My fellow retards,
After reading 100+ pheverdreams you can likely now articulate the value of the phonon protocol with competence and maybe even mastery. Phonon provides trustless, fee-less, scalable and private transactions for any crypto network.
It is a shame to always be calling out the more unique curves that are not currently supported in the javacard applet (sorry twisted Edwards), but yea phonon gives this to just about all networks.
It Is wondrous…you see the future! The community growing literally everyday. New phrens come in and are phonon-pilled. Some fire off a bunch of questions, other quietly sit in the corner. Fun fact, we heard from one of our working lady friends that a particular top bank CEO enjoys sitting quietly in the corner, beating his meat, only to be berated when his escort of choice catches him looking at her. Some people…
Anyway, phonon is epic. We know that. All of these positives, but we also must be open and honest with each other on the negatives.
One of the largest negatives is that because the private key is generated within a secure enclave, and cannot be exported, we know for a fact that that key cannot be backed up. This means phonons cannot be backed up, right?
Fucking wrong, at least from an economic perspective.
An idea was floated around the discord a few months back which suggested adding a public claim function to a phonon deposit. First off, this means that phonons in this case are not generic private public keypairs, but they instead must be deposited into a smart contract. That contract will allow a few things. One will be a redemption from a signature from the private key that corresponds to the public address saved as the deposited phonon. Two will be a slow redemption or public redemption, or whatever you want to call it to allow ANYONE to make a claim on that phonon.
The way it would work is that if someone wants to claim ownership of that phonon they would be required to post a security bond – say $100. After 30, 60, x- days, if nobody claims the phonon by moving it the normal way (with a sig from its corresponding private key), then the initiatoer of the slow claim gets to withdraw the asset in that deposited phonon.
This means that you could break/lose your phone/card and still be able to access your money, albeit on a delay.
You say this is dangerous because anyone can claim our phonons now. Well it’s kind of simple. You just have your client ping the contract deposit location once every thirty days to make sure nobody initiated a public claim function call on your phonon and you’re good to go.
There are negatives that come with this too. First, there is contract risk. Normally phonons are just private public key pairs. Now the value is stored in a smart contract. Likely a centralized smart contract would be created to make deposits more efficient on gas, though you could deploy your own contract each time you wanted to generate an insurable phonon.
This also removes some privacy. As of right now, ANY amount of value sitting in an Externally Owned Account (EOA) could actually have the corresponding private key in the phononscape. Now when you have a centralizing deposit contract, a third party KNOWS that all of those values are on phonon. This may not matter at all to some, but there is a loss of some privacy.
Please note, that these backup-able phonons are OPTIONAL. Nobody is forcing a user to go with the design. This just goes to show how the protocol can be extended to give more functionality to users while slightly increasing risk. Phonon is SO flexible because it is only private public key pairs. You can build pretty much anything you want.
Even cooler is the idea of an insurer / canary. We imagine an enterprising goat herder may develop the canary contract calling protector, or CCCP. The way this works, for a small fee, you can register phonon contract deposits with the CCCP and then receive an out of band message (email, text, discord) if anyone initiates a public claim on that phonon. This way your client does not need to query infura or any other node requesting the withdraw status of various phonons.
Likely the CCCP will never reach out to you, but if someone is being a bad little Bolshevik, they will let you know.
So much value is being created around Phonon. So many ideas…so much opportunity.
man made the recoverable phonon contract structure,
to protect from phonon card loss
-Luciano Pavarotti, translated
Phonon DAO discord is the place to go to join in this monumental work.
Tips to phonongod.eth will be invested in bounties that advance the Phonon project.
Hatemail to phonongod@protonmail.com will be scathingly considered.
Targets for the marketcap of PHONON DAO remain:
$1b by Q2 2022, $12b by EOY.
On the high end, $300b marketcap in 3 years.
Ok, now i can see the onion running with no hickup