Exactly… well said … !!!
Full step-by-step instructions will be posted if this proposal/vote passes.
Signing a transaction with a gasless signature is free and a fun way to prove you have ownership of your web3 wallet. We’ll send instructions for the process we’re going to follow if the vote passes, until then, please see this description of how it works: The Magic of Digital Signatures on Ethereum | MyCrypto
A mechanism like such would be the first of its kind in crypto. Pros 1, Cons 0.
I think that this is a great idea! AMP is such a great project!
And this is another thing showing us that AMP is here to stay!
Greetings from Germany
Woah…class all the way.
As long as the $amp is purchased from the open market by Flexa using it’s own funds, and not taken from any grant pools, than it seems OK. 3 million $amp being bought by you guys and then dumped when they claim it, negates my worries. I still don’t think people should be rewarded for mistakes, but this sounds reasonable and I’ll vote yes.
Also, only a few hundred people voted last time and it seems this would pass no matter what us small fries thought. As Bernie likes to say, only the “top 1%” get to decide anything for AMP.
Lots of good discussion here. After re-reading Tyler’s proposal though, it’s clear that this is a “one-time act by Flexa” which is “intended to support the early adopters and users of the network”. For me, that specifically addresses what seems to be the main concern around people who later do the same thing (“Why did you refund them and not us?”).
From a personal point of view, having had to break the bad news to many of the people affected, I whole-heartedly support this one-time purchase, using Flexa’s own funds, and will vote Yes.
This may not be normal in crypto, but Flexa’s not your standard crypto project. Most projects would charge you a fee if you ever need to migrate your tokens, but Flexa took the opposite approach last year and provided all their active stakers with enough ETH to cover all the gas needed to migrate from FXC to AMP. That approach was very well received back then, and I’m very happy with this proposal now.
Looking forward to more of these community firsts.
One way to get around this for the next version of voting would be to give extra voting power to wallets that have held their amp for longer or staked their amp for longer. Another way that we’re talking about is to delegate votes to crypto clubs at different universities. We’re open to suggestions on how to make it so the community members have their voices heard going forward. As with many things, this is a work in progress, not a final version.
Thank you for your response. As with all things, when only a few decide, it diminishes the motivation to vote. If I’ve held since February-March, but don’t have the capital to get a billion AMP, it’s been bothering me that anyone can come in at anytime and push their agenda. Feels powerless. It is what it is and that’s why I need to get rich rich.
Are there checks and balances? What’s stopping a malicious actor from getting a billion AMP tokens, and trying to make it work for them. Is that by design? Crypto clubs at different universities sounds like Harvard and Yale. Sounds exclusive and you’ll end up consolidating into factions. Cool kids clubs. That leaves us independents out of the loop and no incentive to vote. 1 vote ='s 1 vote. Anything else will always be tilted to who has the most. I considered it the peoples token.
Answered on your question on Telegram but I’ll also answer here for the benefit of other readers.
A malicious actor could buy a billion AMP tokens but they cannot force malicious changes because voting is signaling - essentially taking the community’s temperature on various matters in a structured way. As a quick reminder from the original post on governance:
Note, with off-chain governance, votes serve as signaling rather than binding resolutions. The Amp token contract itself is immutable, without administrative functionality.
Additionally, if someone is spending the money to own a billion Amp, they less likely to do things that are detrimental to Amp because it would harm themselves (this is kind of the idea behind all the Proof-of-Stake blockchains).
Why are we giving extra voting power to anyone?
I agree with MR in that 1 vote should = 1 vote. No matter length of time held nor amount.
Unless someone can inform us why its beneficial for one person to have more say than another?
Also, are Flexa employees participating (casting) in these votes?
This is a great question, and the answer is not on the contract end of Amp, there are several avenues that could be utilized. I have a proposal on MetaMasks community forum that asks MM to block the contract address as a send to option. If we could get everyone here to go and approve this proposal as well, maybe MM will act. Disable being able to send tokens to Amp Contract Address - Feature Requests / Ideas - MetaMask
No one has extra voting power, it based off how much Amp you own. If you have a substantially bigger share, you also have a substantially larger amount at stake, so you have a respective amount of voting power.
We are not. Currently 1 amp = 1 vote. We were discussing ways to make it so smaller holders voices could be heard.
If i am one of the people that have sent tokens to the amp adress what do i have to do? whom do i send and how do i get my gasless signature via metamask?
This is a slippery slope and a bad precedent. If you think this is a good idea, then why don’t we reimburse everyone who bought AMP at $0.011, or $0.07? They didn’t do anything wrong.
This will do nothing to increase usage or add value to the community. I plan to vote ‘no’. To the Flexa Team: Your time would be better spent adding merchants and increasing usage.
I opted to sleep on it for the sake of it, and to give myself time to take in everyone’s wonderful commentary and discussion so far, which has been going on over many channels.
I appreciate concerns about setting a precedent, but this has been clarified as a one time event, and I believe that if we have read and are ready to stick to this important condition, this is an excellent idea.
But rather than presenting why this is awesome and will generate good will, and is itself a genuine show of great character by the team and the broader community, I would like to take this moment to instead demonstrate that this is already exactly who we are, and always have been.
In September of 2020, during the $FXC to $AMP migration, many in our community were variously alarmed if not dreading having to go through a technical event like a migration, given the rightly negative aura surrounding peoples experiences with token migrations, historically. Oldschool migrations caused many scars in earlier years of crypto.
But the team and the community came together to deliver a truly unprecedented level of ease, as well as caretaking during the process, no matter what difficulties may have stood in their way. Not only did the community jump in, all day every day to assist everyone in making the transition, but the team at Flexa sent everyone $50 in gas (which at the time was more than enough to cover everyone’s migration fees.)
Full resolution for readability here: https://i.imgur.com/hV2NBop.png
The above is a custom aggregate image I assembled as the initial frenzy of the migration began to wind itself down. I collected most of what I could find across channels because I wanted the team, and the community, to always be able to look back on that moment in our history, and know who we are, and what we can achieve, even where others have failed before.
And that we took care of our own, not only to a standard around us in these spaces, but to our own higher standards. We raised the bar in that September, and set an example for others in the space.
I was there, and to this day, I’m truly almost at a loss when it comes to actually describing just how proud I am of the team and community, and what a privilege it truly is, to simply have the opportunity, to be a part of such a community. It is a deep honor.
I will be voting in favor of this proposal and taking care of our own, while continuing to raise the bar for community culture in the spaces around us.
We are, and always have been leaders. Let us continue in that tradition. Let this be our explicit culture.