How does IRIS Foundation select validators to delegate

Governance
#1

Since its launch on March 1, IRISnet has received an enthusiastic response from the global validator community, with the number of validators reaching 100 within a short period of time. We hereby express our sincere thanks to all the validators and candidates.

Maintaining a reasonable level of bonded ratio is critical to a PoS network like IRISnet. As a result, the IRIS foundation has chosen to bond a portion of its controlled tokens to the network, the delegation rewards earned this way will be burned quarterly, and the withdraw address has been publicized here.

After more than two months of operation, based on feedbacks from some validators and the broader community, we make the following public statement on the criteria for the foundation to select validators (in descending order of importance):

  1. The validator’s self-bond shall be at least 10000 IRIS.
    This standard will be carried out 1 week later, to ensure better alignment of interests between validators and the IRISnet project. The minimum self-bond criterion will be adjusted as the project goes forward, and any future adjustments will be announced before they are implemented.

  2. The higher the Uptime, the better.
    Uptime for short term (24 hours), medium term (30 days) and long term (60 days or more) will be considered in a holistic manner.

  3. The higher the participation in Governance voting, the better.
    To check validator participation, click https://www.mintscan.io/iris/validators

  4. The more “stake in the game” from the validator, the better.
    In general, we look at a validator’s self-bond amount and ratio for this criterion. However, we accept cryptographic proof of a validator’s delegation in the network as an alternative indicator of his/her commitment to the safety of the network.

  5. The greater the validator’s influence to the delegator community, the better.
    Those who excel in governance participation and delegator community outreach will be preferred.

  6. Commission rate should be reasonable.
    In principle, the lower the commission rate, the more attractive; however, a high level of Uptime is a prerequisite.

Thank you for your support of IRISnet!

7 Likes
#2

hello, i have one suggestion.
I can see / read

The higher self-bond amount and self-bond ratio, the better

my suguestion is , if can be The higher bond to Iris Network amount , the better

for example I can see better for tax or others parts like one validator trust in other validators and delegate to this others validators unless to your own validator, and is better for my point of view have 0 iris in the validator account, and have the other account for delegations, so we can sent a memo signed with the account for delegations to iris fundation for show the bonded amount of Iris, unless the same validator address.

how do you see that ?

#3

Understood. We have updated the criterion to reflect the case you mentioned. Thank you.

1 Like
#4

May I ask how long it will take for a node to get support from the foundation if its self-pledge is over 1w? My node has been in normal operation for 28 days, and my node name is fanfan。

#5

Hello,
https://irishub.iobscan.io/#/staking/iva1d3z30ndxuqas8vr3mrc7028ykvfaukal0tnj0p
I’m running this validator since 03-13 with more than 10k IRIS self-bonded.
I’m really active in the community and also helping with development in the french community.
We miss the last proposal with 0.5% missing because active validators aren’t fully participating in the governance vote and actively with the community.
We will do a new proposal to change some more parameters and hope we can help more on the development of Iris Network.

Hope we can manage to have some delegated funds from team to help you more on a long term vision.
Best regards.

#6

please check the new topic to chsnge the parameters of voting.