@FiroHero requested further details on the latest Weekly Firo Development Meeting Minutes where we mentioned Avalanche Subnets.
First of all let me clarify, the existing Firo chain is not migrating to Avalanche. The idea is to create a separate chain but do a snapshot and entitle existing holders of Firo on the main chain to get benefits of the Avalanche ecosystem.
We are currently still assessing the feasibility of this. It’s not a confirmed thing but we thought it might be interesting to explore.
It might also allow the team to apply for funding (we would need additional team members so that it doesn’t affect the Firo core team).
The main purpose of this would be to first of all get additional visibility for our tech in a vibrant and well funded ecosystem. Secondly to accrue additional value for existing Firo holders. Thirdly to increase the amount of resources available to the core team to develop the tech rather than just being reliant on the core team fund (which is currently insufficient).
This is also not the same as other early plans to explore Avalanche post-consensus which is basically using their consensus mechanism but NOT be a subnet. That’s a separate endeavor.
It sounds interesting Reuben…
I still have quite a lot of questions, but I’ll go research avalanche a little more first before wasting your time asking dumb stuff.
is this parallel asset? snapshot means airdrop will happens?
Nothing is set in stone yet. This is all exploratory. But I don’t see it as a parallel asset, just a new chain with airdrop for existing users.
I believe anything we do to get more exposure for Firo it’s a good thing.
On the part of rewarding early “investors”, holders or in general people that have really put their time and hard earn money into Firo it’s also a great thing.
We can see how this it’s currently playing out with Defi, NFT and it’s definitely being welcomed by the people that had stuck to thick and thin with the relevant project.
Ok so I’m beginning to see the point in terms of raising funding from both grants and from offering offering masternode airdrops.
Correct me if I’m wrong, but offering an airdrop for masternodes would encourage significant direct investment into Firo in order to gain access to the airdrop. This demand would help support the price and dev funding for Firo while offering a form of ‘hedge’ to existing Firo holders. Whereby the hedge is that the Avalanche version increases the chance that a chain in the form of Firo will be successful, especially given increased exposure within a larger ecosystem where many other AVAX chains could make use of the tech?
As it wouldn’t be a parallel asset, what are folks thinking in terms of a name being related to Firo, or would this be an opportunity for Shhh-iba or some other name?
ATM we are still assessing the amount of work required and @sproxet is of the opinion that without grant funding it would be quite significant work.
Parallel assets are something else together but would need a tokenomics change to support it. Hope people read more into it.