In the evening of 30th August, the new blockchain project Genesis Space accepted the interview with TokenGazer's “Ask to the End” (一问到底) column. Alex, the founder of Genesis Space, was the guest of the scene. Together with more than 100 researchers in the community, they discussed in-depth questions, scientific analysis, and a comprehensive interpretation of Genesis Space from all aspects.
Alex and his team are a group of experienced Internet and blockchain developers who have done intensive research on the mainchain, sidechain technologies and consensus mechanisms. They brought up a lot of insights in the interviews, which is truly refreshing.
System incentives cannot be relied on transaction fees
First question asked was about the token issuance mechanism of Genesis Space. One researcher asked: Why would Genesis Space adopt an issue mechanism to issue tokens and set a frequency of 5% annual increase?
Alex replied that if a public chain wants to truly achieve ecological perfection and ample layers of application, then it must give up the setting of collecting transaction fees, because users will have a large number of operations to cochain when many Dapps run on the public chain. If each transaction is charged with transaction fees, it will inevitably affect the user's use, and the consequences of an application that collects fee with every message sent are unimaginable.
At the same time however, the public chain nodes must be motivated. Hence, we must rely on the additional mechanism to maintain the incentives of the system. Genesis Space's vision is to be a blockchain version of Facebook + WeChat because there will be a large number of applications running on the chain in the future. It is necessary to lower the user's threshold usage and maintain the operation of the entire public chain. In this case, the additional mechanism is definitely the best choice.
Meanwhile, Alex stated that the additional tokens are not all for the super nodes, and 50% of the additional issuance will be used to reward ordinary users, so that the user's daily behavior, such as staying online, recommending new users and so on, can also get rewarded with tokens. As for the 5% increase, there is no final conclusion. Alex hopes that the specific magnitude will be decided by the entire community in the future, not by an individual or institution.
Alex is very confident in the value of token.
"The amount of additional amount is controlled to attract more people to join, and the token will become more scarce. In fact, the value of the currency will not depreciate." he explained.
We only focus on the products, the drainage scheme is not considered currently.
When asked how Genesis Space draws new users, Alex made it clear that their focus is still on the underlying technology. He strongly believes that only when the foundation is good, the future Dapp products will be good. With more and better Dapps, users will naturally come.
Based on previous entrepreneurial experience, Alex believes that the core functions of the initial Dapp need to be accurately focused on a target group, as a seed user, and then expand on this basis.
Alex's team particularly emphasized that "the development of blockchain projects is not a 100-meter race, but a marathon. Never forget your original intention in your heart."
There are different goals at different stages. As a development team, the most important thing now is to design the product well, which is also the beginning of everything. After that, rely on market activities to expand the community and let the value of the token be reflected.
Voting resolutions ensure that system evolution never diverge
A significant difference between Genesis Space and other public chains is the ability to ensure that all nodes are forced to upgrade, thus achieving an inseparable reality. Alex explained the principle and original intention of this design in detail, which was to design an upgrade mechanism for a decentralized system. The decentralized software system upgrade requires all nodes to be upgraded at the same time. Otherwise, hard divergence may occur, causing some nodes to fail at connecting to the network.
In order to avoid this phenomenon, Genesis Space designed a voting-based upgrade program, through the system of justice (based on the early development team members) to propose an upgrade initiative, and attached the upgrade code. The motion and code is full webcast, and the user votes on this motion.
After a period of time, the user's choice of this motion will be reflected in the current block in the system. If this option is what most people agree with this upgrade initiative, the system will automatically activate the upgrade code beyond a certain threshold, to upgrade all nodes' clients to the new version. That is equivalent to moving from an old chain to a new one.
Under this mechanism, Genesis Space can ensure that all nodes are upgraded synchronously, achieving an inseparable and reduced internal consumption, and thus making the overall consensus more solid and powerful.
At the end of the interview, Alex reiterated the team's attitude: go all out in order to do a good job, and do everything in their power to achieve the project's ultimate goals, community growth, and ecological perfection.