All the qualities of the data storage network tha weâve been after for so long
On and off ramps to the network right off the bat
Security of data and of the payment network
We get to launch this year, and have the genesis event yall have been waiting for for so long
Foundation funded and operating for the future of the project
But at the expense of not getting some of the bells and whistles weâd hoped for right now (and somehting I know we all hold dear).
However, when you look at the alternative â and how much risk it involved there in the go fro broke approach, rather than a staged, incremental, progressive one â then I think itâs a pretty clear win.
The erc Network token will work on the network (all others will convert). eMaid and incentive rewards/shareholders will be paid/dropped Network token. OMNI holders will have the choice to exchange to Network token or to wait for Native token (although note OMNI wonât be useable in the network).
please note: the network token wonât be called ânetwork tokenâ ofc it will have a name and ticker on CEX
Having read the whole doc and also the initial reaction here I can totally understand âbothâ sides. As a long-term supporter Iâm equally disappointed hearing about an ERC-20 approach, but on the other side welcome the pragmatic approach here, prioritising the storage network launch.
Some initial questions / thoughts:
Taking more time for the Native Token is the only realistic choice IMO. When I first heard about the DAG approach I was (and still am) very sceptical. It just reminds me about all these DAG projects like IOTA which to day never managed to actually launch (in a decentralized way). If Autonomy can pull it off - great - but this definitely needs time.
ERC-20 is not great TBH - I understand the temptation to use a âprovenâ system with a bigger ecosystem but as others here already mentioned, it has very big drawdowns. Batching wonât help you with high fees during high demand phases, thatâs a proven fact. Why not at least take some time to take a more innovative appraoch here and e.g. use Taproot assets: Taproot Assets | Builder's Guide This would allow for near instant, low fee token exchanges. I really hope this getâs considered by the team.
On a totally different note: The rollout doc mentions the launch of the âOfficial Network Tokenâ. Will this mark the successful launch aligned with the MAIDSAFECOIN LOAN SCHEME? Itâs a topic which hasnât been adressed so far so a clarification would be appreciated @Bux
Anyways, whishing the team good luck on the launch and preparations ahead!
Ugh, so late tonight and youâve overwhelmed my brain with this update.
Okay, so there will be some test ERC-20 in October and full ERC-20 launch in January, right? How will the node operators get their rewards between October and January? Will that be solved by some other incentives?
Thank you for the note, itâs appreciate (as are all the comments). Please can you let me align with Andrew on the loan aspects next week (heâs away this week) - I donât see why we wouldnât honour the agreement there at TGE, just want to ensure Iâm not thinking/typing cross purposes is all
At first glance, I was confused between the terms âNetwork Tokenâ and âNative Tokenâ. I thought they were one and the same. I recommend to differentiate it somehow better and maybe write âNetwork Token (ERC)â and âNative Token (The Real Deal)â
I canât wait for them to have their names we canât protect them ahead of listing though so going for the functional, if not confusing approach, for now - noted to start using brackets!
Itâs not really an answer I can give you right now. But what I can say is that having the economy up and running means that it can be greatly accellerated.
Plus there is much less pressure on it for a launch event and the need for it to have wider integration from the off (as weâll have on/off ramps with the ERC). So the whole job getâs some what easier too.
I think some folk have the wrong take on this. Here is mine:
This network is not a blockchain based network and cannot be, due to the speed we require plus the anonymity and security of data we require. We cannot store data on the blockchain or even data names etc. itâs not practical
The payment process needs to be real, so must be on exchanges etc., but itâs a payment process
If you look at other projects with a ton of cash, like Avalanche, they tried with a DAG based solution that was fast (not as fast as ours) and they gave up why? *because exchanges pushed back on integration
In short, the payment token just needs to work and be a FIAT bridge. The choices are stand and fight, both exchanges and regulators (due to exchange issues) and stick to our principles, all while users cannot buy or sell tokens.
However, we have our transaction mechanism, it stays, it will build out as time moves on. Itâs significantly better than blockchain, BUT !!!
We are not a cryptocurrency network, we are a data network. We always knew we needed a currency, but that is the add-on, not the core principle. We want to protect data and do that well. We want that to be decentralised, so no contracts, no human agreements no data time outs and much more. This is what we need to launch.
In terms of payments, we just need a mechanism to allow the supply/demand process to happen. To do that at any pace (and we have tried with exchanges, itâs a nightmare) we need to use tried and tested cryptocurrency for that. We can do this as the network does not and cannot create, data or coins and thatâs a powerful thing. So we are currency agnostic. But I repeat itâs all about data for us. The currency acts as the motivation to run the network and find the lowest possible price for perpetual data. We will do that.
I am working on future ideas for transactions data types well beyond currency and that is quite exciting. Imagine swapping ideas and neural network weights etc. at speed and verified. There is much more. So our currency type remains, our currency will hopefully come into use and we can make use of very high speed concurrent payments and have wallets etc. all professionally done (we struggle to do that for launch here) and much much more. But that will take time and will need a massive community to help switch.
So letâs get this over the line, get the APIâs up, get devs creating apps and get on with what we are all here for. I could care less of the payment token name for data security right now, I want data security right now and that goal is much bigger than the take off currency.
Overall, Iâm surprised by the negativity when this gives a faster route to launch, while not losing anything long term. It seems like a great approach to me!
One question I have: is the aim for the Network Token (ERC20) be able to be swapped / bridged back & forth in a decentralised way with the Native Token when itâs ready?
I think we need to wait till we are closer to that point to fully understand. But that process will have to have a ton of detailed design and community collaboration over a long time. There are many ways to do that.
When we use our native currency (transactions) they will allow actions that blockchains cannot easily do, such as nano payments, that opens up b/w payments, IOT device integration, sensor networks and much more. Itâs very likely these types of things lead the charge there, i.e. to do what we currently cannot with a new tech.
That is much more likely to see uptake and exchanges more happy to integrate etc.
I understand itâs not all set in stone yet, but it would be a great mechanism if it were possible, for peace-of-mind while the Native tech is new, and hardware-wallet token storage / DEX options etc.
While itâs not a current goal of the team at all, it would be great if, on-the-side, Autonomi just happened to be the best EVM L2 out there
Its going to cost for me to get ETH to start with, somehow try and register somewhere to even obtain ETH for GAS. Then get it and try and learn how to ETH/ERC20/etc and forget friends who have no crypto experience even wanting to do all this for a network they donât even know
The transaction fee maybe cents at the moment, but as soon as it heats up then it rises and costs
Well not the no or minimal fees one.
This is the majority response I get. As soon I would answer with you get ETH, hmmm whats that, crypto, end of convo
Because for those used to ERC20 and crypto see it as a plus but thats such a small portion of society, really tiny. And there are quite a few on the forum who are not crypto people. Just look at the tiny number who converted to ERC20. Its not as clear cut easy as seasoned crypto people see it as
That canât happen, and I see nothing to suggest this is planned. If the network is maturing, it will become clear when there is a mature enough transaction system to support the native token.
If it took a number of months of work beyond January to get the Native Token system ready, would you really prefer that there was no real-world usage of the data network happening ahead of that time?
It seems like a no-brainer to me to get the network up and running using a temporary solution rather than keeping everything on hold for potentially a lot longer.
Saying that, the native token system is actually a huge part of what Iâm excited about regarding Autonomi, as I think it can be the best token/crypto-currency network out there as well as best data network⌠so I absolutely donât want it delayed unnecessarily.
Why develop native further when everything else needs attention. This is the normal route projects take. Also while ERC20 helps people who are used to ERC20 and seems great, its not the same for those who are not ETH/ERC20/crypto people. A complete roadblock to many we want to reach.
Might help get the network running for the tiny proportion of society who are ETH knowledgable people. But look at the tiny number who took their MAID and went over to ERC20 MAID. That speaks volume on how acceptable it is to those backing the project enough to hold the MAID
