A Truly Decentralized
To directly address the failings of dfinity's management, we are creating a truly decentralized, autonomous organization where everyone can contribute to the direction and technological innovations of the future protocol. ICP Reboot is a community-driven project to right the wrongs committed by dfinity's leadership. ICPR is a proper relaunch of the ICP protocol and token by forking the project to establish democratic control over this new network, creating a more resilient and successful technology. The founding members of ICP Reboot were once members of the dfinity community.
After experiencing significant deception, immense frustration, and a lack of communication from dfinity, we are launching things the right way: ICP Reboot.
ICPR will first be represented as an ERC-20 token in an open and honest format. This relaunch will be a fair, transparent distribution of tokens conducted in a good faith manner honoring dfinity's early supporters and contributors. In addition, we are committed to creating an open inclusive environment for all to participate and contribute. This token has been pre-launched on the ethereum network here. The ICPR project is forking the original Internet Computer Protocol to create the new ICP Reboot network. ICPR will run on a truly democratic decentralized governance system in which members decide how to fork and improve upon this protocol while retaining flexibility on the direction of the network.
The dfinity team managed to maintain absolute control of the ICP network by holding over 50% of token supply via the dfinity foundation (and key executives such as Dominic Williams) while simultaneously dramatically restricting token access on everyone else by implementing long vesting periods on the contributors to the project. During the launch in 2021, dfinity insiders sold billions of dollars worth of tokens, while the rest of the community members were unable to access their tokens due to various technical issues, lack of communication and direction from dfinity, and draconian vesting schedules. This resulted in an enrichment of dfinity insiders, a dramatic drop in the value of the ICP token, and most importantly, a loss of faith among community members. The dfinity management and project launch are becoming a prime example of a case study on how excessive greed and short-term thinking can destroy the value of a once very promising technology project that was ostensibly part of a blockchain revolution.
In the spirit of inclusiveness and transparency, ICP Reboot is starting a discussion among our community members on how to fairly distribute tokens. Our guiding principles are based on bringing justice to the ICP community by reallocating the tokens held by the foundation and to fully unlock the tokens that have been unfairly denied to their owners. Due to the fact that the ICP launch was very opaque, a lot more forensic work needs to be done (some already exists, notably by Arkham Intelligence), we are asking for help from the community. Part of this process will need to be manual, but the goal is to fully decentralize and automate a fair distribution.
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