I look at decentralization from a legal, regulatory, and industry perspective. In addition to the issues that confront XDC Foundation, I regularly interact with other attorneys (some of whose employers would be immediately recognized by everyone in this forum) and cannot help but notice that what was chaos and noise a year ago is converging into a symphony, first slowly and then suddenly. One clear note I am hearing is decentralization.
There are a number of questions asked to measure a project's decentralization. A common one is, "What would happen if your project team disappeared?" Would the network still function? Would it thrive? Would it develop?
Part of the reason behind the question is industry's unwillingness to rely on any project team. There are a number of supporting concerns which we should all understand but which I will not attempt to repeat here. The network, and the parameters and processes by which the network is improved, must decentralize to create ubiquitous redundancy so that the risk of loss (remember we are proposing to change the way real world trade finance and a host of other important things are done) is statistically zero. This can only happen with decentralization.
I do not believe XDC Community is the final iteration of decentralization. I believe XDC community is. But as pointed out in the article above, decentralization cannot (or at least does not normally) happen in the first instance; there is a process.
XinFin Fintech created XDC Network. In the early days, the project was fully centralized as it had to be; there was no community within which to decentralize the many needs of a blockchain project. XDC Foundation was created in 2021 to facilitate further decentralization. While decentralization is difficult to achieve by the creation of an entity per se, the Foundation made important progress in building indispensable community touch points through exchange listings and development team liaisons. Since the Foundation came online, many new L2s have launched on the Network.
The community required to sustain a blockchain consists of developers, not speculators. The necessary parties are those who seek to improve network functionality, undoubtedly and unabashedly for the proper function of their own applications but ultimately with a net positive gain in everyone’s favor.
XDC Community, having recognized that the XDC L2 dev community reached critical mass, has been working tirelessly to facilitate the give and take that characterizes a healthy decentralized project. In such an environment, in which developers are allowed to influence protocols and tooling in a way that simultaneously serves their ends and the needs of all others, decentralization finds its true expression. The XIP process is one example of how XDC Community saw the writing on the wall and took action. They outline above a suite of additional steps they propose.
It is easy for other parties and groups to say, “Yeah, great idea but we can do it cheaper.” If you could have, you would have. But here we are. XDC Community saw a need and provided an answer. They see many needs and are working to provide community-based solutions to propel XDC Network forward.
From a legal perspective, the work of XDC Community has made my job at the Foundation easier. The work has positively and necessarily shifted a primary characteristic of XDC Network and I expect it will be the groundwork for our move from a top 100 project to a top 50 project and beyond.
XDC Community has proposed a clear course of action and prepared a budget to sustain that course. They have demonstrated an understanding of the Network, of networks generally, and of decentralization and its unique needs and that they can provide services and thought leadership to keep us moving in the right direction. For all of that, XDC Community has my unqualified support and I wholly endorse their proposal.
One final note before any naysayers start typing. Neither XDC Community nor its proposal is perfect. We’d all die waiting if that were the standard. But you can’t steer a parked car. Lets get them rolling and then act like the community we are to provide feedback and constructive criticism. XDC Community’s success will be our success.
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Vote = YES
I look at decentralization from a legal, regulatory, and industry perspective. In addition to the issues that confront XDC Foundation, I regularly interact with other attorneys (some of whose employers would be immediately recognized by everyone in this forum) and cannot help but notice that what was chaos and noise a year ago is converging into a symphony, first slowly and then suddenly. One clear note I am hearing is decentralization.
There are a number of questions asked to measure a project's decentralization. A common one is, "What would happen if your project team disappeared?" Would the network still function? Would it thrive? Would it develop?
Part of the reason behind the question is industry's unwillingness to rely on any project team. There are a number of supporting concerns which we should all understand but which I will not attempt to repeat here. The network, and the parameters and processes by which the network is improved, must decentralize to create ubiquitous redundancy so that the risk of loss (remember we are proposing to change the way real world trade finance and a host of other important things are done) is statistically zero. This can only happen with decentralization.
I do not believe XDC Community is the final iteration of decentralization. I believe XDC community is. But as pointed out in the article above, decentralization cannot (or at least does not normally) happen in the first instance; there is a process.
XinFin Fintech created XDC Network. In the early days, the project was fully centralized as it had to be; there was no community within which to decentralize the many needs of a blockchain project. XDC Foundation was created in 2021 to facilitate further decentralization. While decentralization is difficult to achieve by the creation of an entity per se, the Foundation made important progress in building indispensable community touch points through exchange listings and development team liaisons. Since the Foundation came online, many new L2s have launched on the Network.
The community required to sustain a blockchain consists of developers, not speculators. The necessary parties are those who seek to improve network functionality, undoubtedly and unabashedly for the proper function of their own applications but ultimately with a net positive gain in everyone’s favor.
XDC Community, having recognized that the XDC L2 dev community reached critical mass, has been working tirelessly to facilitate the give and take that characterizes a healthy decentralized project. In such an environment, in which developers are allowed to influence protocols and tooling in a way that simultaneously serves their ends and the needs of all others, decentralization finds its true expression. The XIP process is one example of how XDC Community saw the writing on the wall and took action. They outline above a suite of additional steps they propose.
It is easy for other parties and groups to say, “Yeah, great idea but we can do it cheaper.” If you could have, you would have. But here we are. XDC Community saw a need and provided an answer. They see many needs and are working to provide community-based solutions to propel XDC Network forward.
From a legal perspective, the work of XDC Community has made my job at the Foundation easier. The work has positively and necessarily shifted a primary characteristic of XDC Network and I expect it will be the groundwork for our move from a top 100 project to a top 50 project and beyond.
XDC Community has proposed a clear course of action and prepared a budget to sustain that course. They have demonstrated an understanding of the Network, of networks generally, and of decentralization and its unique needs and that they can provide services and thought leadership to keep us moving in the right direction. For all of that, XDC Community has my unqualified support and I wholly endorse their proposal.
One final note before any naysayers start typing. Neither XDC Community nor its proposal is perfect. We’d all die waiting if that were the standard. But you can’t steer a parked car. Lets get them rolling and then act like the community we are to provide feedback and constructive criticism. XDC Community’s success will be our success.