Software Upgrade: Adjust Storage Provider Rewards

Governance
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Software Upgrade: Adjust Storage Provider Rewards

This proposal for the Jackal Protocol addresses a recent exploit discovered in the storage network, which is being manipulated by malicious storage providers.

The Proposal

This proposal recommends temporarily reducing storage rewards to zero as an immediate defensive measure. This adjustment will persist until the corrective security patch is released and effectively implemented.

To remain steadfast, existing storage providers can request alternative incentives from the Jackal Foundation in the form of a token grant while the patch is being released and the storage rewards are offline. A snapshot has been taken of the current active providers on the network.

Protocol Continuity

It’s paramount to emphasize that staking rewards for community members and validators will continue to be distributed without any changes during this period of adjustment. This ensures that the blockchain, applications, security, and protocol utility remain unchanged.

This interim arrangement forms the basis for a larger, robust upgrade to the storage providers and incentive mechanics within the protocol, striving for a more secure and efficient protocol in the future.

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This is an absolutely necessary change. The events have already occurred and there is no undoing it. Bold action is required to not only stop the leak, but to send a message that bad actors will not be to tolerated. We can continue to nickle and dime the fix as the drip continues, but sometimes a tourniquet is required and this is one of those cases. The Jackal foundation will assist in offsetting costs while the fix is implemented and the network is cleaned up and once that is done, it’s back to work! ThePodocasts will be voting yes for this proposal.

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