This Founder’s Node vote begins Monday April 24th and ends Friday April 28th.

This proposal aims to explore and implement the conversion of Founders’ Node Licenses within the Gala Games Ecosystem into non-fungible tokens (NFTs). By leveraging the unique properties of NFTs, we believe this transition will enhance the user experience, facilitate a more secure and transparent ecosystem, and potentially increase the overall utility and capacity of the platform.

Background

Currently, nodes in the Gala Games Founders Node Ecosystem are managed through a conventional centralized database maintained by Gala Games. This approach presents certain limitations, such as potential security vulnerabilities, opacity, and inefficiencies, as well as being poorly aligned with the web3 ethos we seek to champion. By converting nodes into NFTs, we can overcome these challenges and benefit from the advantages of greater decentralization.

Proposal Details

Objective:

The primary goal of this proposal is to allow operators the option to convert Founders’ Nodes into NFTs, allowing for individual ownership and unique identification of each node, along with enhancing the security and transparency of the network.

NOTE: This proposal does not require Founder’s Node operators to tokenize Node licenses, but will provide a way to do so if they choose.

Process:

To successfully implement this proposal, we will undertake the following steps:

1. Technical development: Design and build the necessary smart contracts and infrastructure to facilitate the conversion of nodes into NFTs, while maintaining compatibility with the existing ecosystem.
2. Testing: Thoroughly test the new system to ensure security, stability, and functionality before deployment.
3. Implementation: Roll out the NFT-based node system in a phased manner, with a focus on minimizing disruption to existing users.
4. Support and maintenance: Provide ongoing technical support and system updates as necessary, while continuously monitoring performance.

Benefits:

1. Enhanced security: By leveraging the decentralized nature of the blockchain, we can minimize the risk of single-point failures and hacks.
2. Improved transparency: With nodes represented as NFTs, users can verify ownership, transaction history, and other node-related details easily.
3. Flexible transferability: As NFTs, nodes can be securely traded, transferred, or sold between users without the need for third-party intermediaries.

Potential Risks and Challenges:

1. Technical complexity: The process of converting nodes to NFTs may require significant development resources and expertise.
2. Adoption: User acceptance and understanding of the new system may take time, and ongoing education and support will be necessary.
3. Flow Modification: Converting nodes to NFTs may require users to lock their node NFT on chain in order to function.

Caveats and Considerations

While the conversion of nodes into NFTs promises numerous benefits for the Gala Games Founders’ Node Ecosystem, it is crucial for users to be aware of certain caveats and potential requirements that may be implemented to ensure compliance with regulatory standards and maintain the integrity and strength of the network.

Know Your Customer (KYC) Compliance:

As part of our commitment to maintaining a secure and compliant ecosystem, users may be required to undergo a Know Your Customer (KYC) verification process before their nodes can be converted into NFTs. This process is essential to prevent fraud, money laundering, and other illicit activities. Users will be prompted to provide personal identification documents and other relevant information to verify their identity. Failure to comply with KYC requirements may result in the inability to participate in the node conversion process.

Token Burning Requirement:

In an effort to maintain a balanced token economy and control token supply, users may be required to burn a certain amount of tokens to unlock their nodes for conversion into NFTs. The token burning process will involve sending tokens to a designated smart contract, where they will be removed from circulation. This requirement will help maintain the long-term stability of our token ecosystem and provide additional $GALA for node operators.

Exact KYC requirements and token burning amounts will be determined and communicated to users in the implementation phase, should this proposal be approved. We understand that these caveats may raise concerns among users, and we encourage open discussion and feedback to address any questions or apprehensions.

NOTE: No KYC or token burning will result from this proposal for those who do not choose to tokenize their Founder’s Node licenses.

Conclusion

By adopting this proposal, we believe the Gala Games Ecosystem will benefit from the advantages offered by a more decentralized node network. Through careful planning, technical development, and user support, we aim to create a more secure, transparent, and valuable platform for our community. We encourage all users to provide feedback, ask questions, and participate in the discussion around this proposal.