Content pfp
Content
@
0 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
Everyone hates points, do you? I'm one of the first digital natives of my generation, even if I started late. I have been a web 1 fiddler, a web 2.0 dev, and I am cryptonative guy now. I don't like points, but you can't fight evolution, as you can't fight gravity.
2 replies
1 recast
4 reactions
Martin K pfp
Martin K
@martinkrung
Points take away the guarantee of ownership because points are just a number in a database, which the project can change anytime. The sense of ownership, which a token gives you and what crypto people are used to, this is fading.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
A first step has been the introduction of non-transferable tokens, or better said, authority transferable tokens. Some projects have them; they are even used to incentivize their product, and the token contracts allow you to withdraw it to your wallet, but not to send it to someone else.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
These tokens don't have a market and no market price is formed. It's a nice trick. These projects can then choose the best moment to make these tokens fully transferable, mostly voted by the tokenholders themselves. If the timing is good, this may even help the initial price.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
What's fair: every participant has access at the same time. We will see what kind of dump fest this will produce. Why project owners love points is clear; they don't need a plan for points, maybe not even need legal advice.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
And: you can change the rules anytime. The distribution is not glued into a contract which you have to audit and upgrade every time you change something. So it's way more flexible. So what is the next logical step in the world of points? My web 1 + 2 + 3 experience tells me this:
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
The next step is that projects start to simulate tokenomics with points, and while from a crypto perspective this is treasonous, from the web2 perspective, this is only a logical step. In most web3 projects, the token is decentralized and not just a number in a database, but the value of that token is centralized.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
If the project disappears, the team dissolves, the liquidity in the market fades, the token is not better than a point in a database. It's value is close to zero. Maybe us points it's smart: Tokenomics with a deep connection to the protocol are difficult to build, and even more difficult to change.
1 reply
0 recast
0 reaction
Martin K pfp
Martin K
@martinkrung
Most of the time, new projects fail to glue the tokenomics to their protocol. This, not only for legal reasons, made projects create worthless governance tokens with no clear place in the protocol itself. What we will see is the creation of new protocols, but the tokenomics is pointized.
1 reply
0 recast
0 reaction