This Tuesday, February 2, Free TON Weekly Meetup #39 was held. This time, the participants discussed updates on the Free TON Rust Cup contest, DGO contests news, announcement of an open developer call was made and also a Q & A session was held. This article presents the essence of the main discussions and the outcome of the meetup.
Just like the previous two, this meetup was devoted to technical updates. After a short introduction, Ron made an official announcement: Dune network went through a long voting process with their community, and it is clear now that it’s a landslide – everyone is for the merger. The voting has passed an hour before the meetup. Apparently, the first in history on-chain merger in blockchain will take place really soon.
Ben Sunderland, community manager at Dune, told a bit about what steps lay ahead and what to look forward to: first, he said he is really excited about what is going to happen. He confirmed it was a landslide in favor – 90%. Now tech guys will have to try and create a template model for this first of its kind M & A going forward. There will be a process of developing smart contracts in Dune which will allow Dune holders to make the transition across. So, the next couple of months will be quite busy. This will be a huge PR piece.
Cyril Paglino, CEO at TON Labs and CFO at Dune, also said a few words. He expressed his excitement about the upcoming event. In his opinion, crypto and blockchain space will move towards the trends of acquiring some small teams. If you look at the market, there are a lot of small and big teams working on layer 1 protocols, and joining larger projects is a good chance to win. So that’s a good step and there will be more things like that in the future.
Alexander Filatov, co-founder of TON Labs, also spoke about the merger. As he explained, the reason why he’s excited about it is that Dune is a great community that will certainly strengthen the network and would be for sure complementary. Even geographically the way these 2 communities stack up is complementary. He’s also excited about Origin Labs, core developers of Dune network, originally coming from Tezos, joining. They are all very experienced and this will be an amazing contribution.
Fabrice le Fessant also joined the call to express his excitement about Free TON partnering with Dune. He agreed that there’s a lot of work to be done to implement the merger, but the results will be great.
After that, participants of the meetup moved on to technical updates. Mitja Goroshevsky, CTO at TON Labs, took the floor to speak about the DePools. He stated that DePool version 3 has been pushed to production and that the distribution of both lock and vesting stakes into these DePools will commence very soon. Formally, it hasn’t yet passed formal verification because there will be the 3rd stage of the contest for formularification of DePools and only after that everything will be sealed.
He also added that while working on the improvement of design of TIP 3, the team arrived to the conclusion it’s now possible to implement DePool in a completely decentralized way. So, the next version of DePool will likely not be based on the current architecture. In TIP 3 tokens there might be a completely different decentralized architecture which will be more scalable. There will be a discussion on that.
After that Mitja moved to speaking about the Rust Cup. Rust net is up and running now, and there is a new updated version of the node that all who wish to participate in the Rust Cup need to upgrade, sync with the Rust net and get the stake. Warm-up session before the race starts now and everyone’s welcome to join. Exact date of the start of the Cup will be announced later, it will most likely be Monday. This race will not be like Magister Ludi in terms of intensity, there won’t be any quiet days. Participants should prepare to handle that.
Further DGO contests were discussed. It was stated that there would be a contest for the smart contracts of implementation of the bft governance protocol. Proposal is posted on the forum, and the feedback should be collected by the end of the week. The idea is that it won’t be very strict meaning that there won’t be any particular formal specifications for its implementation. Thus, participants can just take the bft paper and implement it the way they like. Only DeBots will be required to every contract run by a participant, and these smart contracts must be written in C++ or Solidity languages.
He also spoke about the front-end contest proposal, the idea of which is that participants will have to implement an interface for all the functions and DeBots in these 2 systems. The way to do so is up to them.
Then a free tutorial by TON Labs on how to write DeBots was announced. It took place at 14:00 UTC on the same day. All major developers of DeBots were on that Zoom call to run an explanation of how the new version of DeBots will work, show the DeBots that are already done (like the DePress DeBot for the Decentralized PR Contest) and answer the questions.
That’s where the presentation part ended and the Q & A session began.
Q: When will the Dune merger happen?
A: When all the tools are developed. The timeline we’re working with is roughly between one and two months depending on the implementation and development of the tooling. It’s better do it right than do it quick.
Q: Some guys are asking will TON Labs release the DePool script or not?
A: Yes, we will try to do this tomorrow. We’re planning to release all scripts
Q: When will the Solidity elector contract be published?
A: That’s a tough one. It will be tested in Rust Cup because, as you know, Rust net is working on this Solidity elector contract. Once it’s tested there, we will release it. And after that there will be a contest for formal verification of this stuff
Q: When will DeBots be ready in TON Surf?
A (Mitja): One after another, not giving me any rest. The work is in progress because DePool’s engine changed quite substantially from the public Alpha version that we have now. It will move to Beta together with the release of Surf. Hopefully, they’ll be ready soon. We’re working really hard on that, for us this is one of the most important milestones.
Q: When will DePress DeBot be published?
Q: Is there any progress on RTDB (real-time database)?
A: At the moment TON Labs team can’t be busy with that because we have the Rust Cup and we have to finish that. We need to coordinate with DevEx to have a discussion later.
Q: I talked to one of the Magister Ludi validators and they expressed some concerns which I’d like to share with the community. Basically, they did the math , so we have 3 things going on: we have quite a low staking yield, we extended the vesting and we are planning to put a more resourceful Rust validator in the future which, by their calculations, will be pretty unprofitable to work with. They did the math how much they earned for current staking and with the new conditions, so they told me they’re close to zero. Can we tell them we’re looking into this problem?
A1 (Mitja Goroshevsky): I don’t think the problem exists. I understand that anyone can calculate the same thing in different ways, it’s possible. But when you talk about an 8% low yield, it’s low compared to what? It’s my view on that, but if we increase validation yield without increasing use cases, transactions and so on, then there will be inflation. By increasing the emission you will increase the amount of tokens that validators get and decrease the price they get. Second, we need to incentify the right kind of behavior meaning the right economical behavior in some way. Another dynamics they are probably not counting in is that the increase in the amount of stakes that has been put into Rust Cup will also put pressure on the Ludi DePools, and either we will have to increase their stakes or they will be cut off. If some of these DePools will be cut off, the yield increases. It’s a balance thing. Staking is not infinite, if you just stake all the tokens, the yield will be very low but the price will be high.
A2 (Pavel Prigolovko): Of course, the price is currently volatile but you should understand that we started from a very small base and we never sold the tokens. Now we are going into a more balanced position. But let me start from another angle: let’s just think about the fact that this is the only multi-threaded platform in production and there’s no one in the market even near to that. Our platform should show itself with real huge use cases which nobody will be able to copy. That’s when adoption and price can go up, but not manipulating inflation and emission.
A3 (Mitja Goroshevsky): Multi-threaded execution is the way of the future for certain, there is no other way to scale. Imagine that we are the only blockchain that actually has this architecture which performs right now and you can check it in production. Personally, I don’t even look at the price because it only reflects current market speculation
Q: When will Free TON sites be launched?
A: If it’s related to the TON sites, the original proposal by Nicolai Durov, then the answer is never and the same answer is you can do it yourself. If you’re talking about Free TON website, I hope there will be many Free TON websites and now we’re working on the page which would make a library of all available community resources. There should be not just one site, we already see that there are many resources which are great by the way
Q: Since Free TON is focusing now on bringing investors into DePools, do you agree it is crucial for users to have a very simple tool for investing into DePools?
A: We have a tool called DeBot and we will have it soon.
Q: Is there a plan to build this functionality into the Surf wallet and if so, when is it planned to be rolled out?
A: DeBots are coming to TON Surf soon
See the full version of the meetup here.