COREA HARD FORK: Decentralized society with programmable coordination
The DeFi space is filled with composable DApps. It’s been a long way from custodial digital money (e.g. Paypal) to decentralized cryptocurrencies and programmable wallets driven by immutable algorithms. However, a human still remains the missing element of the decentralized ecosystem. The challenges of running DAOs based on voting tokens are being widely recognized. The contagion of plutocracy affects more and more projects. The risks of centralization and censorship are becoming apparent. Many projects that promised decentralization during the ICO boom failed.
Idena’s unique identity protocol combined with existing crypto-primitives opens up possibilities for a new kind of human-centric DAOs and decentralized societies.
A decentralized society is the next big thing in crypto. However it can be efficient only with the coordination of its participants. To understand what it takes, imagine a level of coordination of a jazz band performing a complex masterpiece. Common goals, common protocols and internal economy transform disparate societies into decentralized institutions providing services for other users.
We are thrilled to introduce Idena smart contracts and provide you with the tools for programmable coordination of decentralized society. Smart contracts combined with the unique identity primitive enable decentralized social media, prediction markets, reputation systems, projects funding, common goods development, individual loans and many more.
What you can do with Idena smart contracts:
- Develop Turing complete DApps natively integrated with Idena identities
- Build human-centric Decentralized Autonomous Organizations (DAOs)
- Issue your own token and allow users staking it in a DAO linked with their unique identities
- Coordinate token-holders using quadratic tokenomics and one-person-one-vote governance
- Use Idena Oracles as a decentralized gateway to real world data
- Build scalable and accessible DApps thanks to the asynchronous architecture of smart contracts, instant finality of transactions, low fees and accessible mining of Idena coins.
We plan to release the Idena mainnet node version 1.0.0 on February 17th. The activation date is set on March 1st. The hard fork update will include the following changes.
1. Smart contracts
The hard fork update will enable creating custom smart contracts. Custom smart contracts will be executed in the high performance webassembly runtime. Node versions for Linux, Windows and MacOS will be supported.
2. Mitigate false reporting
To mitigate false reporting reports of users who do not approve any flips will be ignored
3. Fix flip grade calculation inconsistency
To eliminate inconsistency in calculating the flip grades, reports and abstain votes will be taken into account. Reports and abstain votes of users who do not approve any flips will be ignored. See Appendix A for details.
4. Keywords dictionary update
To increase the variety of flips new keywords will be added to the dictionary and the frequently used keywords that most likely lead to a template flip will be removed. The new dictionary version will be used starting from epoch #0103.
5. Bug fixes
Basic rewards for extra flips bug fix
In addition to extra rewards, basic rewards for extra flips will be paid out in the same way as for mandatory flips
Delegated identity termination bug fix
When terminating a delegated identity with status Suspended or Zombie by a pool owner, the stake of a terminated delegated identity will be sent to the pool owner’s address
How the hard fork will be activated
- The new node version will support both the current blockchain protocol and the upcoming protocol changes.
- By running the new version of the node you vote for the upcoming protocol changes. By running the previous version of the node you vote against the protocol changes. To publish your vote you need to keep your Idena node online with the activated mining status during the hard fork voting period.
- The hard fork voting period will start on the next day of the Epoch #0103 at 8 am UTC (upd: March 1st 8:00 UTC). The hard fork will be activated immediately once the voting criteria is met. Otherwise, the hard fork update will be blocked on March 7th.
- The hard fork update will be activated only when more than 80% of the non-discriminated validators who run their nodes support the upcoming changes
- Newbie and delegated address votes are discriminated against and not counted. Pool owners are counted once.
What is Idena
Idena is the first blockchain that utilizes a unique consensus mechanism called Proof-Of-Person, which prioritizes people over tokens. Unlike other systems that rely on money-based governance, Idena operates on the principle of “one person, one vote,” ensuring that power is distributed equally among all participants. This prevents a small group from gaining too much control.
Idena offers a puppet-resistant crypto-identity primitive, which is used for democratic voting, Quadratic Funding, fair airdrops and decentralized governance.
Idena is accessible to anyone. It does not require any personal information and allows participants to join the network without any investments. Users play an active role in mutual verification by challenging each other with AI-resistant FLIP-tests. This process is done in a synchronous ceremony, which ensures that individuals cannot spoof multiple accounts.
The network is protected from Sybil attacks through regular validations and Quadratic Staking. Quadratic Staking is a mechanism that prevents large stake holders from dominating the network and encourages small individuals to secure their identities with stakes ensuring democratic staking rewards distribution.
Appendix A. Flip grade calculation
When the flip grade is calculated, votes from qualification committee will be taken into account according to this table:
Votes from users who do not approve any flips in the long session will be excluded. At least 1/3 of committee members should approve the flip to increase the flip grade.
The flip grade is calculated as the average weight among the votes of committee members.
An increased reward is paid in the following cases:
- Flip grade in [2.5; 3.5) — a 2 times increased reward
- Flip grade in [3.5; 4.5) — a 4 times increased reward
- Flip grade ≥ 4.5 — a 8 times increased reward
