One approach the team is exploring is the potential of Elysium being a way to bridge assets such as ERC20, BEP20, and others so that users can enjoy private transactions and cheap fees. Furthermore, they are exploring using masternodes in conjunction with this to be part of the bridging process to reduce our reliance and dependence on other chains while providing a new way for them to earn income besides the block reward share.
The next approach the team is pursuing is ensuring the interoperability of decentralized bridges or multi-chain DEXes. An example of this is the FiroDEX, and the team has been in talks with other major projects to continue building along these lines. Another approach that is being explored is creating whole new chains on other ecosystems such as Avalanche, Symbol, Horizen, using our Lelantus Spark technology while ensuring that existing Firo long-term holders do have a share on these new chains. It is important to note that this will not affect our core team as with the new projects would come new teams, ecosystem funding, and research respective to their own chains, while allowing direct integration without needing bridges!
Regarding blockchain consensus, Firo remains steadfast in the use of Proof of Work as a way to maintain decentralized distribution, especially when combined with masternode consensus which solves two of PoW’s biggest issues which are quick finality and the danger of 51% attacks. The two largest arguments against PoW is that it is bad for the environment and that Proof of Work isn’t scalable. The Firo team rejects both arguments - you can read the reasonings in more detail in the blog post. The team has no plans to change consensus mechanisms at this time and will continue with the hybrid Proof of Work system as this achieves a good balance of security, scalability, finality, and decentralization which is fundamental to a privacy chain.
September 2022 will be the 2nd year since the Founder Rewards have ceased and Firo promised there would be a check-in with the community to evaluate the Development Fund from the block reward. A key part of this is defining the role of the core team along with exploring alternative funding mechanisms such as the Firo Crowdfunding System or a potential Firo MAGIC Fund
We would like to know what the Firo community thinks of this! Are there items you disagree with? Which items do you agree with? What things do you think could be improved upon? Please discuss all of it in this thread!