Hi everyone,
The sad truth is that TFL is not interested in trying to fix the current chain. And we can’t “make them” do it. It seems like most of the devs and validators have also abandoned the current chain, given the silence and lack of votes.
So, how does the current chain survive past 5/27? Here are some thoughts:
- We must ask the 8 validators who voted yes on the BURN and REMEDY proposal if they will continue operating, and if they can handle the load.
- LUNA is about to become a bunch more fragile and centralized (which is ok while we are in survival mode).
- If not, we need to find more validators.
- We must find devs who can implement the on-chain burn mechanism. After they write the code, there will need to be coordination amongst the remaining validators.
- The worst case scenario is that 100+ validators stay on the chain but refuse to patch via their silence. I don’t know what happens then? Do validators become invalidated if their software is at a lower version? We need to find out if this will cause endless block battles.
- If you are technical enough to know some of these answers, it would be much appreciated to hear them.
- Both #1 and #2 are hard problems to solve without leadership. Ideally one (or a group) of the validators / devs “staying behind” are willing to take this on as central contact point.
- If not, the odds of success are much lower.
All three points above basically require money:
- We need to incentivize validators to keep running the network.
- Hopefully the reduced number of validators means that each one will be getting rich if they keep running, and that’s enough.
- Would love to hear the perspective of any validators on what they need for economics to stay on the current chain.
- We need to incentivize devs to keep developing. This will require soliciting donations to a community wallet to pay dev(s) to make the burn patch.
- If we get a central point of contact (#3), it’s much easier as a trusted validator can hold / distribute funds, and will likely be trusted by a large portion of the community.
- If not, we will need a volunteer who is (1) willing to do the work, (2) has enough tech skill to hire dev(s), and (3) that enough of us trust.
- If we cannot raise enough funds, perhaps we can incentivize dev(s) by allowing them to take part of the burn fees
- for example, 0.01% of the “burned LUNA” might go to the dev wallet instead – they will get rich if LUNA recovers
In any case, we need organization, and pretty quickly. This is the hardest part of decentralization.
- There are a number of good burn proposals in this forum, and I am willing to support any of those proposers if they wish to volunteer.
- I would support compensating this volunteer:
- with part of the fund, or
- with the same kind of “burned LUNA” incentive that might be needed for dev(s)
I wish I had the time and technical skills to volunteer, but all I have is some money that I’d contribute. Please step up if you are willing to take on this (large) burden – you will be the true leader and hero for the community.
Thanks to everyone for reading this – let’s try to organize and see whether we can do it together.
