Yes and no, they are developing NFTs similar to what the ERC721 standard has given us. There has been very little innovation on the NFT concept in 4 years. I’ve been talking to the guys at Pylons and we’re chatting a bit about how we can either work together or at least parlay off each others implementations.
- Would you say that your view that ERC721 is extremely limited is widely held?
It depends on who you ask. I was chatting with my partners on this very topic yesterday. It reminded me of the old quote from Henry Ford, "If I had asked people what they wanted, they would have said faster horses. There’s a bit of a massive reimagining of what NFTs can be, both from a technical perspective and from an outcome perspective. So, no, I don’t think I’ve seen anyone propose anything near what we’re doing. I have seen guys like Mark Cuban say we’ve barely scratched the surface when it comes to what NFTs can do.
- If so, are there any proposals to overcome these limitations within ERC721?
I haven’t seen them. Brendan and I have been monitoring the efforts in the Ethereum community and we haven’t seen anything. And from a technical standpoint, Solidity is pretty limiting as far as being able to write any amount of complexity.
- Is there any possibility that you will ask the community for further funding?
I’ll be honest here, yes, there’s a possibility, but we’re trying to use this initial grant to jumpstart the project and eventually tokenize the protocol so that the whole ecosystem can benefit from the protocol. Like I said before, we’re trying to be the horizontal that supports the verticals, which is why we’ve reached out to so many projects on Terra on Telegram.
We just had a 4 day, in person, planning session in Fort Worth, TX and we never really saw another round of community funding as a necessity or ever put it in the plans.
- How does the team intend to profit from this proposal beyond the salaries? Would that be related to the token you mentioned?
Yes, and we’re still not sure how that would work. Token economics are complex and we need to be extremely sensitive to all participants/stakeholders in the protocol. Airdrops, validators, projects that do and don’t use the protocol, investors, etc. We’re working on this in the background, but we’re not ready to announce.
We’ll be setting up a Telegram channel and probably a Discord soon where we’ll have a lot more communication on a day to day basis.
- Are you all in full-time employment? Will you be quitting your jobs to work on this?
Brendan stepped down from his job to focus on this. Mant is still advising a few companies on the side and I don’t have a day job (haven’t for the past 3 months). Connor is ready to go, as well. The four of us are 100% committed to this venture. We’re extremely excited about implementing our vision for NFTs.
- Could you give more details on the need for the token and how it would be used?
“Finding a need for a token” seems forced. I’m not one of these guys that says “let’s tokenize everything”. If there’s a logical, rational reason to tokenize, then we’ll do that. There are other routes for the Andromeda team to make money, but we really want the protocol itself to live as a DAO and not be proprietary, which means the team might have some private company off to the side that does things on top of the protocol, but doesn’t “own” it per se.
- Personally, I feel that any community-sourced project should be open-source from the outset. You don’t need to “field questions”. You can turn off the issues tracker for the repository.
It will 100000% be open source. Absolutely. No question. Period. Full stop. You can hold me to that. We’ll get that done in the next week or so.
