News about Cardano and the cryptocurrency industry, and my new articles for the week of January 14–20.
My New Article:
The Evolution Of Voting Systems On The Cardano Blockchain
Democratic governance is not possible without voting. In Cardano, different voting systems are beginning to be developed, both off-chain and on-chain. Let’s see the most important ones, two off-chain and four on-chain.
News Of The Week:
- Project Catalyst: new web site. All Catalyst information gathered in one place, with details of each FUND, its composition and statistics.
- Minswap: Yield Farming Harvest V2 (Multiple Token Harvest). One of the most requested features is to harvest tokens from multiple farms at once instead of one by one. Tweet.
- Charles Hoskinson to buy Coindesk?: IOG CEO, Charles Hoskinson, explains why he’s interested in buying Coindesk. News.
Weekly development report as of 2023–01–20
Special Voting Events (SVE)
SVE are a new type of voting, which are distinct from Catalyst’s voting wheels for funding developments. SVE is a tool for the community to shape Cardano’s direction and drive progress.
SVE will use the same tools as Project Catalyst, so that the community can vote on decisions that do not directly correspond to innovation or community challenges.
One of the main differences between SVE and ordinary funding cycles is that SVE will offer the community a way to make important decisions before the CIP-1694 is in place. If you want to learn more about the Cardano Improvement Proposal 1694, my article: A CIP for a Decentralized Governance Mechanism for the Voltaire Era.
Last Words. My Opinion.
It will never be my intention to create FUD or FOMO, neither in our Cardano Community or any other. I always seek the truth, with constructive criticism to evolve. The polite does not take away the brave.
I believe the protocol of Djed Cardano stablecoin is one of the most robust, if not the most robust in the crypto industry, of the ones I have researched, but I have these doubts about Djed’s release:
— 1. COTI will be the only platform to launch $Djed, which was handpicked by IOHK. Would anyone else be able to run the stablecoin protocol? Yes, but
— 2. They state that the protocol is open source but I have not seen it published on GitHub (or any other repository).
— 3.COTI will increase the rewards of Djed reserves by delegating the reserve contracts, and will unilaterally decide to which stakepools to delegate the funds blocked in Djed contracts. COTI said: “…to create another revenue stream for our SHEN holders, we will delegate the ADA in the contract to specific stake pools, and 100% of the rewards received will be transferred to the reserve..the stake pool operators that we will be working with will be screened and very carefully picked according to different parameters to ensure the stability, security, and functionality of the contract is not affected.”
— 4. I have not seen published, yet, the audit document (I think it is from Tweag). COTI has been promised on mainnet in January, February is 10 days away. COTI said: “…will be live on mainnet this January, 2023 following a successful full audit.”
— 5. COTI will lunch minimal version first (January 2023). Section 4 of the Whitepaper says that Minimal Djed has 6 “minor issues” that will be fixed with the Extended version. Extended Djed is more robust. One of these “minor issues” is “Reserve Draining Attack with Price Foresight”
If you want to understand Djed better, You can read my article that has 2 parts, in the first one I explain how the protocol works, in the second one I show you examples for you to understand better, and I compare it with other stablecoins, (the second part is linked at the end) Djed: A Stablecoin In Cardano. Deep Dive. — Part 1
