ETH vs BSC vs XDAI vs POLYGON vs some other EVM
TLDR: we need to decide what to do next, your feedback kindly appreciated
Some updates
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The information about the auction was a pretty big deal.
Ethereum mainnet
I recently launched Network State Genesis — Passport NFT on the Ethereum mainnet:
Email from Uzbekistan
Ethereum is prohibitively expensive to use.
As I am a school teacher at a school in a far village of Uzbekistan, receiving a monthly salary of $180, I can not afford to pay for it. Although I am open to contribute to any studies, observations, data analysis, helping the community to grow.
I was aware of the consequences of using ETH and high gas fees, I even implemented freeClaim() just not exposed in the UI yet.
Alternatives
Hassle of moving to XDAI
- Have ETH to pay for gas
- Have DAI
- Approve DAI
- Bridge: https://dai-bridge.poa.network/
Bottom line: onboarding to XDAI takes effort. Not practical for wider adoption.
Quick google search, this looks like a complete (up to date) resource:
Too complicated, too many options, it’s either ETH or BSC.
Arguments for BSC
Fast. Cheap. Growing. Momentum.
Decentralized enough.
Loads of abundant “play capital”.
For people who never experienced a bear market, the number “up only”.
(definitely less OG though)
Arguments against BSC
I think it’s a scam network full of scam projects and Binance is about to be smacked hard by US and EU regulators. I want nothing to do with it.
Long term vision
BTC is not gonna die: 99bitcoins.com/bitcoin-obituaries
ETH is the dominant chain for smart contracts, despite the fees.
BSC might be just a temporary fashion, triggered by high network fees and the convenience of using the largest exchange
Major decision
It’s like buying a house
It’s like marrying someone
It’s like choosing the blockchain.
(it is in fact exactly choosing a blockchain)
While it is possible to migrate the blockchain in the future, it will cause a serious hassle.
Provisional decision
Use BSC for now, it appears like the best option.
Implement PAUSE feature so that the supply on BSC can be paused and migrated to other chains.
Unless new information comes into light or more people voice their observations.
To lose a major supporter is a blow, maybe we can still be friends?
Provisional tokenomics
1,000,000,000 total supply: fixed, no mint (avoiding temptation)
30% fundraising phase 1: island
30% fundraising phase 2: construction
10% liquidity pools / incentives
5% core team (long term vesting)
5% marketing / influencers
5% contractors / advisors / suppliers
5% airdrop / community / ecosystem
10% reserve, contingencies, rainy day, unknown unknownsIf you have experience — please share your knowledge.
We need to make a decision
Please be involved.
Please contribute.
Please join our mission.
Objective 1: Regenerative civilisation and climate change adaptation.
Objective 2: To acquire an island and create a living example serving Objective 1.
Non-profit association
“d” in the island is for “donation”
Check out the recent blog post about legal status:
Most likely you’ll be “aping in” into a donation and receive a token that doesn’t do anything.
No expectation of profit.
Information directly from the Estonian regulator:
A fundraising for the development of a business project shall be considered as a donation only under the condition that it does not lead to (i) a participation in the issuer or (ii) any obligation to repay the funds, interest, dividend, or any other repayment, or cash flow. In addition, no right of use of a service or product shall arise in connection with the donation.
The describing documents of raising donations must prominently highlight that it is a donation and the donors are acting in good faith and knowingly waive their contribution.
We will make it clear that it is a donation.
You may freely trade the donation token on decentralized exchanges, in the jurisdiction where “code is the law”.
For the purpose of the legal framework in Estonia: the money contribute is a donation.
Timing is everything
The no. 1 thing that mattered was TIMING
Extreme example: abolishing slavery was “in theory” a good idea but it took many generations to accomplish. Self-driving cars were “in theory” a good idea but it took many inventions across the board to make it happen.
Buying an island is “in theory” a good idea…
Island DAO 🏝 community ☎️ decision about blockchain ⛓
Island DAO 🏝 community ☎️ decision about blockchain ⛓
Wednesday, May 19 · 18:00 UTC
Google Meet joining info
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