Radiant Commons hosted Penumbra’s first community call! Here’s some of what we talked about. Corrections and clarifications welcome:
- Radiant Commons is led by a team aiming to develop skillful, consent-based, open-source technologies. Its main goal: help Penumbra reach the market, grow its user base, and increase software adoption.
- What is Penumbra?
- End-to-end encrypted network that allows trading of assets across connected networks. It’s Built on the legacy of Zcash and other privacy-focused projects.
- Key components include a Decentralized Exchange (DEX) at its core to attract users for asset trading.
- Prax Wallet is the primary interface for interacting with Penumbra’s shielded assets.
- Penumbra is not just for holding assets; it enables buying, selling, and trading. Users can participate in batch auctions, Dutch auctions, and provide liquidity through liquidity pairs or limit orders.
- How did the airdrop work?
- The community had assisted in generating cryptographic randomness, essential for Penumbra’s encryption.Solving the ciphers posted on Penumbra’s Twitter unlocked the airdrop site after being solved.
- Recipients included active traders in the Cosmos ecosystem and significant contributors to Rust code.
- Launch was decentralized: data gathered to propose a Genesis block; validators picked it up, initiating the network.
- There were challenges: Data issues with the Genesis block led to incomplete information, but those who had at least one claim were allocated.
- What’s happened since?
- User Interface Challenges: Initial launch revealed problems with various front-end interfaces. Penumbra Labs responded by improving the Prax wallet and other network software.
- Network Syncing: Significant improvements were made in network syncing and performance in subsequent Prax wallet updates.
- Radiant Commons’ goal is to build awareness of Penumbra’s software and expand the user base, and foster collaboration between users and developers, encouraging anyone to develop and build on Penumbra’s open-source software.
- Listing on CoinGecko: Difficulty in getting Penumbra listed due to software integration issues. Successfully listed after efforts by a dedicated team member, allowing for potential future token listings on exchanges.
- What’s in the works?
- Chain Compatibility and Expansion: Using IBC, Penumbra will connect to more networks, expanding the user base and functionalities. More assets will be shielded as the network grows.
- Feature branded as Noble Express allows users to generate a USDC deposit address within Prax Wallet that forwards funds into Penumbra’s shielded wallet. This enables direct USDC deposits from platforms like Coinbase to Penumbra.
- Improved User Interfaces: Penumbra Labs is working on refining user interfaces for easier interaction with the network.
- Question about decentralization as a value in practice:
- Most $UM tokens are unstaked, providing an opportunity for greater decentralization if staked by token holders. Community played a direct role in choosing validators during the airdrop. Radiant Commons offers assistance to anyone interested in running or improving validators.
- Question about Genesis Distribution Transparency and FVKs:
- Radiant Commons plans to publish the full viewing keys of genesis recipients to allow the community to verify token agreements.