Now that I’m running for the CRC, I would like to put forward three suggestions as my campaign proposition. I invite everyone to take five minutes to read them.
I have to admit that, from the beginning, I have never agreed with the Cyber Republic (CR) governance mechanism, which is a beautiful concept but not efficaciously operable. For example, since the assets managed by the CRC are ELA, and the CR council members are ELA holders, some of them do not want to release the ELA locked in the CR to the market. Burning or locking ELA is in the common interest of all token holders, which makes it very difficult for the CR council to distribute ELA as originally expected. In addition, it is challenging to convince the community to invest a lot of ELA funding in ecosystem projects. There is no space to manoeuvre. In my opinion, this is the fundamental flaw of the CR system.
Yes, we eagerly hope that the CR is able to support the Elastos ecosystem. However, this is an organization whose members come from different regions, have different backgrounds, different languages, different cultures and values, so I can hardly imagine that the CR Council can become an effective decision-making body, nor can it perform the expected core responsibilities in its current form. The lack of effectiveness of CRC has been obvious since its inception.
Which projects should CR invest in? Infrastructure or application? The CR Council is not a professional technical committee. It is difficult for council members to judge what is the infrastructure or what is the underlying technology. It is even impossible for them to know whether a project can play an active role in the Elastos ecosystem.
In response to the above problems, I have three suggestions:
Use DeFi to solve the contradiction of CR costs
For the sustainable development of the CR, it is recommended that the CR manage its assets rather than just invest in specific projects. We need to be aware of the fact that investment in any project is extremely risky. The result of investing without proper asset management is that the CRC is too cautious, and the CR’s assets will just slowly diminish. I think a better way for the CR to invest is to provide liquidity support for ecological projects, participate in liquidity mining, and receive rewards. The rewards can be used to sponsor the ecosystem teams to implement their projects/proposals (Note: only for ELA holders). This can not only financially support ecological projects, but also support them as seed users. Even if the project fails, it will not result in a loss of principal. Therefore, the sustainable development of the CR can be guaranteed, and the assets of the CR can also be invested in subsequent projects in the same way.
CRC cannot act as a "council" but as a "jury"
CR Council members are not necessarily professional developers or technical engineers. I suggest that the CR Council should become an organization similar to a "jury", only judging "good" or "bad". From the perspective of community members, the council members will vote on proposals based on the information they receive and specifically consider how proposal's can directly benefit the value of Elastos. If the information is insufficient, they can hold a hearing and invite professionals to help ask or answer pertinent questions - like a debate between lawyers in court. In this way, the decisions from the CRC will be more measured, and the proposals more feasible.
As for how to develop a specific business and what ecological projects CR needs, these are the job of the project teams. If some teams do not perform well on some proposals, then the CR won’t support them any more.
Provide support for dApps that can provide use-cases for ELA
If we can only do ONE THING for the Elastos ecosystem, we should provide use-cases for ELA. If there are more projects like FilDA or CreDA that provide mining opportunities for ELA, then ELA holders can benefit from it. This will provide more reach for Elastos applications. Therefore, no matter which chain the dApp is deployed on, as long as it can provide use-cases for ELA, it is worthy of CR’s financial support. When dApps start supporting ELA, even more dApp derivatives may integrate with these dApps - expansion of market share can happen. In this way, we can expect more possibilities for the formation of various Lego structures in the Elastos ecosystem. These can be the starting line for the development of the core products of Elastos.
- Support dApps that can provide use-cases for ELA
- CR Council should only focus on whether the project is good or bad for the Elastos ecosystem rather than perform the judgement in terms of industry trends, technical expertise, etc.
- Distribute rewards to ecosystem development projects
Please feel free to contact me to discuss these suggestions for the CR.
P.S. I want to thank Cassie Zhang. She has played an important role behind the scenes in bridging the differences between the Chinese and Western communities, and the different teams. I had been hesitant to run for Cyber Republic Council before, but finally made up my mind to do so after being inspired and encouraged by her efforts for the community.