Why hello there, so Iām doing my first Forum post ā¦
As mentioned in a few chats with some of you guys, am sharing with you a write-up regarding the plans for letting your network loose in the wild, it includes information around the role of an ERC token - and touches on some of the key pieces/activities for the coming months and requirements for launch.
The below will take you to the Autonomi Git-Book. Beyond appreciating you taking the time to read (if you can, thank you), I would also be super grateful if you could reserve judgement until youāve made it through to the end, it covers a fair amount of ground, with new, news even in the last paragraph.
Please note: while weāre only sharing this on the forum for now - just so we can have a back and forth here - we will be happy to tackle some of the open questions related to the write up during tonights Discord stage as well.
There will be a reduction of maximum token supply (by 50%)
Looking forward to hearing more details on the changes around the foundation and how token issuance will be handled towards that new lower-max cap (I guess now max token supply of 2,147,483,648 if I understand correctly?).
It will take time to digest, but I have a very positive view of the new āNetwork token ERC20ā at launch, and āNative tokenā that comes later.
I feel some advantages Iāve thought of so far are:
Launch can happen sooner than would be possible if the full development and testing of the Native Token were a pre-requisite for launch
If in the early days a network reset were needed due to bugs etc, it wouldnāt touch peopleās token balances
Going forward, when both tokens are available, if anyone wants to hold the token, but doesnāt yet fully trust the Native Token, they can hold the ERC20 equivalent (assuming they are 1:1, and it will be possible to swap between them using some kind of bridge).
People can store Network Tokens on any hardware wallet thatās ERC20 compatible
ERC20 compatibility gives huge access to DEXs etc
Potential for use cases to be developed where smart contracts engage with the Autonomi network, e.g. for adding bulk data storage options to EVM smart contracts
Potentially much bigger audience initially if Autonomi can become a kind of data-layer for the Ethereum ecosystem
Not sure if possible, but if the Network Token and Native Token are made interchangeable, perhaps itāll be possible to make ANY ERC20 token interchangeable with an Autonomi Native proxy token, enabling Autonomi to be used as an L2 for EVM tokens?
As long as the development of the Native Token is prioritised, and the Network Token and Native Token are easily interchangeable, I think this is a fantastic development. Well done Autonomi, and bring on the next few months
I do wonder whether āNative Tokenā and āNetwork Tokenā will be confusing to many thoughā¦ why not just have āAutonomi Network Tokenā, and it can be ERC20 or āAutonomi Native / ATS20 (Autonomi Token Standard 20 / whatever)ā?
P.s. please let me know if Iāve misunderstood anything/everything, as I just had a brief read through.
Not sure that is accurate. I think the benefit of opening the door to the Ethereum community is definitely worth exploring the positives with a open mind.
No, the Native token needs more time - but we can start to scale ahead of then, is really the approach. Nothing about the storage is to do with blockchain, we should be storing data for those guys.
The fundamental is the self-custody storage network - thatās nothing to do with blockchain, and even with a network token supporting initial scale I donāt think describing it as a blockchain project is an accurate depiction of the technology.
MAID and eMAID as legacy/origin tokens will convert to Network token, for those that donāt want to do that and wait for Native token (OMNI only) they will have that choice.
The network itself isnāt blockchain based, itās not a blockchain project, and functions as before. The token is just one part of it, and accessibility is key.
To add to thism the total daily active users in the Ethereum ecosystem was reported to be about 2.25 million in Q1 2024 - which is nearly nine times greater than in Q1 2020. We can try and use that to help Autonomi launch
there is section on this in the write up, using an L2 the cost is cents (not dollars), and with batching we can reduce further. This will of course would be followed by zero with Native token, but the route to getting there, requires there to be demand for a token, and for that the token has to have value - for which we either need demand (scale) or accessible (ease).
