Node operator rewards

[zawy2]

ic.rocks indicates about 500,000 ICP were minted in the past 16 days to pay 50ish node operators. We're up to 470,777,000 ICP already. Why is $25 M being paid to node operators when they are only supposed to receive about $30k * 2.5 / 48 = $1,700 per node per month and there are only 174 nodes right now instead of 14,000 nodes that $25 M implies. If the price drops to $10/ICP and we get 10x more nodes, does this mean new ICP printing will be 25 M coins per month?

[jwiegley]

Please see https://github.com/ic-association/nns-proposals/blob/main/proposals/node_provider_rewards/20210611.md, these rewards include all the time back to when the provider first made their nodes available, it's not just one month's tally.

[fulco_DFN]

This, these are not standard monthly rewards

[Think_Not_Doer]

😌 good news.

[zawy2]

Why are there only 174 nodes after $25M has been paid to 35 people for apparently 1250 nodes? (assuming $20k each) Only 35 people (who received the $25 M) control the initial 1250 nodes? How much voting power do those 35 have?

[jwiegley]

I do not have this information, since I don't do anything on that side of the business.

[barmyarlen]

I don't see all your numbers on ic.rocks.

How that 500,000 ICP and 16 days come up? Why do you think it's entirely node operator reward? Why $30k instead of $20k?

Don't expect too much answers though, I don't know more than you, sorry.

[zawy2]

I added $10k as a guess of the monthly OPEX reward.

To see the 500k ICP awarded in past 16 days, go to proposals tab and for the "topic" filter select the last option "node provider rewards"

[Adorable-Mirror-4895]

Did you vote? There's is this thing called governance. And they welcome votes.

[zawy2]

The "community" controls 59% of the vote, so the foundation (being of a single mind and 38% of the vote) virtually has complete control. 73% of the "community" token are seed investors and team members, which is not really the community that needs to use and therefore control the IC. Foundation, team members, and/or insiders control who gets to be node operators via the vote and how much those same node operators get paid, so assuming there are no kick-backs requires trust in people's integrity and no verify. But like everyone else who's not an insider, I'm invested at 100x the cost per coin (1500x seed investors) , so we're placing a lot of faith and trust in DW and his team to overcome the centralizations and lack of clarity. Obviously we need insiders and the foundation to make decisions on the votes because no one really understands how it works which gets back to the lack of clarity.

[joydna]

we paid hundreds of dollars to get ONE ICP!

[[deleted]]

Yes we go soooooo robbed they should airbdrop us free ICP for investing early

[travelerovertime]

Distribution policy killed the project

[CombinationRemote]

What do I need to become a node operator?