Further notes to study and discuss the feasibility of the spoon. @ro5s
Some problems to consider for the spoon
- As @AA says bootstraping stakers, running and managing the spooned network will involve considerable complexity.
- Liquidity will be one big obstacle for the spooned DEX which would be quite difficult to solve.
- Gaining adoption will require marketing efforts. If not done successfully and if liquidity is not solved, the network will become a ghost town and all efforts will be rendered useless.
- Even if everything is done successfully, it can end up competing with the OMG Network.
I had mentioned two ways in my previous comment. Here I propose a third way for the spoon, the basics of which are
. Ethereum and Cosmos OMG Zone will both connect to the same Plasma based OMG Network. (Concept of plasma chain connecting to multiple root chains)
. The spooned tokens are in the Cosmos OMG Zone. The spooned tokens can be used as reward tokens.
- Incentiving Stakers : OMG Network uses a staking token and provides incentives for stakers in the form of transaction fees
- Incentiving Users 1 : It aims to provide scope/convenience/non-financial incentives to users in the form of solving the coordination problem for payment processors, censorship resistance, security, scalability, UX, etc.
- Incentiving Users 2 : It also provides low cost incentives to users in the form of low transaction fees
- Incentiving Users 3 : What do you think about the OMG Network providing direct financial incentives to users for participating in the network? The hardspoon token can be used as the reward token. Like BAT reward users for their attention, we can reward users for participation (there are many activities that can be rewarded). A strong reward token mechanism can be worked out. A proper stablecoin/fiat token combined with this financial incentive could kickstart and grow the volume on the OMG Network. This could help with adoption, create loyal users and produce network effects.
. No seperate Cosmos OMG Zone to Ethereum pegging/bridging mechanism is required as the layer1 Cosmos OMG Zone is connected to layer 1 Ethereum via the layer 2 Plasma based OMG Network. Ether, Erc20 are brought into the OMG Network thru Ethereum. Cosmos Atoms and Tokens of other Cosmos Zones are brought into the OMG Network thru the Cosmos OMG Zone. They can be exchanged using the OMG Network DEX and then exited to their respective root chains. This mechanism can later on be used with Eth 2.0 for getting tokens from different shards into the OMG Network and doing cross shard token transfers. This makes the OMG Network highly interoperable.
. The bootstrapping stakers and liquidity problem mentioned above are solved because we utilize the OMG Network solution provided by OmiseGo.
. There is no competing with the OMG Network, rather it is a collaborative approach with chances of greater network effects
. Things to research and develop
- Cosmos OMG Zone (can use Ethermint & plasma contracts / Tendermint chain built with Cosmos SDK modules & plasma contracts / Parachain with Polkadot / etc.)
- Connecting Plasma OMG Network to multiple root chains (I think the main updation required will be modification of plasma UTXO to support multiple address/signature schemes)
- Hardspoon and reward token mechanism