LUNC & USTC Rebuild Road Map
A. Team Leadership Change, Newco, Governance.
B. Implement transaction tax of 1.2% on both LUNC & USTC
C. Re-Enable Staking.
D. Algorithmic USTC
E. Future Growth
F. Future uses
G. New Tokens & Stablecoins
A. Team Leadership Change, Newco, Governance.
• Do Kwon & TFL are busy building the new Coin. The community needs leadership that can continue on with rebuilding the Classic Ecosystem. A new team NEEDS to replace them immediately.
• New Company (NEWCO), not yet named, will take over the operations of the Ecosystem, lead by myself and a team, leading the LUNC & USTC rebuild & development project. Ideally Do Kwon & TFL could remain part of this system, but just not in a leadership role. This will be a discussion to have with them. My hopes are to work with them, but that is up to them.
• While the Team is leading the ecosystem, LUNC itself will become a 100% Governance Token meaning just that. It will be a community run token. While we will be there to ensure the saftey of the system, we will have no more say than any other token holder. Which is by voting with our Tokens.
• Change the Governance voting system to be 75% Validator Network & 25% Token Holders to equal 100%.
• The goal is to remain Decentralized with a full governance system. One with a leadership Group, to assist with organic growth in the blockchain space, and to adequately compete against other tokens. We need to run this with a balanced approach combining leadership & Dao like governance. What this means is that we NEED a team leading this ecosystem so we can have the necessary discussions with the exchanges, third party developers, and seek financial assistance, but have the community involved along the way. Here is a breakdown to clarify our role in the Newco Ecosystem:
• 1. LUNC will be a Decentralized Community Run Token (DCR). The WAY it was supposed to be. Newco will not own this token, the community will. Our role will be more like a partnership or stewardship. By running day to day business like dealing with exchanges, 3RD party developers etc, and by providing development and maintenance, setting basic parameters to maintain stability. Beyond that we will only benifit from a partnership standpoint, and as a token owner just like ever other holder. That said, we will have a mechanism in place, like a poison pill, to prevent any third party from gaining control of, or making dangerous changes. This WILL not be used unless necessary. There could also be consequences for those individuals who purposely do harm to the token, chain, and or even ecosystem. We WILL not allow any attack on the system.
• 2. USTC this coin is more complicated. It NEEDS assets backing it up. These funds need to be maintained and built upon. For this reason Newco will have control over USTC, it will not be a governance token, thus holders will not gain voting rights. This IS the only way it can work. In exchange for that, we will look to add new incentives for buying USTC.
B. Implement transaction tax of 1.2% on both LUNC & USTC for the following (adjustable from 0% to 1.5% depending on market and ecosystem conditions):
• 0.35% Goes to Reduce token supply. Burned
• 0.3% Goes to USTC Asset fund.
• 0.15% Validator Fund
• 0.2% Goes to the Rebuild & Development Fund of LUNC/USTC
• 0.1% goes to the developers of third party apps. (Dapps).
• 0.1% Goes to a fund set up to help pre attack holders.
The total tax collected is in line with recently passed proposal 3568. We have just added allocation of collected funds for the betterment of the system. These numbers can be adjusted at any time as needed.
Tax peramiters to help prevent small and micro transactions from being taxed. For example, x LUNC set to Tax free, but x+1 Is Taxed. This is to help prevent Dapps and other micro transactions from being heavily Taxed.
We also need to discuss with the exchanges how to implement a tax for off chain transactions as well. This would be much smaller as we will need to ensure the exchanges are not being penalized unfairly by taxes.
C. Re-Enable Staking.
• This is important to start to help rebuilding trust, and have a positive DGT, Decentralized Governance Token moving forward. Before this however there needs to be work done to fix the code and implement safeguards to prevent issues on chain. We now have 6.9 Trillion tokens and the system was never built to handle this number. Also we need to find ways to prevent potentially Trillions of coins from getting locked up in the Validator network preventing some from being burned. We also need to put safeguards in place to prevent governance attacks. We could set limits as follows:
• Maximum staking amount based on both 10% percent of total supply and time limits to allow for a rotation in staked coins. CURRENT staked coins will be exemptfrom this. Further this will be temporaryuntil we can burn down the number of tokens. This will accomplish the following.
- Ensure a fair governance, Delegation, and Staking system for all.
- Ensure that the system is not over staked vs total supply.
- This will further assist with tokens being burned instead of being locked up in staking.
- Help prevent governance attacks
• 1% of staking limits will be opened daily until threshold is met. Basically as we hit approximatly day 100, when we add new coins, it will push out older staked coins ensuring the percentage is maintained, then every day thereafter the same will occur. As total supply drops so will number of staked coins in the system.
• To further assist with burning, we would look at adding a new feature that allows those that stake, the ability to burn a percentage of their rewards. This could give incentive to Validators to do this in order to entice delegation to their servers.
D. Algorithmic USTC
• The algorithmic stablecoin is an amazing concept, and deserves to be seriously considered. If it can work it will be the crown jewel of the network. However we will NOT jeopardize the entire system if it cannot. We will not risk another attack like what happened before.
• I believe however it can work. With the proper gatekeepers put in place and limitations an attack can be prevented. For example: If X Tokens are minted in Y amount of time the system stops, alerts the Team, and once resolved is manually restarted.
• USTC can remain being a decentralized backed up stablecoin. JUST NOT with LUNC. We need quality tokens like BTC, ETH, BNB, as well as stablecoins like BUSD, USDC, USDT.
• An interesting theory on adding a Fibonacci based algorithmic solution has been suggested and we would take a serious look at this idea. It seems very plausible and offers additional safeguards due to it’s mathmatical equation.
E. Future Growth
• Monitize USTC assets for future profits. Like a hedge fund, USTC will be full of valuable assets that can be utilized with a top of market software and best of the best trading team.
• Seek funding including collaralized debt to assist with large burns. For example with $100 million we could potentially purchase majority of the USTC supply. (Understanding that as we accumulate the price will rise so that could result in less). We can then burn 70% and retain 30% for the peg fund.
F. Future uses will include the following:
• Crypto payment processor
• Gaming token
• NFT integration
• Social Media
• And more
G. Create New Tokens and Stablecoins to compliment ecosystem.
• Family of Tokens
• USTC - backed by crypto and blockchain related assets
• UST Gold - backed by precious metals
• USTD - backed by the USD
• USTM - stock market & fund backed assets.
• Token 1. LUNA Classic (LUNC)
• Token 2. LUNA Dark (LUND)
• Token 3. LUNA Gold (LUNG)
Jonathan Fry aka DeathStarDaddy
I managed a major transportation company, with Taxi, Limo, and paratrans fleets.
In my time there I was also the lead technition responsible for helping implement the first mobile Credit/Debit payment system in a large taxi fleet. I also helped install the first tablets into the same fleet a few years later, using GPS technology, and using a digital communication system that connected the payment terminals and tablets to our headquarters, via radio frequenies, as at the time mobile data was new and very expensive. These were multi million dollar projects.
I also managed our in house team and was responsie for all our computer equipment including, servers and terminals, as well as the various software that we used to communicate with our customers and fleet.
My experience Leading dev teams was started here as I managed multiple tech teams simultaneously from many different companies from around the world, that helped all our systems work together. These included hardware, (5 companies), software (3 company), communications (3 companies), as well as our own in house tech team. I had to deal with various levels of goverment as well as we were using radio frequenies to communicate. On top of my tech background, I also managed the cities largest private paratrans fleet, which had a $25 million contract to service public transportation for transporting the disabled community. I also took care of the accounting for this same paratrans contract, as well as others including the school boards, and small & Large private companies
I was also on the team that helped implement the first taxi ride sharing app in our city (Toronto), which was basically like the Uber app in the early days. We did this ahead of the impending Uber invasion to try to maintain our marketshare knowing they were expanding.
I also built websites including a search engine called Redtoronto and ran a company by the same name focusing on website development. Competing against Google & yahoo (kinda), was an impossible feet, and my search engine was one of the last to go offline due to Google dominence.
I have basic blockchain code knowlege, as I have been studying it. Also my old school html programing knowledge has helped me much better understand blockchain technology. I also have a large background in Tech, finances, and managing teams successfully.
I have also been involved in the crypto & blockchain space for over a decade and have been fairly successful with predicting longer term trends with Bitcoin. I have written blogs, ran forums, and held endless discussions about it.
85 percent of all new crypto coins fail within the first year, more failed after that and very very few are successful. These are coins RUN by developers. Being a developer does not ensure success and in fact these numbers show that has No added benifit to leading a blockchain company.
There is a group that want to run LUNC as a DAO. While that sounds like an interesting project, there are many issues not being considered. First LUNC is only part of the ecosystem which includes USTC. LUNC is a very complicated piece of technology that could do very well still in the crypto space, but by being a DAO, this would severly limit it’s potential for growth.
There have been very few successful DAO’s and in fact of the top 10 DAO’s LUNC actually has an already larger marketcap than some. The largest DAO is Uniswap, which while it is a very use focused chain, has been loosing ground on other non DAO chains.