There has been a lot of questions by new community members on what is happening on July 1 on IOST Blockchain. There are two significant changes happening on IOST network which will be implemented starting from July 1 2020.
The first change is the implementation of a New IOST node contribution reward System. Before now, a certain amount of the total reward apart from the Quarterly reward is distributed between nodes and their voters which is a total of 210 million IOST of which 105 million IOST goes to the node and the remaining 105 million IOST to the voters. Now, starting from July 1 2020 part of the reward (105 million IOST) that goes to the Node has been reallocated with the 105 million IOST now going to the Quarterly reward contribution System.
With this change, Nodes on IOST are given more incentives quarterly to contribute and grow the network.
PS: Daily reward (105 million IOST) given to the voters has not being reallocated and will still be given to the voters. You can read the full details of the New IOST Node Contribution Reward System Here>>
The 2nd significant change happening on IOST network is the IOST On-Chain Governance Mechanism. With little or no on-chain governance mechanism on IOST before now the change is a welcome development to the governance system on the network. The new IOST on-chain governance mechanism will promote more decentralization in the governance and healthy growth of the IOST ecosystem.
To read the proposal and technicality of how the new on-chain governance will be implemented starting from July 1 2020 read this article IOST On-Chain Governance Mechanism Taking Effect>>
Crypto Stache video explains the new changes here.
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