Hello, ONE community!
Harmony commits to utilizing the treasury for the Recovery One plan, rather than minting new tokens.
Continuing to support vital network services and partnerships is vital and will require new methods of funding.
This proposal is to collect and use network transaction fees to fund these necessary services and partners.
This change would require a hard fork, and there will be a vote.
Blockchain and Web3 projects must adapt to current market conditions. This proposal is for the current burning mechanism of transaction fees to be shifted toward utilizing those fees to fund the blockchain’s required services/partners in order to continue development.
Harmony relies on vital services and partners (such as server infrastructure, oracles, endpoints, multi-sig, etc.), without which it cannot continue to build and develop into the future. Given that Harmony has committed to not minting new tokens and to using the Harmony treasury to recover de-pegged asset value, a new and innovative way to procure funding for these services/partners is needed. An obvious source for this funding comes from transaction fees that users already are paying. Recovering the de-pegged asset value and continuing to move forward in development go hand and hand for the success of Harmony.
Any change to the coding on the chain requires a hard fork, which certainly applies to this situation. This proposal will remain on the Talk forum for 2 weeks for community engagement purposes and feedback. A poll will be attached to gauge sentiment, which is not to be considered as an official vote. After 2 weeks, a Snapshot vote will be posted, at which time validators will have a week to vote.
Snapshot will need to be tested and brought up to speed if needed to ensure governance is possible. The move to the official Snapshot in the past caused issues.
Thank you for taking the time to read this proposal, and please provide any feedback you may have. The core team is aware of this thread, and I will be tagging a few of them to ensure they see this. @lij @Globey.one @sophoah