Connext Community Update #4
Business models, upcoming talks, re-launches!
Last time we updated you on our progress, we were heads down building a new and improved protocol specification. The past two weeks have been about the same: it’s been a nonstop effort to finish the updated contracts, hub, and client package. We’re happy to report that we’ve nearly finished, and are very near Mainnet Launch 2.0. We haven’t put an exact date on it (why tempt fate?), but keep an eye out for an announcement!
So when can I use Connext on mainnet? 💻
Glad you asked! In parallel with the SpankChain re-launch, we’re building an open-source implementation. The code is much the same, but we’re wrapping it up in Docker containers and generally making it easier to use. Once we push the SpankChain Hub to prod, this will be our sole focus. Rest assured that we’re eager to make mainnet-ready Hubs available to the projects and individuals who need them, and all hands are on deck to get it done.
Upcoming Talks 🎤
We’re thrilled to be speaking at CoinFund’s RabbitHole Talks. Hunter, our Head of Growth, will be addressing how our system works, how it differs from other state/payment channel implementations out there, how Connext Hubs are used in practice, some interesting potential use cases, and what to expect in the future.
It’s a free event, but attendees need to register:
Rabbithole Talks by CoinFund with Hunter Hillman of Connext
Rabbithole Talks is a monthly CoinFund meetup, focused on doing deep dives into innovative token economics and…
If you’re a meet-up organizer or an enthusiast interested in having a Connext team member speak at your event (or organizing a Connext meet-up), please let us know! We’re always happy to help.
Business Model 📈
In the past few weeks we’ve heard some questions about our business model works. How do we intend to monetize or incentivize continued development without a token?
We believe that Layer 2 payment solutions need to be permissionless and open source, and avoid rent-seeking behavior. For systems like this, tokenization is often a useful way to capture value. So we did a lot of thinking about how to square those principles with the reality that (as currently constructed) our system doesn’t need a token.
In our view, product-market fit and network-building are essential precursors to monetization. Our Hubs are, and always will be, free to use and permissionless. We intend to build the best micropayment network on Ethereum, and when we gain significant traction and momentum we will have a network that secures large amounts of value for enterprises and individuals.
In the future, we plan to lend collateral to hubs as a service, and offer paid tools to help large hubs interact with the underlying network: visualizations and tracking of transaction activity, code to rebalance hubs and minimize collateral requirements, and whatever other needs arise.
These ancillary services target larger hubs with high collateral costs and enterprise-specific needs; we hope that the associated cost of running a large hub will indirectly encourage a more decentralized network of small hubs (i.e. nodes). Radical change in payment systems is coming, and we are positioning ourselves to create and take full advantage of emergent paradigms.
We are confident that creating a better payment system will also create opportunities for us to help businesses succeed; in the coming weeks, we’ll be sharing more about our values and how we intend to do this in a transparent, empowering, and collaborative way.
Finally, thank you again for your support in the lead-up to our mainnet re-launch; we’re as excited as you are to see our code processing payments and building the better financial future that we know is possible.
In the meantime, get in touch with us by:
- Joining our Discord
- Tweeting at us
- Emailing us at email@example.com
- Checking out our website
- Following this medium account
- Subscribing to our subreddit
And lastly, please share this with your friends in the community. We’re really excited to help projects in the space scale to the mainstream market!
Thanks for your support,