Dear Friends,
Everything happening in the world more than ever shows the need for a true decentralized internet with corresponding applications.
I do understand that some of the ThreeFold farmers are not happy at all with the price of the TFT and we don’t like it either. We believe we are on a good path to make it happen, now is the time to work together as a community and build our future together.
First some facts
- As far as we know there is no other project which has opensource technology available right now to deliver a decentralized internet infrastructure + digital twin concept, which has the potential to bring a new internet to even billions of people. It’s now up to the community to use this code and further expand on it.
- The ThreeFold token market cap is too low: at 0.02 USD per TFT, the market cap < 20m USD. ThreeFold is operating in a trillion USD market and has working tech. The world is moving to true decentralization (see mastodon, pixelfed, peertube, …). Millions of people are moving right now. There is the freeflow and digital twin coming soon and big projects aligned.
- ThreeFold does not operate as a commercial entity towards our TFGrid. ThreeFold right now is 100% funded by its founders and close community, these investors believe in a future based on values and see the necessity of a new internet infrastructure. ThreeFold is +80% engineering, has no funds for marketing right now and spends most of its energy on fundraising and realizing some big projects which will bring the required funding to grow and make it happen globally. We are relying on the community to grow the TFGrid and help us achieve our community/project goals. ThreeFold founders are spending more than 400k USD per month in improving our opensource technology and finding funding through collaborative projects and new like minded investors.
What won’t work
- Rewarding farmers with more TFT (boosters), and the same farmers sell their TFT asap to cover their basic costs, this will get the token to lower in price even more.
- Allow farmers to use too old hardware which leads to inefficient power utilization (so not green) and our inability to do proof of capacity (e.g. we need a TPM chip in the server, this will be mandatory for any booster, because technically there is no other way for us to prove the capacity and identity of server).
- Allowing some community members and/or farmers to take advantage of the system, we want a community where people feel safe and together look for solutions for a more decentralized internet for everyone and have trust in a future we create together. Respect for each other, authenticity, people and planet first are values which are fundamental to our project.
- Consider Threefold to be a commercial entity like Amazon web services and as such expect us to behave the same way.
What will work
- Community, community, community, “we are the internet”.
Keep our community healthy, positive, loving and thriving. - The 3.8 release has some very nice features (coming in weeks on testnet)
- Power Management, allow your farm not to use energy if not used, but token reward still there.
- Ability to create solutions and ask extra TFT reward for it, this leads to the potential to build an ecosystem of solutions as created by the community with a built in reward system.
- Examples and some weblets in how to deploy Fediverse services.
- The 3.9 will have some additional good features (all will promote utilization) = Q1 2023
- Full implemented Fediverse weblets
- IPFS pinning support (using TFT)
- BCDB = Blockchain Database, allows anyone to store data records and files on top of our Quantum Safe Storage System with indexing and strong authentication and security. This is a huge use case.
- Boosters (extra rewards for farmers) need to be implemented, maybe we should create the booster program in such a way that part of the rewards are not in TFT but in CHI (local version of TFT of a regional internet) and FFT (FreeFlow Tokens) which can be exchanged for pre-defined value. It’s not moving as fast as we want because it’s not easy to find consensus in the community and we need to find some more time to implement it. This will resolve providing cash to farmers to cover their operational costs. It’s impossible to resolve everyone’s requirements, we will have to come up with the right solution (20% effort for 80% benefit to the community).
- Bring life https://www.freeflow.life/ and do a crowd sourcing for selling of the FreeFlow Keys (is a presell), the money will be in DAO and this can be used to get more funding for the community.
- Implement the Member Owned Market Maker = MOMM (is like a liquidity pool) which will take care of buying back TFT and selling TFT at the right price. More info see http://liquidity.threefold.me/
- Allowing registration of the L1 (regional internets) and L2 validators on a blockchain, this requires TFT to be staked (locked).
- Focus on the Fediverse will give us lots of genuine organic growth and utilization on the grid (Mastodon, Peertube, …). There is no reason why we can’t together get millions of people on top of the grid.
- Motivate the community to build more solutions on top, we need some more TFT/CHI or FFT’s for this, everyone is welcome to donate. We can maybe implement it as a DAO, this requires more work though.
What will work but needs more time
- The regional/community internet of internets concept.
- Realization of some of the projects which we are working on with Threefold Luxembourg (our commercial entity working with large communities and governments).
- Implement our integrated 4G and 5G strategy, use TFT as utility tokens for telco platform (is through a partnership with Kleos)
What would be beneficial for all of us
- Lock farmed TFT, like it was designed and specked on our knowledgebase. We didn’t enforce this lock-in yet not to make it harder on farmers as it already is, but the current model is not good either, do note that in the regional internet TFT farmed will be locked and can only be traded through MOMM.
- Allow the unlocking of the vested tokens, the best believers have their tokens locked, it’s not fair in relation to others, we should all be treated equally. These believers will not dump, but some of them want to give their TFT for funding of the project which they can’t right now.
See also our Status Update Oct 2022 from Kristof CEO ThreeFold Tech
DISCLAIMER: TFT is not an investment instrument, nothing in this document is intended to get you to invest or even buy the Threefold Token. Threefold is a community driven project. TFT is NOT a speculative instrument. TFT represents internet compute, storage, network capacity and is needed to buy/sell services on this ThreeFold Grid. We do not make any promise about future valuation or any other matter, we want ThreeFold to be a community driven project, success will depend on how the community drives it.