Fair question. I actually don’t know their percentage numbers. If it comes to that eth is actually still pretty bad (~7 Mio Eth on ~116 Mio Eth in circulation). Lock up till after the merge (unknown) and already down at 5% annual return. Quite some risk for that return.
Cardano leads the statistics here I think. I’d have to research what the percentage staked is at the moment.
You’re absolutely right with the argument. Other approaches are still young and no one knows which one is the best atm. That’s why I try to give an overview and ask questions. Time will show which one has got the better tokenomics/governance. However if I compare some of them with ICP and watch the main arguments on why ICP is governed that way, I’ll always get the same impression:
We are far more concerned about a 51% attack than any PoS competitior. Much of our governance/tokenomics is founded on that. 6month lock up, discussion about neurons, etc.
And that’s my main point: I can’t predict the future, but this discrepancy is concerning me. If I look at Polkadot and Gavin Wood I’d be really cautious if I’d claim they’ll fail because they don’t have a 6month lock-up. They have good developers and tech as well.
So why do they think this can be done with 28day lock-up and we think we need 6 months lock-up?
Or why does Cardano think they don’t need a lock-up at all? By the way, all mentioned projects have got a higher market cap than ICP atm. So their holders have got far more to lose than we have, and yet we’re far more concerned about a 51% attack than they’re. Why?
Either they’ll fail miserably with their approach and ICP is right with the lock-up to ensure long-term governance, or in the end they’ll succeed and pressure on ICP will increase steadily.
I really don’t have answers to that, and no one has given me a satisfying one yet. Is it only because we are far more cautious? However if we bring in that argument I could also counter it again with centralization arguments: The longer ICP/Dfinity stays too cautious/restrictive/protective and fears giving up governance rights, the less likely its decentralization will become. Who takes part in the governance if it stays too protective? This could be a huge side effect.
And that’s why I think we should learn from other projects, or at least have a discussion about their approaches vs ICP approach.
That would be an interesting approach.
Thanks for your invitation to Telegram. I’ve already written with @ayjayem about it. I’m not the biggest fan of this messenger. Maybe there will be an own format anyway? There was a Townhall meeting on discord as far as I’ve seen.