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by nahollander
3250 days ago
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Re: FV -- I admittedly have a surface level understanding of the entire subject matter. If you have any good primers and / or resources, I'd love to hear them. re: Pact -- sounds super cool. I look forward to reading the white paper. Would be happy to scan the drafts if you'd be interested in sharing too re: SEC -- just saw that too. I wouldn't say I totally disagree with the decision -- by Howie test standards, a governance token like DAO is functionally a security. Whether that jurisprudence will extend to grayer-area app coins and such is the real question. At the moment, not planning on a token sale. Largely because of the concerns you've alluded to. |
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These are few and far between. My paper on it is soup to nuts for how we do it in Pact which, while technical, should be somewhat approachable for most devs to grasp (I tried at least -- representing a program as equations is just an abstract concept).
Until it comes out, the best one I've found as an entry point was the approach they use in Cryptol: https://youtu.be/ruNFcH-KibY?t=897 . Cryptol, generally is a great project to look to for guidance. We're not going with the interactive approach. An EDSL in the docstrings is our approach so that you can pull a contract from the chain (pact is interpreted so the code on chain is the code that executes... well after it gets inlined and validated) and do the verification for yourself. Pact inlines at module creation/update time as a safety feature -- this way if a dep upgrades the code your contract runs doesn't change though the dep can revoke your code's right to access its tables/data until you update your contract. The "no leftpad" approach to deps.
All the imported code that's pure, however, still works. This way, when you are building a module, you know that the code you formally verified/tested against is the only code that will ever run (until you update it).
### Whitepapers
Thanks for the offer but I've already got enough people looking at them currently and we're keeping them confidential for now... a glaring stupid mistake would be embarrassing. Subscribe to the mailing list on kadena.io and you'll get updated with them the second they get released publically.
### SEC
FYI I used to work at the SEC and I was their tech lead when they formed the Cryptocurrency Steering Committee, which has been renamed to the Distributed Ledger Technology Working Group (DLTWG). I worked with Valarie (then the head of it, still is probably) on a few actions. This is the group did the investigation and put out the release.
Yep, no one is surprised by the take on the DAO and you're 100% right about the grayer-area of app coins. The key distinguisher will be, IMO, if the app-coin has real world use when it's sold + isn't supposed to return a profit as part of the app itself.
IMO, expecting to resell the app-coins for a profit will be fine in the same way that art can be bought/sold for a profit, and a profit can be expected when one purchases it, but also art can be hung (or rented out and shown for a profit). Everything else is strictly a security.