June 22th, 2020
Different opinions on how to deal with the so-called “16 million ELA” has been a long lasting problem in Elastos community. There are already too much arguments from both sides and each side cannot be convinced by the other. As for now, I think it doesn’t make any sense to dig out the root cause of the problem and argue who should be accountable. What is critical now is to resolve the differences and rebuild community unity for a better future together.
While saying congratulations to the 12 elected council members, let’s be aware that it is time to solve this issue now, as expected by our community.
To be frank, I don’t care much about how many tokens are to be burned. Instead, I’m quite worried about the breakdown of community and the resulting trust crisis of the project. In the past days, EF has been questioned a lot, hence CR consensus is crucial for us to rebuild community unity. It will be a disaster if CR consensus is not recognized by our community.
The essence of community development is to attract people. Miners, developers, investors, users, and propagandists are all indispensable. If the community loses its credit, its appeal to people, issuing more tokens just means a larger number on paper.
EF has recently decided to stopp rewarding core development teams by tokens because we noticed that there are more developers were no longer trying to hold more ELAs. This indeed rings an alarm. If the core developers start to be pessimistic about the project’s prospects, how can we expect the community to grow further?
Hard to balance
Token issuance is a double-edged sword. On the one hand, investing additional tokens to build up infrastructure and ecosystem will promote ecology and inject more fuel for medium and long-term development. On the other hand, excessive issuance of token will have negative impact on the credit of token which may destroy the current market and ecosystem of project.
It is difficult to strike a balance between stability and development. Almost every country in the real world has experienced economic turmoil caused by similar conflicts. Like a toddler, Elastos’s community cohesion is weak yet, our markets are not fully developed yet. There is a long way for Elastos to go to become a real economy. Before that we cannot afford turmoils.
Even if all the 16 million ELA are burned, Elastos won’t necessarily lose all the fuel. Currently, the CR Expense address has more than 1.2 million ELA donated by EF. Every year, 1.2% of token inflation is continuously injected into CR Asset address.
In addition, I noticed that more than 7 million ELAs were used to vote on DPoS Super Nodes. So it’s not impossible that we can issue community bonds to meet the sudden demand for tokens by mortgaging future returns of CR Assets.
According to software engineering principle, a project with limited resources tends to be successful because it’s more likely to motivate team and stimulate their creativity. A lot of project practice also proves this indeed.
The future of CR is in the hand of every council member. I would rather to solve the current trust crisis as a priority because I know that there maybe no future if we are stuck now.