-Very good idea of a layer 1 with BIT as the native token.
-Very good idea of @Piti1936 to start building it on Cosmos SDK to leverage already existing tech.
-I’d suggest that BitDAO funds projects to build Dapps around the use of BIT (and not other projects= other tokens). Dex and lending platform would generate fees that could be shared by BIT hodlers who lock their BIT as suggested by @WhiteHat within these protocols. We should support projects only focus on BIT instead of projects creating another AAA project fork with their own protocol token for governance/locking period
-Projects funded by BitDAO could use this layer 1 to process their transactions thus creating activities and fees. Environment DAO would use it for minting NFTs and to process any transaction.
Do we have a team of experienced developers who could be funded to do this job ?
I want to believe that’s what this proposal is focusing on, by funding the R&D entity in the foreseeable future and this could open tje door for top-notch developers to help achieve this big dream.
Technically it is possible to combine them, but not in the current configuration of BitDAO and using the snapshot that today is the main governance service of Ethereum. But even at L1, the combination of this and concentration on a single token would need to create other mechanisms to prevent tokenomics attacks.
Sushiswap, one of the early adopters of BitDAO, created a token (SushiPowah) for their governance and continues to use the snapshot.
The point you mentioned is not my opinion, it’s a fact, today you can’t staking and using BIT in governance at the same time. The reason is simple, the snapshot reads your token balance (or delegating them), if you have sent your tokens for staking in a smart contract, there are no tokens in your possession for it to identify.
There are several ways to approach this problem. If you better substantiate your disagreement, I can argue with more theoretical and practical elements in my suggestion, including quoting Polkadot.
But don’t you think that creating an L1 blockchain and converting BIT to a currency is against the principles of BitDAO?
BitDAO aims to support builders of the decentralized economy. It is an open platform for proposals that are voted upon by BIT token holders, and is agnostic to chains and projects.
After having your own chain you can’t be chain agnostic anymore, and naturally you’d only support projects that use the BitDAO chain.
Maybe instead of making a chain for BIT you could support L1 projects and in return, you can get significant airdrops for BIT holders in those ecosystems. For example, you support project X which is a layer 1 blockchain and Y is its native currency. When project X launches its mainnet, in the genesis block, they distribute %10 of the total supply of Y between BIT holders. BIT holders can claim their Y by issuing a simple signature at any time. This way, BIT holder can get free tokens in many different blockchains.
though I might be biased since I’m the founder of an L1 blockchain project myself…
To make success. BIT tokens shold be used as gas fees like binance BNB. BIT should make many dapps quickly by investment of BIT DAO treasury. Especially lending protocal, dex, defi, NFT, xTe.
Very good comment.
We may have to cap the % of annual fund allocation to a BIT L1. Like 10-15% max a year dedicated to the BIT L1 ecosystem and 90-85% would be agnostic to chains and projects to grow the ecosystem at large.
First, this would be a great marketing play for both BitDAO and Bybit. If Bybit is considering integrating the token in a valuable way for users this could be a good cross promotional opportunity.
Aside from the marketing aspect, the L1 space is becoming somewhat oversaturated imo and the economic downturn isn’t helping. We should find a differentiated path for this new L1. What is it doing that is currently different from what previous L1s have done and how will it be uniquely useful for users? I suppose this is part of setting up the R&D team to figure this out. It could be interesting if this new L1 interacted with the other BitDAO subDAOs for example zkDAO collaborates with the new L1 and Game7 collaborates with them as well. So the subDAOs are essentially cross promoting the new L1 (but only in a natural way, never in a way that’s only for the sake of marketing).
Just some thoughts. If it’s authentic and there’s a true need/desire for this L1 based on a unique value proposition I think it’s a great idea. In order for it to have sustainability I believe it should have a unique angle and bring something innovative to the ecosystem.
Suppose two seperate tokens are made for governance and staking, People who are holding bit tokens will they get them directly or they would have to buy them from somewhere???I really want to understand how this would be implemented ?
Imo the lowest hanging fruit for a successful L1 would be innovating on the consensus layer and working on new methods for sybil resistance. There hasn’t been much research going into 1 human 1 vote so far, but since that would be a lot more decentralized, secure and fair than current systems, it seems like an obvious direction for future mainstream L1s.
Probably the most overlooked solution is that there already is an extremely solid register for unique identities, which is government ids. KYC usually has various downsides, but it would be possible to implement it in a fairly open and privacy preserving manner.
For inspiration, 2 approaches come to mind that are worth looking into:
Mind that KYC may only be required for validator consensus, the blockchain itself can stay open and permissionless.
Preventing id farming would be an ongoing effort, but at the end of the day it’s still far more decentralized than PoW or PoS… could be a great opportunity for BitDAO to lead the space.
Just throwing in some ideas, looking forward to see where this is going.
Strongly agree, L1’s are costly to build and maintain. Unless there is a strong use case to back it building a L1 is going to introduce more risks than reward.
Hi,
Is the chat this Thursday or did I miss it? If it is tomorrow on twitter, it means it is scheduled in the evening in Oceania/Asia, early afternoon in Europe and early morning in the US. Am I right ?
Cheers.
@defipaca, I found answers to my questions on the bitdaoaembassy twitter. I try to join tomorrow.
A lot of questions on twitter, is someone collecting them ? Gonna select some.
Raph
Hi guys,
It’s unfortunate that we couldn’t do the AMA on twitter. We would have get some precious information. @Ben.Zhou, do you submit the proposal and think about taking the leadership to build this L1 or is it only an interesting idea you share to the community.
If there’s no leader and no team yet for building. What would be the budget to recruit people with the necessary skills ?
Are we close enough to Bybit to take the leadership or shouldn’t we contact them to work in close collaboration with their team if the community is interested ?
Cheers.
Raph
Hi @Ben.Zhou and other speakers on Twitter (@Lbrian…),
It’s amazing to have such great speakers. I didn’t have the opportunity to ask my questions but let’s do that here.
With the full support of Ben and Bybit, it seems that something awesome could be built. The BIT chain will be late (compared to other exchange chains) but it can benefit from users and developers feedback on the existing chains to make technical choices. It’s a long term advantage. Ben also mentioned that there are talentuous dev in his network to do the job.
So, as the only limit seems to be the sky, but that we need to take in consideration a budget and timeline, how the community can help to make choices ? How can we help to decide if we move to a very ambitious BIT chain project which will be very costly and need a long time to build/test/retest, or if we move to a less ambitious BIT chain project but which will be available ASAP to work ASAP with the BIT DAO community ?
