A Community Proposal to Resolve the Obelisk Purchaser and Nebulous Funding Issues
Final Proposal posted
As the Sia project approaches five years, there are critical challenges facing the project and its community. Two separate but interlocked challenges can and should be resolved in a manner equitable to all involved for the ongoing health of the project. This is a long post. Please take the time to read, understand and ask questions.
*Disclaimer: I am a Siacoin trader and not a coder. I own a small sum currently with orders for more. I own both A3 and S11 units and mine both Sia and Hyperspace. I did not purchase Obelisk ASICs*
Nebulous founder David Vorick explained last June why ASICs could not be resisted, announcing a plan to build ASICs for the Sia network. Community members completely funded a new company (Obelisk) in late 2017 expecting gear in 2018. Competing with a dominant industry player resulted in Bitmain ASICs implemented in under five months from Vorick’s article. In November, there were signs this was occurring, and Nebulous/Obelisk engineers should have created tools to recognize where they were in the process but failed to do so. It may be too much to call the Obelisk team negligent in not performing this due diligence, but it is very close. Upon shipping in late January, Bitmain over-saturated units on the Sia network, killing Obelisk ASIC chances at future profitability.
Anticipating the action, the Obelisk team included a hashing algorithm tweak to fend off network attacks. Implementing the tweak was argued for and against in January 2018 and rejected as a competitor being first to market did not by itself represent an attack on the network. Since then, the network hashrate exploded exponentially creating a situation where even...