The startup with the most amount of votes from XIO Citizens (polls open December 6th, more details in follow up article) will be accepted into the Incubator.
Based on recent events with the Binance DEX Listing Application and future development opportunities, the XIO Foundation will remain on the Ethereum blockchain for 2019.
One item we have gained the most clarity and commitment towards in the last month is turning XIO into an interest/lending token.
In simple terms, XIO cannot be a 100% decentralized incubator without the option to earn interest on the token. This moves our incentive and governance model from an external circuit (interest is paid by the foundation) to an internal circuit (interest is paid by borrowers).
Since the current DeFi options (Compound Finance, Dharma, etc) sit natively on Ethereum, we estimate remaining on the Ethereum Blockchain could expedite our development roadmap by 6–12 months and allow us to recruit developers at a faster pace.
The proposed solution is similar to how Bitcoin and other proof of work blockchains distribute their coins. However, instead of using computational power and electricity cost as your “work”, you stake alternative assets to show your faith/commitment/support of a project.
Proportional to your stake (just like mining is proportional), you’re rewarded in native tokens.
Do you think this proof of stake token distribution model is feasible? Is it more fair than the current system or can I be gamed just as easy? Do you know of any projects who have done this?