I don’t know the details of erc20 contracts but would it be possible to encode these rules into the contract to avoid needing official oversight
only OMNImaidsafecoin can be converted to ERC20maidsafecoin, no other omni asset would be accepted
vice versa, only ERC20maidsafecoin can be converted back to OMNImaidsafecoin
When official safecoin comes, only OMNImaid can be converted (as is the case now), on the expectation all ERC20maid would be converted back to OMNImaid then to safecoin.
So anyone can inspect the contract, take a dip into ERC20maid, hop back out into OMNImaid, and when safecoin comes all ERC20maid is converted back…?
It seems like the erc20 part is just a ‘parallel set’ which gets legitimacy not from authority of the creator but from the publicly viewable rules of the erc20 contract.
As I said, I don’t know about how erc20 works, but it seems if these rules can be encoded then no need for it to be official… please do correct me if I misunderstand.
I’m not familiar with ERC-20’s capabilities however IMHO that would be an adequate solution. Perhaps an ERC-20 dev could comment? I’ll also research the topic out of curiosity.
How will exchanges like Bittrex know if an Omni/MAID have been converted to a ERC20/ MAID? Do they have tools to see if transactions have been going to certain address, then it has been converted?
I imagine this would be handled by moving the MAID to an Omni address which is controlled by the contract. I’ve no idea if that’s feasible let alone how to do it, but I can’t think of any other way this can work.
I’m not sure we would see any ECR20 before the network launch, you don’t gent an instant audience. We would then have to worry about converting MAIDSafe to SAFECoin as well as complicating things with ECR20
We are about to see test farming…
A hop-skip and a jump away from a full network.
SAFECoin will be along soon enough.
… and the people I introduce to the network are grateful for the cheap buy in price we have at the moment.
I think this COVID period will be the last time span where you can pick up cheap maidsafes.
I would switch my don’t know to NO atm, given OP doesn’t provide a clear proposal…
What mav suggested would be nice, if practical but nothing above to confirm that it is. Access to alt ETH market without disrupting what exists, naturally tempting then but not sufficient description for knowing that is possible. To early for a vote without detail imho.
Voted “do not know” b/c in absence of a detailed plan there are too many unknown vulnerabilities (e.g. ability to ensure the total number of MAID doesn’t increase, ability to effectively on ramp between both OMNI and ERC20 MAID at will, divergent asset prices, etc.)
I think time and effort would be better served advocating/pitching in to help get OMNI MAID listed on additional exchanges and integrating atomic swap capabilities into the Trezor wallet.
There seems to be 2 main battling points here, is it accessible and will we waste (Developers) time to make this happen. Personally, it’s not really accessible to me in any viable way and I think the people who say it is for them obviously only have one real exchange. I can agree that each my own desire to have more exchanges and people who say that are fine with the access they have, are equally selfish in their motives. As far as wasting time, there has been an enormous amount of time that has been spent finding the right paths to success for this project, none of those divergences were seen as a waste of time, so why is creating an easier path for viability a waste. I would tend to agree with the former if there was a timeline but as we know that’s not something that we operate with. I also still firmly believe that if safecoin takes another year or more to be fully used, the bullrun may have been missed and the idea that people will take the time to come find another single place to buy the functional coin is perhaps too much to ask. We all know that viability of any project is cash and fighting against a way to potentially raise the price, see more liquidity, bring in new players and provide even more funds for the team (who has already borrowed against the community in the recent past) seems like we should entertain the way to do it.
I just tried to put a little SCOT (version3) on UniSwap to create some liquidity for the newly release Scotcoin ERC-20 token.
Just a nominal amount to test the process before I call on others (in the Scotcoin community - which you are all welcome to join at Telegram: Join Group Chat )to support the liquidity pool.
I recoiled in horror - to place 50 SCOT and 0.051 ETH on Uniswap was going to cost >$120 in gas fees today !
So be careful what you wish for with ERC-20.
Now I know that the market is busy these past few days - both BTC and ETH - but how do we know its going to slow down and these fees do not become the new normal?
Yes we are told that RealSoonNow ETH is going to move away from PoW and fees will drop dramatically. Been waiting quite some time for that. How long did we have to wait for the much-heralded Lightning network ?
Apparently ETH 2.0 is coming in about 3 months. Vitalik confirmed it recently.
I think erc20 maid has nothing but positives. We should quit talking about it and just get it done. So many projects have done it. It’s a no-brainer to me. And like mentioned further up it gives user access to the early safenetwork with more people able to buy in.
All this is true - well I hope its true what Vitalik has said. Has he not been saying similar things for a long time?
Moving to ERC-20 will INEVITABLY require diversion of developer resources from the primary objective. - there is a judgement call to be made there and I can fully see Davids PoV in being reluctant to take the eye off the primary objective.
yes it is undeniable that an ERC-20 token has many advantages - it also comes at a cost which is not as small as so many on here think.
On paper it is an easy job to create an ERC-20 token, actually creating one and ensuring it is fit for purpose and WILL NOT LOSE VALUE FOR ANYONE NO MATTER HOW THICK THEY ARE IN TRANSFERRING is very much a non-trivial task and demands resources the company no longer has.
This is, was and will remain a very tricky decision. It was knocked back a few months ago and I really cannot see that too much has changed except ETH gas fees just got extortionate.
Despite all that I would actually like an ERC-20 token myself - don’t kid yourself its simple - it isn’t. Not if it is to be done right.
Of course there are always risks. But as a risk / reward this is pretty high on the reward side.
Some would argue it potentially reduces the risk of the project. The time it takes to do the switch is probably less than the amount of extra time maidsafe will have if they need it, due to funds going up in value. Not to mention all the extra exposure and users. If you get enough people financially involved in the project it almost self-promotes itself. More people looking may lead to bigger investors and more developers.
Yeah, there will probably be more delays. It looks like cardano have given Ethereum a kick up the arse now they have launched main net. Competition is healthy. I just hope Ethereum do their due diligence, as we don’t want anymore bugs / hacks.
I don’t see how we can’t keep Omni and erc20 both valid until launch / safecoin swap. If people are out of the loop and don’t swap to erc20 they can still swap to safecoin. If they swap for erc20 the Omni token gets burnt.
I think this topic started in the right way but then became confused. It was originally a question alone, which makes sense. The issue should be discussed, details addressed if possible, a plan made, and finally that plan proposed along with a poll.
The poll added to this topic was premature because an answer cannot be given until the issue is brought through the above process.
