Source
r/Hedera•
BeautifulInfluence51

Change in when GC term limits end (Leemon/BitBoy interview)

Discussion

Not sure anyone else caught the nuance in Leemon's recent interview.  Perhaps he misspoke, but he said regarding GC term limits:

"... and when we get to the full 39 members, you only have 2 terms you can serve, of 3 years each."  

https://www.youtube.com/watch?v=80JE6BZzyPQ  Around 12:00 mark.

We know filling out the GC hasn't gone as quickly as everyone anticipated, Mance and Leemon included.  But we also know there's a healthy pipeline of potential GC members, and likely 2 already confirmed.

Maybe I'm reading too much into it, but sounds like they are trying to avoid any existing GC members rotating out until the GC is full?  Perhaps a silent GC member is better than a headline of "XXXX departs the Hedera council"

Really, I'm just looking for a different discussion, a break from all this frenzied TPS talk for the mini-step function! /s

PS BitBoy is a clown.

Posted Jan 18, 2023, 3:50 AM UTC

1012
Patient-Entrance7087•

Also, as I recall, they said they are in talks with 50 potential GC members. 50…

Which means some of them won’t make the cut, but they’ll have a pipeline for the future

3
eliminator-n36•

Agreed, Bitboy is a clown

But on your other point, I assume Leemon might have just mis-spoke as the current GC members would already have signed the agreement with the original term limits. They potentially could be extended if both parties agreed I guess, but they'd have no way to keep a member that didn't want to stay

2
jeeptopdown•

I agree with the idea he misspoke. Otherwise they could go to 38 and stop so nobody had to leave and that would be a complete departure from everything they have ever said about being decentralized through time.

5
adam_brookes•

There's definitely meat to this. Mance/Leemon have both emphasised previously that memcom has taken over decision-making and there is flexibility there until the GC is full. They have never commited to a definite term limit for this phase of the council whenever pressed and my guess is that gaming the system as you described will be avoided by good governance rather than code/law in this case

1
jeeptopdown•

I’m going to disagree with you here. Any major change like that would be reported in the meeting minutes if nowhere else.

2
adam_brookes•

fair enough, i think my reply slightly oversold it. if you listen to this section on council membership; mance starts and ends with the standard answer we know and love, but he spends a lot of time in the middle emphasising that the rules are preliminary and subject to change as per memcom. i came away with the impression above (that the rules as we know them are likely to change, particularly when the first set of members drop off/more likely when the 'clock' starts), but i agree nothing official has happened yet.

https://youtu.be/bk82e-4fUYo?t=2005

1
poutinemonster•

Does anyone know what Leemon means when he says that GC members all partially own Hedera (Google owns 1/29th of Hedera) - ie what happens when they leave the council at the end of their terms? Do GC members coming in later just get an exponentially smaller piece of the pie? Or is ownership transferred, along with control of the node, to the replacing GC member? Thx

1
jeeptopdown•

As part of the LLC agreement they get an equal piece coming in and let that piece go on the way out.

4
BeautifulInfluence51OP•

As far as I know it's still $100 as the "buy in" to the council, and they get that back at the end. Obviously they invest far more in their employees time to the GC.

3
Jmille0n•

That's been a known fact about serving on the council, with the 2 terms, 3 year limit. Or am I misunderstanding what you're asking?

1
BeautifulInfluence51OP•

Yes, but the "when we get to the full 39 members" is the new part, implying that the 2 x 3 year terms haven't commenced yet.

4
Ok-Lifeguard-6986•

This is the second time I've heard a possible change. Before it was implied that the term of a GC member started when they signed, now it's more like the terms will start at some date that the counsel agrees upon. Almost as if it's in limbo at the moment until all seats are filled... Not sure on this, it will be nice to get some clarification

1