Post #19455

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ANO Election and Demotion System - Amendment proposal
I think the idea of changing the number of ANO spots based on the price of FCT is correct. The value of FCT inflation in terms of USD determines the maximum output that can be financed using inflation. So it makes sense to use the value of that inflation in USD to derive the size of the authority set.

I don't think that describing the availability of ANO positions in terms of a minimum and maximum is sufficient for our needs. Our goal here, I think, is to do our best to establish an equilibrium where the size of the authority set is large enough to ensure decentralisation whilst, at the same time, being small enough to ensure the grant pool continues to receive ample funding. Using MIN/MAX ANO spots cannot describe that equilibrium very well.

So, my suggestion is to maintain our current MAX as a constant, which is 65, then to have a variable number that defines the current equilibrium target. This target could be lower than, equal to, or greater than the current size of the authority set. Where it is lower than the current size of the authority set, any ANO that is demoted would not be replaced by an applicant. Where it is equal to the current size of the authority set, ANOs that are demoted are then replaced by applicants. Where it is higher, we can promote new applicants without the demotion of anyone within the current authority set.

As an aside, if my reading of Doc 105 is correct, we have actually limited ourselves by only being able to maintain the size of the authority set or expand it. We should have the option to add no new ANO if another is demoted. I will bring this up on the thread.

Our goal here is to try to limit the power that Guides have when defining the target size of the authority set. Fetching the value of USD from Coinmarketcap places the Guides in the role of price oracle. Fortunately, we now have a decentralised price oracle in the form of PegNet, so my preference would be to pull price values directly from the PegNet chain.

Supposing we get that in place, then the remaining challenge is to establish the correct algorithm to determine the current target size.
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