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Clarifications from the Edgeware team #7
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answer: | | ||||||
Edgeware is an exciting new project, and will be one of the first chains launched on Parity’s | ||||||
Substrate platform. While we applaud the testing of a novel form of distribution, (the lockdrop), | ||||||
the design of signalling in the Edgeware lockdrop leads to many edge conditions that delegitimize | ||||||
the lockdrop and centralizes the initial distribution. To ensure a balanced token model that is | ||||||
both legitimate and inclusive of both lockdrop and signal participants, a number of distribution | ||||||
improvements have been made prior to genesis. | ||||||
the design of signalling in the EEdgeware lockdrop leads to many edge conditions that may hamper the optimal | ||||||
distribution of tokens and may increase the centralization of shareholdership. We offer our pre-genesis design for a | ||||||
balanced token model that is more inclusive of lockdrop and signal participants: | ||||||
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1. Remove Signalling on Behalf of Contracts | ||||||
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2. Remove Generalized Locking | ||||||
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3. All signalled funds distributed in genesis | ||||||
3. All token allocations to signallers distributed fully at genesis. | ||||||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Typo: Extra space between 3. and All There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more.
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- question: Why is getting the initial distribution right important? | ||||||
answer: | | ||||||
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an initial token distribution favor certain parties, dominant voting groups and blocks will | ||||||
continue to increase their power and distribution over time, shaping the future of any such ecosystem. | ||||||
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- question: What's the issue with signalling on behalf of contracts? | ||||||
- question: What's the issue with signaling on behalf of contracts? | ||||||
answer: | | ||||||
Allowing contract deployers to signal on behalf of contracts is a fundamental misunderstanding of | ||||||
the premise of smart contracting systems. Smart contracts are meant to be autonomous software that | ||||||
are independent of their initial deployer. For example, in the Golem and the Digix project multi-sigs, | ||||||
two of the largest in the Ethereum ecosystem, the deployer of the contract isn't even a member of the | ||||||
multisig, yet is able to signal on behalf of all of funds. The same is true for many of the largest | ||||||
multisig, yet is able to signal on behalf of all of the funds therein. The same is true for many of the largest | ||||||
contracts on Ethereum, like the Wrapped Ether (WETH) contract, and we wanted to make this right in Straightedge. | ||||||
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msg.value greater than 0 for the entirety of the 3, 6 or 12-month lock durations”, | ||||||
and in these cases “that signal can be treated as a lock for the purposes of the allocation award”. | ||||||
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By removing the ability to signal on behalf of a contract, Straightedge has solved for Generalized | ||||||
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Locks and other edge case vulnerabilities. However, it is still worth explicitly pointing out some | ||||||
By removing the ability to signal on behalf of a contract, Straightedge has ntended to reduce vulnerabilities by | ||||||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Typo: "ntended" There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. The point here was to say that, we that generalized locks are a moot point given that we "signalling on behalf of a contract" is removed. However, we want to share some reasons why the generalized lock is especially harmful, even more so than a normal "contract signal". |
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simplifying the distribution mechanism. However, it is still worth explicitly pointing out some | ||||||
of the issues with the policy. First, it places undue burden upon the launchers of the network to | ||||||
audit and decide on different generalized lock contracts, which may contain edge cases such as | ||||||
bypassing locking by issuing derivatives of the locked Ether (such as with WETH). Further, if a | ||||||
contract does not correctly lock, or if code claiming to be a lock bypasses detection through | ||||||
underhanded Solidity techniques, it could break the legitimacy of the initial distribution of | ||||||
the entire network. Removing generalized locking removes the necessity for case-by-case decision-making | ||||||
by a launch-team, and other edge case vulnerabilities. | ||||||
the entire network. While Edgeware’s contract codes have been fully audited by Quantstamp, Removing generalized | ||||||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Typo: unnecessary extra space between Quantstamp, and Removing Typo: Removing should be without capital. There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. The Commonwealth-written contracts aren't relevant to this point. It's about new generalized lock contracts. Is Quantstamp going to audit all of those? |
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locking removes the necessity for case-by-case decision-making by a launch-team, and other potential edge case | ||||||
vulnerabilities. | ||||||
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- question: Were these faulty design decisions made in Edgeware to allow distribution to the victims of locked funds in the November 2017 Parity Multisig Exploit? | ||||||
answer: | | ||||||
The Web3 Foundation, the largest victim of the Parity bug, has a very close relationship | ||||||
with the Edgeware project, and it is likely it is due to the influence of the Web3 Foundation | ||||||
that these odd design decisions were made in the construction of the Edgeware lockdrop. But in | ||||||
trying to right a wrong by recovering funds, design decisions were made that could threaten | ||||||
the legitimacy of the project as a whole. | ||||||
trying to right a wrong by recovering funds, design decisions were made that could hamper the effectiveness of the | ||||||
project as a whole. | ||||||
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Let’s be clear: Like many in the community, we feel for groups like the Web3 Foundation, | ||||||
and others affected by these attacks, but an open system of governance is one in which the | ||||||
people have a say, while a system in which rules are changed to provide select parties with | ||||||
powerful voting shares is not open. In the case of Edgeware, the potential for an open-future | ||||||
was impeded prior to launch by late-stage changes to a token distribution model that aimed to | ||||||
artificially provide favor to a small, select group of individuals and teams. The result would | ||||||
provide a substantial voting-percentage of all network-tokens to a party or parties not in control | ||||||
of the funds for which tokens are rewarded. | ||||||
provide favor to several small, select group of individuals and teams. While the changes were disclosed before the | ||||||
lockdrop began The result would provide an estimated 9% substantial voting-percentage of all network-tokens to a | ||||||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Typo: "began The result" doesn't need a capital T Challenge: how is this 9% calculated? There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more.
++ @thomivy |
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party or parties not in full control of the funds for which tokens are rewarded. | ||||||
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Nonetheless, the Web3 Foundation's support in funding the development of Parity Substrate | ||||||
(the framework upon which Straightedge is built) is undeniable. To that end, possible ways | ||||||
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- question: How are STR tokens distributed? | ||||||
answer: | | ||||||
Lockdrop and signal participants will receive 90% of STR tokens, with the exception of contributions | ||||||
through signalling on behalf of a contract. The remaining 10% of distribution will be allocated as | ||||||
The proportions of the Straightedge genesis block distribution mirror the proportions of Edgeware Lockdrop and | ||||||
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signal participants will receive 90% of STR tokens, with the exception of contributions | ||||||
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through signalling on behalf of a contract. The remaining 10% of the distribution will be allocated as | ||||||
a founders’ reward to entities contributing to the launch of the Straightedge project. | ||||||
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- question: What if I want to learn more about the lockdrop or technical details? | ||||||
answer: | | ||||||
Please review the Edgeware FAQs where you can learn more about the lockdrop contracts, | ||||||
the Straightedge software, and incentives for validation. | ||||||
Since Straightedge is a new project and a fork, we rely upon the efforts of the Edgeware developers for our | ||||||
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documentatione At their site, https://edgewa.re, you can review the Edgeware FAQs where you can learn more about the | ||||||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Typo: "documentatione At their site" - documentation doesn't need an extra e, and At doesn't need capital A There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more.
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lockdrop contracts, the software that Straightedge is based upon, and their incentives for validation. | ||||||
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https://edgewa.re/faq/ | ||||||
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Typo: "EEdgeware"