Our Proposal:The team envisions the creation of Self Chain, a Modular Intent-Centric Access Layer 1 Blockchain and Keyless Wallet Infrastructure Service. This innovative blockchain employs MPC-TSS/AA technology to streamline the crypto experience, addressing issues such as seed phrase complexities and user-unfriendly dApps.In addition to this pivotal proposal, it's essential to note that Frontier products will persist in its commitment to developing and maintaining its wallet apps and wallet web extension.
The New Blockchain Features:Self Chain introduces a Layer 1 blockchain with key abstraction and a decentralized MPC-TSS/AA architecture. This empowers users to create keyless wallets, simplifying secure access to the multi-chain web3 ecosystem. Self Chain offers a range of advantages:Developer Friendly: Self Chain offers SDK and API access, making it easy for developers to extend digital asset ownership to users of all kinds.User-Centric LLM: With versatile accessibility through a conversational interface, Self Chain is designed for mainstream users, simplifying their interaction with blockchain technology.Low Gas Costs (Batching): Self Chain optimizes transactions and permissions, leading to substantial cost savings, thanks to efficient batching.Recoverability: Wallet owners can regain access to their wallets securely after verifying their identity, enhancing user confidence.Programmable: Self Chain's wallets can be programmed to incorporate new functionalities securely, allowing for innovation and customization.Interoperability: With support for Inter-Blockchain Communication (IBC) and compatibility with Ethereum Virtual Machine (EVM), Self Chain opens up a world of multi-chain assets and opportunities.Speed and Reliability: Distributed transaction signing and sharding improve speed and reliability, ensuring a smooth user experience.Enhanced User Experience (UX): Self Chain's key abstraction eliminates a major barrier to mainstream adoption, offering an improved and user-friendly experience.
Self Chain Layer1 Use Cases:Self Chain's Layer 1 infrastructure finds applications in various domains:Intent in DeFi & dApps: DeFi experiences are enriched through the Intent SDK, improving user interactions and simplifying transactions.Modular-Intent in GameFi: GameFi benefits from automated intent triggers for various events, enhancing user experiences during asset trading.Keyless Wallets: Keyless wallets offer secure and user-friendly access to digital assets to meet various user needs.Enterprise: Self Chain's intent SDK simplifies workflow for Enterprise use cases, ensuring zero learning curve for end-users while ensuring high security and asset compliance.
New Ecosystem Mechanics:Self Chain expands the utility of SLF tokens, with SLF, you can do a lot:1. Gas Fees: SLF tokens are used to pay for transaction fees on the Self Chain blockchain. This ensures that the network remains efficient and accessible.2. DPoS Validator Staking: SLF holders can actively participate in securing the network by delegating their holdings to validators or running their own validator nodes.3. Governance: SLF holders have the opportunity to engage in future governance decisions.4. Native Collateral: SLF tokens can be utilized as native asset liquidity or collateral within applications built on the Self Chain.5. Fee Markets: Users can incentivize validators with SLF tokens to prioritize their transactions, creating a dynamic and efficient fee market.6. Trading Fees: SLF tokens can also be used as trading fees on exchanges built within the Self Chain ecosystem.Switching from FRONT to SLF opens up more opportunities and puts you at the forefront of a growing Layer 1 blockchain community.
Token Swap and Brand Support:To streamline this transition, we are initiating a token migration from FRONT to the new SLF token. Our brand partners, which include prominent VCs and exchanges, are fully behind this move, further enhancing our control and ecosystem integration. Check out SLF Tokenomics.
Next Steps:Token holders have spoken: The FRONT rebranding proposal , now concluded on Self Chain DAO, has achieved a resounding consensus. The transition from $FRONT to $SLF is confirmed, receiving a unanimous 100% vote in favor. Stay tuned for comprehensive details on the token migration process, join the conversation in our Discord for community engagement and subscribe to our Telegram Announcement channel for the latest updates.HOTCROSS allocation and migration will be proposed at a later date.In essence, Self Chain embarks on an ambitious journey to create a user-friendly blockchain ecosystem, transforming the role and functionality of $SLF for the broader crypto community. This evolution aims to simplify crypto for all and drive mainstream adoption.
Frequently Asked Questions
What are the intentions of Self Chain’s new proposal?
Shifting from a traditional wallet solution (EOAs wallet) to building Self Chain as a pioneering force, offering a Modular Intent-Centric Access Layer1 blockchain and a keyless wallet infrastructure service. Powered by MPC-TSS/AA technology, Self Chain seeks to revolutionize multi-chain Web3 access and simplify the user experience.
How does the proposal benefit the community?
The token holders will be able to use the new token for: - Gas transactions. - Receiving validator rewards. - Participating in votes. - Acquiring staking rewards. - Serving as a core component of the new ecosystem. - Liquidity Asset, trading of assets with the new token.
What utility will the $SLF token have?
The $SLF token will become the native token of Self Chain. Server four purposes on the new L1 blockchain: - As a spam prevention mechanism, $SLF is used to pay fees. The fee may be proportional to the amount of computation the transaction requires. - As staking tokens, $SLF can be “bonded” to receive block rewards. The economic security of the Chain is a function of the amount of $SLF staked. The more $SLF that are collateralized, the more “skin” there is at stake and the higher the cost of attacking the network. Thus, the more $SLF there are bonded, the greater the economic security of the network. - $SLF holders may govern the Self Chain upgrades by voting on proposals with their staked $SLF.
Will there be a supply increase?
There will be new tokens issued because an L1 blockchain is much wider. The new supply will be for the validator rewards. The change will support the long-term sustainability and growth of the ecosystem and the much broader mission. Details about $SLF Tokenomics will be released in Q1, 2024.
How long is the migration period open?
The migration period will last 12 months starting from the date the migration commenced, the 15th of January, 2024. After this period, conversion won’t be possible anymore.
What if I keep my $FRONT on centralized exchanges?
No action is required from holders on centralized exchanges, however, as more information becomes available we will share details through our social channels. The transition to $SLF will be executed seamlessly by the exchange’s support.
What is snapshot number in a DAO proposal?
A snapshot is a record of the state of the blockchain at a particular block height. It means that you can for example track the holdings of a specific wallet back to a specific point in time. Snapshot, the voting platform, uses snapshots to validate if voters met the voting criteria at the moment of proposal creation. If a voter acquired required tokens after the proposal had been created, these newly acquired tokens would not be used for the calculation of their voting power. Therefore, if FRONT tokens are acquired after the rebranding proposal is created at Ethereum block 18989773, you will not have the voting power to vote on this proposal.
