Original post: https://medium.com/iconviet/contribution-quantifying-model-and-prevent-centralization-of-power-f4d0b70a196 submitted by
Solving contribution puzzle
and introduction of ContributionDAO.
How it could deal with the public enemy of every blockchain ecosystem: centralization of power
It explores following topics:
- Can contribution be quantified ?
- A heuristic technique to quantify contribution
- A special DAO for overseeing contribution ( ContributionDAO )
- Every form of centralization is disfavored in public networks
- The power of early adopter and contributor
- What we could do in early stages to avoid the fate of crypto-dystopia
I wrote with the love for ICON and many years of experience in crypto/blockchain space as well as a long exposure to political theory. You know, blockchain is a beautiful combination of economic, politic
. But it will become ugly if not being done properly in the first days.
Can contribution be quantified ?
This question should be started with another one: how do we define contribution ?
We cannot quantify something without identifying it first.
But there are many answers, very biased ones you know. Anyway, at the end of the day, we must come to a consensus on how we could identify contribution. In my observation, the consensus is "anything help to bring value to ICON network, it could be counted as contribution"
Now here comes another question, how do we know that some activity will bring value to ICON network ( and ICX price ) ? Well, just use common sense alone, I can make a list like following
- Develop open source projects in ecosystem
- Make great tools and documentation to help onboarding new developers
- Implement ICON node client using different languages, it plays a vital role in resilience of the network ( Ethereum has 7, 8 different client implementations )
- Hosting hackathons and developer events to spread awareness and create strong developer mindshare
- Brainstorming ideas on how to use blockchain ( and ICON network ) to bring economic benefit to business, as well as executing those ideas
- Propose strong and well thought proposals on network governance
That is my list, there are many more for sure, it depends on your experience and perspective. As long as you can explain how your activity could bring value to ICON, and if community accept it, then it is contribution. Subjectivity is the nature of the game.
At this point, assume that we can identify contribution ( or we think something may be
a contribution ), how to quantify them ? How to determine how big, how important, how significant that contribution is ? Again, subjectivity is still around here. There is no universal truth at all. Each ICONist probably has a subjective view on the significance of some specific contribution. It makes us hard to quantify contribution reliably, so what should we do ?
A heuristic technique to quantify contribution
So, do we must live with it ? Even ICON Foundation does not give us any strong set of rule on this quantification problem. Is it that sad ? Is it the end ?
Not really, no way we are in dead end here, we never surrender. In fact, I strongly believe that we just need to use common sense and community wisdom, combine with verifiable proof of finished contribution
and one well designed DAO
for overseeing them, we could come to a good enough heuristic method to quantify contribution. Wait a minute, what does heuristic mean ? "A heuristic technique, often called simply a heuristic, is any approach to problem solving or self-discovery that employs a practical method that is not guaranteed to be optimal, perfect or rational, but instead sufficient for reaching an immediate goal." - Wikipedia
A special DAO for overseeing contribution ( ContributionDAO )
To quantify PRep contribution, the heuristic framework could be like this
- First, we must build one DAO called ContributionDAO
- ContributionDAO comes with its own token ( maybe CNTR token )
- This token will play a key role in the way contribution is evaluated and quantified.
- The main purpose of CNTR is for competitive voting of contribution items.
- Initially, CNTR token will be distributed to all ICX holders with conversion ratio calculated by a special formula for reducing the influence of whales.
- All above rules will be explained in detail in ContributionDAO light paper which will be ready in coming months, I am working on it.
- All PReps must finish their works/contributions and submit them as individual items to ContributionDAO
- For all submitted contributions, CNTR holders ( all ICONists ) can upvote or downvote them competitively. After a certain amount of time ( determined by a number of blocks ), the winners and losers are known and rewarded or punished correspondingly. Details will be in light paper.
- Rewarded means winner's CNTR holding is increased proportionally to the amount of voted CNTR and how big they win.
- Punished means losers's CNTR holding is decreased proportionally to the amount of voted CNTR and how big they lose.
- Vote result of a contribution could be interpreted like below ( still a draft at the moment )
- If a submitted contribution has very small amount of votes or no vote at all ( both downvote and upvote ), it could be considered pointless.
- If a submitted contribution has almost equally amount of upvotes and downvotes, it could be considered controversial.
- If a submitted contribution has way more upvotes than downvotes, it could be considered useful.
- If a submitted contribution has way more downvotes than upvotes, it could be considered harmful.
- In conclusion, the higher value of upvote/downvote ratio, the more significant and important one contribution is. This ratio value is calculated using a formula to take net voting volume into account. Again, more details in light paper.
does not guarantee an absolute objective quantification of contributions, but it could be a useful weak-subjective quantitative tool
for community to determine the significance of contributions done by PReps. In the beginning, all ICONists have the right to evaluate and vote for the meaningful contributions, but if they keep voting blindly, irresponsibly and against majority, their CNTR
holding will be burnt to zero gradually and they will lose their right eventually.
Note that, beside the initial CNTR distribution by airdrop, anyone can still buy CNTR on open market if there is seller, but that is another story I will go more deeper in ContributionDAO light paper. Just a hint, it relates to governance economic. Yeah, governance activities could form a whole economy of their own. This game will be interesting.
Every form of centralization is disfavored in public networks
In simplest explanation, community support is de facto force for the success of every public open projects ( public blockchain is one of them ). In order to secure community support, the project must belong to community first. By nature, centralization in all forms is against community interest, it will result in gradually decreasing of community activity and ultimately, the dead of project ( or zombie state )
If you still have a vague idea on the importance of community, please take a look at Bitcoin and Ethereum, they are the ones with strongest community support so far. Developer adoption will come naturally with huge community and decentralization. We all see the fact that no one want to build on a centralized authoritarian network. \
* If someone want to bring Binance as counter argument here, please consider the short term benefit of being listed on Binance itself, it has nothing to do with the merit of a truly open and decentralized blockchain project. You know what I mean, right ?*
The power of early adopter and contributor
There are always pioneers in every community, nothing new here. There must be first contributors and adopters who take risk and invest their time into something still being in nascent stage. Yeah, those people really deserve a huge reward.
But the problem here is, that "huge reward" is usually come in form of soft power
. It means they possess a huge influence to community. Sometime, it is the hard power
, especially in blockchain, if they hold a lot of token and being the owner of big business running on the network. Either accidentally or intentionally, the power is centralized in their hand.
Note that, I don't assert them to be bad actor here, absolutely no
. In fact, they could be good actor and still possess a huge power somehow. Anyway, centralization of power is still centralization.
What we could do in early stages to avoid the fate of crypto-dystopia
In my opinion, the first thing we as ICONist should do is make sure we vote for the right PReps as they are the ones with immense power on ICON network. However, wisely voting alone is not enough, we must make sure power is not centralized in their hand ( even for good and ethical PReps ).
With ContributionDAO, we will soon have a single one portal which provide more comprehensive and more details data source to research about PRep contribution. The good news is that portal will be governed in a decentralized manner from the first day.
No more time consuming digging and searching for contribution detail of PReps, it will save a lot of time when there are more and more PReps joining the game.
I hope that ContributionDAO could help more ICONists to participate in ICON network governance by providing better tool and data source, as well as economic incentive. The more ICONists actively research and vote for right PReps, the better ICON network will be in long term.
It is time for wrapping everything up. We should know that ContributionDAO is just a tool, ultimately everything is up to ICONists. If ICONists choose to play selfishly for short term benefit, nothing can save ICON from destruction. But if we - all ICONists - decide to care more about ICON future, I believe ContributionDAO will be able to help us.
I am a member of ICONVIET team and also an ICONist myself. I and ICONVIET strongly believe that beside DApps building and business development, contribution in governance design and proposal is also very important. Therefore, ContributionDAO will be one of our main projects after decentralization. ** UPDATE_1, thank everyone for feedbacks :)
The purpose of ContributionDAO is make sure every contribution is showed clearly, compactly and quantitatively. It can help to avoid the vague effect of heavily-marketing-buzzword when PReps announce their contribution.
It could be used as a tool for official democratic voting provided by ICON which reflect the final decision of ICONists.
Thank you for your support :)
@duyyudus - ICONVIET
Let me get started by stating I am no way involved with the COSS team. I simply am a COSS holder
who wants to share this coin with others. Please note, I am writing this without an opinion and just stating facts (I will include a portion below with my opinions and an explanation of my thought process). Everything I say can be double checked with some DD and if I have time, I will come back and link said facts!
What is COSS?
- coss.io stands for Crypto One Stop Solution. Essentially, COSS is doing a lot. From their own exchange, to their own markets, a payment gateway for businesses to accept crypto as payments, and even more planned on their roadmap, COSS has a lot on their plate. The ICO ended a few days ago at a rate of 1 ETH for 6000 COSS making the price about 5 cents a COSS.
What does COSS do?
- Well as an exchange (no its not decentralized), COSS charges fees for trading. COSS also charges fees for their marketplace or using their payment gateway plug-ins. 50% of the total revenue they obtain is distributed to the COSS tokens weekly. The way it works is that the crypto that was received in revenue as a fee is what is distributed. Example: If the total trading volume on the exchange is 100,000,000 for the week and Ether was 20% of that volume and BitCoin was the other 80%, the payout will be 80% in bitcoin and 20% in ether.
What is the payout formula?
- [(Daily Trading Volume) x 7 x 0.002 x 0.5]/93 mil = payout per coin. Multiply this by how many COSS you hold for the value of your payout, but remember the payout will be in a plethora of coins that are traded on COSS!
When are payouts?
- Payouts occur EVERY Sunday (weekly), with the first payout to be this Sunday (October 8th). I am not sure what time of day this will occur.
How do you receive payouts?
- The simplest way to receive payouts is by holding COSS tokens in your COSS wallet on coss.io
- You can receive the payout if you hold COSS on MEW, but it requires additional steps in order to have those coins be a part of the payout. If you use MEW you need to do a bit of configuration. Use this tutorial: https://coss.io/coss-token-revenue-share-tutorial
What is the total supply?
- Currently, the circulating supply is 93 million. 80 million of this 93 million are token holders, 10 million is set aside such that the revenue generated by these 10 million tokens goes to charity, and the last 3 million are used by the team to payout bounties and such. (Coinmarketcap has yet to be updated, request has already been sent in)
What is the current marketcap?
- At a rough price of 15 cents per coin, the marketcap for COSS is around 14 million
Where can I buy COSS?
- At the moment, COSS is being traded on coss.io, etherdelta, and HitBTC
1) COSS, based on numbers, is simply undervalued. For a token that already has an existing functional product, its marketcap is well below what it should be. Trading volume has also increased significantly in the past few days! Imagine receiving profits from an exchange like Bittrex or Binance
I urge you to browse their website and look at everything for yourself to make your own judgement!
2) There is a lot of work to be done on the exchange, but it is just getting started and is still in Beta. Good things take time. I remember when Binance first began and the struggles it went through, and look at it now. I have faith COSS can do that same. Currently, the things I believe that need to be fixed are exchange UI upgrades to make them more appealing to the eye and deposit/withdrawal times.
3) There is a lot of concern about COSS being a scam due to the team's association with VRS. I definitely had to look into this and found that Rune, on of the founders, addressed this concern. For me it was a satifactory explantion stating that VRS was not a scam, but a failed project. Please read bullet 4 to get the link to the full statement and other FAQ's
4) There are tons of FAQ's and known issues that are being asked about COSS. These two links pretty much cover them all at the moment. Each link has some different information, so please read both!
FAQ - 1 https://www.reddit.com/COSS/comments/74pw7h/all_info_to_clear_up_confusion/?st=j8gjl9jz&sh=b777583e
FAQ - 2 https://www.reddit.com/COSS/comments/7471mv/fqa_for_coss/?st=j8gawdbq&sh=d4cf9518
If you would like to register for COSS, please use the link below! https://sso.coss.io/api/invite/C1IEVF318Q
If you would like to join the Slack, please use the link below! https://join.slack.com/t/cosstokenswap/shared_invite/enQtMjUxNDc0ODE4NzU5LTNiNmQ1NjYwOTM3N2QyMDg0MGE3ZDkwMjZmOWFiNjdlMzM2YTk1NmY2NGZiZjg3NmQ4ZjE4Y2YwZjJmOGE5NTM
The Binance Coin concept is defined as a digital currency Binance Stage. This is the basis for money cryptographic types` transformation. The very name “Binance” is a blend of paired and back. Therefore, the name indicates that in addition to the digital currency, no financial system cannot prejudge the exchange of money. You cannot exchange the funds against Fiat. A Candid Explanation of Bitcoin. Gaurav; February 28, 2020; Bitcoin; In this article, we will talk about What is Bitcoin and how does Bitcoin work? The Japanese have the word chokusetsu. Which in the context of communication, expresses the desire for straightforwardness and honesty, without the usual sugar-coating. I settled on the ‘candid’ for my title, but it doesn’t have the same ... Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents. Trade over 40 cryptocurrencies and enjoy the lowest trading fees in America. If the trader does not adjust the leverage, the default leverage of the Binance Futures is 20x, and the trader's largest position including the current position is an equivalent value of 5,000,000 USDT. Users can adjust their own leverage, which is from the lowest, 1x, to the highest, 125x. The higher the leverage, the lower value of the trader's position. For a detailed explanation of ... TAMIL VERSION LINK (பிட் காயின் என்றால் என்ன?) – What is Bitcoin ? Simplest Explanation English … source The Malta-based crypto-exchange Binance is now at the forefront of the DeFi wave. despite being a hardcore centralized entity. One of the main initiatives that have helped bolster this is Binance Smart Chain [BSC]. In the latest milestone, the decentralized public blockchain appeared to be nearing $250K in terms of the total number of distinct addresses. Binance exchange is a platform to buy cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, Stellar and 150+ other cryptocurrencies. It is one of the most used cryptocurrency exchanges in the whole world. It is so popular because of its easy to use interface and have a good support team to back you up. For more details on what Binance offers read this article. How to Register on Binance ... What is Bitcoin? Be able to explain bitcoin to your friends with this bitcoin 101 guide. What is bitcoin used for? What is a bitcoin wallet? And what about bitcoin mining? Why is bitcoin valuable? Bitcoin explained simply so you can become an expert. Bitcoin and blockchain are going to transform the world, learn why! What is Bitcoin Summary. Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see.Bitcoin gives you complete control over your money, unlike other assets you own which are regulated by banks and governments.
CryptoRobert's quick and easy tutorial on how easy it is to send Bitcoin or Ethereum to Binance using GDAX. You read that correctly. ANYONE can use GDAX to quickly fund not just your Binance ... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... Binance - exchange are glad to announce news about Btc with Bitcoin price prediction. Also, we prepared a distribution 6 000 BTC cryptocurrency coins to give... This is another Episode of my Cryptocurrency Explained Series where I go through cryptocurrencies and explain the fundamentals and the work behind a coin so ... Wondering how to buy Crypto with a credit card on Binance? Deposit bitcoin or another cryptocurrency in your account in less than 30 minutes. I show you how ... What do you think about Binance Chain? Let's discuss! Special thanks to James Care for helping write this video. -----Binance Referral: https://goo.gl/RD7pLD $10 Of Free Bitcoin, Coinbase Referral ...