The purpose of this request for feedback is to set the initial rules for the ARCx protocol and the underlying machine learning algorithm. In essence, we need the community to come to consensus on what identities can, or cannot receive a DeFi Passport and for what reasons.
To achieve this, we must agree upon a reasonable definition for what the community considers a valuable identity to provide reputation services for. It is pertinent to note that these rules are dynamic and can be subject to change as the DAO grows, evolves and gets feedback from the community and open market.
The rules that will initially govern the system are split into three distinct categories, which are as follows:
This will determine whether an on-chain identity is worthy of being indexed. For an identity to be successfully screened, we believe that the following requirements are relevant:
- At least 45 days of wallet history
- Has interacted with less than 10 unique addresses
- Spent $50 worth of ETH on gas
- Maximum number of tx’s done within a time interval
- Activity on-chain (i.e cannot be active for 24 hours)
The requirements above are not yet defined and we are hoping that the community would be able to provide feedback on this.
If your identity is successfully screened, you will now need to apply for a DeFi Passport. The First Edition Defi Passport will require that an identity stakes 2,500 ARCx tokens for 1 year.
All Passport editions beyond the initial release will require a lower amount of ARCx tokens to be staked for the same duration. Keep in mind that First Edition passport holders will accrue additional benefits as early citizens of the ARCx protocol.
Feedback from the community about staking requirements to apply for a DeFi Passport are welcomed.
Slashing of passports is only applicable when users cause direct, measurable harm to protocols such as not repaying under-collateralized debt. ARCx will not slash passports for arbitrary or subjective reasons to do with token ownership, selling behaviours or political agendas. We strive to be the credibly neutral reputation layer that the decentralised ecosystem can rely on.
Any feedback from the community on these preliminary parameters would be greatly appreciated.