2 min read

My Position

Yesterday, the Koinos Federation published a proposal to help fund various initiatives, including:

  • Exchange listings
  • Market making/liquidity
  • Documentation
  • Bounties/grants
  • Incentivizing mining/decentralization
  • Hardware wallet support
  • Business and partnership development
  • Core development
  • Operational and legal expenses

It's a long list, but it represents what I believe is needed for Koinos to achieve its mission of accelerating decentralization through accessibility. If we don't make a big move as a community and soon, I fully believe that someone else will come along and eat our lunch.

In order to make the necessary big moves, we need to entrust a significant amount of funding to a centralized representative. The businesses we need to work with won't do business with smart contracts and leaderless organizations.

For these reasons, I stand behind our proposal despite the unpopularity of the 100M token mint.

That said, community feedback has swayed me. I can not vote in favor of minting 100M tokens in good conscience. I fear it would do too much to damage perception of our fair distribution which I believe is a great strength and foundational to the mission of accelerating decentralization.

So where does that leave us? I will support a compromise of 50M tokens minted for 3 years of funding for the federation (25M first year, then 15M, then 10M). This is still a large amount and I fully expect it to be contentious. We can go lower from here and still have some impact, but I don't want the community to spend another year without making significant progress on the proposed initiatives. If we go much lower, I don't believe our goals will be reached soon enough to matter.

To back this up, I want to make sure the community is clear on the federation's budget for these tokens in the event we get to a proposal and it passes. This is not about creating some massive fund with no plan but to pad our own pockets. This is about the need to make a massive concerted effort over the next 3 years.

Could I be wrong about all of this? Absolutely. Maybe Koinos achieves everything and more without any federation funding at all. That would be the best outcome, but it's much less likely. Hope is not a strategy.


P.S. I appreciate all the discussion on Telegram so far. I will continue to listen to feedback, come up with ideas, and help this wonderful community in any way I can.

P.P.S. Since the proposal announcement ~1M in deposits have been withdrawn from BurnKoin. Thank you! I will not try to pander to get deposits back. I want depositors to exercise their right to withdraw if they disagree with me. I'm not solely in charge of BurnKoin's vote, but I want you to know that I appreciate depositing and withdrawing to signal your opinions.