Navigating the Future with LikeCoin 3.0 Green Paper

Table of Contents

Navigating the Future with LikeCoin 3.0 Green Paper

Table of Contents


The meeting began with a welcome from Phoebe to the July Community Update for LikeCoin. These updates occur on the first Monday of each month to address housekeeping issues and topics for ecosystem discussion. Today’s call would cover several important points.

Liker Land, a Web3 bookstore, provides decentralized publishing tools and a frontend for listing books. Additionally, Liker Land is one of the core builders of LikeCoin, which explains the involvement in the community call. The updates included a few points from the previous month, particularly concerning follow-up actions.

Suggested Block Explorer Alternatives

Several block explorers are discontinuing support for LikeCoin due to resource allocation changes. This trend is not unique to LikeCoin, as these explorers are reducing the number of chains they support. However, Mintscan was still operational as of a check that morning. In preparation for the migration to Ethereum, will be used for any LikeCoin chain-related dashboard needs. The community is encouraged to use this option and to suggest more user-friendly alternatives if they are available.

Dung Kai Cheung NFT eBook in Hong Kong book fair

Dung Kai Cheung NFT eBook in Hong Kong book fair

The meeting continued with a preview of upcoming events and updates. In July, there will be a Hong Kong book fair in two weeks, featuring a book launch by Dung Kai Cheung, an author the team has been collaborating with. His new book will be available in both digital and limited editions, the latter including drawings from the book, which will be sold at the fair. The team is currently planning the purchase flow and designing the landing page. This landing page will experiment with new multimedia elements to enhance the reader’s experience. Several campaigns related to this book will aim to drive traffic to the landing page, with further announcements expected soon. The book promises to be an interesting and accessible piece of literature.

Additionally, there are updates on Liker Land’s affiliate program. This month, bookstores in Hong Kong have been onboarded, with plans to expand to Taiwan in Q3 and Q4. Stripe connect accounts will be set up with these bookstores, allowing them to sell Liker Land eBooks and earn commissions through the affiliate program. The goal is to increase exposure and participation, enabling more parties to join the eBook business model. This trial opens up eBook sales with physical bookstores, improving the backend to facilitate partner participation. The affiliate program is not limited to bookstores; anyone interested in selling books and earning commissions can join.

A product demo link was shared in the chat for those who want to introduce Liker Land to friends or partners. Recently, Liker Land collaborated with a quarterly paperback magazine called NFT Lab, which covers NFTs and blockchain updates. Dung Kai Cheung’s article on decentralized publishing will be featured in upcoming issues. The latest issue is available in Hong Kong at 7-11 and bookstores. The content is also on Dung Kai Cheung’s blog, offering his perspective on decentralized publishing and Liker Land or NFT Book from an author’s viewpoint.

NFT eBook Substack You Can’t Miss

NFT eBook Substack You Can't Miss

This month, Liker Land is featuring several interesting and classic books, including “Animal Farm” and “1984,” both highly recommended reads.

For those not active on social media, subscribing to the newsletter on Substack is a great way to receive updates. The team is dedicated to sending out enjoyable reads via email, with two to three emails sent every month. Subscribing to Substack will ensure that important news and updates are received.

LikeCoin 3.0 Green Paper progress

LikeCoin 3.0 Green Paper progress

The upcoming and significant update for the community is the LikeCoin 3.0 green paper. Last month, an update to Chapter 2 was shared, and this green paper, written by kin, will consist of seven parts. kin is seeking general feedback from the community on this document. Some sections of Chapter 3 provide a comprehensive view of the migration process, which will involve seven steps.

The remaining time is dedicated to kin’s discussion on the LikeCoin green paper updates and suggested action items for the community to follow.

kin explains that, as discussed last month, the green paper reflects personal opinions and suggestions on the direction of LikeCoin 3.0. However, these ideas have not been confirmed by the community. Three articles, representing the first three parts of the green paper, were mentioned previously. kin has since written the fourth piece, imagining a step-by-step process for upgrading to LikeCoin 3.0, termed as a seven-step upgrade.

The first step involves obtaining formal approval from the community to upgrade the LikeCoin protocol to 3.0. This would likely take the form of a text proposal on the LikeCoin chain, indicating the community’s intention to upgrade. Without this approval, any further discussion would lack the necessary validation from the community. The second step requires the community to negotiate an upgrade deadline, after which the chain may potentially be shut down. However, the decision to shut down the chain ultimately lies with individual validators, who may choose to keep their servers running.

The third step involves designing a concrete transition plan for validators. If the proposal to upgrade is passed and the inflation rate of the LikeCoin chain is modified to zero, there would be no on-chain incentive for validators to maintain their services. Thus, an alternative incentive plan would be necessary during the transition period. The fourth step concerns the handling of LikeCoin 2.0 issuance. If LikeCoin continues to be minted on the 2.0 protocol, there would be little motivation for users to upgrade to 3.0 due to the lack of rewards compared to the current staking and reward system.

The fifth step is to mint the LikeCoin 3.0 token on a chain chosen by the community. Four L2 chains, including Polygon, have been suggested as candidates. After testing on the testnet, the official minting can proceed. The sixth step involves establishing governance principles for LikeCoin 3.0, such as the “one LIKE one vote” system and the option to delegate tokens to community representatives. These principles would be passed as a governance proposal on LikeCoin 2.0, transitioning to the 3.0 governance system.

The final step is enabling user migration. This requires a migration page to be created by a community member, potentially a volunteer or someone incentivized reasonably. If necessary, Liker Land might assist with this task.

The green paper aims to collect community opinions, as no one has experience with such a transition. The first step is for the community to agree on the upgrade and pass a text proposal on-chain. Without this, the green paper remains a proposal without confirmation of community support.

To facilitate the process, it might be beneficial to set a timeline for confirming certain items. While forcing the community to act is not possible, a fifth piece of the green paper could address this issue. Discussion is ongoing, and the next steps depend on community consensus.

For better communication, validators should be informed of updates. Discussions are currently scattered across different platforms, making it challenging to keep up. It is essential to consolidate these discussions for better clarity and participation.

For Liker Land, technical possibilities for moving to Ethereum are being explored. Most current services and products are expected to migrate to Ethereum, ensuring continuity for Writing NFTs and NFT eBooks. The community will be informed once decisions are made, aiming for a seamless transition.

The session concludes with an invitation to catch up on the DHK dao Book Club LikeCoin green paper discussion, emphasizing the importance of community participation in the decision-making process. The next community update is scheduled for the following month.