It’s been a busy two weeks.
Onboarding has been slower than we expected - the main slowdown was related to questions about past and ongoing expenses that could not be easily understood by PNF financials. So, to ensure that the remaining capital we have is spent in the most efficient manner possible - we have had to prioritize getting the books cleaned up.
In addition to working through accounting questions and operational processes, we’ve been speaking with node runners and POKT holders. The goal is to better understand any outstanding financial obligations PNF has while also getting feedback to help us move forward in an informed way. Using the feedback, and the cleaned up financials, I will create and share a budget and projections for PNF with the community. I’m targeting as early as next week but that’s assuming I’m confident that we have a clear understanding of our current financial status.
Parameter changes:
For now I’m holding off on any major changes besides not adjusting RTTM until we hit 20% emissions. After speaking with many node runners and digging in detail about their businesses, I am now considering a path to reducing inflation rather than increasing. I will put up a post next week, before the weekly community call that describes where my head is at and I look forward to the conversation around it.
I do know that the current status quo is not cutting it. We need to be bold regardless of either direction that we go, and we do need to move quickly on it.
I will propose two paths:
- Belt tightening where we bring inflation to near-zero
- Growing our way out of it through additional inflation as conveyed through PIP-38
I will be framing them in the extreme, and ultimately I suspect that we will have a mix of these two approaches, but I look forward to the conversation.
On a minor change, I am working to put out some initial increases to Solana Custom and Solana. Will have a spreadsheet with the rationale behind them next week.
Marketing:
We are starting to get the ball rolling with marketing. Our first major campaign is supporting Vojtech’s multichain efforts. We have our content calendar getting ready for imminent announcements, and have recruited a couple community members to help with content, docs and the up and coming new website.
Global community growth:
We have our first event scheduled for KBW, and are working on scheduling events in Tokyo, Taipei and Singapore during Token 2049. Over the last month I have commissioned a product from POKTScan that allows people to run nodes without being technical. I believe this is the first product with a UI that allows non-technical users to use the network outside of sending POKT.
This will be open source and white labeled, so anyone will be able to use it for themselves.
The evolution of the product will go from individuals connecting to node providers, to enabling others to stake with them (driving POKT growth without adding to supply), and eventually pools. I also want to add governance transactions to the product.
I will be presenting this product alongside the other open source tools we have in the ecosystem in all of these meetups - like Node Pilot, GateWayKit and Path when it’s live. The goal of presenting this tooling is to show how easy it is to get involved in Pocket and enable each individual to be a distribution channel for POKT.
Conclusion
If you would like to contribute in any way shape or form, please contact me via michael@pokt.foundation or on telegram @o_rourke. I am looking for all skill sets and will make sure that we find some work that helps push things forward.
