Frankencoin：只要 1% 反對，就能擋提案？

3:15:50開場

3:15:50franc。要分享如何打造真正去中心化的穩定幣，歡迎 Frankencoin Association 的 Johannes Kern。非常感謝。大家早安，我知道你們都餓了，好，我會講短一點。我是 Johannes。franc. To share how to build an actual decentralized stablecoin, please welcome Johannes Kern, Managing Director of Frankencoin Association. Thank you so much. Well, good morning, everyone. I know you're all hungry. It's good. I'll keep it short. My name is Johannes.

3:16:01我來自 Frankencoin Association，今天想談稍微不同的主題：治理。我知道大家都在談穩定性之類的，但治理也很重要。先簡單介紹 Frankencoin，我帶了最愛的書，這裡其實有好幾本。長話短說：美元不是穩定貨幣。I am from the Frankencoin Association, and today I want to actually dive into something a bit different: governance. I know everyone is talking about stability and whatnot, but governance is also good. First, a couple of words about Frankencoin. I brought my favorite book. I have a couple of them here, actually. TL;DR: the dollar is not a stable currency.

3:16:25瑞士法郎才是，過去 250 年都是。書放這裡，想要可以來找我。什麼是 Frankencoin？它是最大的瑞士法郎穩定幣，完全去中心化、流動性很好，收益也不錯。若想分散美元曝險，或你真的很喜歡瑞士，Frankencoin 值得一看。The Swiss franc is, and has been for the last 250 years. I'll put that here. If you want one, you know, come to me. What is Frankencoin? Frankencoin is the largest Swiss franc stablecoin. It is fully decentralized, it is very liquid, and it has a very nice yield. So if you're looking to diversify away from your dollars, or if you really like the Swiss, Frankencoin is where you should be.

3:16:52Frankencoin 還有其他特性，也是我今天要談的，並介紹上週剛上線的東西。若看去中心化專案的鏈上治理，常見狀況是投票最後由極少數人決定一切，這會出問題。Now, Frankencoin has a couple of other attributes, and those are the ones which I want to talk about, and as part of that, also introduce something which we've launched last week. If we look at on-chain governance of decentralized projects, usually what happens is that votes end up with very, very few people deciding on everything, and this causes issues.

3:17:18鏈上治理的投票失衡

3:17:18我們看過不少攻擊：攻擊者用很少資金就能取得多數，不是代幣多數，而是投票代幣多數，然後 rug-pull 整個專案。You know, we've seen a bunch of attacks where people were able, or attackers were able to, with very little money, get a majority—not a majority of the tokens, but a majority of the voting tokens—and basically rug-pull whole projects.

3:17:34多家研究機構統計，大約只有 6% 的代幣會投票或被拿來投票。相較之下，上市公司的傳統市場，參與決策的股份比例大約 70% 到 80% 以上。In fact, and this is all stats which have been done, you know, by multiple research houses, about only 6% of the tokens are voting or are being voted. Versus if you look at the traditional market in a listed company, it's roughly more than 70 to 80% of all shares that are voting in decisions.

3:17:5990% 的投票權集中在 1% 的錢包。更糟的是，這還只是代幣分布；通常 49% 的代幣會給早期投資人或核心團隊，這是專案結構使然，對吧？90% of the voting power sits with 1% of the wallets. And to make things worse, you know, this is just looking at, well, if tokens are distributed. Typically, 49%—and this is just because of how projects work, right?

3:18:2149% 給投資人、早期投資人或核心團隊。這代表我們的去中心化世界常常並不那麼去中心化，治理失敗的攻擊面其實很大，而且確實會發生，不是理論。Frankencoin 把這套邏輯反過來，我們有樂觀治理（optimistic governance）。49% of the tokens go to, you know, investors, early investors, or core teams. And this together means that our decentralized world often is not very decentralized. It actually opens up quite a bit of attack vectors on how governance can fail and does fail. It's not a theoretical concept. Frankencoin puts that on its head. In Frankencoin, we have what we call optimistic governance.

3:18:45Frankencoin 的樂觀治理

3:18:45什麼是樂觀治理？基本上任何人都可以提案任何變更。在座任何人都可以現在去創一個 Party Action People 代幣，說「它值 100 億美元，我要借一億」。你不需要持有代幣就能提案。Now, what is optimistic governance? It basically means anyone can come and propose any change. So anyone in here could now come and create a Party Action People token and say, “Hey, it is worth $10 billion, and I want to now borrow a hundred million.” You don't need any tokens to do so and propose it.

3:19:05但接著只要很少投票權就能否決；Frankencoin 新系統上是 1%。所以你不需要正面表決通過變更，只要少數人不同意就能擋下。實際上長怎樣？我們走一遍流程。However, then a very small number of votes, in the case of Frankencoin on the new system it's 1%, can veto this. So you don't need to have a positive decision to change anything. It can be a small number not agreeing with something and just block it. Now, how does that look like in reality, right? Let's walk through a process here.

3:19:30假設我們不想把 Party Action People 代幣加進 Frankencoin 當抵押品，Eve 來了，對吧，Eve 來了，他有一千瑞士法郎，因為要防 spam 有成本，他提出這個提案。Let's assume now we don't want to add the Party Action People token to Frankencoin as collateral, and now Eve comes, right, and And now Eve comes, right, and he has a thousand Swiss francs because there is a cost to avoid spam, and he proposes that.

3:19:45他要付一千塊，依提案類型，審查期從三天到兩個月不等；期間任何持有至少 1% 投票權的人都可以否決。So he has to pay a thousand bucks, and it takes, depending on what it is, you know, three days to two months for the review period, within which anyone holding at least 1% of voting power can come and veto it.

3:19:59若沒有人或沒有任何組合否決，提案就通過，Eve 就能用 Party Action People 代幣借款。誰能否決？這是新東西。上週我們推出 FPS，Frankencoin Pool Shares，在 Uniswap 等場所公開交易的治理代幣，有兩面性。If no one, or no group of people, does that, it passes, and Eve can now come and borrow against his Party Action People token. Who are the people that can veto? And that is the new thing. So we introduced last week a token called FPS, which are the Frankencoin Pool Shares, and that is a publicly traded—it's traded on Uniswap, for example—governance token that has two sides.

3:20:32FPS 代幣與經濟曝險

3:20:32持有 FPS 的人可以否決系統內任何決策。但他們也有經濟曝險：若投票支持壞提案，或沒否決壞提案，就會賠錢。最後是他們扛著系統安全。持有時間也會影響投票權，這是為了……So people holding those tokens, they can decide on all those things. They can veto any decision in the system. However, they're also economically exposed. So if they vote for bad stuff, or don't veto bad things, they lose money. So they are, in the end, holding the baby and making the system secure. It is also the case that it depends on how long you hold the token. So that is...

3:20:59避免另一種攻擊：用 flash loan 低價借大量代幣，拿去投票、否決，甚至接管整個系統。to, you know, avoid another form of attack where you can basically, in a flash loan, get a lot of tokens for, you know, a relatively low price, use those tokens to vote, veto, and basically take over the whole system.

3:21:12所以你要開始累積持有時間。早期持有者投票權較大，是的，但其實幫助有限，因為否決只要 1%；任何人有 1% 就能否決。So in this case, you need to start accruing that. That means that people who are early have more voting power, yes. But it doesn't really help them because they only need 1%. So anyone who has 1% can veto.

3:21:25就算不到 1%，也可以 delegate 投票、組成群組；只要湊到 1% 同意否決，就有同等權力。And even if you have less than 1%, you can, you know, delegate your votes. You can form groups, and as soon as you have, you know, 1% who are in accordance to veto something, you have the same power.

3:21:37這讓系統變化很慢，但這是故意的。我們在建貨幣基礎設施，要的是韌性，要十年後行為仍與今天相近。That makes the system very... slow to change, but that's intentional. We're building monetary infrastructure here. We want a system that is resilient, that you can be sure that in 10 years it is behaving very similarly to today.

3:21:51同時 FPS 持有者分享上行。Frankencoin 會產生收入，對吧？借款要付利息，流入 reserve，reserve 由 FPS 持有者擁有；若決策良好、系統成長創造收入，代幣就更值錢。At the same time, they carry the upside. Frankencoin generates income, right? It has—if you borrow something, you pay interest. That flows into the so-called reserve, and that reserve is owned by those FPS holders. So if they take good decisions and the system grows and creates income, the token becomes more valuable.

3:22:11ZCHF 與 Kraken 上市

3:22:11若有損失，例如他們接受惡意抵押品造成系統虧損，同樣的 FPS 持有者承擔損失。總之，你有 ZCHF 瑞士法郎穩定幣，完全去中心化。However, if there's losses, if they would, for example, accept collaterals which are nefarious and that cause a loss to the system, those same FPS token holders are carrying those losses. All in all, right, you have the ZCHF Swiss franc stablecoin, fully decentralized.

3:22:29你可以相信它無論如何都能運作。樂觀治理把它拴住，變更很慢，但仍能變更。FPS 持有者擁有經濟上行，也負擔別讓系統散架的重責。You can be sure it works no matter what. The optimistic governance keeps it in check, makes it slow to change, but it's still able to change. And the FPS holders, on the other side, they are owning that economic upside, but they're also carrying the burden of making sure the system doesn't fall apart.

3:22:50若真的散架，就是他們付帳。整體運作良好、成長不錯。還有一件事：Frankencoin 今天在 Kraken 上市。若你沒有瑞士法郎、沒有 ZCHF，應該去買一些。And if it does fall apart, they are the ones paying for it. All in all, it works really well, grows very nicely. One more thing, though: Frankencoin today is listing on Kraken. So if you don't have any Swiss francs, you don't have any ZCHF, you should get some.

3:23:08UTC 下午 2 點、新加坡時間晚上 10 點上線。還剩一分鐘。非常感謝大家來到這裡，我大概還能答一題。對，你要大聲喊，我會重複。是也不是。It will be live, you know, 2 p.m. UTC, 10 p.m. Singaporean time. We have one minute left. Thank you very much for coming, for being here, and I have time for one single question, I think. Yes, you have to shout, I think. Yeah, yeah, I'll repeat. Yes and no.

3:23:40問答：否決權與 kamikaze

3:23:40問題是：若只要 1% 就能否決，會不會有人用 griefing 攻擊，用相對低成本擋下所有提案？理論上可以，但還有一個我今天沒時間細講的功能。So the question was: if you only have 1% and you can veto things, you can do griefing attacks and basically block anyone's proposal for a relatively low price. Yes, theoretically, but there is a function which I've not been talking about today because there's no time.

3:23:59我還剩 15 秒，叫做 kamikaze。基本上你可以否決別人的否決。若有人否決你的提案，你覺得他在搞事，可以用自己的代幣與投票權反制。I have 15 seconds left, which is a so-called kamikaze. Basically, you can veto someone's veto. So if someone vetoes basically your proposal, and you say, well, this guy is a griefer, you can then use your own tokens and basically your own voting power.

3:24:14若你有 1% 投票權、我有 1%，我可以放棄我的 1%，你也會失去你的。這就是管理機制。這種 griefing 攻擊的存在本身也讓人沒誘因這樣做。非常感謝。So if you have 1% voting power, I have 1% voting power, I can give up my 1% voting power. And you will also lose yours. So that's how you manage that. And just the existence of this griefing attack basically solves that problem because you don't have any incentive to do it anymore. Thank you so much.