Attributes
- Author(s): Jack Chan & Rich Cuellar-Lopez
- Recipient(s): Harmony Foundation token swap with POKT Network
- Category: Agreements (Token Swap)
- Related Installments: See API3 Token Swap
- Asking Amount: Est. $50,000 to $100,000 USD (depending on total traffic to shift over)
- Timeline: 4 to 8 weeks from signing to launching to POKT Network of node runners
Background
Harmony is an EVM-compatible multi-shard blockchain focused on Cross-Chain with Trustless Bridges, Social Wallets with Keyless Security and Cross-Border with FinTech Integrations. Harmony has a network of independent entities running Validator nodes globally that are capable of exposing Remote Procedural Call (RPC) services while validating for Harmony’s blockchain. RPC services currently routed via api.harmony.one are crucial for Harmony’s ecosystem to ensure the multiverse of DeFi and NFT DApps on the Harmony blockchain can operate with high availability and be horizontally scalable as the demand for the RPC services grows.
Summary
We propose to shift Harmony’s RPC network traffic into Pocket Network’s ecosystem of up to 5,000 node runners as one of the first initiatives towards a decentralized RPC service. To do this, Harmony and Pocket Network will perform a token swap that will result in ONE tokens owned by the Pocket DAO (managed by the Pocket Foundation) and POKT tokens owned and managed by the Harmony Foundation with a responsibility to transfer the ownership to one of Harmony’s upcoming Developer DAO (or equivalent) when this DAO is established and ready to manage the tokens.
We propose that ONE and POKT governance matters be debated on the Harmony and Pocket forums and sent to both the Harmony DAO and Pocket DAO respectively for votes. The Foundation directors will be compelled to vote according to the will of the DAO with the PocketDAO-run validator which will be listed for open delegation for others here. The ONE and POKT tokens will be respectively held and locked by each organization for a minimum of 1 year.
Motivation
This is a vital part of the Harmony and Pocket Network ecosystem. Firstly, cross-community governance is important to help decentralize the decision-making power. Secondly, the POKT tokens will be used for API calls and to encourage infrastructure on the Harmony network to be built around the Pocket Network community and nodes. Finally, the ONE tokens can be used by Pocket Networks for future community projects that require cross-chain liquidity i.e. bridges, general network fees, staking and/or governance.
Growth and Scalability
The entire Harmony network has around 50 to 100 million API calls per day for its multiverse of DeFi and NFT DApps, in addition to developers and chain operators. The goal of the outlined budget is to be able to scale this up to 5X the current community size (i.e. 500 million API calls per day) in a year. Harmony will provide backup-restore infrastructure on behalf of all node runners for archived and pruned nodes the first 12 months.
Budget
There will be a one-time token swap of X POKT tokens for Y ONE tokens. These would be locked for 1 year in the receiving addresses.
Rationale
A strategic relationship between the Pocket Network ecosystem and Harmony ONE ecosystem. Currently Harmony is hosting RPC services and hasn’t worked with Pocket Network infrastructures in the past. The token swap would be used to help begin a sustainable long term and drive value for the POKT community and DAO in governance of the Harmony’s network.
Deliverable(s)
- Token Swap
- Setting up of POKT Validator
- ONE as paid network on POKT
- Cross community marketing, PR, and AMA
Community Feedback
We’re looking for community feedback from the DAOs from both Pocket and Harmony Foundations
Contributor(s)
Foundation Directors for Pocket Network and Harmony Foundation.
Copyright
Copyright and related rights waived via CreativeCommons
Decentralize RPC Service
(Poll added Sep 12)
- Yes
- No
0 voters
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