Dec 12, 2024 | Voltaire era: Parameter committee intermediate state

Governance Parameters Committee Updates
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Triweekly parameter committee meeting - Dec 12, 2024

These are the minutes of the PCs (Parameter Committee) triweekly meeting. The minutes and participants follow Chatham House Rules.

The purpose of the Parameter Committee is to provide technical advice and recommendations relating to protocol parameters. It discusses all parameters relating to the Cardano protocol including network, technical, economic and governance parameters.

Members:

Chair: Kevin Hammond
Vice-Chairs: Alex Moser, Vijay Bhuvangiri
Advisory Group Network: Neil Davies, Karl Knutson, Marcin Szamotulski
Advisory Group Technical: Markus Gufler, Ruslan Dudin, Michael Peyton Jones, Ashish Prajapati
Advisory Group Economic: Sam Leathers, Sergio Sanchez, Philip Lazos, Gio Gargiulo, Sheng-Nan Li
Advisory Group Governance: Adam Rusch, Oscar West, Riley Kilgore, Nicolas Cerny, Jonny Kelly, Jenny Brito
Communications: Tommy Kammerer, Matthew Capps
Domain experts: Martin Lang, Andrew Westberg, Nathaniel , Mike Hornan
Permanent Observers:
Secretary: Lewis Mayne

Items Discussed

  1. Parameter Committee Staffing:
  • Official proposal for Jonathan Kelly to take over Adam Rusch’s role as head of governance parameters.
  • Expression of gratitude and recognition for Adam Rusch’s contributions.
  • Departure of Lewis Mayne as secretary and suggestion for Matt Davis to temporarily take over
  • Expression of gratitude and recognition for Lewis Mayne’s contributions.
  1. Constitution Signing and Ratification:
  • Constitution signed in Buenos Aires and Nairobi.
  • Comments on parameter guardrails not addressed due to short notice.
  • Current guardrails deemed fit for purpose but may need changes if market conditions shift drastically.
  1. Governance Development Suggestions:
  • Suggestion for a separate budget governance action type.
  • Proposal to parameterize the net change limit for treasury outflows.
  1. Technical Feasibility for Governance Changes:
  • Discussion on implementation challenges for tracking budget changes over a time period.
  • Suggestions for efficient solutions (e.g., using exponentially weighted moving averages).
  1. Info Action vs. Dedicated Voting System:
  • Debate on leveraging the existing Info Action for governance versus creating a dedicated system.
  • Concerns over lack of on-chain effects and delays with Info Actions.
  1. Hard Fork Timeline and Readiness:
  • Expected dates for the next hard fork: January 13th or 18th (tentatively).
  • Key challenge: Stake Pool Operator (SPO) engagement for explicit voting.
  1. Daedalus Wallet:
  • Delegation capabilities in Daedalus wallets.
  • Observation of increased user activity but not yet significant delegation.
  1. Plutus Cost Model Change Request:
  • Discussion on post-hard fork adjustments for Plutus V2 cost model.
  • enabling two primitives, integerToByteString or byteStringToInteger , for Plutus V2 at Chang#2, so the V2 parameters also need to be updated for them to be usable.
  1. Meeting Schedule Changes:
  • Vote for when the next meeting should be: on January 23rd; January 2nd meeting skipped.
  1. Farewell Notes:
  • Farewells and expressions of gratitude from departing members Adam Rusch and Lewis Mayne.

Decisions Made and Key Follow Ups

  1. Staffing Changes: Jonathan Kelly proposed to replace Adam Rusch as head of governance parameters. Matthew Davis to temporarily fill the Secretary role following Lewis Mayne’s departure.
  2. Constitution Parameters: Existing guardrails retained as fit for the current environment.
  3. Hard Fork Timeline: Tentative target dates set for January 13th or 18th.
  4. Governance Development Direction: Agreement to explore and prioritize practical governance changes, including budget tracking. Neil Davies to explore exponentially weighted moving averages for budget tracking.
  5. Plutus Change Proposal: Detailed proposal for Plutus cost model adjustments to be prepared for the next agenda.
  6. Guardrail Update CIP: Determine who will write the CIP for governance updates.
  7. Meeting Schedule: Skipping the January 2nd meeting due to holidays; next meeting on January 23rd.

NOTE: Due to holiday season, the next meeting on 2nd of January will be skipped, and we meet again on the 23rd of January