This would be a governance proposal to modify the North Star metrics to:
Total Value Secured (TVS) within Nation3’s legal system: Net value of all tokens that have been used/are currently used as collateral for a Nation3 agreement, expressed as BTC.
And the goal for Q2 2023:
TVS >50 BTC. That’s 3x from today’s value.
Product-market fit for Nation3 agreements are Nation3’s bet on sovereignty and sustainability. To build a nation we will need to be sovereign and self-sustainable. Nation3 agreements achieving strong product-market it enables both.
In this proposal, I intentionally left out number of active citizens for the moment. The main reason is lack of compelling proposals to organically increase such number. Although there’s been progress to track that number (with the Citizen Directory), I don’t think that just automating SourceCred sign ups will lead to a great surge in citizen activity.
Instead, maybe building something worth governing (the jurisdiction) will naturally lead to more active citizens. I had the same experience at Aragon pushing DAOs: no one cared about DAOs until DeFi, where protocols suddenly controlled billions of $ and therefore governing them became valuable.
So maybe achieving PMF comes before trying to optimize for citizen activity.
I agree with that viewpoint. Expecting 50btc is reasonable, but I think we should start thinking about how to attract more users to use our service. Looking at Defi projects is actually a good idea.（The first Defi projects which borned in Defi summer of 2019-2020 attracted the first batch of early users through liquidity mining) Although I don’t think liquidity mining is a 100% suitable way for us, we do need to consider how to encourage the first participants and attract more people to learn (know) about our service.
@luis Fully agree with this. NationCred itself will not increase citizen activity–It’s just tool that we can use to track activity throughout the Nation3 ecosystem.
In terms of lack of compelling proposals: Personally, I found @Alferd.Packer’s proposal (draft) to build a Nation3 Marketplace exciting, because I can see that pairing well with the Nation3 Jurisdiction. I’m not sure how technically complicated it would be to plug a Jurisdiction Agreement into every Marketplace trade, but would be interesting to explore that further. So I hope Alferd will continue to push his proposal forward
The more I’m citizen, the more reputation I accrue over time.
The more reputation I have, I can stake it towards the agreements.
I think it intuitively makes sense… The longer I’m citizen, the more trustworthy I become. At some point - undercollaterized loans based on Web3 Nation3 reputation - definitely not impossible
Depending on wording and interpretation, “technicallly speaking” the agreements will be fully collaterised, with the reputation coming into the account. Kind-of-ish… Reputation is not transferable and once it’s gone it’s gone, cannot sell someone’s gone reputation on the open market
The lost reputation has no value to me, no recourse, lose-lose outcome: someone losing their reputation, me not receiving the deal.
But the possibility of losing reputation is a pretty good motivator to actually deliver.
I was also thinking about putting off-chain assets described in plain text into on-chain agreements.
Blockchain nodes have no way of enforcing agreements IRL yet, there is no such thing as “Ethereum police” yet.
Pretty sure it would be possible to use this framework to enforce agreements IRL for off-chain assets using 3D world legacy legal infrastructure.
I can be the mischief / trickster / troublemaker… It could be an interesting exercise / formality to take Nation3 agreement to the court and enforcing IRL. Marketing gimmick, guerilla advertising, something to get some press