Chain Abstraction PoC: Interoperable Reputational Token

[pellyadolfo]

Lets make some noise. To promote community discussions and brainstorming. I want to propose a case which could benefit anyone, inside and outside the industry.

In my knowledge ICO industry / launchpads are mostly dead, VCs have already split in 2 flavours: "mainstream" supporters and bitcoin supporters and, as consequence, nothing out of this is funded or launch. Launching an ICO is an incredibly risky and resources consuming task for all stakeholders and requires huge know-how. So, I want to propose a low risk broad scope goal: reputational tokens.

A reputational token is backed by nothing more, and nothing less, than reputation. So it can be considered a memecoin, but with important restrictions.

The main goal is to help the issuer fund his project, art work, passion, social cause or whichever. The funding would be provided by commission on transactions. We need to find some mechanism that guarantees that when the project grows (and not just by promotion on X), the issuer gets better reward.

The issuer can be a company, startup, a person, we can discuss if must be doxxed or not. Everyone should be free to issue and profit from his work, talents and reputation.

And now, the more important points: the reputational token should provide 100% guarantees to investors and holders to prevent any scam, fraud, rugpull, misuse... They must be interested in following the token, and the project, so:

• issuer cannot control supply
• issuer cannot control the tokenomics nor allocations
• fair launch
• issuer cannot control who are the holders (we can discuss antiwhale features)
• issuer should be free to choose in which networks / exchanges he want to deploy it as long as they support facets (discussions pending)
• the token may include a link to https://linktr.ee/ if this does not compromise security so projects can be easily matched
• some mechanism should be defined to prevent impersonation
• code should be 100% transparent,
• we need to discuss about the upgrades and if holders are involved in the upgrade workflow
• should be cross-chain cross-exchange for maximum reach (this will trigger interesting technical discussion and experimentation for the Compose community)
• The license is MIT or whichever the Community decides.
• You are free to create a Tokenization Platform or any supporting tool.

Compose community will provide discussion, facets and know-how to allow anyone to assemble the token. I think the work is more about discussion on good practices that about implementation (which is simplest case is an non mintable ERC-20). But also requires interoperability and testing many other mechanisms. Apart for triggering discussions this also will demonstrate how Compose can deliver Chain Abstraction, promote the community and help everyone with a purpose.

The only thing the issuer will do is working on his dream and getting rewarded for it. This also could lead to an ERC standard.

I hope we have discussed and proved most of topics above and other before having a final implementation.

[pellyadolfo]

Besides contributing a great project to the society, my thesis is that Compose, because of the decoupled and upgradeable nature of facets, has the potential to become the leading framework in Chain Abstraction. There are not yet many players in this area.

https://www.antiersolutions.com/blogs/5-key-projects-to-watch-for-chain-abstraction-in-2024/

https://cryptorank.io/news/feed/70fc9-best-projects-building-for-chain-abstraction

https://frontier.tech/the-cake-framework

https://www.socket.tech/

https://github.com/chain-abstraction/awesome-CA

We need a Playground to learn from the experience and deliver a Proof of Concept. I think that if Compose can build a Chain Abstraction Layer, it will bring investors back to crypto and will be acquired by IBM, Hedera, Binance or some big market player.