SKM Moving to Huobi ECO Chain, Becoming a DAO
We promised earlier that we would resurface with a proper strategy, and today we have it.
Now the big news:
SKM is going to the brand new Huobi Eco Chain!
The next goal for SKM is to properly pursue a sustainable DAO (Decentralized, Autonomous Organization) structure and move beyond a team.
The current team will actively assist in the transition to this structure, and their role will be minimized over time as the project is handed over directly to the community and top node holders in a truly decentralized fashion. The newly launched Huobi Eco Chain provides that opportunity. In the following weeks, we will announce some exciting new DeFi partnerships built on Huobi Eco Chain.
Due to the previous market conditions, we held off on any inflation. We will be adding 2% annual inflation tokens going forward to facilitate long term management directly to HECO. All other SKM tokens have already been distributed. We will also be offering a conversion mechanism from SKM ERC-20 to SKM-HECO soon. This will enable a future DAO decision making process and will remove any one individual figure from decisions. Decisions will be made on-chain, as they should be.
As SKM is already listed on Huobi, this will lead to more rapid adoption and scale within Huobi’s massive global community. We are more committed than ever to deliver on the promise of DeFi. Now with Huobi ECO Chain and Lava Swap, we are ready for the next phase of SKM.
Move to DAO
Things have changed rapidly over the past year. We already announced last year that our intention was to actively pursue the promise of DeFi and announced a complete move away from our previous tech supplier in 2019. Last year was certainly challenging as many initiatives as possible that we set out to do got interrupted by external factors. However, we are ready for the next phase of SKM.
The market and the world starkly changed in 2020, so we must change too:
- In light of recent events with Trump, we cannot in good conscience support complete freedom of communication. With domestic terrorists, alt-right neo Nazi hate groups apps and child pornography running rampant on private communication sites and beyond, we have decided to completely abandon most communication related developments completely for ideological and ethical reasons.
- We see huge opportunities and faster adoption of DeFi, and it provides a great fits for our vision. Therefore, we are dedicated to build more partnership and applications within DeFi space.
- For DeFi, we cannot keep waiting for ETH 2.0. Currently, ETH is literally throttling innovation with up to $100 gas fees and sometimes day long transaction times.
- Facebook’s Libra is looking like its basically DOA, so we will be suspending any efforts for that for the near future.
- We will continue to explore Polkadot, however, the ecosystem is still not mature enough to foster mainstream DeFi adoption.
- We will continue working with Juggernaut, with more future staking to come in addition to potential NFT support, however exact timing is still TBD. We hope to announce that soon.
- It is apparent that we need to transition SKM to a more sustainable, long-term growth oriented and modern project. We are also embracing more partners in the DeFi space.
- We also need to move to a more decentralized model. Relying on a huge, centralized team and a central decision-making figure is now old fashioned and not sustainable. We must adapt.
We are tremendously excited about the future and see a great opportunity to grow with Huobi Eco Chain’s ecosystem!