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January 2021 Community AMA Recap

For those who were unable to attend, here is a brief recap. The full three hour session is available upon our Discord server.

Q: Why did the team decide to go ahead with this proposal without discussing it with the community at an earlier stage?

Fabrice Le Fessant: Hello everybody, nice to have this evening to discuss about the merge. I think we tried to involve the community as much as we could. Even now, both communities will have the final word. It was also important to go fast : we needed first to check that the idea was welcome on the FreeTON side, for that, we needed to propose something already well defined. As soon as they returned they were interested, we started discussing with a small number of bakers and ambassadors, to see also how our community was feeling about it. I think from there, we started discussing with everybody

Q: What are the main benefits of moving forward with the merger?

Fabrice: There are multiple benefits for both communities. If we focus here on our own benefits, here are some of them:
* Dune is a small community in a world of giants. We can decide to remain a small community, but that means that a few people have a lot of work to do to be visible. Instead, we can join with another community, to build something bigger and maybe, become a giant too.
* Dune suffers from a lack of funding at this point. Though we can maintain the network at little cost, thanks to decentralization, we need more if we want to go further than that. With its treasury and a good token price, FreeTON has found an interesting model to fund its own development. FreeTON is very young, but most of the development is already done, and they also have VC funding that can be used to attract users to the network, when half of the funding for Dune was used to mature the tech.
* FreeTON is a young and ambitious project. This is a unique opportunity to get involved in it at a very early stage. Of course, it’s risky, but remaining Dune is also risky.

Q: Does this mean the team have given up on Dune?

Fabrice: The team has given up on the idea that we can, alone, propel Dune to become a giant. Covid has broken many of the projects that we were hoping to see landing on Dune. Now, Dune needs some kind of new impulse to start over, to recover its momentum. Unfortunately, we don’t see this impulse coming on Dune. Instead, we have found another impulse, that would be for the community and team to contribute to a project with similar goals.

Q: What is the status of projects like OASIS?

Fabrice: If we focus on OASIS, there is still a little work to do on the tech side, but most of the problems are legal. We would need big actors to support such a project to provide some guarantees for users that swapped coins are correctly kept on one side and minted on the other one. Unfortunately, we haven’t found such big actors at this point.

Q: Are tools and languages developed for Dune going to be compatible/ported to TON?

Fabrice: It’s too early at this point to tell. FreeTON has less focus than Dune on popularizing the use of formal methods: they have some key contracts being verified, but it’s not yet something that will be widespread on the chain. That’s exactly where we can contribute with a new vision. A sub-governance on formal methods has just been created recently, and we have been invited to contribute to it. We hope we can push our vision forwards and maybe, have contests organized to develop tools and languages very close to the ones on Dune.

Q: Why isn’t the swap ratio better for Dune holders?

Fabrice: We needed to find a ratio that would be acceptable for both networks. Both networks have pros and cons in this merge, and price is an important element for both of them. We decided to use a ratio that could be easily computed from an external source, and would not change too much over time. A 3-month average on CMC sounded like such a thing…
Taking another method could have maybe benefited more to Dune, but may also have had an opposite impact, especially with the high-volatility of DUN due to lack of volume. We checked with some other methods, and the ratio didn’t change much or was even a little worse.

Q: Can it be negotiated at this stage?

Fabrice: No, but we updated the proposal this week to take recent CMC values, so it’s a little better.

Q: Can we use the coins from the burn to make the ratio better? Are there any other options to make the deal more favourable?

Fabrice: Yes, that’s our plan. We cannot change the burn until the final decision has been taken, but as soon as it is accepted, we will redirect the burn to create a compensation fund to improve the ratio for bakers. There are also Dune Foundation’s tokens that could be used, but we have to better understand what we can do with its tokens from a legal point of view.

Q: Why did you (Cyril Paglino) decide to take a position with Free TON when you already have a role within Dune? Does this cause a conflict of interest?

Cyril Paglino: To sum up the story, i’ve been helping creating Dune, at the time being GP of Starchain capital, which invested and brought the fund raise to life, with bringing +20 investors into our journey. My role at Dune as always been to help, either on the fundraising or on business related topic.
Important note: I've no role whatsoever in Free TON. i’m just at TON labs, which is the sofware company, core developer of the Free TON network; which is fully decentralized and community launched. so no conflict of interest

Q: Why haven’t big name investors backed Dune publicly and why have partnerships not come to fruition yet? Are they still possible?

Cyril: We’re lucky to have 1tier one investors, from US and France, who have built billion dollars tech related businesses over the past. These investors do from 20 to 100 seed investment, like Dune, per year. They cannot be vocal and support each of their investments as they support their own business. That’s not how seed venture works. They rather try and help with intro, advices, whenever they can, as its the norm in the market.

Q: How does the business model of Free TON make sense to you? Can you explain it quickly for those who may not understand it?

Cyril: Free TON didn’t have any investor round, ICO of financing. Meaning: 100% of the token are are dedicated towards value creation. How to get token ? Just bring value, and you can openly propose your ideas, product, help on the Free TON Forum. So big partner coming are basically getting a vested interest in the protocol, with the reward they get while coming.

Q: Could you give a laymen’s explanation as to the business/legal relationship between Free TON and Ton Labs, if any?

Cyril: Free TON is the network, with a fully decentralized governance. TON Labs is a private software company, which earn tokens for technical contribution to this open network. Very simple. Any one can join and do like TON Labs as every proposition goes through open contest.

Q: How difficult will it be for bakers who wish to become validators on TON be?

Fabrice: There are contests organized from time to time to help validators start their activity. Coming from Dune, we hope that the community bakers could organize themselves so that small bakers will be able to create federated bakers. Origin Labs will probably try to create a validator, so we will be able to help and maybe take some other bakers with us. There is a Free TON a contest coming by the end of the month on this specific topic actually.

Q: What is the timeline of events from here?

Fabrice: I hope both votes could happen very soon, maybe in the next week

Cyril: Yes for votes, next week.

Fabrice: After that, the swap itself should last a few months, to give everybody the possibility to swap their tokens. We will need to develop some smart contracts on both networks for the swap, so probably also one or two months before starting the swap. Maybe we can shorten the delays if everybody is ok (the voting contract/website on Dune is already ready and tested).

Q: What happens if either community votes against the merger?

Fabrice: Dune is a distributed network, so it will keep running. However, if the goal is for Dune to live and not just survive, we need a new impulse. Currently, there is no such impulse, so it will mostly depend on the community to find funding for new developments and applications to attract to Dune. We would probably organize the Dune Council elections as expected, so that the community can decide on the roadmap and actions. But clearly, funding will be one of the biggest problems to solve in the short term for the network to continue its development.

Q: Welcome Ron. Could you quickly explain to those who may not be familiar, who you are and what your involvement with Free TON is?

Ron Millow: I Technically I head up biz dev for TON Labs, but given the overwhelming responsibility that Free TON has, I mainly deal with Free TON governance, both globally and in sub-governance groups. Essentially I’m kind of the go-to for all things Free TON related. I deal with partnership proposals, contest proposals, and help everyone find their way in the community.

Q: What is the legal status of Free TON at this time? Does it pass the Howey test in your opinion?

Ron: 100% it passes. There is no “legal” status. It’s completely decentralized and is run by a community. No entity. No central governance. No investors. Just enthusiasts who want to see a free internet.

Q: Is the Declaration of Decentralization legally binding, and what is the intent behind it?

Ron: Nope. Nothing binding. It is a manifesto of sorts, where like-minded people with the same vision want to see censorship end and data privacy to belong to the user. The goal is to create a blockchain that belongs to everyone. And as such, decentralize it completely (E2ED). That includes DNS servers, storage, etc., until the point where everyday applications that everyone is used to can run over Free TON without any centralized source being able to say what one can and cannot do with personal data

Q: How does Free TON avoid devaluation in terms of token price, voting rights and centralisation with it’s combined max supply/meritocracy business model?

Ron: There’s just over 5B tokens that are never sold. Exchanges do that. The token from the network is only delivered against merit; that is, win a contest, get a reward. Partner as a network contributor, bring users, get tokens. The value comes with use. Unlike traditional tokenomics, our value comes from usage the same way one uses the internet. Only here there are gas fees, which by the way are a fraction of a penny. The value grows as more people use it. In other words, it’s a model that increases in value as it scales. The scalability comes from decentralized governance. First there were the initial members who launched the network (23 of them). Now there are over 400 validators that validate by having won a month-long contest where they had to perform in a contest called the “Magister Ludi” game. Next there will be more contests that are similar in nature in ordr to bring more validators to the network. Then as community members develop apps and partners bring users, so too will more users come.
The community is now over 30K people. 25+ partners with 70 or so in the pipeline. The idea is to make the TON Crystal a real currency and not just a means to transact.
The speed of transactions is even now faster than Visa or Mastercard with business logic that can handle real enterprise level demands. Its design will allow for millions of transactions per second in 2021. So think Ethereum, but cheap as heck and fast as the internet. So when we talk about token value, most people think about the trading economics. We think about the actual functionality where in X years, everyone will use it. Average Joe off the street will not even know that he is using a blockchain. But of course adoption is key. And that is where we are at the moment. Users, users, users. and use cases. We have TON Surf, which is a wallet, messenger and browser in-one. So that will make it simple from a UI/UX perspective. But there’s a long road ahead, no doubt.

Q: So, what are your thoughts/feelings on the merger of Dune and Free Ton? If you can’t go into too much depth and have to remain impartial that’s understandable of course, but anything you can add would be appreciated!

Ron: I am for it hands and feet! And twice on Sunday. I think a) it will set a very interesting precedent, b) show that business can be done on-chain with every bit of effectiveness as it is now done off-chain, and c) bring some amazing developers to the network that will write and create apps, vis-a-vis users. And surely it will also be the first move to give more value to the token (with regard to your previous question) as well as drive demand and merge 2 communities that already share the same values. I see no negatives. That’s my personal POV of course.

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