After the exploit
here’s my thoughts on the current situation and possible ways forward.
First, let me be clear: what happened and the way it happened is the worst-case scenario I can imagine for particl and there’s no way to spin this as something that might ultimately be a good thing.
Initial coin supply + inflation. That’s the binding agreement, the only thing hodlers, traders, stakers or marketplace users were promised to be able to count on. This agreement has been severely violated, now forcing us to accept a new set of economic boundary conditions and, well, the reality that we were bagholding for years.
So what are the new boundary conditions then? We know at least 8 % of our current coin supply has been generated out of thin air and is now here to stay. That’s really all we know. This is why I think it’s too early to come up with concrete proposals on how to change our tokenomics. We first need to know the whole picture. Chances are that we never will know but even this is something that I want to see officially confirmed by the dev team first.
What is clear to me is this:
If development stops, the project dies. Therefore, securing development should be our first and foremost objective when thinking about changing the economic model of particl.
It’s necessary to hear straight from the dev team on this. The community can come up with proposals, yes, but the community at large is not in-the-know. What’s the FIAT amount that is needed to continue efficient work on Core and Desktop? As a regular community member I have no idea. How can I come up with a solution to a problem I don’t know specifics about?
Who’s to decide in the end? IMO, it should be those who have been securing the network over the past years, i.e. the stakers. In all likelihood, at the same time these are the parties affected the most by the exploit.
We must make the best of the situation and personally, I’m willing to donate, lock up or burn a percentage of my holdings, accept higher inflation or buy more part in an investing round. Whatever it takes. However, any kind of action will first require a detailed and transparent insight into the requirements of the dev team, the future role of the foundation and, last but not least, a final report on the impact of the exploit.
Cyberpunk - last edited by
There are couple issues We as Community and DEVS as essential Part of everything the key stone of our community prosperity needs to be honestly addressed.
Community was ensured that Development will be happening even without funding.
But can we expect faster development with funding???
We are waiting for Mainnet V3 that may ensure some development funding as Particl Foundation gets 10% of every Particl Staking block.
With good product and it’s exponential adoption growth Particl Foundation could ensure perpetual funding of Particl Project.
I can’t wait to know new public PARTICL coin circulating balance.
Pancake - last edited by
Hey, @btmr, very well said!
I think that a few weeks before v3-Release, community discussions on a change in tokenomics would rather raise greater uncertainties in regards to the future project evolvement. The devs came up with the funding modell and they brought us close to v3. Now it’s up to them to provide us with further details on how they plan to advance the project beyond v3.
I’m new to particl, just got wind of it.
I just bought some overpriced from wizardswap.io because the other exchanges and swappers seem to be down or require KYC. The exchange bot on mainnet desktop app seems no longer to work, for StealthEx, anyway, I think this application is pretty neat and seems like an idea we all could use, but of course it will suffer some attacks because it is a potentially world changing ecosystem, but anyway I just wanted to say that I think that is the really big thing that Particl has, the ability to fulfill the bitcoin vision by having a ready to go marketplace that is P2P and hopefully uncensored.
Here’s the only problem I see with Particle right now: Can it be censored?
Is Particl Desktop closed source?
I see particl-core is open source, but if desktop is closed source, then merely releasing the code would be a solution to re-inspire confidence in the project code to a great degree, and the only cost is that the Particle Foundation dev team would be open to competition of competitng coders potentially starting a Particl Marketplace fork. Maybe Particle Desktop is open source and I don’t know where to find it, but it appears to me that the github site only contains package install files and built releases. So, I think the Desktop app is closed source, right?
Anyway I was wondering how to make a bot for it, are there any resources anywhere for this besides Discord?
Under the hood, the particl marketplace consists of two decentralized protocols: the actual blockchain and the SMSG-protocol that is used to distribute encrypted marketplace information from node to node.
In the same way one cannot just shutdown the bitcoin blockchain, banning particl would require to disable each and every node.
Regulators may forbid its usage but they cannot prevent it without going to stupid lengths.
Particl desktop is closed-source because the code has been repeatedly plagiarized in the past without being acknowledged and for purposes that seem absolutely contrary to the spirit of the project. At some point it was decided not to hand the keys to the kingdom to everyone.
Feel free to donate a little to help make this a reality.
The value of particl would increase tremendously if it were truly open source. It is hard to trust that the Foundation won’t be compromised, and it is hard to believe the market will remain uncensorable and completely anonymous, when the market itself is closed source.
Just my opinion, I guess.
So, I looked at it some more, and I see that the SMSG code is at least open source, so one could inspect the activity at that level of particl-core to ensure the soundness of the anonymity and freedom or uncensorability of the market there.
I hope the Particle Foundation moves forward with resolution of the Magic Anon money soon,.
Does anyone know what the likely resolution is going to be, it seems to me that all Anon Wallets are going to be required to de-anonymize?
I think they should hardfork the chain to before the supply was inflated, but release a core with two chains, a new clean truncated chain and the exploited PART chain.
Then everyone like me that purchased since the exploit will lose all their newly purchased PART in their public wallet or private wallet that was purchased since the exploit, personally that’s a big hit for me but I would be willing to accept it if I could redeem the ballance of my public wallet on the pure PART fork if I went through some kind of KYC.
Maybe something like this is was is being considered.
Cyberpunk - last edited by
@nonnemo I hope we will track the exploiter and than proceed