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Community Relaunch Hydro Ecosystem as PhoenixDAO to bring True Decentralization
A select number of longstanding Hydro community members have teamed together
and would like to announce the creation of PhoenixDAO, a truly open-source and
decentralized project built to realize the original ethos of Project Hydro.
and would like to announce the creation of PhoenixDAO, a truly open-source and
decentralized project built to realize the original ethos of Project Hydro.
Background
The Hydrogen Technology Corporation created Hydro in 2018 as an open-source project and core component of their Molecule Platform. The promised ‘future of the web 3.0’ was very convincing and a huge number of people bought into this concept of community-built, open-source protocols, working hand in hand with proprietary fintech technology.
Hydrogen’s initial decentralization plan included an HCDP program paying developers in tokens to build on the Hydro protocols and to create a digital identity-driven dApp Store, with a Decentralized Ambassador program to oversee it. However, a number of factors including Hydrogen’s majority ownership of the supply, legal ramifications in the US, and the core developers leaving the project abruptly created many obstacles in achieving this vision.
When Hydrogen and its core team were no longer building on the project in early 2019, Hydro Labs, a new company formed by community members, began building out products using the Hydro protocols and finishing development of the Hydro dApp Store (under a services agreement deal made with Hydrogen).
Along with community developers, the Hydro Labs team expanded the digital identity-driven Hydro ecosystem and released the first non-custodial mobile wallet app enabling gas-less transactions on Ethereum. However, as the 1-year services agreement with Hydrogen expired, Hydro Labs closed its doors due to market conditions and other limiting factors within the original design of the Hydro ecosystem.
Elsewhere within the community, the Phoenix DAO foundation was launched by Hydro community members to correct the missteps of Hydrogen’s initial attempt at creating a decentralized financial ecosystem. These missteps included community and investor gripes of Hydrogen owning over 60% of the token supply, the lack of a decentralized governance plan, a vague token distribution plan, and no plan in place to prevent core developers from dumping on the market.
Coupled with a very high token supply in a declining crypto market driving the HYDRO token to around five sats, the community felt the need to form a foundation to truly decentralize control of the project they built.
Hydrogen’s initial decentralization plan included an HCDP program paying developers in tokens to build on the Hydro protocols and to create a digital identity-driven dApp Store, with a Decentralized Ambassador program to oversee it. However, a number of factors including Hydrogen’s majority ownership of the supply, legal ramifications in the US, and the core developers leaving the project abruptly created many obstacles in achieving this vision.
When Hydrogen and its core team were no longer building on the project in early 2019, Hydro Labs, a new company formed by community members, began building out products using the Hydro protocols and finishing development of the Hydro dApp Store (under a services agreement deal made with Hydrogen).
Along with community developers, the Hydro Labs team expanded the digital identity-driven Hydro ecosystem and released the first non-custodial mobile wallet app enabling gas-less transactions on Ethereum. However, as the 1-year services agreement with Hydrogen expired, Hydro Labs closed its doors due to market conditions and other limiting factors within the original design of the Hydro ecosystem.
Elsewhere within the community, the Phoenix DAO foundation was launched by Hydro community members to correct the missteps of Hydrogen’s initial attempt at creating a decentralized financial ecosystem. These missteps included community and investor gripes of Hydrogen owning over 60% of the token supply, the lack of a decentralized governance plan, a vague token distribution plan, and no plan in place to prevent core developers from dumping on the market.
Coupled with a very high token supply in a declining crypto market driving the HYDRO token to around five sats, the community felt the need to form a foundation to truly decentralize control of the project they built.
CHANGES:
1. Total Supply Reduced
2. Distribution (More Decentralized)
3. Additional Tokenomics
4. Governance
5. Market responsibility
6. Developer Community
7. Voting + Staking Rewards
8. Existing Hydro Holders get an Airdrop in the ratio of 1:100 (PHNX:HYDRO)
Whitepaper: https://github.com/PhoenixDAO/PhoenixDAO-docs
JOIN US IN OUR SOCIALS
Telegram: https://t.me/PHNXDAO
Twitter: https://twitter.com/phnxdao
Facebook: https://www.facebook.com/Phoenix-DAO-110119317367230
Reddit: https://www.reddit.com/r/PhoenixProtocol/
For more details visit https://phoenixdao.io/
or read the full press release here 🔥🔥🔥 https://medium.com/phoenixdao/community-relaunch-hydro-ecosystem-as-phoenixdao-to-bring-true-decentralization-7b5e284ab1a5 🔥🔥🔥
or read the full press release here 🔥🔥🔥 https://medium.com/phoenixdao/community-relaunch-hydro-ecosystem-as-phoenixdao-to-bring-true-decentralization-7b5e284ab1a5 🔥🔥🔥
