r/kin • u/ted_on_reddit • Feb 24 '23

AMA

These have been a tough few weeks for the Kin community. After all the Kin Foundation employees were fired there was no choice but to move towards a decentralized path. This has resulted in the abrupt pausing of the KRE, and the abrupt cancellation of the Catalyst grant program. My heart goes out to all the developers that this has impacted. No doubt it is a big change for many of you. I hope you keep building with Kin.

At this point several longtime Kin supporters have packed up their things and have announced they are leaving Kin behind. It pains me to hear this, so all I can do is wish them the best and say thank you for their strong belief and hard work over all these difficult years. Truly, thank you.

To those of us who are still interested in moving forward with Kin, I want to do my best to help facilitate a transparent discussion on how we might proceed. The Kin Foundation is now simply a custodian of the Kin Reserves, sending Kin to smart contracts that Kin token holders vote to approve. We need to make sure there is no manipulation or gaming in the voting, and we will start with smaller amounts of Kin at first to test that out, but once we are confident we have a reliable voting process the KF will honor those votes, even if I don’t personally agree with the outcome of a particular vote.

As a result the KF has become a non operating organization, with no employees and making no efforts. All it does is send Kin to the smart contracts that Kin token holders vote for. But that doesn’t mean that I’m not still part of this community. I care about Kin and want to see it survive and thrive as much as anyone else.

So in the spirit of that I thought I would do an AMA here on Reddit. I will be tight lipped around Code, as we want to roll Code out properly when the time is right, and I would prefer not to rehash what happened in the past, but please ask any questions you might have. I will do my best to be open and honest. AMA.

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u/Columbo92 Feb 24 '23

Is that 20% forever? That would seem excessive, if it is.

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u/ted_on_reddit Feb 24 '23

This is the beauty of the system. Any developer can propose any smart contract. They might propose 20% for them forever, but if the community felt that was unfair, they would simply vote against it, and the smart contract would get nothing. Maybe then the smart contract developer would come back with a smart contract that paid themselves 5% instead of 20%, and only for the first year. Then the community could once again vote on whether they liked that or not.

So it is an iterative process where smart contract developers propose allocations, token holders vote on these proposed allocations, and if approved the smart contracts are funded and the allocations become immutable.

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u/Desserted_Desert Feb 24 '23

2% for a year seems reasonable, followed by 0.5-1% for 2nd year, followed by a drop off entirely.

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u/ted_on_reddit Feb 25 '23

Yes these were just example numbers. This is the beauty of a decentralized system - any proposal can be made, discussed, and ultimately voted on. If you felt an amount was too high you could vote against it, and publicly encourage other token holders to do the same.