Due to gorwing interest in the Kappa Sigma Mu Society in the last weeks, I have made a detailed overview on what the Society is about, what the rationale behind it is and what to expect from Kappa Sigma Mu. What's All This Fuss About? In technical terms, Kappa Sigma Mu is a collective created using the society pallet on Substrate, which in principle, is defined as an economic game incentivizing users to participate and maintain membership through rewards paid by the collective treasury. But in actuality, the Society is more than just that: It aims to make the Kusama network and its functionalities known to non-technical users, raise awareness of new forms of organization and identify the link between the onchain and offchain worlds. The Kappa Sigma Mu Society has specific conditions for users to join as members: An onchain convention of membership approval exists for candidates to follow. In order to become part of the Society, the candidate must show "Proof-of-Ink" (PoI) to existing members: in other words, to become a member you must get a tattoo meeting the specific requirements. The Society was founded by an anonymous single member who automatically became the original Head. The members support this anonymity as the Head shows commitment to the society by voting on new candidates (and many feel that it makes this game more interesting). How to Become a Member in a Few Simple Steps
4/12/2021Kappa Sigma Mu is a membership club using the Substrate Society pallet. The society can be understood as an economic game to incentivize users to join around whatever the rules are decided to be. In essence, the society looks to experiment with the connection between the onchain and offchain worlds. Members are incentivized to participate in the society via the rewards paid by the pot. These rewards will be available to be claimed once a specific locking period passed: but how to know when and how to receive your bid? Here are a few simple steps to find out. When Can I Claim My Reward? Members are incentivized to participate in the society through rewards paid by the Society treasury. New users must have a bid to join the society. A user can make a bid by reserving a deposit. Alternatively, an already existing member can create a bid on a user's behalf by "vouching" for them. A bid includes reward information that the user would like to receive for joining the society. A vouching bid can additionally request some portion of that reward as a tip to the voucher for vouching for the prospective candidate. These payments have a maturity period for new members before they are able to access the funds. In the Society pallet, the locking period can be seen here. It is important to note that as the number of members grows, the lock period approaches the maximum.
10/8/2020Tags: Council, Kusama, Governance Shortly after the birth of Kusama Network (Polkadot’s wild cousin), Web3 Foundation launched Polkadot’s first candidate chain. In my opinion, both networks are designed to explore how governance can find an appropriate resistance to change, start thinking of immutability as a spectrum and essentially model a political entity on a blockchain. Kusama’s logic is a result of referenda submitted by the community. This reflects the network’s understanding of the meaning behind decentralized governance mechanisms. Its configuration allows us to upgrade the logic of the blockchain and make changes to its runtime using these processes, and both actions have the goal to try and fix unpredictable human errors in place with new processes once the network is running. The Polkadot Claim Process and The Use of Multisig Wallets For both Polkadot and Kusama Networks, the claim process for users who participated in the sale of 2017 required them to sign a message with the private key of an Ethereum account - the same private key used by participants during the sale. When the sale mechanism was designed, the use of Ethereum private keys for the claim process was not taken into consideration and this became an issue for some users who used multisig wallets to participate in order to prevent problems caused by the loss or theft of a private key. In the last weeks, I worked with Web3 Foundation to solve a particular claim issue caused by the use of a Gnosis multisig wallet. These wallets operate as a smart contract in the Ethereum blockchain, so while there is an address, there is no way to sign a message since the contract does not have a corresponding private key. This means multisig users had no way to claim the tokens, given the current process.
7/9/2020By Raul Romanutti, Kusama Council Member The Kusama Treasury plays a fundamental role when incentivizing organic development and growth of our community. At the time of writing this post, more than 190,000 KSM (Kusama tokens) sit on the Treasury with no effective use whatsoever: we need to put them to work, right? What is the Treasury? Its role in the economic design The Treasury is essentially a pot of tokens collected through transaction fees, slashing and staking inefficiencies on the Kusama Network. This repository of tokens is managed by the Kusama Council, whose main role is to represent passive stakeholders. In order to incentivize the complete spend of all tokens at every period, a system of burning KSM is built into the design, with a subsequent deflationary pressure on its standard implementation. However, on Kusama the treasury burn is currently set to 0 (subject to a change on the runtime) meaning that no repository KSMs are burned at the moment. Initially, much doubt surrounded the use of spending proposal submissions, primarily as a consequence of the lack of off-chain mechanisms for designing and planning proposals that would effectively be approved by council members; this caused much inaction when it came to the use of the Treasury. We are slowly changing this through new spending mechanisms and alternative ways of using the current methods.
6/25/2020or
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