Decent: Issue 3 Trust
Someone wise once said “trust is a bridge from the known to the unknown”. In Issue 3 of Decent, we dig deep into the concept that underpins all human relationships.
Discussion
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Background
Kusama’s primary product is blockspace.
This is priced in $KSM.
Currently a years worth of blockspace costs less than $1.
Agile Coretime is a digital product offered by Kusama.
This product will be purchased as NFTs that can be resold and repackaged on secondary markets.
Revenues from sales will be an objective indicator of demand for Kusama’s core product.
Income will become a key metric for assessing the long term sustainability of blockchain protocols such as Kusama.
Moving forward the primary role of treasury spending will be to drive direct demand for the coretime digital product.
In a coretime centric world, the Kusama’s business model is much clearer.
Although coretime makes it easier to sell blockspace, it is unlikely to generate demand.
Kusama’s public fund will be required to kickstart this demand through coretime collectives.
Creating demand will take time, so collectives seeking treasury funding must have viable ways to generate income.
Historical spending
Kusama has spent over $20m on projects that have returned zero direct income to the treasury.
Currently teams propose spending that is detached from the core value drivers of the protocol.
As a result, spending is arbitrary, subjective and populist in nature.
Everyone is busy, but nobody is effective when it comes to delivering meaningful impact.
This is not sustainable.
Evolving to a coretime world
Token-holders collectively vote Yay/Nay to purchase that product using public funds.
This makes spending less arbitary, more focused and with defined outcomes.
It is a collectively agreed purchase of a public good.
This marries nicely to the role of coretime collectives who will purchase undervalued blockspace on the primary market.
They will then refine this raw product and resell - acting as coretime market makers.
The treasury will subsidise these teams in the form of loans that are recoupable against future revenues.
Introducing the Corsama Field Manual
The manual is initially in the form of a digital file but may evolve into a physical edition.
Voters can view a teaser of the manual in a kind a try-before-you buy manner.
If the proposal is approved then this creates an on-chain event that triggers the media to unlock.
The media can be downloaded and shared as a public good.
However there will also be limited editions of the manual for those who vote…
Voter Participation
Voters on the referendum will receive NFTs of varying rarity to their accounts through Proof of Chaos.
Each class of rarity will relate to a different front cover to the manual.
Voters who receive these NFTs will be entitled to purchase physical copies of the manual at a later date.
This artwork is being created by Vector Meldrew, co-founder of Dazzleship and Broadside.
Holders of these NFTs may receive future benefits.
Cost
The first edition Coresama Field Manual costs £120,000+VAT in KSM calculated at the 7 day trading average.
Invoicing
There will be an on-chain invoice to the Kusama treasury in the form of a system remark.