We can easily make the project more attractive by a very simple idea. For sure one good way to scale up Proof of Humanity and make it mainstream is by promoting UBI token and its value.
I propose to make people who want to join the registry, deposit UBI itself instead of depositing ETH!
In this way people should buy UBI from DEXs and as demands increase the value increases too. Also increase in the transaction of UBI will promote its value. When others see how valuable UBI is, there would be waves of people who want to join the network. This will be another pressure for UBI increase.
That’s it. Do it fast and enjoy the adoption spring for proof of humanity.
Ok do you have a plan?
Changing type of the token which people should deposit for registration in the smart contract should not be a difficult thing technically. What is important here is the tokenomics of UBI. Do we have the capacity to support the demand? Should we issue more UBI to answer it or we can dynamically change the deposit amount when UBI price increases more. Again, I emphasis that technical changes would be easy but it is important to discuss about tokenomics of UBI beforehand.
Easy. We can enforce new users to deposit UBI instead of ETH (~0.1 ETH). As a result every new user should buy UBI (from uniswap) and This will provide a buy pressure for UBI. So The UBI price will go up. and this will bring more users to the PoH to farm more UBI.
This small change may bring lots of attention to the PoH.
And how do you plan to make the Ethereum Smart Contract work if there are no ETH involved?
I think he means the gas price can be paid in ETH and the deposit would be done in UBI
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You still pay the gas fee with ETH. I am talking about the locked deposit which will be free after vouching. People should be obligated to lock UBI instead of ETH and still pay the gas fee with ETH.
We can also provide a simple token swap on the website or just link to DEXs which they can buy UBI by their ETH.
Please vote to this idea in the Snapshot through this link:
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Of course you should pay the gas fee with ETH, But there is a 0.128 ETH deposit which is locked as collateral and will be paid back after DAO accept new user registration. This deposit is just as an anti Sybil attack mechanism; so it could be any coin.
If we enforce new users to deposit this amount by 4000 UBI (and pay a few milli ETH for gas fee instead of ~0.1) then there will be a high buy pressure on UBI and this will run UBI price and UBI price will absorb more users and this won’t end till we reach top limitations.
P.s.
we can even pay the tx fee with UBI by means of ERC865 standard. I know it sounds crazy but it is possible (user sign the tx and approve an amount of UBI to be sent to anyone who broadcast the tx to the mainnet and a third party will pay the gas and broadcast tx to the Blockchain while the user doesn’t have any ETH in the wallet. It has been implemented in IRDT contract.
Another idea is to burn a few UBI in every UBI interaction which worth human labour (as UBI is going to be equivalent to human labour) so this sounds logical.
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finally, I should emphasis that this modification (deposit UBI instead of ETH) Will start a dangerous rollercoaster and we should thoughtfully measure its dynamics and calculate the presets (i.e. time and amount of the UBI locked & burnt by each user) to prevent UBI to go much higher than expected from it mathematical equilibrium
This poll is not HIP-5 compliant, therefore is not going to be valid. You need to follow protocol for it to become binding. Read HIP-5 first.
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Unfortunately, our proposal which was like going to be approved with 70% agreement was removed from POH SnapShot. Anybody knows why this happened? Very disappointing.
As ludovico said, the poll is not HIP-5 compliant. I believe you need to follow this format:
Hey Salman,
As people said before me, the HIP 5 format is required, all proposals that intend to change the protocol need to follow it. All DAOs have some set of procedures that must be followed, in order to ensure some level of quality and avoid problems. It’s nothing personal.
I did not vote on it because of that.
I would have voted against it. I agree with your sentiment, however the proposal is very hard to implement properly. The ethereum for the deposit is used to pay the jurors and challengers if there’s a dispute. Their costs are in ethereum, so it makes sense that they are paid back in ethereum.
If it makes no economic sense for them, they might leave the court or stop curating the registry.
To ensure it makes economic sense for them, we would need to implement some variable amount of UBI as a deposit, and the risk of holding an inflationary token.