OK, the "BitShares PTS2" proposal (below) is now off the table and I'm closing this thread.
This discussed the potential of using a "soft fork" to allow the market to choose whether a protoDAC which comes with its own built-in promotion fund could out-compete one that didn't.
While intellectually gratifying (to me anyway), it turned out to be too hard to explain and would undoubtedly lead to more confusion if we continued to advocate it.
The winning post argument here was simply "Keep it simple, stupid."
See the newest thread for the current default proposal and let's move on to debate the merits of that.
Thanks for everyone's energetic input.
Announcing BitShares PTS2
Shortly after we released PTS in November, Bytemaster reserved the right to release an upgrade when the technology was available. That time has arrived. As soon as DPOS finishes its validation trials and BitShares XT is released, we will turn our attention to PTS2 (which, thanks to the new DPOS toolkit, should be rather easy to do.) Here's what we propose:
PTS2 would honor all shares of PTS one-for-one, with the remaining unmined PTS shares mapped to a "reverse angel" marketing fund to help grow the value of PTS2 - and all its children.The value proposition PTS2 has over PTS is as follows:
- Much faster transaction times.
- A profitable business model.
- All the other benefits DPOS has over mining.
- A million dollar promotion fund to help grow its value for those who hold its shares.
(Of course, the dollar value of this fund depends on whether the market value of PTS2 is greater or less than the value of PTS. Assuming that it is the same, the fund will be worth over a million dollars. As the use of this promotional fund begins to take affect, the value could increase to, say, 2 million dollars. Or it could be worth zero. It depends on what we come up with together.)
We could use a normal hard fork and simply ask the exchanges to pause and switch to the new chain, or we could use a "soft fork" strategy where the two chains coexist until one is the clear winner in the free market:
PTS and PTS2 would compete in the free market.
Every PTS share holder would get a PTS2 snapshot share as well.
It is up to the free market to decide which shares to hold and which to sell.
It is also up to each developer to decide which PTS version they will honor.
We would sell PTS and honor PTS2, but everyone is free to choose otherwise.
This is all we have settled on so far (as our recommended approach). We turn to the community for ideas about how to best use a genesis block "reverse angel address" to grow the value of a new DAC - especially a Grand ProtoDAC that is likely to get you shares in many other DACs that you can already see being developed in real time. Clearly, anything we do to increase demand for any of the children also increased demand for the parent - so there are many, many ways to do this.
We will be sharing some ideas of our own, but are very interested in getting community ideas and buy-in. The final plan will undoubtedly be a hybrid of the best of the best.
A lot of ideas have been discussed and debated over the past few months. Here's where we all can post the ones we like liked best - and hammer out a promo-plan that most of us can whole-heartedly support.
In the absence of consensus, the default would probably be to simply never mine the rest.
Key Points Summary
We need to upgrade PTS because people have been complaining about how slow it is.
The logical upgrade that solves everything is DPOS.
DPOS frees up a windfall of 300,000 PTS no longer needed to pay miners.
We need to decide what to do with this windfall.
Not mining them (i.e. burning them) would give a 15% one time benefit to PTS holders
(even though it was AGS donations that made the DPOS breakthrough possible.)
We think those savings from that R&D should be used to benefit everyone in our industry.
By calling attention to PTS and all the things its good for, we generate demand that we hope will grow the value of PTS and its children and therefore of AGS far more than any other plan we have heard.
PTS will climb on coinmarketcap as others learn what it is good for. Other BitShares DACs will appear there too as the promotions generates demand for them.
This forum has been asking for two more things, we can achieve as part of this solution:
- Increased effort to reach out to other communities and attract more supporters
- A desire by this community to be seen as generous
We came up with a plan that would do all of the above, as requested by this forum.
We offer it as an alternative you can embrace or reject.