The year of 2021 marked the 2nd inaugural year of the Cyber Republic Consensus Council. Much has been accomplished in terms of bolstering the ecosystem and creating more value to the community. In December there were a number of proposals that passed which swung the needle upward for Elastos in a number of ways. Creating a legal LLC entity for CR, market making for ELA and a Launchpad for future ELA dApps were the proposals that passed to finish the year off strongly.
Proposals in the community spotlight
Proposal #50 – Elabox Launch Initiative Update
In mid July, Proposal #50- Elabox Launch Initiative was passed swimmingly by the CRC. The Elabox is meant to be a secure portal to the Elastos Smart Web. Elaboxes have officially shipped out and some people have already received them. In fact a demo has been posted on Youtube on how to set up the Elabox device and generate a brand new node on the Elastos Network.
Elabox has its own Supernode and reward system. Any owner of the 108 Elaboxes are entitled to a portion of the Supernode rewards. To learn more about Elabox please visit the website here. The Elabox team plans on coming with an updated roadmap very soon.
Finally, the first 60 Elaboxes are now reaching the hands of their owners. They are being unboxed and set up. The Elastos network is growing and everyone can be part of it. Check Twitter for unboxing videos and tutorials. Here’s a rather in depth look:
Proposal #56 – Elastos to lead and sponsor Web 3 Conference 2021
The Web3 conference is 3 weeks away!
Different delegates from the Web 3.0 world will be attending and presenting their ideas and efforts in order to educate and inform attendees about the gathering momentum of Web 3.0, including speakers talking on behalf of Elastos, namely:
- Rong Chen (Web3, journey and Elastos)
- Donald Bullers (Web3 and time)
- KP (Elastos Essentials wallet)
Elacity will be providing a free NFT to every ticket holder to drive users onto their platform from its January 24th launch date. It’s an ideal opportunity to drive users onto Elacity and the Elastos Smartchain, and to showcase Profile for bringing utility and access to a private social group.
Algorand, alongside crowdbotics, have also been announced as sponsors (although Elastos remains the headline lead sponsor).
Some of the speakers confirmed in the fields of blockchain, AI and venture capital include:
Bruce Pon (Ocean Protocol), Genevieve Leveille (Agriledger), Carlos Garcia-Galan (NASA), Jeff Booth (Author/thought leader), Dominic Williams (CEO, Dfinity), Yennie Solheim (Director, Niantic), Ben Goertzel (CEO, SingularityNET), Dr Deborah Duong (CTO, Rejuve), Christopher MacGregor (CEO, Cordial World), Ashwani Roy (Chief Scientist, Agriledger), Alan Chiu (Founder, Boba network), Lucas He (COO, OP Crypto VC), Vanessa Grellet (Head of Portfolio Growth,Coinfund) and many others.
TLGG, Elastos’ new marketing agency, are helping to spread awareness through their networks and, alongside Tech Circus,the Elastos Info team, and other speakers, working together with the PR efforts leading up to the conference itself.
We are very excited for this coming together of important leaders in Web 3.0 and it’s important for the community to be active on social media channels in the lead up to it. To this end we will be performing a large free ticket giveaway to the Elastos community as part of our lead sponsorship. Look out for further details.
Find out more about the conference here: https://web3conference.io/
Proposal #69 Silverstarter – Project Launchpad on Elastos Side Chain
On November 15th, a new token called “Silver” was added to Elastos DEX Glide Finance. The project is set to launch their product called Silver Starter. The Silver token will serve as a utility token for driving the ecosystem. The idea behind the project is to provide verification, transparency and convenience to users scoping out new projects on Glide Finance.
Proposal #69 Silverstarter was proposed this month to bootstrap the Silver Starter project in efforts to launch new and exciting projects on the Elastos Smart Chain. Tao Juan Juan is the Business Manager and Cameron Tareen is the Project Manager for the Silver Starter project. The team will not receive any funds until they show the work done by January 30th, 2022. Some concerns were raised from a few CRC members about the budget and the realistic adoption for Silver Starter. However, all CRC that voted passed this proposal to serve as a legitimate kickstarter for the ESC ecosystem.
Proposal #70, #71, #72 – Contract GSR to Perform Market Making Services for Elastos Part I, II, III
Elation Studios, one of the 12 CRC members, submitted another meaningful proposal in order to enhance market making services for the ELA token. GSR would be provided a 700,000 ELA loan in order to provide liquidity for various affiliated DEXs and CEXs over a 2 year period.
The main motivation for this proposal was to allow steady growth for the ELA token. Bolstering liquidity in a variety of places will increase order book size, reduce price volatility and increase the chance of healthy price discovery, amongst other benefits. Elations Studios selected GSR (with over 200 people in their workforce) specifically based on their Market Making industry leading expertise, 60+ exchange integrations, and their unique overall knowledge base.
All 10 of the 12 CRC votes were a “Yes” for the Proposal to employ GSR’s market making services in efforts to spark more interest in the ELA coin. The most common sentiment towards the proposal was GSR’s professional approach to Market Making and giving further potential for ELA exchange listings. There are an additional 2 proposals in Part 2 and Part 3 that have passed in efforts to support this Market Making initiative.
Fox from Elation Studios stated, when asked about the importance of this particular proposal successfully navigating the DAO selection process:
“Having the industry leading market making platform work with Elastos will bring additional credibility to the ELA token, increase accessibility and liquidity to traders, investors, and market participants around the world. Because of their activity across exchanges, Market Makers also have relationships with exchanges that could be tapped into for exploring listings. As such, Elation is elated to move forward with this proposal and honoured to run point on managing the GSR relationship.
Proposal #73 – Cyber Republic Operations LLC Operating Agreement
Elation Studios executed another important task establishing CR as a legal DAO through their latest proposal. Elation Studios has put in the legwork to make Cyber Republic an official LLC in the state of Delaware, U.S.A. In order to officially complete the filing of CR as an LLC, the CRC needs to sign off on an Operating Agreement that can be found here.
The benefits of having a legally binding DAO include access to a fiat bank account, engagement with 3rd party entities and entering into legally binding contracts. These amenities could lead to exchange listings and other efforts in order to boost the overall CR ecosystem. Amongst the 10 CRC members that voted, all overwhelmingly supported this effort to establish CR as a legal DAO.
Proposal #74 – Elastos DPoS 2.0 – A new staking model
Former CRC member Yipeng Su wrote a proposal in an effort to institute a new staking model for Elastos. Currently, Elastos community members vote for 36 Supernodes in order to select who will secure the network. Yipeng contends that the large “whale” ELA holders dictate a lot of the decisions in the ecosystem. In order to create more decentralization, Yipeng believes that there should be a simplified staking system that pledges an amount and duration.
Another prong to the new ELA staking plan is creating an equity token for each ELA held by the user. While ELA is being staked, community members should be able to access various activities on the Elastos blockchain: voting, opposing proposals, impeachment of CRC members, amongst other actions.
One drastic change to Elastos staking would be the Supernode requirements. Yipeng believes 2000 ELA should be pledged, which is down from 5000 ELA. This 2000 ELA will have to be locked and staked for 300 days when, after this time has elapsed, the stake and lock will expire. An arbitration period will commence after expiry of the contract and the 36 Supernodes will then be voted on by the community. There are also new profit reward recommendations for Supernodes – miners would get 75% of the ELA earned, and the Node Owners get the remaining 25%.
As of early January at the time of writing, the proposal has garnered 6 “Yes” votes from the CRC. Some great benefits that CRC members illuminated were keeping the Nodes profitable, creating more decentralization and doing it in a more secure fashion.
2021 saw the arrival of a new council, and with it has come a flurry of new and well-received proposals. Many have passed, and those that didn’t have merely prompted contributors to seek out alternatives to continue their Elastos journey. Revisions have also proved able to change opinions and pass proposals that missed out by the narrowest of margins.
Furthermore, and importantly, some of the near misses for successful DAO proposals have paved the way for fresh opportunities to be tabled further opening the door to community funding options. The CRC has accepted and welcomed such alternative funding possibilities as a beneficial middle ground between elected and wider-community consensus.
Marketing, legal DAO status, adjustments to Elastos consensus mechanisms, individual projects and more have all passed across the bureau of the CRC so far this term. With many months still remaining for the current council it is expected that further innovative and interesting suggestions and proposals will continue to pour forth.
2022 has just begun, and the passed proposals are now edging closer to realisation. This year looks like being the most dynamic and progressive in Elastos’ history. A building block. A foundation stone.
Elastos 2022. Are you ready?
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