2nd Community Call - recap

Hello pNetwork community!

last week, on the 16th of April, took place our 2nd Community Call.

It is a place where open discussions about the present & future of our project take place, a healthy routine to preserve and foster the strength of our community: I strongly encourage everyone to participate :pray:t3:

If you’re curious to read the whole pitch deck, you can find it here!

Going straight to the talking points.

:man_office_worker: Matteo, :wave:t3:, has provided an overview of the progress of the pNetwork Association on our 4 key goals:

  • :busts_in_silhouette: involve the community
  • :arrow_heading_down: minimise inflation
  • :moneybag: ensure liquidity
  • :bulb: innovate and grow

The key take-home messages:

  • Insights of the new pNetwork bridge architecture and BitcoinZ, the first PoC of Multiproof Labs;
  • By reducing operational costs to $25,000/month, the project sustainability is ensured until September without the need for further inflation;
    • also, there are ideas to find further liquidity without the need for inflation;
  • multiple initiatives are on the way to ensure liquidity, i.e. reaching out to CEXs, launching PNT/EFX LP to improve liquidity & new PNT incentives on Polygon.

A large part of the Call has been dedicated to the new developments in the Innovation & Growth chapter.

Mauro :man_technologist: guided us through the new architecture for our core product: pNetwork bridge.

The goal is to transition from an old architecture relying on a monolithic, specific and high-risk paradigm, to a new modular, general purpose, and higher security one.

This is in line with the latest developments in the industry, and will position pNetwork closer to the protocols such as Wormhole and LayerZero (more modular & general-purpose products).

Concretely, pNetwork v3 consists in:

  • Migration to a more portable token: xERC20;
  • New authorization system provided by TEEs (Trusted Execution Environments);
  • Replacement of current node validators using an approach similar to LayerZero V2 protocol

Continuing with Growth & Innovation, Enrico :technologist: delved into the details of the work behind the new development of our project: Multiproof Labs.

Multiproof Labs represent an R&D effort - coupled with a new brand - aimed at gaining first-mover advantages in non-EVM chains by reinventing interoperability with the use of the most recent, cutting-edge technologies such as coprocessors, light clients, zk proofs, TEE, etc…, and most of these technologies have been mastered by the team because of past works.

The first prototype of Multiproof Labs is BitcoinZ: the port of pNetwork Bitcoin light client leveraging SP1 and risc0 zero-knowledge proof.

The light client has already been tested, and a roadmap of product development is available in the slides.

As a final note, 3 proposals are open for consideration & need to be reviewed by our community (i.e. all of you!):

  • :v:t4: proposals concern the funding of the pNetwork Association;
  • :point_up:t4: proposal concerns the requirements for posting proposals in the DAO

pNetwork proposals up for discussion

Proposal 1: White Knights OTC Trade

Minting up to $15k PNT, who get purchased (in USDC/T) by White Knights (people who believe in the project and are willing to provide liquidity) based on the recent average price.

The PNT tokens purchased are locked in the DAO for a set period of time, so that they can’t be dumped in the market straight away.
The pNetwork Community Association will gradually request funds from the DAO Treasury to continue its work.

Key points to retain:

  • PNT are minted but they don’t impact the market, as they do not enter in circulation straight away, but only after a period of time
  • White Knights get PNT at a fixed price (no slippage), and they directly sustain the project in an efficient and convenient way

Proposal 2: DAO Loan

The DAO mints 1.6M PNT in one month, which are lent to the pNetwork Community Association to start operating 4 new nodes (400k PNT each).

The revenues from operating those nodes will contribute to sustaining the work of the Association.

At the end of the loan, the Association will return to the DAO treasury the PNT borrowed.

Key points to retain:

  • PNT never enter in circulation, they are minted and immediately staked within the DAO to run the 4 nodes.
  • At the end of the initiative, the Association returns the tokens (pays back the loan) to the Treasury and the DAO can dispose of them as it please

You can contribute to the discussion here.

Proposal 3: Lowering PNT requirements for posting proposals

Lowering the PNT requirements to open DAO proposals, from 200,000 PNT to 50,000 PNT.
The goal is to foster community participation and breed new ideas.

That’s all for this summary of the Community Call! Hope to see you in the next one!

Discussion over these proposals is open on our Telegram channel, as well as in the Forum.

1 Like