Structure & Week Recap. Patch Notes: 20210620
LOOTers! From the LootSwap team, Happy Fathers Day!
Week Recap
This week was an interesting week. We started out the week with our QUEST rebranding which added some much needed structure for growth. In our efforts to show our appreciation to the neighboring community projects, we may have been a little over eager on our less-than-optional QUEST allocations the previous week. This drifted a little from our original intent and being reminded of our long-term goals, we made some quick adjustments for the betterment of the project. Moving forward, the QUEST Council will be in charge of the QUEST allocations and “Leveling Up” or “De-Leveling” Quests for the betterment of the community.
QUEST Council
On our last announcement, we talked about how OP Guilds would sit on the council alongside Carp, 1 community member and FH (until we had 5 members on the council). Let’s address the OP Sticker real quick before addressing some secondary effects that we weren’t planning on.
OP Sticker
The “OP Sticker” was meant for the most prestigious of Guild Leaders. The Guild Leaders who went the extra mile and created a community that worked in the best interest of LootSwap and Harmony. This wasn’t necessary to have a unique project, rather to acknowledge excellence. By earning the OP sticker, GUILDs are so Over Powered that they become an “Official Partner” to LootSwap.
Risks
When you invest into any platform, you should always DYOR and measure your risk appropriately. For the GUILDs, LootSwap can’t force people to be good actors and even if we could, that wouldn’t fall in line with our plans. With any project, FOMO and FUD can be dangerous. With all that, we acknowledge the fact that the community wants us to minimize their risk while pursing the GUILDs venture. So how do we accomplish that? At first, the intent was to make it so these GUILDs were practically rug-proof by utilizing the multisig functionalities. This would essentially BURN any tokens in a multisig wallet if the GUILD Leader walked away from the project. This is a decent solution but not a perfect one. With the upcoming GG Guild, it is clear that a more flexible approach is required than making a one size fits all solution. The alternative? The QUEST Council be changed already to the High LOOT Council (HLC) and the HLC be responsible for determining OPs.
Wait what? High Loot Council determines OP and OP are in the High Loot Council?
This process will be delicate at first and we’ll have to fine tweak it because the Guild Leaders are new. The whole platform is new. LootSwap is still building trust, let alone the OP Guild Leaders. We may find ourselves having some actors in the High Loot Council that are intentionally trying to sabotage the project. But after we get this process down, a well managed the High Loot Council will bring extra measure of protection to the entire platform and work in the best interest for the LOOTers.
High Loot Council Responsibilities
For now, the High Loot Council (HLC) will be established as Appointed Delegated Authorities. The goal is to have it completely self-sustaining without the need of a higher authority. Once the Council is ready, it will receive the full functionalities of the multisig wallet and be in control of the platform. It is okay if the HLC gets heated sometimes in debates, this is anticipated as the HLC members are acting on behalf of the best interest of their respective subset communities, LootSwap, and potentially even the Harmony Protocol. This isn’t a complete list but more a baseline to work off of as the system evolves and is polished off over time. The following responsibilities are proposed (but not limited to):
- Leveling and De-Leveling QUESTs as mentioned in the previous post (click here to read)
- Ownership of the Governance Contract through Multisig
- Setting price on LOOT Bounties
- Accepting GUILD/Project Grants
- Establishing Fundraisers
- Leveling OPness
For the second bullet, Ownership of the Governance Contract is a big responsibility. The risk to the platform will become increasingly less significant as time goes on and there is less potential to mint more tokens. The key to this is timing and choosing the right members to serve on this council. The goal is to have the multisig take control of the LootCouncil approximately August/September, however due to the risk of this, this is a fluctuating date that will only be enacted through governance vote using LOOT tokens. For any member on the council, membership is revoked through a 67% majority vote on the council or through a governance vote of at least 55% using LOOT tokens.
Levels of OPness
Just as much as the High Loot Council is in charge of leveling and de-leveling QUESTs, each Guild will be subjected to leveling (or De-Leveing/Losing OP status). Even the lowest level of OP Guild Sticker will be hard to obtain. The important thing to note, even the highest level of OPness doesn’t mean that the user is free from risk. The tokens can still be subjected to a pump and dump and also subjected to the Guild Leader walking away from the project. In order to have a max level OP Sticker from launch, there should be enough systems in place to completely replace the GUILD Leader if he chose to walk away. This will give the users the most amount of trust while when deciding to pursue a GUILD.
The Team’s Focus of the Past Week
This week was supposed to be a rebranding week but has shifted to more of a systems week. Unfortunately, more time was spent administratively than expected. However, the project is still marching along and we have had some great victories behind the scene.
Developer Update
MasterLooter has conducted two meetings this past week, syncing schedules with MasterWizard, MasterArtificer, and MasterAlchemist.
Wait, who are all these other Masters? You may be asking.
They are three developers that have been working on the project. We haven’t made an official announcement yet but they are doing great work. On their own time, they are crafting their bios and we’ll make an official introduction for the expanding development team. Any official Developer for LootSwap has the option of remaining Anonymous for the community but will be marked in the “DEV” role in Discord and have been using the “Master” theme.
Each Developer now has their priorities of work established and they give a daily “stand up” which includes hours worked on the project and what they have accomplished. There has been some extra effort in organizing our Workflow Boards for expanding out more Developers and also restructuring hidden channels in our Discord chat.
Our main development priorities are:
- Front end version 2 (Fork from Pancakeswap with modifications)
- Graphs/Info (which will lead into coingecko/CMC applications)
- Initial Quest Offerings
Guilds
There are a few guilds in the works.
Teammate Tyler
has been working away with building his team, white papers, tokenomics and plan. There is no official announcement yet but he is aiming for high community engagement. The best place to learn more about his GUILD is in Discord.
Clayford
Our second winner, Clay, is specializing his GUILD in twitch streams. You can read more about it clicking here. Clay’s roadmap has a very long-term plan on distributing the majority of his tokens on a slow mint cycle (no lockup, no multipliers). If executed properly, Geriatrics Gaming token really shines as it aims to rewards users by paying them GG tokens for watching streams.
RealCryptoBull
For the Twitter GUILD Grant, therefman aka RealCryptoBull has won the slot. We’re still talking to some other potential guild spots but this GUILD definitely has some potential in the long-term scope of the project, especially as a community based project. The medium article is still a work in progress, you can click here to see his medium post.
Dungeons
In this past week, dungeons were discussed briefly. MasterWizard and MasterArtificer both have experience in developing games in the past. They are eager to start and want to get some DEMOs out for the community, however, our top priorities are listed above as we are still building out the foundation for the platform.
