1/ This is an interesting idea. Leaving aside the issue of whether this would actually stop the rise of altcoins, I doubt that in-protocol incentives for future development would be feasible.https://twitter.com/naval/status/985018594252742656 …
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Replying to @hugohanoi
Naval Retweeted Naval
Agreed. I can’t come up with a decentralized, on-chain solution for incenting developers either:https://twitter.com/naval/status/985020476744400896?s=21 …
Naval added,
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Replying to @naval @hugohanoi
What I don’t buy is the argument that good developers don’t need to be paid (not saying you’re making it, others are). It’s an AND not an OR. Anyone designing an incentive system should acknowledge Free Rider and Tragedy of the Commons.
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Replying to @naval @hugohanoi
What we have right now is suboptimal incentive allocation - all the rewards are going to founders, early investors and miners. None to late developers. Which leads to more independent blockchains that would exist otherwise.
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Replying to @naval @hugohanoi
But there seems to be no decentralized, on-chain solution to the problem. But the market will test BTC and ETH by creating “innovation incentives.” BTC has a weak implicit one (own some BTC). ETH has a slightly stronger one (ERC 20).
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Replying to @naval @hugohanoi
But in this Cambrian Coin Explosion, we will see coins that use inflation funding and centralized grants to fund engineering for a while, and then switch to decentralized models.
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Replying to @naval @hugohanoi
For the non-private pure-SoV use case, there’s a good argument that Bitcoin is done, should stay simple and decentralized. For the “Global Computing Platform” use case, further innovation is likely needed. So ongoing incentives for development matter.
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Replying to @naval @hugohanoi
Is it possible to match code submits to outcomes (increase in currency adoption, decrease in transaction times)?
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IMO no because a) you need objective, un-gameable metrics & b) even with the right metrics it would be impossible to clearly identify cause & effect (a good piece of code might only produce results years down the line).
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Hugo Nguyen Retweeted Hugo Nguyen
Essentially anything short of the following shouldn't be baked into the protocol:https://twitter.com/hugohanoi/status/985074696633794562 …
Hugo Nguyen added,
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