Good point, which I hadn’t thought of. Assuming that’s possible for the exchanges, then the only issue is the left over MAID / eMAID possibly being sold to unsuspecting buyers, but if the exchanges no longer list it, that may well be a non-issue too… just need Uniswap to ensure their eMAID markets are shut / warned somehow.
Is anything actually converted? Would we actually have to send crypto?
If I can somehow use my private keys from my Omni address to sign something on the safenet and claim my tokens from a snapshot I would happily just leave my Omni tokens to rot in regulation at their current location.
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Altcoinomy can completely PAUSE the eMAID contract when snapshot happens and leave it like that. It will prevent any interactions like transfering to other people, selling/buying on DEX, etc
Pause can be done by PAUSER_ROLE:
If MaidSafe still has access to the original address that created MAID omni asset, maybe there is a chance that they can ‘Freeze’ the omnilayer asset so MAID tokens can no longer be moved between addresses and prevent sale.
Omnilayer Github - Platform Integration of Omni Core · OmniLayer/omnicore Wiki · GitHub
“Special attention should be made to identify a token freeze transaction (protocol type_int 185). This special transaction allows the Issuer of a Managed Token to Freeze all of their Property Tokens on a specific address and prevent those tokens from being sent/moved. Any integration that supports a managed token (example: Tether US #31) should take care to monitor for this transaction type and if received immediately freeze and corresponding users account pending further contact from the Asset Issuer.”
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That’s fantastic for eMAID, which is probably more important than MAID as it’s more frequently used in DEXs than Omni, but if Omni assets can be Paused as well, the even better.
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I’m still not groking the airdrop - how can the team know that you hold what you claim if you don’t move those tokens (e.g. send them to a burn address)? I presume we’d provide an address on SAFE for airdrop tokens to be sent, but how do they know ownership?
Why don’t we just send e/MAID tokens to the team and they send SNT to our SAFE address? Then if something goes wrong, they can simply return all e/MAID and start over.
I think the main point is that MaidSafe probably doesn’t want to keep X amount of tokens as custodian in their possession. Security wise and logistically it’s just expensive/more risky. So if it’s possible to do this in a decentralized autonomous manner then I would 100% go for this. People can claim it at any time in the future and nobody needs to guard a big pile of SNT.
For BTC - Omnilayer, it can be as simple as MaidSafe creates a simple message “SafeNetwork for the win!” and then the owner of address X has to sign the message.
Message signing is the action of signing a cryptographic message using a private key and its associated address, to prove that you have access to the address. These messages can be verified by wallets by checking the signature against the address to see if they correspond to each other.
Similarly for ETH it seems:
Consequently, this also enables for such proofs to be handled off-chain which means no gas (and therefore no money) is required when it comes to validating that a message has indeed been signed by a particular wallet. In effect, off-chain interactions which are secured by the option to settle on-chain.
This paves the way for use cases which are critical to mainstream adoption:
- User onboarding: New crypto users are unlikely to have the required coins to interact with a smart contract. By signing a message, the operator can send the signed transaction to the network therefore paying gas fees on behalf of the user.
- Decentralised identity: Assuming a wallet represents an individual, users will be able to create new relationships without the need to coordinate financially. By validating a message signature, users can be assured that the person on the other end is who they say they are.
- Scaling via channels: Transactions can be accumulated in the form of signed messages with final settlement happening once on-chain. Intermediate state changes insured by the main chain security.
- Pre-authorised agreements: Transactions can be signed with final settlement being decided by a third party. This enables non-custodial management of order flows.
- Offline signing: Even in places where there is no internet, transaction computation can still take place on a local computer. Users can transact without the need for a network connection.
Source: Signing and Verifying Ethereum Messages | by Aw Kai Shin | Medium
Ideally they integrate some mechanism into the SafeNetwork, a decentralized wallet that holds all the SNT to be distributed and only by proving that you own an address it will send you the tokens.
The decentralized contract could store messages for each eligible address and as user you supply it the signed message, after it verifies the signature is valid it would proceed to transfer the amount to new address that you already own.
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Thanks for that explanation. I imagined that we’d have to move tokens in one way or another and seemed a pain, but what you’ve explained seems simpler.
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The omni protocol has a simple command to get a return of all the BTC addresses with MAID sitting on them. And also if you want all the addresses that ever had MAID. Or every transaction ever happened.
So when someone says snapshot they simple mean that the OMNI protocol node is asked what addresses have MAID and how much.
I assume (e)MAID is simpilar
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And if we ever needed to restart the network we would still be able to claim our tokens.
Using the burn route is messy
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This seems elegant to me, and I like the decntraslied/autonomous approach. Redeeming should really not require a 3rd party, so this is good.
But to allow MAID to keep on trading after launch—which is desirable in many ways—this would also require a burn.
Perhaps we could also build in some tolerance for a restart too, if the MAID owner could have a receipt/proof-of-burn immutably recorded, which could then be used to redeem against SNT at a later date if needed.
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As MAID is a representation of SNT then when SNT is launched MAID markets shall be closed as only one coin should hold the value of SNT at any given time.
@dirvine @oetyng I hope you guys overwatch this so only 1 coin exists representing SNT at any given time, either SNT or Maid but the two of them should not exists at the same time representing the same value.
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Well, that’s the point of the burn. To maintain the correct supply.
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What should the point be to still have Maid when SNT is launched? There was no explanation to why
Market access. The more options for bridges into the network economy the better.
Exchange trading is already up and running for MAID.
It can (and will) be supplemented with SNT integration, but it’s a novel tech, so we do not know how long it will take to get this up and running. Maybe it will be quick and easy, maybe it will take a bit more work. But it would be a shame for it to hold things up.
And even when we have SNT secondary markets, it still adds resilience to have multiple bridges.
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That would only be true if there is no example future eSNT bridge or similar.
Seems more of a valid reason.
If the bridges does not differ then it won’t make any added resilience.
Well, that thing doesn’t exist yet whereas MAID trading does. Let’s add to that!
Which is more resilient? A single exchange listing, or multiple? Just CEX, or both CEX and DEX?
With the huge funds that will be created when 1.5 billion SNT is released and the expected relative large rise in SNT value then it would be expected that SNT will be easy to get added to at least 5-10 of the largest CEX/DEX exchanges. If SNT and Maid have to co-exist for a short period in a similar way as Maid and eMaid does now, because of tech challenges and shortage of funds, then that would make some sense.
What about the possibility of creating multisig wallets with each owner of the e/MAID and Maidsafe (foundation?) to lock the tokens? Maybe no way to automate that, but would be a fix here to prevent trading.
Snapshot must give you correct supply too. And you can preload transactions with a snapshot. Also if the worst ever happened and a restart occurred then the snapshot is there waiting to reload too
A snapshot method allows for exact auditing before ever processing it.
And super easy for exchanges like Bittrex to simply change the trading symbol to SNT and change withdrawal/deposit over to Safe Network. Obviously close withdrawals/deposits prior to conversion day. The tokens are only numbers in their trading data base for traders and real in the exchanges hot/cold wallets.
The trading side is super easy since its just changing the ticker symbol. The way their wallets work should be easy enough since they only need a client running and querying Safe wallet(s)
As to people buying/selling (e)MAID after snapshot time its a problem with snapshot or burn
- Snapshot - the ordinary MAID being sold by sharks
- Burn - FAKE MAID being sold with the promise the buyer can burn them to get SNT. We have 3 fake MAIDs last time I looked
Either way its a problem and similar magnitude and only advertising the conversion process (whichever used) will minimise it
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My approach would be:
- Inform all related exchanges where MAID trades on that conversion will take place on date X, halt trading just before snapshot.
- If possible use PAUSE (entire contract) on eMAID and Freeze for Omni asset MAID (unsure if this is per individual address)
- Snapshot both chains for tokens per address
- Activity remains frozen indefinitely, the snapshot has now become point for genesis for network (and in case any failure occured)
- Now people need to verify that they own the address, allowing the decentralized mechanism to release SNT to their Safe Network address.
-Since I read that bitcoin signatures and ethereum signatures can be verified offline, would this be as simple as including some verification code within the safenetwork itself (as part of gensisis distribution) so no external calls to clearnet have to be made (also prevents api manipulations or dns poisoning etc).
-The decentralized contract on Safe Network would have public functions like regular erc20 contract, e.g. to hand over proof of ownership / personal address on Safe Network to receive the tokens to.
Freezing both MAID and eMAID and having one single snapshot makes things easy. Just need to embed the snapshot in the network, create a claim process with user validating ownership of address.
Lowers security concerns, prevents tokens being sold which are no longer claimable (MAID / eMAID), one point to obtain SNT, autonomous process can exist indefinitely for people to claim even in 10 years but supply should have hardcap of total amount tokens of snapshot.
As @Zoki points out if people burn tokens and need to prove a 2nd time (in case network has to restart) they now no longer have access. Also once burned, how do they come in possession of the private key, seems like you need another server checking burns, managing large amounts of tokens. Personally doesn’t sound like an ideal security and logistics situation (long-term).
This is under the assumption that both eMAID can be paused (which is true) and MAID can be frozen for all addresses (unsure how this is done).
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