Enabling Transfers

Let’s talk about enabling transfers. Maybe this forum will allow more focus and structure in our conversation compared to Discord.

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I was not part of the decision to launch without transfers, and I think it’s a wise decision. I think one of the reasons that Regen Network is taking a slower path than some other blockchains is to make sure that things run as smoothly as possible, and our ten-second mainnet launch shows that this strategy is working very well. Regen Network needs to run with great stability in order to win trust from society and various institutions that are neither tech savvy nor blockchain specialists – more so than many other blockchains, I think, because the purpose is ecological regeneration, not network services for tech projects. In one of the Planetary Regeneration Podcast episodes, Gregory compares building Regen Ledger and Regen Network to the civil engineering of building a very large bridge – every step is considered carefully and planned ahead and tested because we’re building public infrastructure that needs to “just work” once it’s released to the public.

Also, we know that there are more people running first-time validators here (mostly for ecological motivations) compared to many other networks (where money and purpose are more mainstream, and the people running validators have more validator experience). I’m part of one of a first-time validator (Akit Takat): if we jumped straight from launch into a fully-enabled network, I might be a bit lost. Launching mainnet step by step is much more practical, I think.

Yes, it also means that our validator is earning rewards, but the delegations my validator has received are to do more with my purpose – most delegations so far are from Regen Network official entities RND and RF, I think, more than private investors (maybe I’m wrong about this) – and RND and RF give priority to validators who share the purpose of Regen Network.

In society at large, money just runs after money. Regen Network is designed to channel money towards ecological regeneration. Giving block rewards priority to validators that have demonstrated commitment to ecological regeneration, practical implementation of Regen Network (beyond Regen Ledger, such as app development, Community Staking DAO participation, connections with science processes and land stewards)… this is a way to strengthen the purpose of Regen Network.

That’s my guess about why we launched with transfers disabled: mostly for stability, and maybe also to give more block rewards to purpose-aligned validators.

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I have some questions about enabling transfers:

  • What changes would it make to validator activity? Just mean that there’s more traffic?
  • Would enabling transfers and also enabling IBC be similar to running the public sale? Would enable people to trade ATOMs and other tokens for REGEN?
  • Would it be better to wait until we have some more Regen Ledger modules enabled via software upgrade before we enable transfers?
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All great points Patrick.

It is best practice for a proof of stake chain to launch with transfers and functions disabled then upgrade them as a community to ensure safety, engagement and come up to full function slowly.

I’d not vote for transfers being enabled until more regen is staked personally. As we come up to full stake and have stability, enabling transfers is a great idea.

There may be some good cases to be made for waiting for transfers to be enabled until we have upgraded to full function and synching that choice with the public sale…but it is a community decision and as an individual I have no strong feelings either way.

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This thread is now closed please see the continuation of it in the governance category here