“Show me the incentive, and I will show you the outcome.” — Charlie Munger
One of the most powerful forces in the world is incentives; as Charlie Munger (Warren Buffet’s partner) famously observed. In the world of marketing, incentive programs, otherwise known as “affiliate programs”, rule.
How can we align these incentives in the world of blockchain? I would like to propose to the Proton community, token holders and specifically block producers, a framework to think about this problem.
Note: this is my personal proposal as a token holder of Proton, not an official proposal by Metal
The first thing…
Right now, the NFT world is really all about curated, programmed “drops” and “packs”. To use an analogy, it’s like HBO — there are hit shows, that everybody lines up to consume.
This is fine. I love great shows like “Silicon Valley” or “Succession”. But this is a few-to-many model. It’s very different from what YouTube did on Dec 15, 2005 — which pioneered a way that EVERYBODY could upload and share videos.
In my opinion, the real breakthrough will be when EVERYBODY can easily create and sell NFTs. Can you do that on Ethereum? No. It’s not easy and…
An open source demonstration of Atomic NFTs + Proton
I’m proud to say that the first open source demo of our NFT platform is now live. Just to set expectations: this doesn’t yet have an NFT creator, and the prices are set in FOOBAR (our free token). The full market is coming in the next few weeks.
So what are the components to this?
First of all there is the ability to login and authenticate with our mobile proton wallet. You do this by grabbing your wallet at https://www.protonchain.com/wallet and creating your unique username. This is a name like…
The following contract is now live on Proton MainNet
Longstaking is a new concept that we are considering for the Proton Blockchain, which could have significant benefits for longer term token holders. We’ve fleshed out the contract mechanics, and a potential user interface within Bloks.io, and we’re opening it up to the community for comment and suggestions. It would need to be voted in by 15/21 Block Producers to be entered into the chain.
In Delegated Proof of Stake systems such as Proton (but equivalently on Tezos, Cosmos and EOS), selection of block producers and hence security of the chain…
The Proton Blockchain is built on a delegated Proof of Stake model. What this means is that each Proton token holder can vote with their tokens, and in exchange for their vote, they receive inflation rewards (and other rewards) that are sent to the Staking Pool. Essentially the Proton token holders control the protocol, and they benefit if and when the Protocol gains adoption.
Let’s dive in deeper
As this screenshot shows, you can stake your Proton coins directly in the IOS Proton wallet. You can download the wallet here. When you stake your coins, they are essentially “locked” for…
The first open source, proof of concept demo of voting on the blockchain
We’ve built a fully working, open source demo of a presidential election running on the Proton Blockchain. You can try the demo here
Here’s how the voting works:
1. First step, you log in with your blockchain authenticated ID. In Proton, this is an @name, similar to a Twitter @name. Mine is @fred. Each @name has a public and private key pair associated with it. This key pair is created and stored on your mobile wallet. You can download one here.
First we had the “Dollar Milkshake” theory, and now @Raoul Pal brings us the “Bitcoin Lifeboat” theory. Let’s unpack!.
1. Let’s start with the realization that Central Bank Digital Currencies are coming. It’s no longer a question of if, but a question of when. Raoul predicts 5 years. I am going to say 10, at least here in the US, as I think the Fed will take a measured approach. But CBDC is coming.
2. Now, how does this impact investments? Well as Raoul points, out, once you have a digital currency, where actual individuals have wallets that can accept…
Let’s first note that although there are plenty of DAO voting apps, including voting for block producers on Proton, EOS and other chains, this DOES NOT solve the problem, as all votes are public.
So let’s set down the requirements for blockchain voting
1. Voting needs to be limited to a set of QUALIFIED voters for each vote. For example, I should be able to vote in California, but not Texas.
2. Identity of voters needs to confirmed in the process. …
- you put a code snippet on your website
- you can get paid in either cash or stable-coins
Now imagine that, but without any credit cards ever being transmitted.
On the surface, it almost seems impossible. But it’s actually completely clear. It’s like stripe but without passing the credit card. The power of the @name, pending payments, and the proton blockchain that keeps the state of it — in a way that preserves privacy.
You will be able to use this DAY 1 on any site that accepts payments. Any e-commerce site. Any game. Any app. …
Currently, the world is distracted by 2,000 whales “yield farming” on a broken blockchain (ETH) with 5 minute transaction times and $10 gas fees. But that’s not the core problem.
1. you want to build an app or a website that has something to sell, for example, an NFT, or a VIP level which gives you access to a special website, or an hour of your time, or a T shirt..
2. You want to price this thing in USD or EURO. Not some crazy crypto like WAX or ETH
3. You want to take payment in crypto…