The Path towards the Creator’s Economy
A New Chapter
In the last couple of months, we saw a real interest in Starname, both on-chain and also off-chain. Recently published sales stats show good momentum. Active community members are developing exciting initiatives that will expand the reach of Starname. The team was waiting for the Vega upgrade now completed and for an audit of the escrow code to be finished to release the escrow functionality that will unlock the ability for any starname owner to sell it to a third party in a trustless manner.
Off-chain, we had many discussions with fellow Cosmos projects and outsiders about the Starname Creator (formerly known as Creator’s token) and we know this is a tremendous addition to the Starnames functionalities. The specification is well underway and the possibilities that it will unlock are greater than we imagined.
The Starname Creator is a truly unique functionality that is aligned with the very nature of blockchain where everything gravitates around ownership.We will unveil more details once we are comfortable with our development progress. We’ve been copied many times and this feature is a significant development effort. The Starname Creator, as we call it today, is the beginning of a new chapter for IOV.
Two Governance Proposals to enable the Creator’s economy
To support this new chapter, we have to align our resources with this objective in order to ensure its perennial success. As it stands today, 0% inflation makes the staking reward 100% dependent on chain usage through the yield it generates. This creates important fluctuations for our validators/delegators. Although 0% inflation is our goal, our short to medium priority is the health of the chain and its supporting actors.
We are going to move to a more virtuous approach with a change of our fixed staking reward from 0 to 9%.
Each quarter, we will review our average yield and decrease inflation accordingly through governance in order to maintain proper revenues for our validators while keeping inflation at a minimum. The objective here is to reach a low inflation rate without sacrificing stacking revenues nor IOV resources.
After the change, these revenues will be higher than what they are today as the 9% staking income will be the minimal floor but the chain will also benefit from any additional yield generated by its usage.
This is our first governance proposal out of the two we need: change inflation from 0 to 9%
The second governance proposal that we are going to submit is the reallocation of 6 out of 7M of community funds tokens to contribute to our OSMOSIS liquidity pools. The proceeds of these pools will contribute to a healthy virtuous cycle: funds to power the development of the Starname Creator type, for marketing expansion beyond cosmos communities, and obviously increased liquidity.
The remaining 1M will be allocated in the first quarter of 2022 (read before April first) to support marketing initiatives proposed by our community. We will actively trigger and support these proposals when they align with the development of marketplaces or the Starname Creator.
These 2 governance proposals are live now and are waiting for your positive vote. They are the cornerstones of IOV and Starname to cement our technology in the distant future.
Vote YES to the future
Blockchain as a technology is still in the early adoption phase and it’s a race where both stamina and perseverance are important. We intend to be there for years to come and foresee a bright 2022 with the eclosion of our first marketplaces and the deployment of the Starname Creator to provide a unique feature spearheading, once again, the blockchain industry.
If the continuous evolution of Starname matters to you, then take the time to vote YES (the easiest way is through COSMOSTATION either mobile app, or desktop wallet for Ledger users) to proposals #13 and #14.
