General description
VesTallyToken remains a standout in the realm of deflationary coins that leverage tokenomics, distinguished by its refusal to utilize the liquidity pool for developer rewards in a disproportionate manner. VTT ensures equitable treatment for all holders and maintains a balanced X*Y=K liquidity pool, further enhancing token holder engagement with voting rights.
Initially, the community’s first successful VTT proposal spearheaded the development of Vestally’s own blockchain, utilizing the Cosmos SDK. This SDK, a beacon for building multi-asset public Proof-of-Stake blockchains, is lauded for its facilitation of custom, application-specific blockchains that can seamlessly interoperate with others, aligning perfectly with VestallyToken’s vision of democratizing governance through staked voting proposals.
However, as our project evolved, significant security concerns related to cross-chain contracts emerged, prompting a crucial pivot in our strategy. The interconnectivity that once seemed an advantage brought to light vulnerabilities in cross-chain transactions, highlighting the inherent risks of exposing our ecosystem to external threats through interconnected blockchains.
This revelation necessitated a reevaluation of VestallyToken’s utility, steering us towards a more cautious and secure approach. While our ambition remains to leverage the advanced capabilities of the Cosmos SDK—celebrated for its Tendermint Core consensus engine, open-source modularity, and capabilities-based security—our focus has shifted towards fortifying our infrastructure against the potential perils of cross-chain interactions.
The Cosmos SDK’s framework, which once underpinned our aim to integrate with a multitude of blockchains, now serves as a foundation for developing a more secure, insulated blockchain ecosystem. Our commitment to building a blockchain that prioritizes sovereignty, security, and performance has only intensified, with a renewed emphasis on safeguarding our community’s interests and assets.
Consequently, the functions of our tokens and their utility within the Vestally ecosystem are being revisited to address these security concerns. While the core principles of liquidity lock through Pinksale, deflationary mechanisms, rewarding token holders, and facilitating governance through tokenomics remain, additional measures are being implemented to enhance security and ensure the long-term viability of our platform.
Our dedication to providing a secure, equitable platform for voting and account holdings reporting within our website dashboard is unwavering. As we navigate these challenges, our resolve to innovate within the parameters of safety and security is stronger than ever, ensuring that VestallyToken remains at the forefront of secure, decentralized governance solutions.
The VTT tokenomics help keep voting equitable. Typically smartcontract logic is necessary to ensure fair voting rights; VTT tokenomics alone discourages voters from transferring holdings for additional voting opportunities. The tokenomic tax rate incurred by transferring for the sole purpose of gaining multiple voting opportunities discourages holders from attempting to “game the system” and is an elegant approach to fair governance.
