Summary
The $LUNC blockchain is in dire need of decentralization to avoid any malicious governance attacks, secure its future and make it attractive for builders.
Unfortunately, a validator with 35% voting power combined with the Top 3 taking up more than 50% makes this impossible - and has made most developers turn away from the project altogether. If we want success for $LUNC now is our chance to act fast by reducing centralization so that developers have the confidence to build here. Time is running out.
Motivation
Despite being hailed as a âdecentralizedâ or âcommunityâ chain, real data reveals that $LUNC is not only the most centralized blockchain in all of Cosmos according to the Nakamoto and Gini coefficients. Ref: Decentralization Metrics - powered by Smart Stake
In actuality, itâs even worse than this. With one single entity possessing an outsize influence at ~35% of voting power, this control threatens to stifle growth and limit opportunities for future advancement through building - something which has been made clear by conversations weâve had with leading crypto gaming studios.
To ensure innovation continues unabated across the the blockchain and we remain competitive for builders within industry standards, itâs crucial that governance power be released from those currently controlling it; decentralization MUST become paramount once again.
The $LUNC Blockchain has been monopolized.
AllNodes, the primary validator node with ~18% voting power and climbing, has begun offering to run nodes for non-technical community members - including prominent influencers and stakeholders.
Shockingly their total combined votes now exceed 35%, giving them in control of the keys that could allow malicious governance proposals to pass with only 1 or 2 other actors present. Itâs clear this network canât be trusted by either builders, or to protect investorsâ hard-earned money if it can fall victim to malicious governance attacks so quickly; there are much more decentralized chains to build on.
Proposal
Letâs make our $LUNC Blockchain desirable to build on! To do this, we must ensure that all validators operated by another company are transparent and clearly labeled. That way everyone can be informed about who controls the network when making decisions.
Furthermore, it is important for people to delegate away from top 3 validators as they currently control a majority stake in the chain.
Additionally, business entities such as Allnodes MUST publicly display detailed information regarding how many nodes they manage with names and full statistics - so users know exactly whatâs happening behind-the-scenes at all times.
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All validators covertly run by another company MUST state it immediately âALLNODES: BetterLuncâ rather than âBetterLuncâ so people can make an informed decision.
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People MUST delegate away from the Top 3 validators who currently control >50% of the chain.
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Businesses such as Allnodes who rent nodes MUST clearly display the total nodes they control, with names and full statistics.