Developers Forum for XinFin XDC Network
This is one of the best and real community driven proposal that I have seen that is presented publicly
Tokenomics of XDC Network has provision for Ecosystem Pool that allows the project to be run as a quasi-DAO (not full DAO)
XDC Community (name of the initiative) comes across as one of the real dev centric and decentralized initiatives that's been running really well since the last 2 months.
The proposal is quite in depth but I will voice my feedback with each points below :
Having grown the XDC Network primarily as a bootstrapped one, the budget seems a little bit on the higher side.
The proposal here is presented in USD while XDC is the sole currency of XDC Network
If this proposal is to go through (which looks like it will), will unlock approximately 60 Million XDC supply from ecosystem pool at current XDC rate. There has to be a provision and sustainability around that kind of supply to go into liquidation. The community also needs to understand the implications of that pool going into the open market for liquidation.
Sustainability needs to be a priority. Enterprise Ethereum alliance was able to scale EIP and ethereum’s development from industry budgets and funding layer2 protocols like uniswap, marketdao etc. Just because there is a provision in XDC tokenomics, these initiatives should not solely depend on XDC.
There needs to be shameless salesmanship to bring industry onboard to fund XIPs without which the development will not be validated or sustainable.
Either way this is the best and first real proposal I’ve seen come from community, other than the POS proposal presented by Ritesh (co-founder)
For XDC to scale up into top 5 public blockchain projects, there will need to be a fully transparent process from here on around all such initiatives.
Last but not the least : PLEASE GET ON-CHAIN VOTING DAPP LIVE ASAP
My vote is : YES
I have already casted my vote above.
Additional note and comments as follows :
The more proposals are presented, the more it will become competitive in the coming future.
Past track records and profiles of individuals presenting proposals will matter. Everything voted and commented here needs to be kept as a record for future references whenever community asks questions.
The drawback on this forum is that you can edit whatever you said in the future and it will be difficult to track. Thats why the voting process has to be onchain and transparent. As an exception, the community might be willing to accept voting here but I would not support future voting without the on-chain voting dapp
One of the things I'd like to propose is to unlock XDC in 3 tranches basis current rate and unlocking future two tranches basis execution, performance of team and stewardship of the funds sent across
Thank you for your comments Atul! I wanted to let the community know that we have been in touch with a dev team regarding the creation of an MVP on-chain voting dApp. We were hoping we could have that MVP ready for this vote but we value delivering the right solution over delivering a solution a right now. That said, we are happy to publicly commit to having an on-chain voting dApp ready for use within a month of XDC Community going live. This initial release will be an MVP and our intention is to let the community decide what features to add to the voting dApp by casting votes using the voting dApp.
As you noted, without a voting dApp in hand we opted to host the vote here on this forum. While not ideal it does add a layer of transparency and accountability to the vote. I propose that at 12:00 AM EDT (UTC-4) Saturday, November 5th 2022, archives of these two pages xdc.dev/tpada13/xdc-community-requ... and xdc.dev/tpada13/xdc-community-requ... are taken using the Internet Archive Wayback Machine (archive.org/web/) and that the URLs generated be stored as a new comment on this post along with vote tally, and also stored in GitHub for transparency. I am open to other suggestions for snapshotting the state of this page, and agree that it is a requirement for truth and transparency in this particular vote.
Regarding liquidation, I want to first acknowledge the concern and state that XDC Community exists to serve the network because we believe in the network, our goals align with network growth and adoption, and we are cognizant of the fact that improper liquidation of the funding pool would not only hurt XDC holders, but also XDC Network builders, which is counter to why XDC Community as an entity has been proposed.
Looking at the proposed budget there are two main categories; Operations in Orange, and Development/Developer Engagement in Blue. Development/Developer Engagement efforts include bounties, hackathons, and infrastructure projects that will be entirely transacted in XDC. Our goal is to entirely decentralize these activities through the use of the aforementioned voting dApp. Ideally bounty topics and associated reward amounts are voted on by the community before being posted as bounties, and the bounty winner(s) are also voted on by the community. This approach democratizes and decentralizes the creation of documentation, sample code, tutorials, and coding challenges (etc.), ensuring that the developer community is getting the content that it wants/needs, while also giving the community a firm voice in how XDC is utilized to execute. The same approach can be taken for hackathons and infrastructure projects. It is worth noting that the MVP voting dApp has to come into existence before we can use it. I am estimating that we can deliver an MVP at a cost of $10,000 USD within a timeframe of 1 month.
The second category is Operations. In order to smooth liquidation pressure over time I propose a daily liquidation of 100,000 XDC (estimated at todays price of $0.03/XDC). For context the 24 hour volume for XDC today (as listed on CMC) is 95,500,000 XDC (at todays price of $0.03/XDC), meaning that our liquidation would be about 0.1% of the daily volume.
Regarding your most recent proposal of unlocking XDC in 3 tranches basis current rate, where the second two tranches would be unlocked based on execution, performance of team, and stewardship of the funds, are you proposing that we would repeat this voting process four months from now, and then again four months after that? I understand the reasoning behind this but want to raise a counterpoint to it. Releasing funding in tranches, where the next release is contingent on execution by the team with previously released funds won't incentivize us to be better stewards of the funds, it will only disrupt operations and planning, limiting what we can do with the funds in hand. We can't plan to execute across funding boundaries, meaning that all activity starting at day one would have to take place within a four month time window. Operating in this capacity forces us to wind down activity leading up to each vote, which negatively impacts overall performance.
The main point is that we are here because we are driven to be good stewards of the network, good stewards of the community, and good stewards of XDC. I believe we have demonstrated this stewardship through our ability to maximize the value returned on the XDC invested, and this proposal is rooted in an interest to accelerate the creation of that value. That said, while I would prefer the ability to plan operations for a 12 month period, we are here to execute the will of the community.
I completely believe in this team and have full faith in your abilities having demonstrated what XDC Community can do to get the tech/dev ecosystem streamlined and organised.
Following completion of this vote, get the time snapshop on web archieve and share the XDC address (which should be your safe account). The risk of safekeeping and custody of funds inside that wallet will be completely on XDC_community
once the web archieve link and this vote link is shared, the legal team will be notified of the vote results and requested to unlock the ecosystem pool wallet to initiate the transaction (the txhash of which will be shared on the same thread)
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Developers Forum for XinFin XDC Network