Stakenet: Monthly Recap - July & August
Welcome back to the tradition of our monthly recaps! We’ve decided to combine last month and this month’s article in one to ensure you’re all kept up to date on the latest info! So let’s delve straight in and see what has happened in July and August for Stakenet!
Hydra Smart Chain
We have finished the initial draft of e-voting code for HYDRA Governance, it is currently under review by our devs. Governance is aimed to emulate current governance, using smart contracts to execute (1 collateral = 1 vote). See more here: https://github.com/X9Developers/Hydra/commit/4666f52f74d8572518d58ceb4711e642d7552ad5
Stakenet WEB DEX
Closed beta started testing the WEB UI in late July and is currently being further refined. It’s important to note that our current current focus for both devs and tests is debugging BTC/ETH swaps within our Stakenet DEX (desktop app). See a screenshot of the live UI here:
Stakenet Foundation
As we’re preparing for upcoming releases the first draft of the Stakenet Foundation by-laws has been drafted by our lawyers/ legal team. We have opened a channel in Discord for public feedback, questions and suggestions at #by-laws (join our Discord here: https://discord.gg/cyF5yCA)
Critical to note: The document separates the on-chain DAO from the off-chain foundation & legal entity that represents the on-chain DAO (MN owners, stakers etc.). This would mean the foundation has the ability (but not requirement) to protect and represent on-chain participants so long as nothing illegal is occurring.
An example is if the on-chain DAO blatantly funds illegal activity, the legal foundation cannot protect or support that activity. However, the legal entity has no unique control over the on-chain activity to block or censor; in this manner, the two duties are separated/segregated.
XSN Voting & Governance
To encourage community DAO involvement our team has drafted a 6 point framework which we believe will allow for speedy and efficient proposal reviews. This will start as a manual proof-of-concept in an off-chain format, allowing community members to make proposals for review & voting/adoption as an interim measure. The eventual goal is to migrate this approach to a form of on-chain, decentralized governance.
The current 6 point framework is:
1. “Complete X Task/ event (what)
2. Purpose: How will this benefit the Stakenet ecosystem?
3. “Need Y Budget (ask)
4. “Participants involved/ payment address” (who)
5. “Timeline (delivery target)”
6. Where will this be delivered? I.e GitHub, socials, forums etc?
Stakenet DEX
The first trades have been executed in closed beta of our Layer 2 BTC <> ETH pair! Decentralized, cross-chain non-custodial in seconds and almost feeless! Combining Lightning Network (BTC) and Connext Network (ETH & other EVM blockchains) state channels in progressing a new era of decentralized trading. See the live swaps here:
