Soon the first registrants will have to reapply. At the moment gas costs on the ETH network are very high. That makes it very expensive to reapply. The proposal is to extend the registration period to avoid these expenses.
@clesaege summed the pros and cons nicely:
The pro of asking everyone to renew:
- May help find other sockpuppeteers we missed.
- Remove people who died during that time (assuming 72 years of life expectancy that’s 131 members of the registry which should have passed away).
The cons:
- Lot of gas cost.
- Some people may not renew so less PoH registered users.
Some math. Suppose the gas cost for renewal is something like $200 than it would cost 2,4 million dollars for 12.000 people to renew.
Suppose you want to pay with UBI for that than it get’s even worse. I’d have to sell some UBI for ETH incurring another $200 in gas costs. Alltogether you would lose close to half of the UBI value you received in the past year.
This can be avoided by postponing/extending the renewal. The registration period is now 1 year. After that you need to renew. The proposal is to prolong that period. There can be several variations:
- Make the registration period 1.5 years in stead of 1 year
- Make the registration period 2 years in stead of 1 year
- Make the registration period 3 years in stead of 1 year
Of course, this is just a temporary solution. Sooner or later accounts need to be renewed. But this buys us time to work other ways to bring the gas costs down, like moving to layer2 solutions.
Some people already mentioned they are in favor of extending the registration period in the forum:
@NTP
@0x4af2544a82f4c505b38a91d27ebc09f27019ef20_Ethereum
@Nachobr
@0xa0766028f1712c641a9a7d34535b9caa10f5b496_Ethereum
@NingFid
What is your opinion?