Juno Prop 16: My Thoughts

By bengy | Idle Musings | 27 Mar 2022


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One of the things about crypto-governance tokens is the fact that they are supposed to be used to govern... and not just sit around being staked as passive income for a number go up sell event. You know... the hint in the name of the type of the token!

I try to be a decent voter/governance stakeholder in the systems that I have tokens in... but it is a real pain in the arse to stay current across so many different networks and protocols. It is a full time job, and I'm afraid that I'm more than happy with my current day job! However, I have started to be much more active on the Cosmos chains in the last few months... as I've gotten quite annoyed by the Polkadot user interface. I've said it before, and I will say it again... I don't care which might be the better technology, but the user interface REALLY matters! Cosmos is cleaner and much much less confusing... and I'm technically minded, so I can imagine that people who have a less technical background would find it even more frustrating!

Anyway... back to the point. Juno is a smarts contracts layer for Cosmos... and over the last couple of weeks, it was discovered that a centralised entity (which were supposed to be excluded from the Juno airdrop for ATOM stakers) had collected the Juno airdrop due to the distributed nature of its wallets and managed to get a nice drop of JUNO tokens. Now, it turns out that these JUNO tokens were later consolidated into a single wallet address, thus proving that the ownership was a single entity.

It later came out that these JUNO airdrop tokens weren't being passed onwards to the people that it was custody for ... and were both sold and staked. Anyway, all around it didn't look good... and it was claimed that the entity had gamed the airdrop.

Fast forward to Proposition 16, which put forward the question of whether or not to "correct" the mistake by stripping the unintended drop of JUNO tokens via a fork.

It is a tricky question, and the debate has split the community a bit... there are many that are in favour, given that the JUNO whale was not supposed to have received the airdrop in the spirit of the airdrop... but since the airdrop HAD taken place, the tokens were already distributed and would stripping them amount to "theft"? Plus, it wasn't clear how committed the whale was to the JUNO ecosystem...

Thorny questions...

 

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In the end, I was tempted to vote "Yes" to strip the tokens... as I do think that "code is law" is a bad policy. Community governance and appeals are the softer end of governance... and to rely on "code is law" is just rigid ideology. Plus... most people can't code or interpret code, so it is not really a good defence either!

However, I'm not sure that voting to strip anyone of their assets is a great thing either... even if we did do it to create our little home here.... still, a under forked system, anyone can choose which home they prefer.

So, in the end, I was leaning towards Yes... but at the last minute I chickened out and voted for "Abstain". I was not 100 percent sure after the blog post from the JUNO whale that we had all the evidence to prove that the stakedrop was "gamed". It was definitely badly allocated and went to a centralised entity when it shouldn't have... but that was not due to gaming, just the way that the whale had spread out their ATOM staking. And that would have been the fault of the JUNO developers, community and team...

... so, in the end, I found not quite enough evidence to strip the assets... and voted with the Abstention. However, in the end, I believe that "strip" vote did pass...

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I can also be found cross-posting at:
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bengy
bengy

I am a Musician (Violinist/Violist) specialising in Early Music living in The Netherlands. I have a background in Mathematics and Physics due to an earlier tertiary level study... and so, I'm still quite interested in Science and Technology related stuff!


Idle Musings
Idle Musings

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