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Efficiency Change and ANO Announcement
In Factoshi's original ANO application, I was forced to consider what would happen if the price of FCT dropped precipitously and how that would impact the sustainability of the ANO. At the time, that seemed like a nebulous and purely theoretical exercise. Nevertheless, the conclusion I came to - the same conclusion I believe that many ANOs came to - was that Factoshi would justifiably drop its efficiency in order to maintain a stable network.
As I write this, FCT is sitting at 12k satoshis. A scenario in which FCT drops precipitously is no longer an abstract thought exercise, and I am forced to reexamine my assumptions about how best to respond to that. What I have realised is that, for Factoshi to remain sustainable long term, it is necessary not to reduce efficiency. Instead, it is necessary for Factoshi to become more efficient.
Factoshi's biggest expense is my time. I can operate it on a shoestring as long as I don't need to spend countless hours building, debugging and, more often than I would like, arguing. With that said, I will increase Factoshi's efficiency to an equivalent of 60% and remove its second mainnet node in order to free my time to pursue other, non-Factom sources of revenue.
I find this action is not only necessary for Factoshi to be economically sustainable, but also for me to remain mentally involved with the Factom ecosystem. As I am sure many people reading this will understand from their own experiences, it is brutally draining to invest so much time and energy into a project only to find yourself stuck in what feels like quicksand. I either have to increase Factoshi's efficiency so that I can take a break to work on other projects or resign. There is no other option.
During this time of hibernation, I can commit Factoshi to the following. If the community does not believe what I am offering here is worth 60% efficiency at these depressed prices, then I encourage the standing parties to remove standing and I will reevaluate my options accordingly.
[*]The core requirements laid out by the [URL='https://docs.google.com/document/d/1IylZOUbY5D3_qbRDDOHSFPIKoVav15h8ojTESpQP3Y0/edit']ANO expectations document[/URL].
[*]Hosting and maintaining [URL]https://factoshi.io/[/URL].
[*]Hosting and maintaining Factoshi's public API.
[*]Maintaining Factoshi's FCT accounting tool.
[*]Limited consultation on purely technical matters.
I have spoken with [USER=175]@WB[/USER] at length about this course of action. We have reached a mutual and amicable decision to end our current contract. WB is an incredibly valuable asset to the Factom ecosystem and I am grateful to him for the work he has done in Factoshi's name over the past 6 months. Though I can no longer offer direct support so that he is able to operate as an ANO, he has my full backing to continue the work he is doing.
I have already contacted Factom Inc to ask them to demote Factoshi's second node.