After the successful launch of our INCOME token bridge, we want to continue with that success to help @upfundme bridge to hive. While UFM tribe will remain on STEEM, and the inflation will remain on steem-engine, it is now quite technically possible to set up the conditions to hold them on HIVE, and even gamble them a bit with the DoubleDice project.
PROPOSAL: Create a UFM.PEG or SWAP.UFM token on HIVE.
@ecoinstats SYNERGY Fund commits to developing, testing and finally committing the gateway code between the two tokens. This new token should in no way increase the supply of UFM, it should just allow an additional place to hold the same UFM supply as already exists and is being generated. Once this mechanism is in place, additional uses for SWAP.UFM could be implemented on hive-engine, as mentioned with @doubledice, or perhaps a dynamically proportioned 'burn-up' conversion into ARCHON tokens.
So many ideas are possible, as long as we develop clearly and openly, forward and together.
Proposal Phases:
Phase One: Create Token
This first phase is covered by this Proposal. The token creation fee is 100 BEE, so this is not a 'free' move for the tribe, it is a small investment. The current price of BEE is fluctuating between 0.6 and 0.8, putting the total price of this operation to 60-80 HIVE, as much as 20 dollars at current HIVE prices.
If it turns out that the cost of the token is the only barrier to entry, we are willing to look into an additional funding mechanism for this step. If this is your only qualm, please still vote yes for this proposal, but address the need with a funding proposal. ANY ARCHON MEMBER can make a proposal or petition, the proposal being to manage ARCHON accounts, (eg propose that @archon-gov or @archonapp send the money to @upfundme) or use the petition to suggest remedies outside the official accounts (eg a petition to pay for the creation of the token by GP proportion, so that each member of GP over 1% would send at least 1 BEE to @upfundme)
Since many governance challenges are funding challenges, we are interested in these processes. For reference, @upfundme has just 7.6 liquid hive, no liquid BEE and no hive-engine balances to speak of outside of 39 ARCHONM tokens, which we personally believe shouldn't have to be touched for such a minor project such as this.
Phase Two: Test Gateway Code on @ecoinstats
As mentioned, La Puente Gateway was tested successfully and is now running continuously on @ecoinstats. Any user with INCOME token on either chain can send it to @ecoinstats who will, every several minutes, check for such transactions in order to send the corresponding number of INCOME tokens to the same account on the opposite chain (STEEM-HIVE).
What new developments do we propose here? First, we will implement a 1% fee for transferring UFM to SWAP.UFM, and vice-versa. This fee will be distributed to the developers, governance accounts, hosting accounts, and/or burnt at proportions to be determined later (perhaps by proposal). Although we do not anticipate heavy volume back and forth, this small fee structure is just another way that we can assure that over time, the program is growing stronger. Later, by developing new uses for all the tokens involved (ie @doubledice and more to come), we can stimulate potential arbitrage opportunities that should motivate people to use the gateway, and strengthen the program.
Phase Three: Submit Code to @taskmanager for use on @upfundme
We will test the fee on @ecoinstats account first, but the final product will be delivered to @taskmanager by private repository for use on the official @upfundme account. We feel that this is completely in line with @upfundme (and ARCHON members) taking responsibility for figuring out how to fund the 100 BEE token creation fee.
Summary Conclusion
This is a Proposal to create the preconditions necessary to implement some advanced version of code we have, as well as an invitation to Propose or Petition for the Funds to take action on such an implementation. If after this post pays out, the funding mechanism isn't clear (ie someone volunteers) or there is no funding proposal, we will make a relevant petition or proposal based on additional research and commentary and conversation resultant from this post.
Please vote on Yes if you think this is a valid idea for ARCHON community to invest time and money trying to implement.
Please vote on No if you think no effort should be spent exploring this idea by the ARCHON community.
If you vote on YES, please consider suggesting, petitioning or proposing a clever, relevant funding mechanism to achieve 100 liquid BEE tokens (current cost ~80 HIVE) on the @upfundme account.
Freedom and Friendship!