xDai Validator (again)

Hello everyone,

I wish to take back ownership of the xDai Validator. I was an initial member of the first validators and am still in control of the private keys, this would mostly be a matter of running the software needed again as well as actively participating in xDai voting and decision making.

I have spoken with Igor and the team from POA as well as the Maker Foundation and they’re ready to do the handoff.

If anyone has any questions, please let me know.

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You realize your t-shirt says you are not stable?

Would this transfer completely remove any association between MF and xDai?
Or are there is any other form of participation from MF?

A number o questions were posted in the previous thread. But OK.

I collect here some questions that I think are interesting (to me at least):

Q1 from @iammeeoh ) I understand correctly from your post that the validator node and its rewards can be considered property of MakerDAO, as opposed of the Foundation? How can we manage these asset rewards (STAKE tokens?) in the most efficient and transparent way?

Q2 from @iammeeoh ) How do you plan to decentralise (from you) as much as possible the Maker validator node? For example, how do you plan to deal with the rewards/tokens received from the Network, Staking etc? What about the management of the private keys? What if other people join the “xDAI working group” and need to share with you these secrets? Etc. The question of course also includes things like transparency (towards the MakerDAO governance), etc.

Q3 from @iammeeoh ) due to Ethereum fees, the minimum dust/vault-size is currently set to 100usd and it could increase over time. Do you think xDAI-Network could provide some useful options for providing MakerDAO services to the less rich?

@ejbarraza also writes: "I would love to see MakerDAO explore using xDAI if only as an experiment for possibly scaling in the future. "

Q4 from @LongForWisdom: Do you intend to run the validator as an individual (which would be completely fair, imo, given that you ran it yourself prior to the Foundation being interested,) or do you intend to run it on behalf of MakerDAO?

Q5 from @LongForWisdom: I think @iammeeoh is correct in that if you’re running it on behalf of the DAO, we need to figure out answers to some of the questions he posed. Namely:

  • How to decentralize this function?
  • What happens with the validator rewards?
  • How to ensure resiliency + uptime?

Q6 from @LongForWisdom: The idea of a working group is a good one, I think. As far as I’m aware, developers within the Foundation are not currently prioritising L2 solutions. Maybe if we’re creating a working group we should make it L2 focused generally, rather than specifically focused on xDAI?

Edit, new question:

Q7 from @iammeeoh: what is the address of MakerDAO’s validator among those of https://blockscout.com/poa/xdai/validators ?

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To ensure complete transparency with the Maker community, I am writing this update to inform that the Maker Foundation is transferring ownership of the xDai validator back to Mariano Conti.

The xDai chain has been successfully bootstrapped and become a success with a thriving community, and we are happy that we have been able to support it. At the same time, the Maker Foundation is decentralizing its responsibilities and believes now is the opportune moment to return responsibility for the xDAI validator to Mariano. He has always been a great ambassador for Dai, and was the driving force behind our support of the project. What’s more, he operated the validator himself initially, and is well-positioned to take on that responsibility again.
We are planning to finalize the transfer of the validator to Mariano before the end of the year.

10 Likes

up for visibility (after 19days)…

News, from the 23rd of December 2020, the STAKE token is now officially used to determine the consensus of the xDAI chain (POSDAO): https://www.xdaichain.com/about-xdai/news-and-information/project-updates/public-posdao-announcement

@nanexcool, please keep us updated.

Thank you for the welcome. Yes, I read that. I will try reading again but even after reading I wasn’t entirely sure if this means a promotion for xDAI is a promotion for maker. How I read that post, it could be interpreted as maker gets some benefits from xDAI but it doesn’t appear this has much of anything else to do with maker and more to do with maker using xDAI and having a validator which can benefit maker. Is this accurate statement? @mario I accidentally posted this in wrong post. og post here

This is my understanding yes, anyone can chip in with other remarks on the matter however!

  1. xDai-Network is a L2 solution for scaling Ethereum, and it uses a token xDai as a basis token for paying gas (just as Ethereum mainnet uses ETH). There is a 1-to-1 bridge between DAI (on Ethereum) and xDAI (on xDai-Network).

  2. MakerDAO’s product is DAI. But beside this, there is no link between xDAI-Network and MakerDAO. In fact (I asked @igorbarinov, the main guy at xDai-Network) and Governance could, potentially (even if unlikely), decide to modify the bridges for xDAI (e.g., with a 1-to-1 with USDC), etc.

  3. xDAI network is a Proof-of-Stake (as opposed to Proof of Work, like Bitcoin). This requires a number of validators to build blocks. Currently there are 15, see: https://blockscout.com/poa/xdai/validators
    One of these validators is run by @nanexcool and (this is the topic of this thread) it is supposed to be the ‘MakerDAO’ validator. So MakerDAO is running a validator on xDAI-Network, just like many other people/groups/institutions/daos (again, 15 in total at the moment). This should produce some value over time (the xDAI-Network rewards validators for creating blocks).

Question for @nanexcool: what is the address of MakerDAO’s validator?

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Hello everybody,

I am afraid I have misinterpreted the first post of this thread by @nanexcool and the subsequent answer by @lollike. After talking a bit around it looks like

Fact: Mariano will run the xDai validator as an individual, i.e., in a way independent of MakerDAO. There is no MakerDAO validator anymore.

I am sorry (@Monstrosity1, @mario) if my comments increased the confusion regarding this topic.

This of course does not mean that MakerDAO and xDAI will not be able to cooperate in the future! In fact I hope the two projects can work together a lot in 2021 to fight the high Ethereum fees problems we all know about :slight_smile:

Edit: @nanexcool if you share with us the address of your validator, I will stake my STAKE tokens on you! :slight_smile: Good luck!

2 Likes

Hey everyone!

Sorry it’s taken me so long to answer again (you’ll learn why soon enough :wink:

As @iammeeoh mentioned, the idea is for me to run the validator as an individual. Anyone is free to stake in it as well if they want!

The validator is:

0x2ffea37b7ab0977dac61f980d6c633946407627b

Mining Address: 0x9e41ba620feba8198369c26351063b26ec5b7c9e

Number 12 on this list https://blockscout.com/poa/xdai/validators

Thanks!!! <3

3 Likes

Thanks @nanexcool.
I believe it is the number 13 (or at least, it appears as 13 to me):