July 18, 2024

The Parameter Committee (interim state) meets on a tri-weekly basis. It discusses all parameters relating to the Cardano protocol including network, technical, economic and governance parameters, providing technical advice and recommendations on updatable parameter settings.

Updated list of the Members (interim state):

Chairs: Chair: Kevin Hammond Vice- chair: Alex Moser Vice- chair: Vijay Bhuvangiri

Advisory Group Heads: Network group: Neil Davies Technical group: Markus Gufler Economic group: Samuel Leathers Governance group: Adam Rusch

Advisory Group Members: Network group: Karl Knutson, Matthias Sieber, Marcin Szamotulski Technical group: Ruslan Dudin, Michael Peyton Jones, Ashish Prajapati Economic group: Sergio Sanchez, Philip Lazos, Giovanni Gargiulo, Sheng-Nan Li Governance group: Oscar West, Riley Kilgore, Nicolas Cerny, Jonathan Kelly

Other: Communications: Tommy Kammerer, Matthew Capps Domain experts: Martin Lang, Andrew Westberg Observers: Secretary: Lewis Mayne

Remit

The purpose of the Parameter Committee is to provide technical advice and recommendations relating to the updatable protocol parameters, taking into account economic, security, network and other technical considerations, as appropriate to protect the long term sustainability of the Cardano blockchain.

Agenda and Updates:

Agenda

• Electing Community Members

• Use of Cardano Forum

• Open Discord Channel

• Benchmarking for PCP003

• Updates to Guardrails

Updates

• Electing Community Members

It was agreed that domain experts should be elected by Intersect members on a three year rolling basis. Nominees would need to have suitable technical experience. The expectation would be to add one domain expert before Intersect’s AMM in October and then hold elections on an annual basis or in the event that a domain expert stood down. Existing experts would be able to stand for future terms, without a limit on the number of terms they could serve

• Use of Cardano Forum

It was agreed to continue the use of the Cardano Forum as a vehicle for general community engagement, and an effective way to publish minutes, receive PCPs etc.

• Open Discord Channel It was agreed to set up and monitor an open Parameter Committee Discord channel, with correspondents either directed to the existing Cardano Forum or responses provided via the channel, as appropriate,

• Benchmarking for PCP003 Michael Karg (IO Engineering’s Performance and Tracing team) presented preliminary performance results to evaluate the impact of increasing Plutus script execution step limits. While highlighting some concerns, these results suggest that there might be some scope to increase the current limits. Further investigation is needed into the effects of increasing Plutus script memory unit limits. These results will be presented at a future meeting.

• Updates to Guardrails

Two guardrail changes were proposed:

1, VT-CC-01

VT-CC-01 (y): New Constitutional Committee action thresholds must be in the range 65%-90%

Change to:

VT-CC-01 (y): New Constitutional Committee action thresholds must be in the range 51%-90%

2. PCM-03

PCM-03: Cost model values must not be negative

Change to:

PCM-03: Cost model values should not be negative

Both changes were agreed. The change to PCM-03 was agreed unanimously. The change to VT-CC-01 was agreed by a clear majority.