Radix Economic Model Improvement Proposals (REMIP)


What is a REMIP?
REMIP stands for Radix Economic Model Improvement Proposal. A REMIP is a submitted form for providing information the Radix community about a suggested improvement to the Radix Economic Model. The REMIP should provide a concise specification for improvement of the and a rationale for the suggested change. The REMIP author is responsible for building consensus within the community and documenting dissenting opinions.

Why have REMIP?
The Radix Economic Model has been under development for almost as long as the Radix project has (circa 6 years). It has gone through a very large number of iterations and has benefited immensely from feedback, both critical and encouraging, for which we are very grateful.

Now that the Economic paper is a public draft, we continue to seek comments and suggestions. Nothing in the paper is set in stone - we have released this draft well ahead of the launch of the Radix network to make sure we have as much time as possible to collect and review feedback.

We have created a structured proposal process to allow productive and tangible suggestions to come from community conversations, in a format that can easily be understood and assessed by all community members.

EMIP workflow

  1. Informal feedback
    Before submitting a REMIP the author should take the time to float the idea informally with the Radix community on the Economic topic in the Radix Forum. This early discussion with the community has two main purposes. Firstly, it makes sure that the idea improves the model for the whole community, not just the author. Saving the author time and effort on submitting a full proposal which does not have any community support. Secondly, it can help the author further refine their idea based on feedback and suggestions from the community.

  2. REMIP submission
    All REMIPs should be submitted using this form, which is also embedded below this post.

  3. Quality review
    Radix team members will do a short quality review of all submitted REMIP. This review will not look at the suggested improvement or accuracy of the mathematical model. Instead the review will check whether an appropriate level of detail and explanation has been provided by the author in the form. If not enough information has been provided the Radix team will contact the author notifying where more information needs to be provided.

  4. Draft shared
    If the submitted REMIP has passed the quality review the submitted proposal will be shared as a draft with the Radix Community as a new thread in the Radix Economic Model Improvement Proposal subtopic in the Radix Forum.

  5. Community review
    Community members will then be invited to comment on the REMIP with challenges, concerns, suggestions and also agreements.

  6. Last Call
    14 days after the draft has been shared with the community there will be a last call for any feedback. This last call will be shared via the Radix newsletter as well as prominently on the Radix Forum.

  7. Submitted/Rejected
    If the community is broadly behind the proposal but sufficient level changes are proposed by the community then the author will be requested to submit a new REMIP including the changes.

If the REMIP has failed to gain sufficient community support it will be rejected.

If the REMIP has the support of the community it is then formally proposed for inclusion in the Radix Economic Model. This will then undergo a thorough review by the Radix Team to decide if all, some or none of the proposal will be included in the final model. The rationale and thought process of the Radix team for this decision will be shared with the community.

REMIP structure
A REMIP submission should contain the following sections:

  • Abstract - provide a simple explanation of your REMIP in language that a layman could understand
  • Motivation - this should clearly explain where and why the current Radix Economic Model is inadequate to address the problem the REMIP solves.
  • Specification - this should describe in detail the proposed change to the model making sure to clearly outline all the impacts and changes it would lead to.
  • Mathematical Model - all REMIPs which impact the mathematical model or the expected onboarding or offboarding of capital should include a working mathematical model. This should ideally be in the form of an Excel spreadsheet or Google sheet for ease of access and viewing by the community.
  • Rationale - the rationale should flesh out the specification by describing what motivated the design/proposal and why particular decisions were made. It should describe alternate approaches that were considered and related work
  • Copyright Waiver - All REMIPs must be in the public domain. E.g. Copyright and related rights waived via CC0.

Organizational Components
Index Token Administration
Mathematical Model
Economics Model System Components
Radix Economics Model