The Nara runtime upgrade introduces significant changes to the Joystream ecosystem. Creator Tokens and the Automatic Market Maker (AMM) offer new avenues for creators to monetize their content and receive support from their viewers. Coupled with refined governance and enhanced anti-censorship measures, Nara represents Joystream's ability to continuously innovate, improve and deliver upon network upgrades that provide users with new features.
Timeline
The Runtime Upgrade Proposal was submitted on February 27th at block #6387158 and was approved by all three Council Members for two consecutive council terms. It is now gracing. The upgrade proposal uses a trigger block, ensuring that the upgrade will execute exactly on block #6602420. We estimate this block to be produced on Wednesday, March 13th, at 13 CET.
What is Nara?
The most important changes that Nara brings are outline in the sections below. For those interested, this Github issue provides a complete list of the runtime changes for Nara.
Creator Token
Creator tokens are a key financial, value-capture, and community growth primitive unlocked with Nara. They allow content creators to issue a fungible token that can capture revenue generated by their channels and distribute a share of it pro-rate to their token holders. There are also complementary features for bootstrapping liquidity, raising funds through a public sale, and managing access and vesting.
Automatic Market Maker to Creator Token pallet
In the domain of creator tokens, the Automated Market Maker (AMM) quietly revolutionizes trading, offering creators and their community an effortless and efficient way to manage CRT sales. Inspired by platforms like Uniswap, AMM employs sophisticated algorithms to seamlessly adjust token prices.
Automated Market Maker (AMM) subtly adjusts token prices with each transaction. As tokens are bought, their prices gently rise, reflecting increased demand and creator token value. Conversely, when tokens are sold, the AMM modestly reduces prices to maintain equilibrium.
Changed council and election periods
The Joystream community discussed and approved a change to the election period that will apply in Nara, as follows:
| Election Stage | Duration |
|---|---|
| Idle Period | 14 days |
| Announcing Period | 6 days |
| Voting Period | 4 days |
| Revealing Period | 4 days |
This means that Council Term #31 will already be 28 days. This is an important change that will contribute to the quality of Joystream governance body.
Other changes
- Limited content curators' privileges, such as deleting channels and videos
- Changed some working group max workers values
- Added feature to enable freezing creator tokens pallet functionality via new proposal
- Update substrate version based on v0.9.41 release
- Full changelog
Disclaimer
All forward looking statements, estimates and commitments found in this blog post should be understood to be highly uncertain, not binding and for which no guarantees of accuracy or reliability can be provided. To the fullest extent permitted by law, in no event shall Joystream, Jsgenesis or our affiliates, or any of our directors, employees, contractors, service providers or agents have any liability whatsoever to any person for any direct or indirect loss, liability, cost, claim, expense or damage of any kind, whether in contract or in tort, including negligence, or otherwise, arising out of or related to the use of all or part of this post, or any links to third party websites.