Good morning pNetworkerzzz! 🔥
It’s our 7th monthly update and let me tell you, the bullish of the year so far!
Fasten the seatbelts friends cuz I really feel our portfolio tracker will soon look like Pamplona’s street on the 8th of July!
Why?
Well, the macro outlook doesn’t look super-ugly anymore. The FED announces its first rate cuts since f**king 2022!
Will this be enough to get us out of this very long crypto-winter? Dunno, but there are good reasons for optimism:
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rates have never been that high since 2001 - ergo: we’ve lived in the tightest monetary policy of the past 20 years (🥶);
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inflation in the US is down & stable;
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quant-driven funds are already shifting from fixed-income investments into equities
In short, soft-landing looks closer than ever, Carbonaut is already 60% leverage and we are ready to puuuump.
Back to us.
Two weeks ago we held the 4th edition of pNetwork Unchained - our Community Call -, covering key updates and next steps for the protocol.
If you missed it, don’t worry, here is the slide deck.
Two things stood out as the main topics of discussion:
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pNetowrk v4 Security Council
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pNetowrk v4 Nodes
These are crucial components of the pNetwork v4 architecture and key governance decisions: we want everyone to be part of the decision process.
Take action by joining the discussion on our forum.
Now let’s have a closer look at what’s at stake.
Security Council 🔐
What is the Security Council and why is it needed?
The Security Council has the goal of overseeing the operational aspects of pNetwork v4. In practice, it will perform two main taks:
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fee distribution: it will manage the distribution of protocol fees to node operators at the end of each epoch;
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node monitoring: the Council will verify that
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a) APIs are operational and provide accurate data;
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b) the node’s executable signature is valid and only legitimate and up-to-date software is used.
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How is the Security Council composed? 5 DAO-elected members will manage a multi-signature wallet with a 3-of-5 configuration. Because of its responsibilities, a share of the protocol fees should be retained as compensation for Security Council members for their efforts.
To date, we suggest at least 10%, but the discussion is open.
Every member of the community can decide to be part of the Council, so if you want to propose yourself, comment on the thread here.
It gives a bit of The Untouchables vibe, doesn’t it?
Onto the next one.
pNetwork v4 Nodes 🪢
As is already the case for pNetwork v2, nodes are a crucial component of decentralized protocols. In particular, v4 nodes will:
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Run the event attestator codebase, which verifies cross-chain events transactions between blockchains are accurately tracked and validated
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Register their API endpoints on a low-fee blockchain (like Polygon) with their staking address (details can be found in the pNetwork WIKI).
For their activity in securing the protocol, v4 nodes will earn rewards (as it was already the case for v2 nodes).
We strongly invite v2 nodes to migrate to v4 nodes, and new folks to show up (repeat: you’ll earn rewards 💰)
Any questions?
With a lot changing during this crucial time for our protocol, we can’t stress enough how much we value your input. These updates involve both architecture and governance, so it’s important that we get them right—together.
Your voice matters, and we’re here to build this the right way, as a community.
Well, I guess that’s all folks! 👋🏽
Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!
The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.
pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.