Uniswap’s governance raises concerns of decentralization


The Unsiwap governance vote has been a hot and controversial issue, with issues raised around its centralization There are concerns that a flash crash Ethereum…

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NEAR Protocol Transitions to Fully Decentralized & Permissionless Network


NEAR Protocol has completed the deployment of Phase 2 of its mainnet which has seen the network become fully decentralized and permissionless. The news is the latest development for the community-driven project that aims to democratize the development of the emerging Open Web architecture via blockchain technology.

Despite concerted efforts to improve the adoption of blockchain technology, several barriers still exist, preventing a broad-based utilization of the novel tech. Industry stakeholders say blockchain development especially for enterprise-grade solutions needs to be simplified.

NEAR Mainnet Phase 2 is Now Live

In a press release shared with Blockonomi, the NEAR project announced the completion of its Phase 2 mainnet deployment on Oct. 13. According to the press statement, the NEAR Protocol is now operating as a fully permissioned and decentralized network meaning that developers and other users alike now have open access to the network to deploy apps or transfer tokens.

Phase 2 of the NEAR Protocol mainnet is the third development stage for the project. Between April and September, the NEAR dev team completed the “Proof of Authority” and “Mainnet Restricted” stages of the network’s roadmap.

Before the Phase 2 migration, initial network validator nodes voted to remove the token transfer restriction protocol. Thus, all staked tokens now generate returns that can be transferred irrespective of the vesting period of staked “coins.” With this new development, network participants can transfer tokens or act as validators.

Commenting on the pace of the progress achieved thus far, Near Inc. co-founder and CEO Illia Polosukhin remarked:

When the Genesis Block occurred in April, NEAR set a goal that developers can actually deploy production apps while the network gets more decentralized and is ultimately handed off completely to the community over the next several months. Now, only 6 months later, we are keeping our promise and moving forward, making NEAR Mainnet: Community Governed & Decentralized a reality.

Emphasis on Seamless Blockchain Development

As previously reported by Blockonomi, NEAR Protocol is a developer-friendly blockchain network that aims to open up the novel tech to everyday consumers, positively impacting the drive for broader adoption of the novel tech. The project utilizes “Nightshade”, a unique sharding algorithm and proof-of-stake (PoS) consensus to deliver a scalable blockchain network with no theoretical capacity limit.

Back in May 2020, the project received about $21.6 million in an investment round led by a16z. According to the press release, NEAR Protocol has raised over $60 million in total from private and public investors.

With the Phase 2 mainnet deployment now completed, the NEAR dev team says it will focus on improving its wallet as well as the sharding algorithm. Other planned upgrades include the development of a bridge protocol with the Ethereum (ETH) network and subsequent deployment on the mainnet.

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Report: Cardano Ecosystem Has A Complex Governance Structure


A report said that the Cardano (ADA) ecosystem has a complex governance structure, not dissimilar from the way the US democracy operates, with its built-in checks and balances. 

It has been reported that according to the Foundation’s incoming CEO Frederik Gregaard, there are three main players: the Cardano Foundation, EMURGO, and IOHK, where the governance will only get more complicated as more organizations join. 

However, he also said that he intends to maintain the Foundation’s independence from Cardano’s founder and IOHK CEO, Charles Hoskinson, who created this structure in the first place.

He added:

“The Foundation law in Switzerland says that we need to be independent. That’s exactly why it’s interesting and why Charles chose to set it up like that, because he really, truly feels that the people who are going to protect the Cardano protocol for the generations to come, need to be independent.”

As per the report, the Foundation’s mission is the advancement of “the Cardano protocol.” It also retains a development company for the protocol, which is currently IOHK, though its contract expires later this year. With the Voltaire era scheduled for release in a few months, the community will soon vote on whether to extend IOHK’s contract. In the unlikely event that IOHK fails to secure the backing of the community, another development company will be hired to take their place.

Gregaard accepts that Hoskinson is more than just the head of Cardano’s development company and there may be times when they will butt heads over the direction of Cardano’s development.

He said:

“Charles did initiate the project together with one of his colleagues. So, there’s no doubt about how brilliant he is and how visionary he is. But he’s running a product company that needs to deliver products. <…> I’m sure that there are going to be some fights in terms of priorities and some spots where we believe, together with the community maybe, that we should go a bit more right and Charles wants to be a little bit more left and we need to agree on that together.”

Also, he said that having worked with Hoskinson for the past 6 to 12 months (as a PwC consultant), he has a good feeling about this relationship, though he does not expect it to be easy.

Thus, Gregaard is a big supporter of decentralized governance, as, for him, this presents a viable alternative to the current state of the world, where Facebook and Google manipulatively exploit their users.

Source: Cointelegraph

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Cardano News Today – Governance on the Cardano Will Become More Complex As the Network Expands – Frederik Gregaard – October 3rd, 2020


  • Frederik Gregaard, the Incoming Cardano CEO, Says That the Cardano Governance Structure Will Become More Complex With Expansion
  • Cardano Will Maintain Its Independence Despite Expansion 

Cardano News Today – If you’ve been paying attention to the progress of the Cardano blockchain, you’ll know that the network has always had the goal of being decentralized. Unlike the Ripple blockchain that is controlled by Ripple alone, the Cardano blockchain is controlled by three different organizations, EMURGO, IOHK, and the Cardano Foundation.

Continue reading Cardano News Today – Governance on the Cardano Will Become More Complex As the Network Expands – Frederik Gregaard – October 3rd, 2020 at Smartereum.

New Compound Governance To See All Future COMP Token Distributions Locked In A Vesting Schedule


A new Compound governance proposal from Tarun Chitra, the founder of Gauntlet, would see all future COMP token distributions locked in a vesting schedule.

It has been reported that the proposal was submitted on Wednesday and highlights several ways that the vesting could be implemented.

However, one would involve discrete vesting where the tokens could be claimed at periodic intervals, while another proposes “continuous vesting” that frees tokens gradually as they reach maturity.

According to the report, either solution would be in stark contrast to how the reward system is set up right now, where the vesting time is effectively zero.

While COMP is not immediately distributed into user wallets, it can be claimed at any point in time either by interacting with the protocol or explicitly calling a claim function, as this is mostly a gas-saving measure.

It has been analyzed that with no vesting, yield farmers can simply pool their liquidity to earn COMP and immediately sell it on the market. This has resulted in a somewhat perverted incentive that goes against the stated purpose of the COMP distribution.

Moreover, the idea behind it is to distribute ownership and governance of the platform to its users, but in reality, the distribution is currently dominated by whales that are looking for an instant profit. 

By adding vesting would discourage “purely capitalist yield farmers,” as Robert Leshner, the CEO of Compound Labs, referred to them, from committing their capital to the protocol for a short-term gain.

Likewise, if the proposal were to pass, it could have a powerful effect on the current DeFi ecosystem.

While Compound is rarely the most remunerative yield farming protocol, it has been the most stable and high volume source of yield, largely due to its relatively steep distribution curve and high market capitalization. 

It has also been analyzed that tightening the yield tap through vesting could result in much of the capital unwinding, sending Compound and likely Maker’s total value locked downward. 

Due to a somewhat widespread belief that TVL reflects the protocol’s success this could result in token prices going down as well. On the other hand, the selling pressure would be lowered significantly, which could have a counterbalancing effect.

Thus, the decision would significantly limit a major portion of total liquidity mining revenue, most likely affecting all other protocols in some way.

Source: Cointelegraph | Image: Cryptocurrency Hub

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Huawei and Beijing’s Municipal Government Jointly Develops Blockchain Directory Across Urban Governance


Huawei and Beijing’s municipal government have jointly developed a blockchain directory to use across urban governance.

On August 24, it has been reported that the system, which still being trialed, is aimed at improving government services and supporting the city’s business environment. 

However, interest in blockchain technology forms part of Beijing’s research into smart city approaches to enhance urban innovation and governance. 

Other technologies being explored for smart infrastructure include 5G, artificial intelligence (AI), and cloud computing.

It has been analyzed that throughout 2019, Beijing and Huawei have jointly built a blockchain system directory to link up the city’s 50 municipal departments and support cross-departmental sharing and management of big data.

The report said that the system’s applications span real estate management by enabling efficient communication and feedback between the citizens and the mayor’s office, road parking services, medical care, notably including pandemic response services, and utility provision (water, gas, and electricity).

Likewise, Beijing’s government said that ordinary people are poised to become the direct beneficiaries of the new infrastructure.

Huawei’s role in the directory is contributing its proprietary Huawei Cloud Blockchain, as the system supports real-time data management and feedback, rights management, data synchronization and exchange, permissioned access management, and traceability.

Thus, the report stated that the use of blockchain technology will play a key role in integrating new-generation technologies into the strategic goals of urban modernization and digitized municipal services.

Source: Cointelegraph | Image: BiteMyCoin

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