Fermat Project Split Announcement
The Fermat project today announces the split between a group self-defined as the IoP Community and the rest of the Fermat Community, which will retain the Fermat brand. The Internet of People is a concept envisioned and developed by the Fermat project that will be shared by both groups and many other communities in the future who share the same values.
After a week of heavy turmoil and discussions, a group of people self-defined as the IoP Community decided to leave the Fermat project. This group is mainly formed by Fermat local chapters, now rebranded as IoP chapters. More details can be read in this post by the IoP Community spokesperson.
This development took many people by surprise and was initially interpreted as an attack; however, after long deliberation it was understood that the best solution was to let this group continue with their plans and move forward.
IoP tokens are currently traded on Bittrex. We have requested the exchange re-activate the wallet and allow withdrawals and deposits.
Many members of the Fermat project, including its founder, Luis Molina and the main angel investor, Lan Tschirky, are henceforth not affiliated with the new IoP Community group in any way, except as token holders.
Fermat does not agree with the current mining incentivisation model because the delegation of mining licenses to a central operation introduces serious risks due to the high concentration of the mining power it generates, therefore we will no longer maintain the code of the IoP blockchain. It is assumed that the IoP Community will take up this responsibility. Fermat will also not maintain the governance apps relating to voting and contribution contracts.
As envisioned from the beginning, the low-level technology such as the LOC NET and CAN NET should be developed by the community. That is the reason why we expect the IoP Community to maintain those components. At the same time, Fermat shall continue to develop high-level technologies and apps, to bring Fermat’s vision into mainstream reality.
Fermat’s founder Luis Molina hereby announces that he will move forward to the next step in the evolution of the Fermat project and that he will not participate in the IoP Community in any way. He also announces that he will immediately send the 66K IoP tokens belonging to the IoP Consortium to its director, Daniel Csendes. The fund Luis Molina donated for development, totaling 100K IoP, will be distributed among developers of the IoP Community. Specifically, Molina would like Bence Bodis, who currently holds 75K of those tokens, to transfer these tokens to IoP Community developers Wigy and @Scam to support their past, present and future development efforts or those of other developers, as they see fit. Another 15K tokens from this fund will be donated to the blockchain improvement efforts, or be redistributed to other developers as needed. The final 10K will be distributed to other developers upon request. Luis Molina will also distribute 50K IoP tokens to IoP Chapters, sending the funds to Juan Cancino for him to manage.
Luis Molina wishes the members of the IoP Community the best of luck, and at the same time reiterates that he does not belong to their community or intend to maintain any type of relationship with any of its members. Finally, Luis Molina announces his resignation from the IoP Consortium due to disagreements over its management.
On a final note, the Fermat project sees this split as a positive outcome, although it does not agree with the way in which it was implemented. Fermat wishes the IoP Community both luck and success, and we look forward to continuing collaboration with this community once we start working in the upper level stack, as this will use the Fermat technology implemented in the previous phase which will be maintained by the IoP Community from now on.
Fermat will present the details of its next stage in the near future.
Thanks to Rich McDowell and others for the editing.
If you are interested in learning more about Fermat technologies, this list might help you:
- “Fermat, the Internet of People and the Person to Person Economy.”
The Internet of People architecture dissected.
- “Introducing the Graphchain.”
The cryptographically secured data structure we use to store profiles and their relationships.
- “Introducing Redtooth”
Like Bluetooth with global range.
- “The Profile Server.”
The cornerstone software of the Internet of people.
- “The Location Based Network.”
The geo-located network that help other services to be geo-localized.
- “Person to Person Apps.”
Apps that run over Redtooth.
- “The Web of People”
An open map of everyone and how we are related.
- “Fermat Distributed Governance Model”
The way we govern ourselves.
- “Fermat’s Inception”
How the Fermat project was born.
- “IoP Mining”
How to enter into the world of mining IoP Tokens.
A bit about me: I am a systems architect who started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago I learned about bitcoin and decided I would use the underlying technology to fix the biggest problem we have as humans: “unlimited concentration of power”.