Hi all, it is Tyler64 here again. Today I am going to talk about a real issue that I wished to communicate on behalf of 80% of the Iconists. This issue needs to be addressed hard as it concerns the value proposition of ICON public blockchain and ICX.
Let’s start with the facts. After 3-4 years, ICON blockchain is nothing but a gambling den. By looking at the transaction volume in USD throughout the entire history, >95% of transactions come from ICONBet. Without ICONBet, ICON public blockchain is a dead chain. That is how much concentration risk we have.
ICONLOOP on the other hand is making big strides in business developments. Enterprise news one after another. But here is my question to you. You can have broof, zeeung, myID, hospital identity, shinhan banks. Big names. If they contribute nothing to ICON network. It is as good as irrelevant. What is the use of all these developments if they can’t contribute even at least 5% to ICON public network? What is the use of ICX?
I understand that government/enterprise use cases would probably be more restrictive. Fine, a portion of it they would come to ICON public chain using ICX as a native token. But if they contribute such an immaterial effect on the network. It is as good as useless from a tokenomics demand perspective.
ICONLOOP got to speak up. Address it. Voice out future plans on ICON blockchain. Currently they contributed nothing from a transaction volume standpoint. I can tell you frankly all p-reps and iconists are bullish about ICON for 1 thing: myID Alliance.
We don’t invest in ICX for p-reps. P-reps should be the secondary contribution and ICONLOOP the primary driver. But it seems the reversed now. What is the point if they can’t even generate enough volume and tx to even match 1% of a gambling dapp.
I would be happy if ICONLOOP and MyID contributes at least 5-10% by next year and progressively moves up from there.
We lack talented p-reps. What are most p-reps doing? We have enough of p-reps doing “translations”, “staking guides”, “tutorials ledger”, “newsletter”, “videos” < things that anyone else could have done. What we truly needs are BUILDERS. Developers that build some real solid dapps that beats ICONBet and is NOT another gaming/betting. We need real solid talents and developers building ground-breaking popular dapps like ICONBet.
Hyperconnect’s hackathon was a waste. I thought it would attract real solid dapps and talents but end up its… mehh. Look at Champion that horse. There are indeed many dapps, but based on what i observed it is more like a “high-school” project v amateruish outputs. none of them showed any potential in the hackathon
Now my hope is on that p-rep that hosts educational fairs for developers in Vietnam. I believe in vietnamese developer talents hopefully something comes up from there.
Ask yourself out of all the p-reps we have. How many of them built something that contributes to the blockchain network, that utilises ICX token, that induces a demand for ICX? How many can you think of? If you are like me, only 1. ICONBet.
We have so much resources that probably have gone to waste, to the dump. We need to focus and realign the distribution of resources to real talents. It needs to be a laser-liked targetted approach. Not sprawling bullets anywhere and everywhere and a decentralised way. That’s why I mentioned in my first post, you need centralised authority in the beginning to maintain quality control, then slowly decentralise it after standards are met. If not you have what we have now, nothing much.
And because of everything I have mentioned. our transaction volume and demand IS SO LOW. No one is using ICX for ANYTHING AT ALL. Except betting. + the excessive supply of icx in circulation from compounding staking. More people restaked, more rewards distributed, more people selling ICX when they unstake.
If we can’t garner enough transaction and volume to outbeat this inflation and staking compounding, ICON blockchain is doomed. It is not sustainable.
You can be optimistic all you want. Look at the real data and volume from https://www.dapp.com/market/ICON and judge for yourself. What are we even doing?
In short, here are 3 things I ask for:
ICONLOOP speak up, communicate how you are bridging the gap between icon public chain and ur enterprise projects. How is ICX being utilised. What are your future plans on ICON chain? Else people would think you guys are just raising funding from ICON chain to develop ur own self-interest projects.
Get talents, recruit talents. Get rid of unproductive p-reps. Most of them are useless. Rmb the 20-80 pareto principle. 20% of the p-reps contribute to 80% of the network. Let’s focus on that 20% and build them up. Cut the 50% tail behind us.
Build solid dapps, i am seeing some potential with the DeFi dapps coming up balancer omm and etc. But we need MORE, MORE, MORE. Just these 2 DeFI projects is not going to make the cut. Realise that it is just a few people who are building apps. For point 3 to happen. Point 2 needs to happen.
ONLY when point 1,2 and 3 is addressed, fixed, resolved, tackled, discussed will we see ICON reaching to new highs. At this rate and pace and development that ICX and ICON Chain is progressing, we are not going anywhere. If you realised, we have been stagnant. Don’t be fooled by ICONLOOP news development, though big, if they can’t even contribute 1%, 5%, 8% of the transaction network you can forget about it. It is their private profits. If they can do 10% on the public chain, then we are talking about something here. That should give people the confidence to invest in ICX. But if they can’t even do that after so many years, then we should ask ourselves whats wrong here?
Lastly, please come up with a metric that measures p-rep contribution. Properly. I have suggested this to Benny. ICONpreps.com is not to standard, but it is a start. when i go to ICONpreps.com browse through the stuff, I am still unclear who does what and who should I vote for. A laundry list of information does not work.
we should come up w visuals or smth and group it BY p-reps so is like when voters see each p-rep, they immediately recognise what they do in a nutshell in < 10 seconds. That should be the goal. And this should be presented on ICONex level, the place where they delegate votes. A single button click, they can see what each p-rep does in 10 seconds in a nutshell.
Rmb this. “What doesn’t gets measured, does NOT improves”.