We are thrilled to announce the completion and results of Gala Film’s first two Theater Node governance votes. Marking a significant milestone in our journey towards a more decentralized and community-driven platform, our community of Theater Node operators has spoken, and their decisions will play a crucial role in shaping the future of $FILM tokenomics.
The Votes
The two governance votes focused on key aspects of $FILM tokenomics:
Maximum Boost for Film Projects
Distribution Method for $FILM Tokens
Voter Participation
We extend our heartfelt thanks to all Theater Node owners who participated in these votes. A total of 249 Theater Node operators cast their votes, with a total of 508 participating Theater Nodes. This strong turnout underscores the dedication and engagement of our community, and we hope to further increase the involvement and engagement of our valued Theater Node operators in the future.
Results
Vote 1: Distribution Method
With 58% of the votes, the community has decided to keep the current distribution method based on the prior day’s activities. This means that the daily minting of $FILM tokens will continue to be determined by the previous day’s ecosystem activity.
Vote 2: Film Boost Reward
With 43% of the votes (winning share), the community has chosen to set the Film Boost at 3X. This decision means that once a film reaches the Boost cap, each view will count as three views when calculating daily $FILM distribution.
Next Steps
These decisions will be incorporated into the Gala Film Litepaper and applied to the platform. We believe that these choices will foster a more dynamic and rewarding ecosystem for all participants.
We are immensely grateful for your continued support and participation in shaping the future of Gala Film. Together, we are building a more empowering film industry.
Stay tuned for more opportunities to have your voice heard in upcoming governance votes. Your participation is crucial in our journey to revolutionize the world of film through the power of blockchain technology.
Thank you again for voting and for being a part of the Gala Film community.
Moving toward the decentralized world of music we’re creating together, Gala Music is pleased to offer an exciting feature called NextUp, our innovative community governance system. The future of music means a more democratized and community-driven approach to the art, empowering you to have a direct say in curation and addition of new music and artists on Gala Music.
“Next Up” is designed to bring decentralized governance to the forefront of Gala Music. This feature allows our community to vote on new artists and tracks, making you an integral part of shaping the platform.
Every week, the Gala Music community is invited to vote, deciding on three tracks to add to the platform and one new artist
To learn more about the vision of Gala Music and our plans for a more decentralized world of music, read the Whitepaper.
How Does It Work?
Eligibility to Vote
If you have a Gala Account and a transfer code set up, you are eligible to vote. The transfer code is necessary because all voting is transacted on GalaChain, ensuring transparency and security. You can set up a transfer code in the Security area of your account’s Settings page.
Each Gala Music account gets one free vote. Additionally, for every Jukebox Node you own, you receive an extra vote, up to a maximum of 20 votes per voting period.
$MUSIC to Enhance Voting Power
Think of your $MUSIC as a great way to endorse your favorite artists and tracks, giving them an edge. In addition to your free vote, you can purchase additional votes for 5 $MUSIC each (any quantity. The world of web3 music runs on $MUSIC, so let’s let the $MUSIC do the talking.
Why NextUp Matters
The introduction of Next Up is a pivotal moment for Gala Music. Beyond a simple voting system, it is a testament to our commitment to decentralization and community involvement. By participating, you are helping to curate the new music and artists that will define the industry’s future, ensuring that our platform reflects the diverse tastes and preferences of our community.
Be a Part of the Future
With Next Up, we are laying the foundation for a robust and inclusive governance system. But this is just the beginning. Your feedback and participation will be crucial in refining and expanding this feature to make it even more impactful in the future.
Ready to make your voice heard? Ensure your Gala account is set up with a GalaChain transfer code. A new voting round kicks off at the beginning of every week, so cast your vote now and be part of this revolutionary step towards a more community-driven music ecosystem.
Stay tuned for more updates and be prepared to welcome new artists and tracks every week with NextUp. Let’s create the future of music together.
In light of the recent security incident which led to the unauthorized minting and sale of ~600 million $GALA tokens and a permanent locking of ~4.4 billion tokens, this proposal aims to formalize the burn of this ~4.4 billion $GALA tokens, as well as ~600m tokens from the central Gala Treasury, to ensure the stability and sustainability of the ecosystem.
Note: Due to the upgradable nature of the $GALA contract, the proposed changes will not necessitate swaps or relistings on exchanges, and can be executed with no disruption to all users of the $GALA token.
Objective
To upgrade the $GALA contract to include a definitive and irreversible burn of the same quantity of unauthorized tokens, or tokens determined by law enforcement to be illegitimately gained, and to enhance the security features of the contract to prevent future unauthorized access or breaches.
Proposal Details
1. Contract Upgrade
Develop and deploy a hotfix version of the $GALA contract that removes the illegitimate supply.
Develop and deploy a further upgraded version of the $GALA contract that locks in changes to better secure the contract and supply.
2. Token Burn
Permanently remove ~5 billion $GALA tokens from circulation by sending them to a burn address from which they cannot be retrieved.
Ensure that the burn process is transparent and verifiable by the community and external observers.
3. Timeline and Implementation
Immediately commence development of the upgraded contract upon approval of this proposal.
Schedule the contract upgrade and token burn to be completed within the next 72 hours.
Voting Details
Voting Period: The voting will be open for a period of 24 hours from the moment of the proposal announcement.
Eligibility: All Founders Node operators.
Majority Requirements: A simple majority of 51% of votes will be required to pass this proposal.
Vote Question
Should a $GALA contract upgrade be deployed for removal of unauthorized supply and enhancement of contract security, permanently removing ~5B $GALA from circulation via transparent burn in order to promote long-term ecosystem health?
Yes: I support the contract upgrade and $GALA burn for enhanced security and to promote ongoing ecosystem health.
No: I do not support the contract security upgrade and the burn of these illegitimate tokens from circulation.
Abstain: I choose to abstain from voting on this proposal.
Expected Outcomes
Restoration of community trust and stabilization of the $GALA token supply and Node Reward schedule by reducing the total supply.
Strengthening of the $GALA ecosystem through enhanced security measures.
Conclusion
This proposal is crucial for the long-term viability and security of the Gala ecosystem. Community participation in the decision-making process is highly valued; all Founder’s Node operators are encouraged to vote and contribute to the discussion.
As a foundational pillar of the Gala ecosystem, our Founder’s Node operators have always played a crucial role in shaping the future of our platform. Traditionally, the decision-making process has involved simple proposal style votes, offering a binary choice on the direction of development within the Gala ecosystem.
The Vote
The voting opens at 2pm PT on April 12th and concludes at the same time on April 19th.
As you know, we opened GalaChain to external development with the release of the open-source GalaChain SDK earlier this year. The community’s response was nothing short of phenomenal, leading to the creation of invaluable resources by dedicated developers. Among these resources, various GalaChain explorer apps stand out as exemplary projects that not only enhance the ecosystem but also enrich our community.
The Reward
In recognition of these contributions, we’re dedicating this vote to decide which development team will be honored with a remarkable prize: Either 1 million $GALA or a prestigious Gala Founder’s Node license– Winner’s choice. This initiative is not just about rewarding innovation; it’s about celebrating the spirit of community and collaborative growth that defines Gala.
The Candidates
The spotlight is on the following GalaChain explorers, each a testament to the ingenuity and commitment of our community developers:
We encourage all Gala Founder’s Node operators to engage with these explorers and make an informed decision on which project truly deserves the accolade and the prize. Your vote is a powerful tool in shaping the ecosystem and recognizing the efforts that fuel our collective growth.
Gratitude and Anticipation
Our heartfelt thanks go to all GalaChain developers for their contributions and to our extraordinary community for their unwavering support. This vote marks a new chapter in our journey towards a more inclusive, innovative and decentralized future. Join us in celebrating the creativity and hard work that continue to propel the Gala ecosystem forward.
Following extensive conversation with the community and having hosted an AMA in the Founders Node Owner channel, the originally posted proposal has been modified in several ways.
Currently, this will apply to all existing referrals, but eventually there will be a point at which they must be “written to chain” via a burn. This will ensure that in the long-term, only those who are active in the ecosystem continue to benefit from the referral system
In the end state, referrals will be temporary unless written to chain by a burn. This means that a web2 user can refer a friend and benefit from that referral, but that it will expire unless they “claim” it via a burn in the social dashboard.
The time to implement the full version of this is 90 days, rather than the initial 7, due to the added lift on engineering and design for the ability to write all referrals to chain.
Rollout will be phased:
Two Weeks: Burn rebates for referrers based on burns on ETH.
One Month: Burn rebates for referrers based on GalaChain.
Two Months: Referral Dashboard v1
Three Months: Referral Dashboard v2 + Write Referrals to Chain
After this phased rollout, non-chain referrals will begin to count-down towards expiration.
The remainder of the proposal remains the same.
The core of this proposal introduces a referral system designed to incentivize ecosystem supporting actions. By engaging in token burn activities, users contribute to the ecosystem’s sustainability and incentivize the long-term Founder’s Node support of the ecosystem. In recognition of the importance of community-driven growth, the proposal outlines that when a user (USER C) initiates a burn, the account that referred USER C (USER B) will receive a reward equivalent to 8% of the burned amount. The account that referred USER B (USER A) will receive the equivalent of 2% of the burned amount. This initiative aims to foster a more engaged and collaborative community, encouraging wider participation in the ecosystem’s development.
This will not impact the Founder’s Node emission rate, but can be looked at as a referral burn rebate for ecosystem supporting actions.
In the event that there is no referring party, then there would be no referral burn rebate.
Example:
User A refers User B.
User B refers User C.
User C initiates a burn of 1000 $GALA
User B receives a mint allowance for 80 $GALA
User A receives a mint allowance for 20 $GALA
Actions which would qualify:
Purchase by burn
Gas fees
Channel establishment fees
Note: All previous referrals would still remain part of this system. If you have referred a user previously and they are a part of your account, then you would still receive the referral bonus based on their gas burning actions.
Key Highlights:
Referral Rewards: The introduction of a referral reward mechanism encourages existing ecosystem participants to bring new users onboard, enhancing the network’s robustness and activity level.
Incentive Structure: Focusing on on-chain actions, excluding bridging activities, ensures the incentive mechanism is transparent and straightforward. This clarity is crucial in maintaining the integrity and purpose of the incentive system.
Implementation Timeline: With a commitment to agility and responsiveness, the proposed system is slated for implementation within 90 days following approval. This rapid deployment timeline underscores the ecosystem’s dedication to innovation and timely enhancement.
Community and Governance Engagement:
Consistent with the ethos of transparency and collective decision-making, this proposal will undergo thorough discussion within the Founder’s Node Operator. There will be at least one AMA on this topic, with extended engagement, to gather feedback ensuring that the proposal is refined and aligned with the community’s vision and needs.
Voting Options:
The voting options are currently as follows, though they may be modified by discussions prior to a governance vote:
Vote Question:
Should the Referral Incentive System be implemented to enhance ecosystem sustainability and community engagement?
Yes: I support the implementation of the Referral Incentive System as proposed, recognizing its potential to enhance ecosystem sustainability and community engagement through incentivized token burns.
No: I do not support the proposal as it stands. I believe that the proposed referral system and token burn incentives may not align with the ecosystem’s long-term growth and engagement goals.
Abstain: I choose to abstain from voting on this proposal. While I acknowledge the importance of community-driven initiatives and ecosystem sustainability, I require more information or am neutral on the impact of the proposed referral incentive system.
This vote will end next Monday, March 18th, 2024 at noon PT.
Conclusion:
This proposal represents a strategic step towards leveraging the Gala Founders Node Ecosystem’s full potential, encouraging active participation, and rewarding contributions that drive the ecosystem forward. Through collaborative efforts and a shared commitment to innovation, the ecosystem can continue to evolve, offering increased value and opportunities for all participants.
