There is a lot of curiosity about the status and future of DKP/SNS-1. We have been giving this a lot of thought and we wish to discuss with the Dfinity community the first steps that we envision for the DKP/SNS-1.
Firstly, we want to update the ticker symbol from SNS-1 to DKP (Draggin Karma Points). We understand that this requires a vote on this aspect at the NNS level, to which you would be invited to give your opinion. @domwoe @lara Can you please confirm that this will be possible with an NNS vote? Do you have any time frame when we can expect to be able to submit a proposal to make this change?
Secondly, we wish to increase the amount of DKP in circulation for functional reasons. This step simply ensures that when people use DKP, they are using whole numbers rather than small fractions like 0.002 DKP. Note that as part of this measure, no token holder will be diluted. We will simply mint more tokens with an NNS proposal, which effectively will multiple everybody’s holdings by a certain factor x percentage, quite possibly to multiply by several hundred thousand.
We also wish to split the locked Dragginz neuron into two equal neurons to enable us to participate in community voting without affecting the decision-making process.
One big question is how to ensure that every holder of DKP gets updated when we multiply the number of tokens. Our initial thoughts are to pause any exchange activity after giving two weeks or more notice. Then take a snapshot of everyone’s holdings and reallocate the new amounts accordingly. At this point we envision to be able to unlock the token and the token holder can then choose to opt in to locking and voting, or not.
Once that is completed, we wish to propose both an inflationary and deflationary mechanism:
Inflationary will be in the form of voting rewards based on a staking mechanism . Voting would take the form of fantasy governance. The voting rewards the Dragginz neurons earn would be used to cover the cost of cycles and development.
Deflationary would involve burning DKP according to a mechanism yet to be determined in further detail.
We wanted to make sure that a) this was possible, and b) we had done everything we can to ensure the exchange goes smoothly. We are in close contact with both our technical as well as our legal team to further specify details. We will share further information as soon as they are available.
As you can appreciate, the proposed changes are something we only wish to do once, so we really want to ensure that we do this correctly. As we are dependent upon the NNS to proceed on a technical and governance level, we invite you to comment on our intentions / plans, which shall also allow us to get a better understanding of the technical and procedural timeframe .
Any thoughts or feedback would be most appreciated.