Ascend: Pledging platform for Lisk Delegates voting
The rivolutionazing Lisk voting pledge system.
Let's go with order:
What is it?
A new pool of delegates announcing an interesting voting proposal. As you know (or if not, check this) by owning LSK you have kind of the duty to vote, in order to decide who should secure the network.
What problem are they trying to solve?
Lisk’s forging positions have experienced little turnover. Voters must pay fees to change their votes, and they even lose block rewards when voting for non-forging delegates.
Ascend aims to be an alternative to the current Delegates situation in which GDT, Sherwood and Elite represent 92 delegates out of 101.
How are they doing it?
By pledging votes instead of changing them, voters can signal support for Lisk Ascend without losing LSK. When Lisk Ascend obtains enough pledges to reach forging positions, Ascend will organize a Swap Vote Week in order to vote for Lisk Ascend all at once. Through this method, voters can avoid being penalized for voting for great delegates.
Pretty cool, eh?
You can signal your favor but don't have to pay the voting fee. You just do it at once, when they know they have enough support to acquire forging position. Basically pledging is a promise to vote for Ascend once they’ve accumulated enough support from others too.
Any thoughts?
Here is probably where some of you might see an issue...
How are they going to guarantee that this pledge will be actually converted in votes?
Long story short:
They don't
But they took action to mitigate the risk:
1) "LSK needed" advertised on the website, is what is needed to day to get around the 50th forging position. Thus there should be enough buffer for those who will forget to vote or will have a malevolent behavior.
2) If one forgets to vote, and they manage to get into the forging position, he/she will notice a drop in the rewards and then try to understand the cause and get to the vote
3) They will soon launch an additional incentive to pledge and to keep the promise that will hardly be ignored
What do they give in exchange?
How many members in there?
A self-imposed limitation to no more than 33 members limits the pool’s ability to become a threat to the Lisk network. 33 members sharing 50% of their block rewards with their voters allows the pool to share over 2x what the next highest paying pool shares with its non-member voters in total amount of Lisk shared.
Where are they now? some stats
They still need 34M LSK to be able to forge. So guys, if you think the idea is worth, help this pool. But do me a favor, if you pledge, be honest and deposit during the swap week.
GOOD FORMAT!