David and team are stretched (to say the least), and Wrapped Maid ERC20 may be too much as a time, money and legal sink. Here is a simple proposal that attempts to address time, fees and legal bottlenecks.
Recently David wrote this:
This whole project is carried forward by the pure grit and determination of David and the team he trusts to get the job done, with help from the loyal community that has stood here through thick and thin during many years of development. This project and the MaidSafeCoin token many invested in to be part of comes without any guarantees, no legal documents were signed by Maid holders, none of this comes without risk, Maid is not a security/stock. Everything built here all comes back to trust in David and his original vision, the team he chooses and the decisions made to get the job done, with a little community support along the way.
I bring this up as this exact same process can be leveraged:
Initial Setup:
- Single Multisig Bitcoin address is generated and secured by the Omni-Team
- Single Multisig Ethereum address is generated and secured by the Minting-Team
Process that a Community member who wishes to swap Maid-Omni for Maid-ERC20:
(A) Sends Maid-Omni to 1) and records transaction ID.
(B) Sends recommended amount of Ethereum to cover transfer fees to 2) and records transaction ID. This also proves that the community member has control over the private key for this address.
(C) Sends both Transaction IDs on telegram channel, email or other communication method that both Teams have access to.
Minting-Team:
Once a week, or once a Month the minting team get together for 20 minutes or whatever is acceptable and take the top transaction ID pairs on a first come first serve basis, mint the exact same amount of Maid-ERC20 in a tranche and use their multisig to send it to the Ethereum address using the fee that has already been provided by the Community member in Process step (B).
Omni-Team just have to keep their part of the private key secure in this one-way at first operation and make sure Maid-ERC20 matches Maid-Omni after each tranche.
This only requires two things from David, and is based on exactly the same trust that the project, Maid and everything here is built on:
- David tells the community that he trust the majority of the X of N anonymous holders of the multisig addresses: Omni-Team, and Minting-Team.
- David says that every effort will be made to provide a ramp to native SN Token (whether that is reversing the process back to Omni or something else).
It would be better if one or two community and/or MaidSafe members also vouch to know the identity of the private key teams just in case the worst happens and something happens to David.
Advantages:
- Extremely simple. Easily audited after each tranche.
- A process very like this will have to be setup anyway to handle Omni to native SN Token, this is like a dry run.
- Limited time outlay for David and the two team as this is done in Weekly/Monthly tranches upto a set time limit.
- Is a reversible decision (two way door).
- Does not involve third party entities, lawyers, agreements with banks. Instead gets right down to what this project is based on at its core anyway as highlighted at beginning. If you already do not trust David or the team he trusts to build his vision, then Maid-Omni is at as much risk for you as any new Maid-ERC20.
- Existing Maid-Omni CEXs may come to us if they are interested in listing the new trading pair alongside the old.
Disadvantage/Possible Problems:
- David can’t find enough good trustworthy team members to make up the X of N multisig groups.
- Some other legal problem preventing him from saying to the community “I trust those I know to be holding the multisig keys”.
- Security of the communication channel to the Minting Team
Thats it, Blast away.
