frequentflyer-bk9
commented
6 years ago Hi, I'm the one who wrote that Reddit post, and someone else commented saying its on here! Glad too see someone finds my work helpful and interesting and happy I could help, and thanks for providing the source link!
Here are the Orange bits, - Would be gratful if you could edit your post above and add them?
To actual Devs, thank you for your hard work and vision. Most of this is the "boring parts" to you I would imagine, mainly the Business Perspective/Admin/Governance/Legal things but stuff i'm into and needs a looking.
Criteria outstanding
Technology Security & Code Formal Peer Review 3rd Party Security Audit -
Business and Operations Please could you provide a breakdown and budget forecast of the 5% developers fund, how the expenditure will be sent (%Marketing/%Team%Partnerships etc), and the time period etc in a
Governance Consensus Process There is a structured process to propose and implement major updates to the code, or there is a system or voting process for conflict resolution.
Future Development Funding (2) There is a plan or built-in mechanism for raising, rewarding, or allocating funds to future development, beyond the funds raised from the ICO or traditional investors.
I was thinking, to meet this criteria, you could include the sales from NanoNode Alias, as well as setting up a developers donation wallet
Crypto Economics
Ethics or Code of Conduct (8)
White paper or project website should have an ethical or professional code of conduct.
Rewards and Penalties
Penalties (VenKamikaze keep your penalty info (I don't know tech side) and add in my Reward info (more into business)) Rewards THIS Devs- Please could you address this, in a Business Report/Whitepaper v.2/RoadMap
The current problem is that most people think and view incentives, as a direct revenue source, mainly from the current state of Crypto, from miners receiving a transaction fees or from staking or running MasterNodes. The problem is, people currently think of how it would benefit them directly, as a mean of direct inflow, rather than considering the whole picture. E.g as from mining if you obtain and generate e.g $100 of income, this increases profits, but if we look at a business point of view, so does reducing costs by 100$, both will directly/indirectly increase the overall underlying profits. The individual will also indirectly benefit , as if a business can reduce costs, it has a chance to pass these savings onto a consumer. Both have the same result, however the perception of the latter is not demonstrated enough in the crypto world yet.
Could you include a example or something along the lines of:
To increase Profit - Businesses can either Increase Sales revenue or Cut costs OR do Both. Both options have the same impact on profit. Merchants are incentivised to run nodes, as currently credit/debit card provides charges between 0.5% to 1.5%. If a consumers exchanges goods/services with Nano, with tx fees being 0, this represents a recurrent on-going cost saving, the business has cut and reduced its costs, which will positively impact and improve profits, it can reinvest this and explain further, benefit from economies of scale and ultimately, reduce its unit prices, therefore the average joe would benefit indirectly to in the end.
Developing countries, businesses and Governments with high oversea migrant workers will get the most benefits, and therefore, it will be in their own interests and will be incentivized to run nodes. As for example, imagine in a migrant worker in the US, originally from the Philippines,
If that worker earns $1,100 per month and wants to home $100 to their family back in Philippines, with the current situation they would lose between 5-10$ in exchange rates and transaction fees. The worker hasn't hasn't bought any goods or services, but has just lost a 5-10$, as well as having to wait 1-2 days for the funds to be cleared. It is inherently in the best interests of the domicile residence to instantly receive the funds and increase the maximum purchasing power, this will allow people to be more incentivized to run nodes. In some countries, 5-10$ is worth a lot of money and can represent 1 weeks wages, and if a migrant worker is losing that much over transactions fees over a course of time, there are great benefits and incentives for everyone.
Also of 3/18 there are 1495 nodes with more individuals supporting the decentralised network, and increasing.
Please do watch a few minutes of this video by a Cardona Team : https://youtu.be/YSzVsjG2QoQ?t=290 - @ 5:00 mark, who explains that well.
Also I forgot to write about and could you mention how we are more greener, and therefore reduce carbon footprint and save electricity costs. As ultimately in the end if we destroy the planet, there is no life and we may have to move to Mars with Elon :)
Thanks for all your hard work and vision!
Lurking on the /r/nanocurrency subreddit, and noticed a post regarding items that need comment or fleshing out to add NANO to GDAX.
For reference here's the subreddit post: https://www.reddit.com/r/nanocurrency/comments/83xsl0/summary_and_full_action_points_from_analysing/
I've tried to itemise the points in orange from the images in that post, and have cut out parts that should be easy to respond to as they are self evident.
I think we could try to address each point in comments below. Contributors that have looked over the code, outside of the dev team, and are happy to post that they have looked over the code could help here too, so responses to this shouldn't be limited to just the dev team. I've also flagged items with comments in bold that I think community members could help demonstrate.
2.0 TECHNOLOGY: 2.1 Security and code: a) "...well documented peer-review, and testing by contributors separate from the initial development team on GitHub, etc." Developers outside of core team should reply here if they have peer-reviewed parts of the code. 2.1 c) "Demonstrate .... third party security audit."
2.2 Team c) Business & Operations "History of ... setting a reasonable budget and managing funds, and achieving project milestones"
2.3 Governance a) Consensus Process "There is a structured process to propose and implement major updates to the code, or there is a system or voting process for conflict resolution." b) Future Development Funding (2) "There is a plan or built-in mechanism for raising, rewarding, or allocating funds to future development, beyond the funds raised from the ICO or traditional investors".
4.0 MARKET SUPPLY 4.2 Global Distribution c) Fiat and Crypto Pairs "Fiat and crypto trading pairs exist." This might be resolved by daghub or other exchanges/brokers, community / devs can review this once we respond to other points d) Exchange Volume Distribution "If secondary markets exist, then volume should be relatively distributed across exchanges." Notes: I think we are close to achieving this already with KuCoin, Binance and others.
5.0 MARKET DEMAND 5.1 Demand d) External Stakeholders. "There are investments from venture firms or hedge funds which have experience working with crypto companies or projects. The project has corporate partnerships, joint ventures, or dedicated consortiums" Notes: Charlie Lee has stated he has bought NANO and endorsed it as a good project. It could be argued that 1upcoin and NanoTwitch integration which reaches millions of viewers are endorsements from other large communities. Also as noted in referenced reddit post, BrainBlocks exists too which allows for easy integration for many companies and projects, which has assisted in speeding up adoption to a rate of almost 1.8 businesses p/day.
6.0 CRYPTO ECONOMICS 6.1 Rewards and Penalties d) There are mechanisms (such as transaction fees) which incentivize miners, validators, and other participants to exhibit 'good' behaviour. Conversely, there are mechanisms which deter 'bad' behaviour. Notes: There are some good notes here: https://imgur.com/a/LpbLd (from subreddit post) Also, you could argue dPoS, and nodes requiring minimum 256 voting weight makes it difficult for bad actors to run up huge amounts of nodes to flood the network with fake votes. You can also argue the PoW required to send/receive/open helps deter network spam. Universal blocks incoming can help pruning the ledger which makes it even less of a problem with spam attacks. May need some more points here? Not sure how strict this needs to be.
6.2 Token Sale Structure (6)(7) f) Ethics or Code of Conduct (8) "White paper or project website should have an ethical or professional code of conduct."