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David Gold: I think this can be boiled down to the concept that primary BPs probably need $3k-$4k per month in income value to be sustainable which isn't far from our pre-mainnet estimates. One of the things our prior BP Reserve system didn't do well was to take into account the value of the FIO Token. It made sure 50k in tokens were given to BPs daily irrespective of the current value of those tokens. My math estimates that BPs have been paid to date around $1.5M-$1.8M worth of FIO tokens if the tokens are valued at their price when they were given (or the opening price for those given prior to first listing). So, thus far, BPs have been well paid for the 9 months of operation but we need to fix the go forward as the protocol continues to grow.
The easiest way to solve this in the near term is to refresh BP reserves. However if we did that we should adjust the formula so the minimum tokens paid out are based in some way based on real world value. Maybe by connecting the payout to the price of a FIO Address in some way. If the token doubles in price, the BP reserve amount in tokens should be cut in half. I also think we should consider the BP reserve tokens paid out as being locked tokens to incentivize a long term view although not sure how complex that would be.Luke Stokes: Part of the BP claim pay was in locked tokens? That might create a long-term incentive for the project success, similar to what the investors have now.
Decisions Taken during BP Call (2021-02-01):
Minimum pay agreed for Active BPs is set at $3500 and for Standby BPs is set at $2100. Based on these values and @0.07$/FIO 1.68 Million FIO Tokens per month for 42 BPs (21 Active and 21 Standby).
It is decided to fund the BP pool for a period of ~6 months with the funds reserved in FIO Address Pool totaling ~ 10Million FIO tokens(10 buckets with each 1 million). [Foundation will be committing to burn the tokens when the functionality is in place to keep the maximum tokens below 1 Billion.]
Luke will share the list of addresses of the buckets and Sukesh will update the FIP for final approval by the community.
During the 6 months time, BPs and the community shall evaluate different ideas and growth values of the chain to have more long-term solution.