Gala Games proposes Omnibus Bill for Founder’s Node Ecosystem
The proposal suggests the introduction of a third reward distribution pool for node owners and more as the team gears up for the Layer 1 mainnet launch of its own decentralized blockchain network.
The Gala Games team released a draft proposal at the beginning of this month that contains huge changes to the Founder’s Node ecosystem.
Before the node voting for the Omnibus Bill begins, there will be at least one AMA to discuss the proposal, with changes to the proposal still open before the final version is ready to be put up for voting.
This July marks the month in which the halving of the $GALA token is set to take place. When this was done last year, the team states the cost of it “was entirely borne by Gala,” with reward distribution for node owners not being affected at all. With that said, one of the things the proposal suggests is that the halving is done normally this time around, but with the introduction of another halving used to create a third pool for distribution called The Bonus Pool. This Daily Bonus Pool would allow node owners to, apart from getting the regular rewards, also be able to potentially earn more $GALA depending on how active they are in the ecosystem. These activities could include trading $GALA assets, time spent playing games part of the Gala platform such as GRIT or Mirandus, but also things such as the amount of time spent holding $GALA, the amount of coins in question, the location they are held at and more.
The next major change in the proposal is the adjustment of how new games are accepted onto the Gala Games ecosystem.
“The initial solution to this is to have organizational approval for the actual organizations bringing content to the Nodes which requires a specific level of engagement over a period of time in order to pass. This means that if another organization, not affiliated with Gala, wanted to build on the network they would need to go through a Node vote process that would be somewhat different than the current process in that voting would be required and the vote would not progress until at least 50% of the Nodes had voted.”
This means that with the new system, a Node owner would have their earnings paused until they cast a vote “or until the Node vote was completed due to a majority of Nodes having voted for one option in the up/down vote to approve an organization. Once this organization is approved, it will have the ability to deploy games to the L1 without having to put each game through a separate approval process.” The NFT drops for Node owners would continue to remain at the usual 4-8%.
If you’d like to see all the suggested changes as well as a full breakdown of everything part of the Omnibus Bill, check out the proposal here.