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April 01, 2021, 01:58:40 AM
Last edit: April 01, 2021, 02:56:18 AM by 1blockologist |
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The plan was to do a token swap of Sync to an additional erc20 token for use on the Pareto Network (a new erc20 token named SYNC), this was not declared on the roadmap and been strategically implemented in a way as to not dilute the purpose of the Pareto token, in the minds of that community.
If you recall or ever used the Pareto Network, your access was dependent on the tokens in your wallet, so having erc20 sync would have augmented access, like a scarce powerup in a game. At the time, the low supply of the SYNC token would have been a novelty. We would have limited the number of decimal places in the erc20 standard to very few, possibly none. Very similar to an NFT series.
Through the bear market, the basic Pareto Network didn't get the buy in it needed. So any embellishments also needed to be put on the backburner.
I'm not here to make excuses, just provide context and closure. I used my own money to buy a nice supply of SYNC, which I hope balances out your opinions of me not delivering. I took a risk that is also not working out for me by now.
Right now, this is all still on the back burner and I don't have specific plans, but the good news is that all the plans are actually easier and less expensive to do now.
With the Pareto Network, we all agree that an information marketplace should exist, but the solution described in the white paper and implemented is not good enough. The solution and built product was a tipping system for user-generated content. That's not good enough. Sure if you get a ton of FOMO amongst crypto traders then you can get that inflection point where people continually post content and people use the Pareto token (and other tokens) to compete for scores via tips, but that isn't what happened. From a mixture of our own go-to market strategy as well as disinterest during the bear market, we/the brand got FUDDed pretty hard. Now, the general crypto market doesn't care, they see the FUD and will buy into any project that's moving anyway, although it can be an uncomfortable distraction when people are Fudding. But for the Pareto Network, the quagmire is that the people doing the FUD specifically are Pareto token bagholders who don't even know what outcome they want. They don't want me to profit, which is at the expense of their ability to have a FOMO inducing platform. The system also hasn't been viable with high gas fees on the Ethereum network for a very long time.
So the main product is back on the drawing board. It CAN be relaunched as-is on Binance Smart Chain, and the whole SYNC plan CAN work there. But what we really need is something that doesn't rely on user-generated content. We shouldn't be making a social network or STEEM. We should be making an autonomous DeFi platform that incorporates NFTs.
Right now, we don't know specifically what that is, and so I don't have a specific plan for SYNC. I think this is the first time I've mentioned what the plan for SYNC was, so feel free to talk about that, criticize it, or admire it, and most importantly discuss possibilities.
Any plan for SYNC needs to involve burning the swapped versions on this SYNC blockchain and retiring it for good, in exchange for the erc20/Bep-20/NFT version
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