We are publishing a text version of the Free TON Weekly Meetup DeFi Governance #4 on October 11 2020, the most interesting moments of which can also be viewed in a blitz version:
Vladislav reminds that the jury contest was launched. However, due to some technical error, it was incorrectly deployed and several preliminary applications were lost. To redeploy the competition, all team members were asked to provide their wallets to include them as jury wallets. Anyone who wants to apply must do so by the end of the week. The next step is the voting stage. We are looking for people who are capable of being jurors in such a technical contest. It was suggested in the main jury group to publish the call to participate in the contest.
Sergey Shashev offers to publish an article on Cointelegraph or Coindesk.
Vladimir Ponomarev proposes to run this competition on a regular basis until the required 15-20 members are recruited to create the jury team.
Alex announces that they are preparing PR publications on various websites with crypto and it is necessary to collect basic content to create articles. Asks developers and the community to participate in the competition.
Alex V reminds everyone that there are partners and ambassadors who can help to cooperate with the media.
Vladimir Ponomarev points out the interest in involving the bigger number of participants in the competitions.
Ivan Kotelnikov says that they will be happy to share the best practices that Ethereum has employed when interacting with smart contracts. It is crucial to communicate the importance of the decentralization paradigm globally to understand decisions made behind the entire TON infrastructure. It is important to emphasize the fact that all the applications that have been used are not completely decentralized and that there is a way to decentralize them.
Vladimir Ponomarev points out the necessity of closer cooperation with the development experience sub governance as they prepare many excellent sets of tools for operating with FreeTON. The projects are similar but for a specific area related to decentralized finance.
How to deal with criticism of DeFi in relation to FreeTON?
Vladimir Ponomarev brings up another topic for discussion: how to cope with the criticism of DeFi in relation to FreeTON.
Vladimir focuses on the fact that DeFi is entering a stagnation phase and that the excitement is over.
FreeTON is not just yet just another blockchain. It is a revolutionary blockchain which is super fast, super efficient and really designed to deal with decentralized finance. The reason several contests are being run at the moment is to build bridges with for example Ethereum and Polkadot. Another one is planned for Solana. The team is thinking over the idea of building an entire DeFi architecture based on FreeTON that will be open source and open to use by any team around the world. Anyone can use open source and start working on their DeFi products based on FreeTON. This is necessary for FreeTON itself, as it will generate transactions that allow the blockchain to grow.
Alexander Wat says that blockchain should provide an opportunity to do business not only for people with a bank account but also for people with little amount of money. This may help to attract millions of new users to blockchain technology. After studying some projects, Alexander noted that only an administrator can update or change a smart contract.
You «pour» money into the pool but you cannot be sure of the future of your money since the smart contract can be deployed and changed. FreeTON blockchain is more decentralized and this is the second major reason why FreeTON is better for DeFi.
As Ivan Kotelnikov notes, the first unique feature of FreeTON is a deposit which allows you to transfer a stake with all the rewards. Secondly, not only transaction fees are cheaper than in Ethereum. The important thing is that the cost of transaction fees depends on the complexity of the contract, not on the load on the system. In Ethereum, the more load you put on the system, the less people can include transactions in the next block and this encourages miners to increase the fee, so it grows. With FreeTON blockchain you can do almost anything. Ivan mentions that if you want to use all the capabilities of computing power, you must follow the best practices for writing smart contracts. Communication should be based on fundamental architectural differences.
Vladislav expresses hope that the team will be able to achieve their goal. And reminds everyone that the more developers join the better.