Proposal #11 - BidMinDeposit Param Change

UPDATE 3 (30 Aug 2021)

Fixed proposal is here

UPDATE 2 (27 Aug 2021 / 2)

Please vote a NO due to the issue with the proposal (wrong parameter value).

The new fixed proposal has been tested in the testnet and will be submitted soon.

Apologies for any inconvenience caused.


IMPORTANT (27 Aug 2021)

Please hold off on voting today, until the engineering confirms the parameter value is correct in the proposal #11 as I’ve got something here Discord


Lowering down minimum deposit required per deployment on Akash Provider from 50 to 5 AKT in order to allow easier entry for more Akash providers out there.

This proposal is simple and smart! @andy01 has helped update our provider documentation and has been operating a provider on Akash. The 50 AKT deposit for providers is required for every deployment/bid, and this is a burden on smaller providers. I vote yes!

4 Likes

This is great and will be shared across our channels

3 Likes

Is it really that useful? I agree that 50 Akt per Bid seems a bit too much. However, 5 AKT looks like too little in my opinion. If someone is running a validator he should be somehow connected to akash and should also show that he is serious with being an akash provider. A validator has to prove its use in the network by coins, a provider should do that too, although of course on a different scale.

Couldn’t even unserious providers flood the ‘marketplace’ with bids since the entry barrier is much lower?

But this is just a question for me to understand it better. I guess the current pkt miner hype shows that a reduction is needed.

1 Like

This is so timely FreshAKT made a deposit.

Hey @andy01 thanks for putting this together! I think lowering the barrier to entry as providers is a good thing in general. Do you know if there were specific reasons why it was set to 10x the tenant deposit before?

1 Like

@ctrl-Felix you are right that a malicious developer could bid on deployments and provide a bad user experience. To protect tenants, we recommend using the host: akash and signedBy: anyOf: "akash1365yvmc4s7awdyj3n2sav7xfx76adc6dnmlx63" attributes

1 Like

That.

And in the worst case scenario we can always lift up the parameter should we want to. :wink:

Then, I think, the AKT price is going to keep increasing in the valuation anyway.

1 Like

@ctrl-Felix

Is it really that useful?

Absolutely.
This way I see more providers to come, including myself.

If someone is running a validator he should be somehow connected to akash and should also show that he is serious with being an akash provider.

I don’t think this is the idea of the Akash Network.
I believe it’s the AirBnb of the cloud providers where everyone can make the use of his HW sitting around.
Buying/renting good HW cost money anyway.

Couldn’t even unserious providers flood the ‘marketplace’ with bids since the entry barrier is much lower?

If that would be a protection, then we would have to keep increasing the barrier as the malicious actors get richer.
(Personal opinion on that: The malicious actors would likely be the competitors with heavy money bags anyway)
That sounds like security by obscurity to me which can’t be sustained.

The best thing would be to give this decision in the hands of the clients where they can leverage signedBy attribute in their deployments as @colin.lowenberg mentioned.

Serious clients will definitely leverage this as they will naturally build the trust for the group of providers they see perform the best.

Serious providers are going to build their trust with time by providing good service. As well as the providers web page / video/forum/chat support channels / etc.

(Hey, isn’t this getting into some sort of a Proof-of-Good-Service - PoGS? :wink: Imagine having this sort of Automated Autonomous Providers Rating System - AAPRS from 0 to 5 stars just like the Hotels have, but based on the QoS of the provider measured by the Akash agent container running on the Provider or just by Akash provider SW itself as it has the K8s access anyway as well as the ability to write (report) into the blockchain itself (though, that might be insecure and this should rather be monitored by a trusted 3rd party or let be ranked by AKT holders)? Might be worthy of opening a feature request discussion topic, WDYT @colin.lowenberg ? )

Update:

Akash providers actually have the ability to set --bid-deposit to any higher value than BidMinDeposit they want.
I guess the clients can filter the providers based on that.

2 Likes

Super simple and strike to the point :heart_eyes:
Deposited and Vote Yes :smiling_face_with_three_hearts:

Thank You,
Martin Phineas (Min#6706)

1 Like

IMPORTANT

Please vote a NO due to the issue with the proposal (wrong parameter value).

The new fixed proposal has been tested in the testnet and will be submitted soon.

Apologies for any inconvenience caused.

3 Likes

Thank you very much for the detailed explanation :slight_smile:

1 Like

Fixed here

Updated Proposal #12

1 Like