Will be interesting to know what was the prompt you used.
Translation from Google Translate:
About “the black spot of the firo team”
According to public information, the Firo (formerly known as Zcoin) team was questioned by community members for the following controversial points:
Leadership responsibility and the price plunge
Former CEO Reuben was accused of making Firo’s price fall from $120 to $1 during his tenure from 2017 to 2022, and the market value ranking slipped to outside the top 600 (Zcash remained in the top 40 during the same period). The community believed that he made wrong decisions and did not take responsibility.
Management Centralization Dispute
The development fund was accused of being allocated by Reuben, forming a “highly centralized” structure and weakening the community’s governance rights.
The team was accused of transforming into a corporate entity, and core members became “employees”, deviating from the principle of decentralization.
Brand renaming controversy
In 2020, Reuben promoted the renaming of Zcoin to Firo. Some community members opposed this decision, believing that the renaming did not fully seek consensus and the motives were questionable.
Improvement suggestions for the above-mentioned controversial points of Firo
In response to the controversial points of the Firo team, combined with the characteristics of the blockchain industry and community governance experience, the following improvement suggestions are proposed:
- Leadership responsibility and currency price management
Establish a transparent accountability mechanism
Publish an annual “Team Responsibility Report” to disclose the decision-making records of core members (such as technical route adjustments, details of fund use), and explain the logical connection between currency price fluctuations and team actions.
Introduce third-party audit agencies to regularly evaluate the efficiency of development fund use (such as quarterly audit reports).
Optimize market value management strategy
Cooperate with compliant market makers to reduce suspicion of market manipulation.
Measure the health of the project through on-chain data (such as the growth of currency holding addresses and DEX liquidity) rather than simply the currency price, and disclose it to the community regularly.
2. Decentralized governance reform
Reconstruct the governance model
Transfer the right to allocate the development fund to DAO (decentralized autonomous organization), and adopt the “proposal-community voting-on-chain execution” process (refer to Aave or Uniswap governance framework).
Set up a multi-signature wallet to manage funds, requiring at least 3 community representatives to participate in the signature.
Transparency of team identity
Open the labor contracts and salary structure of core members, and clarify the boundaries of rights and responsibilities between “corporate entities” and “open source communities”.
Establish a community supervision committee, whose members are elected by coin holders and can exercise veto power over team decisions (such as the Gitcoin community model).
III. Repairing the relationship between brand and community
Establish a decision-making co-governance mechanism
Major matters (such as brand renaming and protocol upgrades) must be voted on the chain, and a minimum participation threshold (such as 10% circulation voting rate) must be set.
Develop a decentralized public opinion platform to capture community feedback in real time and generate sentiment index reports (similar to Santiment data services).
Brand strategy upgrade
Publish the “Firo Brand White Paper” to clarify the long-term positioning of privacy protection and compliance (refer to Monero’s transparency report).
Carry out the “Open Source Contributor Incentive Program” to reward community developers with 1%-2% of the total tokens and dilute the team’s control.
IV. Risk hedging suggestions
Compliance layout
Actively communicate with regulators to develop privacy solutions that comply with FATF travel rules (such as Zcash’s shielded pool compliance function).
Provide an auditable mode option when listing on regulated exchanges (such as Coinbase).
Technical moat construction
Accelerate the upgrade of the Lelantus protocol and achieve compatibility between privacy and compliance through zero-knowledge proof (similar to Aleo’s ZK privacy architecture).
Cooperate with academic institutions to publish papers to enhance the credibility of technology (such as the cooperation model between Filecoin and Stanford University).
V. Implementation path
Short-term (1-3 months): Initiate the reconstruction of the governance framework and publish the first “Team Responsibility Report”.
Medium-term (6 months): Complete the development of the DAO governance system and conduct the first community proposal vote.
Long-term (1 year): Achieve a breakthrough in technical compliance and enter at least 2 mainstream compliant exchanges.
Through the above measures, the trust crisis can be systematically resolved and the dispute points can be transformed into opportunities for governance upgrades. The core asset of a blockchain project is community consensus. Sustainable development can only be achieved through code transparency, checks and balances, and interest sharing.