Trx. Id: cb1417f3b0b23f9a283117ec3bc5edb8cf29ea35348da67571647ebbd3e86efd
Expiration Time: 2022-08-11T20:04:25.000
ACTIONS
| CONTRACT | NAME | AUTHORIZATION | DATA |
|---|---|---|---|
| works.decide | draftprop | telosclearbp active |
proposer : telosclearbp description : On May 5th, 2022, the initial Telos FORCE Protocol - an algorithmic stable coin based on the Vader Protocol - was successfully submitted to the WPS system - for 50K TLOS. The price of TLOS at that time was around seventy cents ($.70). Then, the Terra LUNA crash started on May 6th. By May 13th the price of LUNA had fallen over one hundred dollars to less than one cent. Over the following two weeks, with the greater crypto market in a sort of shocked daze, we began to rethink the decision to use a fork of Vader Protocol - which incorporates Terra?s algorithmic stable coin technology - as the foundation for Telos FORCE. After extensive discussions within the FORCE DAO team and larger Telos (including WPS) communities, we have decided to pivot to a collateralized model for FORCE?s FUSD stable coin. Even though our development team had already completed the first substantial milestone (submitted June 1), they agreed to stick with us and re-scope the project, which has expanded in size. So Telos FORCE decided to scratch the Vader fork and use the Maker DAO collateralized lending protocol, with its DAI stable coin - the longest standing collateralized stable coin in crypto - as the foundation for FORCE?s system. The Maker DAO system is much more manual, with a robust set of lending and borrowing tools (Oasis.app) to connect its network of vaults, and with a system of voting on key risk parameters (including the interest on debt, known as the ?stability fee?). Maker DAO has an informative YouTube channel for learning how it works, for all interested. The Telos FORCE team has grown substantially, adding distinguished members including Jillian Godsil (recipient of the ?Most Influential Woman in Crypto? award) and Sean Feeney (Director of the New York Stock Exchange). Our discussions have led to a number of improvements to the system, including the decision to use gold-pegged assets as collateral. We all see the benefits of building what is effectively a decentralized and community-run bank on the most decentralized blockchain of all - Telos. And with its its new fastest, cheapest, and most reliable Telos EVM (Ethereum Virtual Machine) the stars have aligned for Telos FORCE. Indeed, the Telos FORCE system will emulate this grass-roots no-ICO strategy, and embrace long-termism throughout its system, with very long FORCE token distribution schedules for all stakeholders, including founders, who?s FORCE coins will be distributed over a period of 3-5 years. The Incentivized Dollar Cost Average purchasing feature is also designed to block investors with short time horizons, by rewarding long term commitments to purchase FORCE with TLOS (with exponentially greater minted matching of contracted FORCE purchases). The price of TLOS is now less than twenty cents ($.20), less than one third what it was at the time of our first WPS submission, while the Telos FORCE project scope has more than doubled in size, given the more complex Maker DAO system. The original terms of the project are no longer tenable for our development team, who had already agreed to work at a substantial discount. This is why we are requesting an additional 200K TLOS to complete the build and launch Telos FORCE, with its FUSD stable coin. The FORCE DAO team understands that volumes are presently very low as we all brave crypto winter. This is why our development team has agreed to back-load the milestone awards within the project to post-launch, which will be in 4-6 months (with our part-time team still working at a steep discount). We are all banking on the price of TLOS returning and surpassing its previous high of $1.40. In fact the longer development period may be ideal, because we believe that such a system should only be launched in a bull market, to minimize the chance that our collateral providers find themselves liquidated. We must also assume conservatively, for strategic reasons, that the larger crypto bear market has not yet passed. Because this is a Telos utility - indeed, Telos FORCE will effectively serve as a Telos Community bank - it is optimal and arguably necessary for such a system to be funded by Telos grants, as opposed to fundraising from investors with short term return requirements, which can and do destroy crypto ecosystems (along with token prices), especially stable coin governance systems. Telos FORCE Protocol, also known as the ?Multi-Collateral FUSD (MCF) system, allows users to generate FUSD by leveraging collateral assets approved by ?FORCE Governance?, including TLOS and select gold-pegged assets (i.e. PAXG, XAUT). FORCE Governance is the community organized and operated process of managing the various aspects of the FORCE Protocol. FUSD is a decentralized, unbiased, collateral-backed cryptocurrency? ?soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, FUSD offers economic freedom and opportunity to anyone, anywhere. We believe that this system has the potential to become the gold standard for digital banking in the future. With the benefits of Telos EVM paired with the proven reliability of Maker DAO?s collateralized lending stable coin model, Telos FORCE will enjoy maximum decentralization, democratic management, an absence of front running, dramatically lower gas fees (5-10 cents), and an anchor of the lowest-volatility collateral (gold-pegged) asset type. Because of its huge potential impact as a utility and growth engine for the Telos DAPP ecosystem, we cannot allow this system to be captured by capital providers. Because it is dedicated to Telos ecosystem health first and foremost, this project must be funded through Telos grants to succeed over the long term. proposal_name : e5akkak3qp2o title : Telos FORCE Community Bank & Stable Coin RE-UP category : apps milestones : 1 total_requested : 200000.0000 TLOS content : {"imageUrls":["https://api.dstor.cloud/ipfs/QmSqto6M42iTW2hrCfLKdFEeAc97TzkFSXd8JNA6EVvgK5"],"milestonesData":[{"amount":"200000.0000","displayText":"Pay upon delivery","description":"150K of this is for development, to supplement the existing 48K TLOS awarded in May.\n\nThe remaining 50K will go toward marketing FORCE to Telos Community members and providers of collateral (TLOS, BTC, and Gold-pegged assets).\n\nNONE of this will be awarded until the entire system is built, in order to protect the TLOS coin price."}],"contentUrls":["https://api.dstor.cloud/ipfs/QmYQMTVGnLtnhNo9ZtTZicBYozBo2txrVnHK1PGRZKANu7"]} |