestation: Nodes will run the event attestator codebase, which verifies cross-chain events to ensure that transactions between blockchains are accurately tracked and validated.
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Node Registration: Node operators must register their endpoint’s API on a low-fee blockchain (we suggest Polygon) with their staking address. A detailed registration guide can be found in the pNetwork WIKI.
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Fee Accrual and Distribution: Registered pNetwork v4 Nodes will earn protocol fees from pNetwork’s cross-chain activity. These fees will be allocated at the end of each epoch by the Security Council.
- After fees are allocated, node operators will be able to withdraw their share from the Fee Manager contract on supported blockchains
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Monitoring and Validation: The Security Council will monitor node performance, ensuring that APIs are operational and up to date and providing accurate data. This ensures that all active nodes are contributing and eligible for their share of protocol fees.
Migration from v2 to v4: Current pNetwork v2 node operators are encouraged to migrate to v4 nodes. While v2 nodes will continue receiving rewards until v4 goes live, once pNetwork v4 is launched, only v4 nodes will be eligible for rewards. We suggest that the remaining v2 fees after v4’s launch will be transferred to the DAO treasury.
Security Council
The Security Council is proposed as the governing body responsible for overseeing key operational aspects of pNetwork v4. This council is essential for managing the protocol and distributing fees to nodes, ensuring the decentralized nature of the network.
Key Responsibilities of the Security Council:
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Fee Distribution Management: The Security Council will manage the distribution of protocol fees to node operators at the end of each epoch.
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Node Monitoring and Validation:
- The council will monitor node operators by verifying that their APIs are operational and providing accurate data.
- The Security Council will oversee the node’s executable signature is valid, ensuring only legitimate and up-to-date software is used by those eligible for payouts.
- The official binary used by node operators will be signed with a key created once and then destroyed. This is to prevent any tampering of the official executable.
Composition: We propose that the Security Council be composed of at least 5 DAO-elected members, who will manage a multisignature wallet with a 3-of-5 configuration to securely oversee the Fee Manager contracts across all supported chains. We encourage community feedback on whether the council should include more than 5 members. However, we do not recommend having fewer than 5 members or an even number to prevent potential governance deadlock.
Compensation for Members: We propose that a share of the protocol fees should be retained as compensation for Security Council members for their efforts. We suggest at least 10%, and we do not recommend lowering it to ensure adequate incentives for council members.
The Election Process
The Security Council will be made up of members elected by the community. We suggest the following process for forming the council:
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Candidacy: Community members interested in joining the Security Council should propose themselves in this thread. Please include a short introduction outlining your qualifications and reasons for wanting to serve on the council.
- Note: Security Council members will need to perform technical tasks, so technical skills are essential. More details will be shared in the pNetwork WIKI.
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Preliminary Poll: A preliminary poll will be held where the community can vote on their preferred candidates after candidacies are submitted.
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Final DAO Vote: The top candidates from the preliminary poll will be put forward for a formal DAO vote to elect the final Security Council members.
What’s Next?
To successfully launch pNetwork v4, we need your input to refine and finalize the structure of the Security Council and v4 Nodes. We invite the community to participate in the following ways:
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Feedback on Open Topics:
- Security Council Size: We propose a 5-member council, but would more members improve governance? We don’t recommend fewer than 5 or an even number to avoid potential deadlock—what do you think?
- Compensation for Council Members: The proposed compensation is 10% of protocol fees. What do you think is a fair amount to ensure council members are adequately rewarded for their responsibilities?
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Propose Yourself as a Candidate: If you’re interested in becoming a member of the Security Council, introduce yourself in this thread. Share your qualifications and explain why you would be a good candidate. This is your chance to be directly involved in the governance of pNetwork v4!
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Questions and Clarifications: If you have any questions about the Security Council, pNetwork v4 Nodes, or their respective roles, feel free to ask them here. We are happy to provide additional details.
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Propose Alternatives: If you believe there is a better way to structure these components, feel free to share your ideas. We’re open to suggestions and improvements.
Your engagement is critical to the success of pNetwork v4, and together, we can shape a decentralized and community-driven future for the network.
We look forward to your participation!