TL;DR
Set a trade floor of 1c for REV and list on a Cosmos DEX in partnership with Agoric, with at least bilateral trade between Agoric token (and therefore Cosmos Atom token) and REV, as Agoric incorporates many principles from Rholang, Rho-Calculus and Dan Connolly’s work on Object Capabilities.
Re-instatement of main-net will likely started with fixed validation staking at 100k REV
The Whale Problem:
there are at least two HODLers with around 30 million;
any HODLers with one million or above (10x validation stake) can help to remake the REV market by providing liquidity, which may be a good deal for any anyone who’s both ‘lost faith’ or wants to help get the project back on its feet;
lowest transparent market sale of REV was 30 million traded at 0.3 cents just prior to the collapse of the CoOp, which makes a price floor at 1c with a minimally viable main-net reasonable and viable.
Ideally the overarching organisation would eventually be set up in the United Arab Emirates at this time, but ultimately the medium-long term goal is shifting to an all-chain based governance structure anyway.
We will employ a risk neutral risk mediation strategy, where we swim in the shallow water, make everyone whole at least.
‘climate change’ and ‘global coordination at scale’ and all this cheap haymaker throwing chat will be off limits for the foreseeable future. We lead with the jab, not the chin.
We play in the proverbial paddling pool with armbands only, implement the basics and fundamentals, but that should be enough to make everyone more than whole, and create a foundation for growth beyond that, which is none of our current concern until we get the basics right.
Immediate focus for Q1 will be on building Rholang components for RGov and outreach to REV holders in terms of discussing of market making and validation node operation.
‘Contractually enforced transparent reciprocity’ shall be the mantra
The quantity, quality and variance of the REV asset will be improved and approved according to best practice, we can discuss price floors but speculation will be unwelcome.
RChain CoOp and REV Token
REV token currently does not represent an invest-able value proposition to the market. The former CoOp had both a track record and reputation for mismanagement of funds, and as a result trust is low and REV token’s reputation is poor. When the old CoOp ran out of money, it paid people in steeply discounted REV token at an exchange rate that left many disgruntled and a variance of token distribution that may have unbalanced the pre-existing network security tokenomics themselves.
- was lumped with the responsibility of being treasurer of the towards the end of the RChain CoOp, for want of no better candidate, just before it ran out of operating cash flow, Greg Meredith left the CoOp and the RNode codebase was forked to Rhonix, which later became Gorki and BigSur DAO.
The Gorki and Big Sur fork is currently under legal dispute, showing that the original lessons of the old CoOp haven’t necessarily been resolved by the new forks or the new tokenomics yet. Bitcoin worked because users spun it up and it worked, Proof of Stake requires actual governance and the supposed ‘experts’ are actually not very good at that in practice.
This is an opportunity to refactor REV ‘Proof of Stake’ token ownership and economics according to lessons learned.
The last set of accounts for the old RChain CoOp Main Net have been recorded. There are problems with both governance liabilities from the old organisation, and ownership concentration. There are several options available to re-instantiate the chain:
Set a trade floor of 1c for REV and list on a Cosmos DEX in partnership with Agoric, with at least bilateral trade between Agoric token and REV, as Agoric incorporates many principles from Rholang, Rho-Calculus and Dan Conolly’s work on Object Capabilities.
Re-instatement of main-net will likely started with fixed validation staking at 100k REV
This will classify those holding over 1 million REV (10x validator stake) as ‘dolphins’ with largely unnecessary holding concentration beyond ideology, and if the reason is ideology then they should be engaging with us soon.
This will classify at least one whale, who got paid 30 million REV at a rate of 0.3c per REV, as a whale (with great than 100x concentration) with a clear profit motivation to provide liquidity at market floor of roughly 1c cent, which will see a greater than 3x return on the deal.
- has control of the former CoOp’s treasury funds, but it would be unreasonable to place further burden on him and the legacy of the project if he were asked to make the market absent reasonable and fair support.
The new organisation should be set up as mostly a public research and development chain, that focuses on online community management and experimentation with collective intelligence and DAO governance Rholang components:
Its mission should largely be charitable and that the exchange rate of the token should be ideally decided in terms of bilateral trade with other chains
No encouragement will be given to float REV on any centralized exchange, but rather be incorporated as a service into other technologies such as Arweave, Ardrive, Gorki, Alux and Big Sur, where we add value to their networks and they add value to ours, following the mantra of reciprocity of value, via a DEX model.
All of this requires a quorum to discuss and the group is just me and
(and advisors) at this time anyway. There are several options on the table, and with refurbished existing components and user interfaces, it’s very possible to support a justifiable market utility for the REV token, even given current challenges.With those tools, and the ongoing development and governance challenges faced by other chains using similar technology, the former CoOp does have a value proposition, the quality, quantity and variance of that asset just require more engineering and governance work in order to incrementally demonstrate.
RGov
RGov is a collection of Rholang components, middleware clients and users interfaces left over from the RChain CoOp.
The old RChain CoOp does have a decent amount of technical assets left on the scrapheap from 2022 that can be refurbished, the quality, quantity and variance of them can be improved to make the asset a viable investment proposition, something ‘roadworthy’ and invest-able.
The old REV could very well support a public main-net for low stakes, low risk applications such as music, video, gaming and entertainment, online hobby and interest-based community management, public prototyping and A/B testing and so forth
The chains with more robust legal and governance structures, more enterprise and business focus can focus more on the high stakes applications and perhaps use the CoOp chain to test out ideas, and our components and tools to deploy them.
Thus RGov could become a public R&D testbed, incubator, a bridge communities and echo chambers and a bridge between Web 2 platforms, such as Discord, and Web 3.
Rhobot
- created a Discord bot called Rhobot to allow Discord server admins access to a Web3 interface in their communities.
Rholang runs very reliably, quickly at low cost, and is very compose-able, allowing a great deal of customization, and is particularly well suited for community management functions such as voting and responsibility/security/permission delegation.
Many Web 3 communities exist on Discord and Rhobot provides and convenient bridge between the two, while also demonstrating the uniqueness of Rholang and its suitability for community management sorts of applications.
Rhobot can also begin to demonstrate the potential of Rholang for inter-blockchain communication and orchestration, and its functionality from Discord could expand across other applications.
Rhobot is not an immediate priority, but the the prototype has been proven and it is an application with high potential value not just to REV holders, but all Rholang-focused stakeholders also.
Arweave
Arweave integration is currently low priority, but proving concept according to principles and ideas previously shared would be an industry-wide performance step change.
All Rholang blockchains require a data layer anyway, and an Arweave integration would provide early mover advantage for many use cases from art, literature, video, music streaming and gaming, to social media, blogging and investigative journalism.
Rholang blockchain technology can expand into becoming a whole middleware orchestration layer for Arweave, and it will require one anyway.
Timestamped, immutable data at scale for $10 GB is a significant innovation in terms of Dan Robles’ Innovation Bank value principles itself.
The Mike Gill evidence vault and Christen Ager Hanssen’s Fairway Brief are just two document collections on Arweave from which collective intelligence and Innovation Bank principles could be tested against.
Collective Intelligence and the Innovation Bank
REV holders have a very long way to go to make their token worthy of a network that can validate physical infrastructure, however through building bridges we can begin to establish Metcalfe valuations for the product and the chain, proving Innovation Bank principles, and gain more experience as a research and development environment, interacting the constraints of real world demands.
Learning from this will be incorporated into on-chain intelligence and human intelligence in terms of what components are suitable for what purpose under what circumstances, making the chain, its community, its resulting governance structures into ‘centers of excellence’.
Existing components have been designed using
40+ years of experience of best practices in collective intelligence and object capability security, with time spent at DARPA, the knowledge of this alone is worth putting into production.
Theoretical Value Proposition
Improve the quality and quantity of Rholang components, and reduce the variance in production, and Rhobot user interface tools to such a level as to make them easy to use, and a valuable onboarding mechanism into the broader Rholang ecosystem.
Targets
Fix Metamask signing for RGov website: done on Monday
Rholang mentoring sessions, refactoring Rholang competents, be able to store components on chain as part of RGov: high priority, sessions every Monday, Wednesday and most Fridays
Begin asking about interest in running initial public testnet validation nodes: started
Stand up public testnet: medium priority, aim for Q2
Begin asking whales to provide market liquidity for REV decentralized exchange: starting soon
Re-deploy Rhobot on Discord: low priority, perhaps Q3 or Q4
Re-factor and re-design the RGov website for robustness, compose-ability and easier understanding/onboarding: low priority, perhaps Q3 or Q4
Create a quorum to discuss refactoring the organisation, delegating roles and responsibilities, please contact myself or