NCFP-17: [Draft] Tokens on Nyzo

NCFP: Community Fund Proposals
#1

Planned features:

  • Layer-2 fungible tokens protocol and implementation
  • Issue ERC-20 like tokens on Nyzo
  • 1 µ∩ only transaction fee - no matter the transferred token amount
  • Paid token registration to avoid spam (paid to the cycle wallet)
  • Customizable decimal settings
  • Public, open source specifications and reference workflows
  • Explorer and API on nyzo.today
  • Does not need any change to the core protocol nor verifier code
  • Simple interface and use of nyzo strings to interact with tokens: no programming is necessary
  • Can evolve and use the cycle to adjust various fees with time.

Rationale:
Nyzo fast block time and finality is a huge advantage. Supporting tokens on Nyzo will demultiply the possible use cases and allow awesome features, like for instance nETH nBTC (ETH and BTC wrapped on Nyzo), with fast and almost feeless transactions.
This tokens implementation is completely transparent to the first layer: no change to the protocol, consensus nor verifier is required.
Nyzo will be able to provide 7s finality tokens transfer, for many use cases (not only financial transactions).
This also addresses a critic of nyzo (high tx fees) since the tokens tx fees are 1 micronyzo only.

Devs: iyomisc and myself

Phase 1: Working baseline tokens implementation
Proposed amount: 50,000 ∩
Delay: 1 month from cycle tx validation.
Dedicated address: id__85mgCI12L3WshWfHHM8_u0Qjx6WZ9ha0qBpRPV3GGgYy5ZWY2kzb

8 Likes
#2

I really like this proposal, especially because:

  1. Potentially unlock a lot of use cases
  2. Doesn’t require changes to the protocol and verifiers, so it doesn’t open criticalities to base functioning of NYZO

Regarding amount is a bit difficult to judge, something between 50’000∩ - 100’000∩?

#3

Definitely support. Wrapped tokens would be essential for plugging into the awesome existing DeFi ecosystem. Higher liquidity also helps.

I think 1-2 BTC minimum (150,000-300,000 n) would be fair for the final project, and it would make sense to release funds for interim milestones:

  1. Working baseline token implementation (25%)
  2. Working wrapped assets demonstration (25%)
  3. Adoption of wrapped asset by at least one decentralized exchange listed on https://coinmarketcap.com/rankings/exchanges/dex/ (50%)
1 Like
#4

Thank you @jimtalksdata for the reward estimation.
I agree on the proposed range of 150,000-300,000∩.

Rewarding real adoption with the third milestone I found it very important.

#5

You have my support! I agree with the estimate

1 Like
#6

That’s good. Full support.

1 Like
#7

Full support here. Great proposal

1 Like
#8

Love the idea and agree with the proposed reward of 150,000 - 300,000.

1 Like
#9

Agree. Full support

1 Like
#10

I fully support this. I think the amounts are fine as long as the devs are happy with them. Would be nice to see this happen soon.

1 Like
#11

@NyzoSy what is your opinion regarding the milestones proposed by @jimtalksdata?
Could you please provide a timeline estimation for such milestones?

#12

This tx will pass without a doubt I think. Jim’s proposal looks good

1 Like
#13

I’ll add some insight and time estimate soon.

#14

Edited the first post with amount and delay.

#15

Agree and support