Here I talk about the ALIVE token and a way in which I think we should update how it works to improve it's contingency.
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Hi there and welcome to my vlog, my name is Erik Gustafsson and I go by the handle @flaxz.
Suggesting Update - To Improve Token Contingency
So yesterday @imfarhad made a post about tribe token contingency and what would happen if a token owner would be gone, what if - a hive-engine token owner seize to exist.
This got me thinking about our ALIVE token and what would happen if I was no longer there, and there is one thing in particular that hit me.
Right now the token is owned by the @wearealive account, but Scotbot and Nitrous is on the @aliveandsocial account, and every week I manually issue new tokens so that Scotbot has a rewards pool of tokens to deliver.
The reason for doing that was to increase the security, @aliveandsocial has delegated Active Authority to @tokendistributor, which is the account owned by Hive-engine that is integrated with Scotbot, and if that got hacked and we have the token owned on the same account then the hacker would be able to issue all tokens of the max supply.
Having the token owned on a different account is limiting the harm that would be caused if the Hive-engine account was to be hacked.
But the question is if I have not overthinked that part a bit, first of all how likely Hive-engine would survive such a hack to begin with, but more importantly the human factor, me, what if something happened to me and I was unable to be there and keep issueing tokens.
Some tribes that do it the way we currently do is Sportstalk and Neoxian, and some tribes that do it all automatically is Leofinance, Proof Of Brain and CTPtalk, so there is no clear consensus on the right way to do it.
But there is also one more factor here, I know that Hive-engine is working on replacing Scotbot with a Smart Contract, how far they have come with that work and when it will be released is something I don't know though.
But if we change to fully automatic by updating this part when we need to update Scotbot anyways, which is when we activate the miners, ALIVEM, then we are able to very easily move from Scotbot to a Smart Contract once that is available, and with a Smart Contract we would no longer need to delegate Active Authority.
So what I suggest here is that we move ALIVE and ALIVEM from @wearealive to @aliveandsocial and make our whole token operation automatic and thereby eliminating the human factor, making me not neccesary for the continued operation of the tribe.
This would of course just be the first step in our contingency plan, there are other factors as well to consider, but what do you think about this suggested change?
Leave your thoughts in the comments below.
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This is my own personal opinion, do your own research before investing, and seek legal counsel if uncertain.
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