[Governance Proposal] - Parameter change: Set a minimum commission for validators of 5%

General
1

Dear Community,

Seeing multiple validators start their validators with 0% commission in an aim to attract outsized voting power we propose - with support of the XION foundation - to set a minimum commission for validators.

Together with the current randomized interface this will be the main 2 tools to promote correct delegator decisions and promote a decentralized validator set.

We propose the following proposal text and will go on-chain in ~7days.

We have been fans of a minimum commission floors as a decentralisation tool for a long time and have seen its effects on young ecosystems, we hope the community sees this as a minor but valuable parameter change, feel free to direct any questions to this thread.

Best,
Lavender.Five Nodes

{
 "messages": [
  {
   "@type": "/cosmos.staking.v1beta1.MsgUpdateParams",
   "authority": "xion10d07y265gmmuvt4z0w9aw880jnsr700jctf8qc",
   "params": {
    "unbonding_time": "504h0m0s",
    "max_validators": 35,
    "max_entries": 7,
    "historical_entries": 10000,
    "bond_denom": "uxion",
    "min_commission_rate": "0.050000000000000000"
   }
  }
 ],
 "metadata": "ipfs://CID",
 "deposit": "1000000000uxion",
 "title": "Set Minimum Commission Rate",
 "summary": "We intend to set a minimum commission rate floor, to equalize competition in the validator space",
 "expedited": false
}
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