Hello, dear Hive Commuity

TAGGR Hashtag, Ghost In A Shell Style

I have written a video summary about TAGGR

TAGGR's Unique Features

• Pay to Post Model: Inspired by the jukebox analogy - free to listen, but you pay to play your own song. Uses internal credits as payment.
• Spam Prevention: The cost structure discourages spam and promotes thoughtful content.
• Revenue Distribution: Credits from user activity are converted to ICP and distributed back to users who create valuable content.
• Autonomy: Built to run independently, treasury replenishes system resources as needed.

Open Internet Service on the Internet Computer

TAGGR embodies the original vision of open internet services:

• Ownership: Users control their data and have a stake in the platform's governance.
• Transparency: The dashboard provides public visibility into the ecosystem's health and activity.
• Experimentation: The open and chaotic development process allows for dynamic exploration by anyone willing to contribute.

DAO Structure: How Does it Work?

• Proposals: Seasoned users ("Stalwarts") can submit proposals for code updates.
• Public Review: All TAGGR users can scrutinize code changes and discussions for each proposal.
• Voting: Voting is weighted by token holdings, ensuring those with the biggest stake have the most say.
• Supermajority Required: Proposals need 66% of total voting power to pass.
• Automated Updates: Accepted proposals trigger an automatic code deployment, ensuring a streamlined process.

Decentralization & Nakamoto Coefficient

• TAGGR has a relatively high Nakamoto coefficient (around 30), indicating substantial distribution of decision-making power.
• However, since many token holders are anonymous, the team advises that this decentralization metric should be taken with a grain of salt.

Lessons Learned: The Security Issue

• Christian's Role: He describes how the initial DAO mechanism relied on trust that proposals included correct binaries matching the source code.
• The Incident: During a transition to decentralization, users were incentivized to vote leading to less scrutiny of submitted binaries. This led to a vulnerability.
• Lessons Learned:
  • Importance of code scrutiny regardless of incentives.
  • Need for more robust security safeguards during transitions.

Key Takeaways

• DAO Experimentation: TAGGR demonstrates that DAOs can have unique structures and decision-making processes. There is no one-size-fits-all model.
• Transparency as a Strength: The open communication and public discussion process are valuable, even if sometimes chaotic.
• Balancing Incentives: When designing a DAO, incentives need to be balanced with appropriate security and review procedures to prevent unintended consequences.
• The Value of Community: The engaged and passionate group of TAGGR users contributes significantly to the platform's direction and stability.

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