HomeCoinsBand Protocol (BAND)BCIP-5: Enable IBC Transfer Official Proposal | by Sorawit Suriyakarn | Band...

BCIP-5: Enable IBC Transfer Official Proposal | by Sorawit Suriyakarn | Band Protocol | Oct, 2021

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Sorawit Suriyakarn
BCIP-5: Enable IBC Transfer Official Proposal | by Sorawit Suriyakarn | Band Protocol | Oct, 2021

Now that BCIP-4 has passed to enable the IBC Oracle feature, expanding the use case of Band in other IBC-compatible chains, we are excited to share that the core Band Protocol development team has submitted a new BandChain Improvement Proposal (BCIP-5) to propose enabling token transfer through IBC and updating the historical_entries parameter to allow for header verification in IBC connections.

Once the proposal passes, BAND holders can transfer their tokens to our partner chains with IBC-capability and perform activity on those chains with BAND tokens. The ease of transferring enabled by this feature creates more seamless use cases of BAND tokens which raises the liquidity of the token.

Upon the proposal conclusion on Oct 15, 2021, there are two possible outcomes:

  1. If the proposal passes, IBC Transfer feature on BandChain will be enabled automatically and historical_entries parameter in the staking module will be changed to 10,000 for header verification in IBC connections.
  2. If the proposal fails, BandChain will not support sending and receiving BAND and other tokens through IBC, and we will collect feedback to improve upon what is needed.

Every delegator and token holder on BandChain has voting power based on the tokens that have been staked on the mainnet network. Delegators have 5 possible options to interact with BandChain proposal, including this one, as follows:

  1. Vote “Yes”, if you agree with the network upgrade
  2. Vote “No”, if you disagree with the network upgrade
  3. “No with Veto”, if you strongly disagree with this proposal
  4. “Abstain”, if you do not intend to vote in favor or against the proposal but accept the result of the vote
  5. Do not vote (do not submit transaction), if you wish to delegate your voting power to the validator who will vote on your behalf

For any questions, please feel free to raise any questions or concerns regarding the proposal in our Discord group.

After the voting period ends, this proposal will be determined as YES if all of the following conditions are met.

  1. More than 40% of total bonded tokens vote on this proposal.
  2. “No” with veto votes must be less than one-third of the total votes.
  3. “Yes” votes are more than the sum of “No” and “No with Veto” votes.

The upgrade has no effect on the end-users operations of the chain.



Read the original article here

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