Welcome to the Celo Governance Call #7. In this tutorial, we will go through the key points discussed in the call and provide a summary of each topic. Let’s get started!
Proposal Cpp28: Uptime Look Back Window
Overview
- Proposal: Cpp28
- Topic: Uptime Look Back Window
- Purpose: Set the default value for the validators’ uptime look back window in the Celo governance system.
- Current default value: 12
- Objective: Avoid potential minor issues and errors in the code by setting a baseline default value.
Discussion
- The proposal aims to have the default value set before the Donut hard fork activates on May 19th.
- The community is encouraged to provide feedback and ask questions about the proposal.
- The ideal timeline for submitting the proposal on the mainnet is early May.
Proposal: Increase Power Data Set Size
Overview
- Proposal: Unknown
- Topic: Increase Power Data Set Size
- Purpose: Increase the size of the power data set to accommodate more validators.
- Discussion: This proposal does not directly involve the involvement of telecom companies.
Discussion
- The proposal aims to address the issue of increased validator diversity and potential downtime for newly added validators.
- It is suggested to connect new validators with entities that can assist in converting large amounts of currency.
- The governance proposal’s execution and impact on spending are points of concern.
- The possibility of a governance-gated minting process for stable coins and its impact on the market is discussed.
Establishing a Conversion Mechanism for Stable Coins
Overview
- Proposal: Unknown
- Topic: Conversion Mechanism for Stable Coins
- Purpose: Create a process for converting large amounts of collateralized stable coins.
- Concern: Slippage and volatility in the conversion process.
Discussion
- The proposal aims to enable large-scale conversion of stable coins without significant slippage.
- The discussion involves exploring options to connect entities needing conversion services with suitable providers.
- The need for slippage and liquidity considerations is highlighted.
- The proposal is not intended to compete with the market but to provide a solution for institutions with large-scale conversion needs.
Technical Problems and Network Load
Overview
- Topic: Technical Problems and Network Load
- Discussion: Recent network load increase and its implications.
Discussion
- The network load on Celo may increase due to changes made by Coinbase.
- Validators worked together to address the increased load and agreed on appropriate measures.
- A community agreement is proposed to handle future network load increases.
- A hotfix governance working group call will be created to continue the discussion and reach conclusions.
Conclusion
In this video, we covered the key points discussed in the Celo Governance Call #7. We explored proposals related to the uptime look back window, increasing the power data set size, establishing a conversion mechanism for stable coins, and addressing technical problems and network load. Stay tuned for further discussions and developments in the Celo governance community.