Skip to content
New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Jump to bottom

mostly comments and a possible few corrections #4

Open
wants to merge 1 commit into
base: master
Choose a base branch
from
Open

mostly comments and a possible few corrections #4

Changes from all commits
Commits
Show all changes
1 commit
Select commit
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
29 changes: 15 additions & 14 deletions README.md
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -39,7 +39,7 @@ The working language of Cosmos is English.

The mission of the Cosmos Hub is to create a new world allowing for
permissionless yet secure interactions between the Cosmonauts of Cosmos in the
Sol system.
Sol [TODO: define Sol System or is it Solar?] system.

The objective of the Cosmos Hub is to provide a classical BFT proof-of-stake
multi-token payment and transfer system; and to scale the security of the
Expand Down Expand Up @@ -94,7 +94,7 @@ weeks of voting after the quorum has been met.

### Rule 8. Air-drops and forks

Every Cosmonault allows any Cosmonaut to create full or partial airdrops of new
Every Cosmonault [TODO: is this a type or does Cosmonault need to be defined?] allows any Cosmonaut to create full or partial airdrops of new
tokens to any chain using the distribution of any token on the Cosmos Hub.

Every citizen allows any Cosmonaut to modify their pro-rata of their airdrop
Expand All @@ -110,7 +110,7 @@ blockchain applications that provide the following functions:
* IBC token transfers back to the hub
* atomic cross-chain transactions across other simple-transfer zones

The ICS system must ensure a reasonable Nakamoto coefficient for each zone.
The ICS system must ensure a reasonable Nakamoto coefficient [TODO: can we make this more concrete? At least for now and and amend through governance] for each zone.

The ICS system must enable geographically regional validator sets, at least in
the following regions;
Expand All @@ -134,14 +134,14 @@ the Cosmos Hub as a m-of-n multisig account where n is at least 3 and m is at
least 1/2 of n, where each signatory is an authorized member of the Treasury
DAO and citizen of the Cosmos Hub.

The Treasury DAO will be composed of Cosmonauts, and at the top Executive Board
The Treasury DAO will be composed of Cosmonauts, and at the top Executive Board [TODO: what is this entities charter and authority?]
level be composed of one or more citizens. All Cosmonauts and citizens of
Treasury DAOs including their Oversight Committee must have public and known
real personal identities.
real personal identities. [TODO: Is this a requirement of all cosmonauts or only ones participating in Treasury DAOs?]

To enable the well-functioning of Treasury DAOs and the separation of powers in
To enable well-functioning Treasury DAOs and the separation of powers in
the utmost interest of the Cosmos Hub, each member can hold just one type of
role within each Treasury DAO.
role within each Treasury DAO. [TODO: are there explicit role types?]

The members of the DAO must perform efficiently in their role in line with
their job description. They are accountable to each DAO’s Oversight Committee
Expand Down Expand Up @@ -202,6 +202,7 @@ of a special inflation governance proposal type.
Liquid staking may only be supported through interchain accounts.

### Rule 13. The PHOTON Token
[TODO: can we define the existential use case for PHOTONs here much like the first sentence of Rule 12.]

The PHOTON distribution will be created by burning ATOM tokens in a one-time
event that will last no longer than 3 months. After completion, 20% of the
Expand Down Expand Up @@ -276,7 +277,7 @@ thirds supermajority of Cosmos Hub governance.

### About the economic model

The notion that ATOM is a "memecoin" ignores the obvious and original business
The notion that ATOM is a "memecoin" [TODO: it may be worth address a wider audience than "crypto bros" and qualify what memecoin means in this context] ignores the obvious and original business
model for the hub -- token transfer fees. Bitcoin and Ethereum gas transaction
fees are in the 10s/100s of millions, and we haven't even gotten to VISA scale
yet. ATOM is not money, it's VISA shares, IBM shares, and FED shares (but where
Expand Down Expand Up @@ -358,12 +359,7 @@ having ultimate veto power.
Also, the tax system may be used to allocation a portion of ATOM and PHOTON
inflation to fund the common pool.

### About security, and the need for ATOM/PHOTON separation

I do see the “monification” of ATOM as per ATOM2.0 to be fundamentally flawed,
for a chain whose main selling point is SECURITY. I believe ETH2.0 with its ETH
staking is similarly flawed. I fear that we won’t realize it until it is too
late. We can prevent future disasters.
### About Security, and the need for ATOM/PHOTON separation

The staking ratio today on Ethereum PoS is 12%. With massive adoption, unless
we have complete laymen involved in staking, and with ETH becoming money, the
Expand All @@ -376,6 +372,11 @@ security vulnerabilties, because even the largest of whales cannot simply buy
1/2 of mining infrastructure. It isn’t a superfluid market, which makes it more
secure.

I do see the “monification” of ATOM as per ATOM2.0 to be fundamentally flawed,
for a chain whose main selling point is SECURITY. I believe ETH2.0 with its ETH
staking is similarly flawed. I fear that we won’t realize it until it is too
late. We can prevent future disasters.

(In biology, it’s the difference between Eukaryotic (cell nucleus) and
Procaryotic (no nucleus) cells. Evolution has proven that multicellular
(inter-cellular) systems like us are generally Eukaryotic. They both exist, but
Expand Down