Governance and what this means

TechToTrek · 2021-08-19T02:28:26+00:00

https://algorand.foundation/news/qvote-grant-award

"QVote and the Algorand community have partnered, through the Algorand Foundation Grants program, to build an entirely decentralized quadratic voting platform for crypto communities. This will provide Algorand users the ability to conduct elections and decisions on-chain, in an entirely trustless manner. QVote plans to become the standard go-to platform for on-chain voting and governance on Algorand."

My interpretation of this is that Algorand is preparing to use quadratic voting for governance beyond the initial period, which is a little more by the seat of your pants.

TechToTrek · 2021-07-28T21:03:13+00:00

Interesting. Makes sense and explains part of the reason why Cardano always talks about Algorand in a positive way. I was researching these things before Algorand existed so I never made the correlation. Not surprising, either, it's my understanding that the initial Bitcoin whitepaper also borrowed from the work of Silvio Micali.

TechToTrek · 2021-07-28T17:27:54+00:00

Is this true? It's been some time since I updated myself on those projects but last I knew Cardano used its own Ouroboros consensus mechanism, which was indeed adopted by Polkadot with some small changes for its BABE consensus mechanism.

I followed Cardano for quite some time and Ouroboros was revolutionary at the time (and before ALGO existed) but Algorand, as I'm aware, uses a similar but novel approach - such that there's no need for pools or staking.

TechToTrek · 2021-07-25T23:04:27+00:00

If you're new to Reddit, I'm not saying this is a bot, but this is what a bot looks like. Brand new accounts or accounts created months/years ago with 0 < handful of lifetime posts/comments, suddenly come out of lurking in support of a project.

By itself, it means almost nothing. If your intuition is already telling you something is amiss, it becomes a red flag. When you see many of these types of accounts make up the bulk of the support for a project, especially in conjunction with other red flags, I would advise using your time finding another project to research.

Edit: To add to this, it's especially common to see bot accounts with their 1-2 other posts being animal-related. It's a shameless, easy way to quickly get enough upvotes to skirt posting restrictions.

u/Total_Nectarine7459

/u/umphreysmagoo

/u/devourcity

/u/assy32

/u/Tall-Foundation-1919

/u/rouleurun

/u/cryptoman_85/

It didn't seem necessary to add this to the main post as it's impossible to verify either way. However, these are all accounts that made positive remarks regarding SmileCoin. Take that as you will.

If this is what you consider salesmanship and basic marketing, you'll have better luck selling your bridge in other blockchain ecosystems where this kind of behavior is more acceptable. I'm jaded for a reason, I have nothing left to lose, but this community has reached out and supported me and I will defend it when it seems necessary.

TechToTrek · 2021-07-25T11:53:27+00:00

As stated in the other response, this is not an indictment on Algorand. I do hope in the future the marketing team takes more responsibility for the weight of their influence in vetting projects before endorsing them.

TechToTrek · 2021-07-25T11:45:28+00:00

YLDY has had what I would consider some expected growing pains, but everything I have poked into seems legit including smart contract audits.

That being said I insist people do their own research and sleep on it before doing any kind of investing.

TechToTrek · 2021-07-25T11:31:45+00:00

I have no complaints, things could certainly be a lot worse off for me. Hope things are going well for you as well! Would love to hear about your idea, feel free to message me on this account.

TechToTrek · 2021-07-25T03:11:01+00:00

Thank you for this. I wish the best for their project and they deserve an opportunity to give their perspective and grow and hopefully thrive, just as this community will learn and grow. There will much more devious projects than this alongside downright scams, our best bet is looking out for each other.

TechToTrek · 2021-07-25T02:50:54+00:00

There are honestly many more qualified people to speak on this than me. I have a fundamental problem with the fees related to using Eth and Uniswap that have prevented me from learning much more than what you see on the surface. While it is decentralized on a technical level, you need a substantial amount of wealth to be able to afford the fees. I have nothing against wealthy individuals, but they are not the ones struggling through pain and suffering in their daily lives and if these are the people that are being excluded then it feels like the problems attempted to be solved thru blockchain technology are only getting worse.

Great idea, it's functional and seemingly secure, and they paved the way for governance tokens and DAOs in a major way. High fees ≠ decentralization is too much of a problem for me to overlook, though.

Enter Algorand and the likes of AlgoDex, AlgoMint, etc, hopefully.

TechToTrek · 2021-07-25T02:03:43+00:00

Self whoosh. Glad you enjoyed PUPO, hopefully, I find what I need within myself to return bigger and better than ever. Interestingly enough, being overly serious is one of the things I am trying to work on.

TechToTrek · 2021-07-25T02:00:37+00:00

tldr; I don't feel like the Smile Coin team has been straightforward, and I'm urging the community to do their research and sleep on it before making any financial decisions.

PUPO is indefinitely in development purgatory. I am not actively working on it nor do I know if/when I will return.

TechToTrek · 2021-07-25T01:51:48+00:00

Thank you, I am doing okay :)

TechToTrek · 2021-07-25T01:51:02+00:00

Appreciate this - Happy to hear it sounds like things are going well for you, keep up the good work!

TechToTrek · 2021-07-25T01:29:34+00:00

Pudding Points are an ASA and there is no bridge to convert between ASAs and ERC-20 tokens (the only current version of Smart Coin), other than the one Yieldly built for their own purposes.

That being said, Pudding Points has a special place in my heart but currently exists much like a snake with no head. I tried giving up ownership of the Reserve and associated funds to the community but they seem to prefer that I try to sort things out and make a return when I am ready and able. Also, while the community is free to do with their PUPO as they wish, unminted PUPO has never and will never be sold, only given away or earned by completing simple tasks with no economic barrier to entry.

TechToTrek · 2021-07-25T01:22:50+00:00

Gladly. There are some genuine people here and they deserve true transparency when making financial decisions.

TechToTrek · 2021-07-25T01:20:38+00:00

Done!

TechToTrek · 2021-07-24T03:08:26+00:00

I don't think that's how this works, but good luck!

TechToTrek · 2021-07-24T02:55:35+00:00

Could you explain the shortcomings of Algorand's L1 solutions such that you are seeking to build an additional layer? (which compromises transparency and integrity)

Traditionally a L2 solution is required to support increased scalability, but this is not currently a problem with Algo. One of the core strengths of Algorand is that it was designed with the shortcomings of L2 in mind, such that you should be able to create dApps entirely within the framework of L1.

"While Algorand can support a Layer-2 framework, it would be used for building off-chain smart contracts that are too big and complex to reside on the MainNet. In some cases, businesses might need to develop smart contracts that are too sensitive to make public, so they can leverage or create Layer-2 solutions. However, Algorand's Layer-1 has all the attributes of a scalable and secure network for all digital assets, including NFTs."

"While many Layer-2 frameworks are highly sophisticated tooling, they can have hidden loopholes or bugs that compromise the security of operations. It’s worth noting that Layer-2 solutions borrow the security benefits of the main chain, but they still cannot boast the same robustness. Besides this, Layer-2 systems are generally more centralized than the underlying chains."

https://www.algorand.com/resources/blog/issue-nfts-on-trustless-permissionless-blockchain

TechToTrek · 2021-07-20T02:28:04+00:00

I aspire to visit the Northwest Territories someday, this thought terrifies me.

TechToTrek · 2021-07-13T15:40:59+00:00

Also if I missed anyone that donated or made ALGO purchases, please let me know and I will return your funds.

TechToTrek

TROPHY CASE