This migration would mean the end of the Trustlines Blockchain and open up more collaboration paths for Trustlines.
The proposal is going through three different phases in the Gnosis ecosystem. We have already gone through the first two phases, with the final one currently running for a few more days. As the proposal includes a request for funding from the Gnosis DAO, a thorough process is needed.
In the last one, Phase 3, GNO holders vote to either approve or reject the proposal. Also, a minimum quorum of 4% of the GNO in circulation is required for the vote to pass successfully. So if you happen to be a GNO holder, make sure to voice your opinion on the proposal!
For a more detailed read, you can check out the actual proposal, ”GIP-45: Should Trustlines Network migrate to Gnosis Chain?” at the Gnosis Forum.
What is this proposal?
In short, the proposal is to migrate the Trustlines Network to the Gnosis Chain and, in the process, change our identity implementation to use Gnosis Safe.
We are requesting funding of 120,000 EUR paid in DAI or GNO tokens. We expect the work to take between two to four months.
Why do this?
Even in 2022, many issues are limiting the broad adoption of cryptocurrencies. They do not fit into the current economic reality where money is mainly created as debt by banks, and the capital costs incurred when people provision cryptocurrencies are prohibitive. Moreover, the requirement of upfront deposit money, a bank account, dependency on centralized, often non-regulated, cryptocurrency exchanges, lack of user-friendly user experience, and the necessity to deal with cryptocurrency transfers hinder adoption.
In 2019 when the Trustlines Blockchain launched, there were no low gas fee chain options. Chains, where a single transaction cost would have been less than €0.01, like the Gnosis Chain. Now, it would be beneficial to move to another, more diverse chain.
The Trustlines Blockchain has been running for the past three years. We have a group of very engaged and dedicated validators. Despite that, we’ve identified use cases that would benefit us from being on a chain that is not solely dedicated to Trustlines (e.g., buying crypto with peer-to-peer credit aka Social DEX, using Gnosis Safe with social recovery.)
Medium to long term, we’re hoping that this could be a first step towards unifying all Ethereum social graph projects on one technologically and economically interoperable protocol.
The Trustlines community also aligns well with the Circles community as the users of both are interested in alternative currencies/economies. Having both projects on the same chain could spark exciting collaboration opportunities.
Implementation of the migration
Should the proposal successfully pass the vote, we have outlined four phases to implement the migration. Each phase is nearly the same in terms of complexity.
- Phase I: Migrate to Gnosis Safe
- Phase II: Update DevOps infrastructure.
- Phase III: Migrate existing currency networks & users
- Phase IV: Buy crypto with peer-to-peer credit (Social DEX)
We will publish another blog post with more details if the proposal is approved. We are very excited about this opportunity and hope this proposal finds support from both the Trustlines and Gnosis communities.
In the follow-up post, we will also share more details about the plan and the future of the TLC and TLN tokens.
Show your support for the migration by voting on the proposal by June 6th, 2022, 12:56 PM CEST!