The Route To Decentralization — BEPRO Network as a DAO
You might have seen some recent changes in our overall communication channels. Our Twitter and LinkedIn pages are now identified as BEPRO Network Labs, and we are slowly communicating as BEPRO Network Labs across all our main channels.
This article intends to explain all the changes we’ve been going through, explain the new positioning for BEPRO Network Labs, and detail how we plan to continue fostering the BEPRO Network ecosystem to continue growing and achieving complete decentralization.
What is BEPRO Network Labs?
The independence of BEPRO Network Labs is a critical step towards the vision of creating a fully decentralized development protocol from the day 1.
Version 1 of the protocol has been successfully deployed, and we are now seeing organic growth of the same. Therefore, it is the right moment for the company with +10 people working daily behind the creation of the protocol to branch out and become an independent player in the ecosystem. Thus the naming of BEPRO Network Labs.
We believe this is a crucial step since the end goal is always for BEPRO Network to become a Development DAO completely owned and managed by the community in a decentralized manner.
At this time, BEPRO Network Labs is still the main contributor to the code upgrades and general development over the BEPRO Network Protocol and codebase. However, in our long-term vision for ecosystem growth and sustainability, we strive to become only one of many players of the entire BEPRO Ecosystem.
We already see the first steps of real decentralization by having an increasing number of independent developers working on bounties available. It is now time to continue pushing further for this!
The decentralized BEPRO ecosystem
At this time the BEPRO ecosystem is composed of several elements as described below, and all of these elements are now fully decentralized and community-owned.
BEPRO Network (the protocol) — A set of fully decentralized permissionless smart contracts on the Moonriver Network.
It allows anyone with a development project (aka Operator) to outsource work in a decentralized manner, through bounties, and by connecting directly with builders worldwide. And as a Developer, you can work freely on any open bounty and be rewarded in BEPRO, USDC, or other tokens, for your work.
This framework is fully open-source and built and developed by the community now — some of the projects mentioned above and other software companies and freelance developers are already contributors to the SDK, besides being consumers.
BEPRO Network Interface (the web-app) — The WebApp is an open-source interface created to interact more easily with the deployed protocol.
$BEPRO (the token) — $BEPRO is the native utility token that governs the protocol. It is the token used to create bounties, transact in the protocol, and participate in the curation and governance of the protocol.
For context, at this date, the BEPRO Network Protocol holds +1.5M€ in Total Value Locked, and bepro.js templates and forks have over 50M€ (in $FEVR, $XED, and other ERC-20/BEP-20). All of which are untied to BEPRO Network Labs at this moment. We could stop contributing to the protocol and codebase, and everything would keep functioning and naturally growing without us.
However, we still understand we play an important role in providing 50% of the current code in the last month. So our plan and commitment are to continue supporting the ecosystem and making sure the roadmap and vision are achieved to the technical extent, allowing the ecosystem to become strong enough to continue on its own while developers join and a strong educated community can manage everything in an autonomous way.
Our commitment: Fostering Ecosystem Growth
BEPRO Network Labs’ plans and commitment are now to ensure objective and complete decentralization of the BEPRO Network. Our upcoming focus will be to foster and grow the ecosystem to empower other individuals and entities to participate and benefit from it.
Currently, from the “Long Term Network Growth” Section of Tokenomics, BEPRO Network Labs holds 25% of the $BEPRO supply as Internal Treasury. But we will want to use and distribute this 25% internal reserve through 3 different stages for ecosystem growth and labs treasury:
- 10% of the supply will be passed to Protocol Rewards for protocol versions v1 and v2. This will be a completely automated process based on Protocol Usage, divided into epochs; Ensuring users of the protocol are incentivized and rewarded by helping us test and decentralize the curation process
- 7% of the supply will be passed to create bounties into the BEPRO Network Protocol to pay developers for the continued development of the protocol and codebase; Ensuring that future development of the BEPRO Network and codebase is secured via a base of empowered community developers
- 3% of the supply will be passed to Relevant Partners and Grantees for the $BEPRO Alliance Group (https://betprotocol.notion.site/betprotocol/06173fb999ae45ffa9abdad80a34f336?v=5c9a061da63849afa836476e4a1d25d9&p=6850a5b4c25f4bfab4818c75668c4ba6)
- 5% to be kept as Treasury for internal discretionary usage at BEPRO Network Labs and for Governance/Council (in the name of Bepro Network Labs)
We are committed to achieving total decentralization. As BEPRO Network Labs, we want to position ourselves as the founding entity where we are mere general contributors to the code and its future, which we are already starting to see.
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