Process Discussion Factom to upgrade and change into Accumulate Network

Do we want to upgrade the Factom Protocol and become Accumulate Network, with the listed principles?

  • No, do not upgrade

    Votes: 0 0.0%
  • Abstain

    Votes: 0 0.0%

All votes are in

  • Total voters
  • Poll closed .
Hi Everyone,

As most people are aware and especially ANOs, a community around Accumulate Network has been working on an improved implementation. This thread is to follow proper governance, as this is the single biggest vote and question the community at large and the ANOs specifically have ever had.

I have held several presentations as Factom Interim director, and my main priority is and has always been to put the protocol first and ensure that we have a fighting change. I have had countless discussions and meetings with most of you, external parties and with Inveniam and Defi Devs.

As presented 1.5 weeks ago to the ANOs and half a week ago to the wider community, I believe it is best that the Factom Protocol upgrades as Accumulate Network, having a rebrand as an automatic consequence. There are parties already interested in using Accumulate Network, and to me this upgrades gives the Factom Protocol the best change at success in the long run. I have attached the last presentation that I gave to the community, which also contains links to previous presentations and analysis.

I realise that there are still details to be filled out, but the question at hand is:

Do we want to upgrade the Factom Protocol and become Accumulate Network, with its native ACME token in the process, with the following set of principles:

  • Hard token cap of 500M
  • Retain the mint and burn model
  • Introduce staking to the ecosystem.
  • Upgrade Activation Block: 30% of supply, 150M tokens
    • 60% to support upgrade participants, 40% for protocol promotion
  • Convert existing Factoids to ACME tokens at a 5 ACME to 1 FCT ratio, meaning 50M ACME tokens will be available after all FCT would be converted.
  • Approximate 300M tokens unissued after Activation Block and Factoid conversions
  • 16% of outstanding tokens to be distributed annually
  • Staking percentage to be decided by the community
  • Switch existing Authority Node Operator resources to support Accumulate Validators nodes.
  • Have parties and individuals step in and help with the build by contributing development resources. The Upgrade Activation Block will include tokens awarded on pro-rata basis according each parties overall contribution to the overall effort in creating Accumulate.
  • Step in and help define the governance model. We have the broad outlines defined but there are details yet to be worked out prior to the launch of the fork.
  • A Factom Improvement Proposal, detailing the requested fork, will be created.
  • ACME supports Simple Token Addresses and Simple Data Chains.
  • ACME will support RC1 signatures on STAs that are built from converting Factoid addresses over, with existing FCT balances.
  • Simple Data Chains will convert with the data scraped from Factom along with timestamps..
  • Entry Credits will not be converted (a total of less than 6,000 dollars).
  • Simple Data Chains will still accept data and converted Factoid addresses will be able to trade ACME tokens.
  • Existing FCT addresses can be imported into Accumulate wallets at any time.

PS. Not really part of this major timed discussion, but just wanted to inform everyone. If ANOs vote in favor, it automatically means I have done my job and would resign as Factom Interim Director. Obviously I will help out with the upgrade, but not from current capacity. If ANOs vote against it, or if we cannot reach consensus then I will continue till the end of the year, with the second best avenue, which IMO doesn't come close to this proposal. In any case I will be resigning in roughly 2 months.