Viction is present a comprehensive proposal named the Saigon Network Upgrade that seeks to implement wide-ranging changes to the $VIC ecosystem’s respective parameters. The principal reason for this proposal is the Foundation’s broad vision of developing a robust and sustainable L1 ecosystem based on $VIC. The suggested changes address several core areas, such as modifications to the maximal supply, annual inflation, halving cycles, and blocks rewards designated to the Viction’s Ecosystem Pool.
Saigon Upgrade to Enhance $VIC Ecosystem Sustainability
The Saigon Upgrade’s primary goal is the long-term sustainable growth of the Viction ecosystem. The Viction Foundation is keen on setting a conducive environment that rewards developers and encourages innovation. The present proposal considers the factors surrounding the current circulating supply of $VIC, inflation, and how it has so far been distributed among stakeholders.
However, the proposal holds inflation at 4,000,000 $VIC yearly with a four-year halving cycle. The reason behind this inflation is to continue incentivizing Masternodes to secure the Viction Network with $VIC. Moreover, the proposal also increases the maximum issuance to 210,000,000 $VIC, a 110% increase from the current 100,000,000 $VIC.
In addition to the above, 80,000,000 $VIC will be added to the Viction Ecosystem Development Pool for 4 years. Thus, the Pool’s purse provides opportunities for Ecosystems and further growing initiatives. Initially, Viction Foundation will oversee the Pool’s purse, but over time, the community will be capable of managing it via contributions.
Saigon Network Upgrade Relies on Viction Community Decision-Making
The success of the Saigon Network Upgrade revisits the plan with a heavy focus on community involvement and decision-making. It will only be achieved if a 10M $VIC Quorum on the Saigon network is met and a vote of over 50% from community stakeholders is achieved. Thus, the Viction ecosystem has a democratic decision-making system whereby community members decide on the upgrade.
Lastly, the proposed timeline for the Saigon Network Upgrade looks into the future with several key highlights, particularly the release of Viction 2.0, more community engagement, and the upgrade taking place on July 2024. By following such a timeline, Viction foundation through the community will have provided a window for more growth, innovation, and sustainability to the $VIC ecosystem.
