The Distribution

We’ve been talking through a lot of different options for when it comes to getting PHI distributed, and we came up with a novel solution that seems to stand out above the rest. Our idea is to set up a peg contract which allows anyone to trustlessly convert between ETH and PHI at a rate of 0.001 ETH/PHI. The peg will be set up as a two-way function until a certain cutoff date (July 1, 2018) or until all 30M PHI initially available to the contract are distributed to the community. Once either of these conditions is met, the ETH available to the contract (and optionally the surplus/remaining PHI available to it) is accessible by the contract’s beneficiary. Any PHI that are not sent to the peg contract can be locked up until the cutoff date, preventing it from being gameable by externally-sourced tokens. The end result of this setup would be a sort of PHI vending machine with a trust-free money-back guarantee for the first 6 months (or in the general sense, until the cutoff date).

In effect, this would open up the opportunity for everyone who is interested in exploring the oracle frontiers with us to be able to do so, and allow users to take the compound token out for a “test drive,” so to speak. Even better, it allows us to move past the token distribution issue and start focusing wholeheartedly on the tech itself. No one has to feel left out, the work can begin speaking for itself as the project grows and takes shape, and we can move on to the stuff that truly matters: building Delphi.

We hope that the community will speak up and let us know what you think. All ideas, arguments, feedback, and input are welcome at this point. We’ve been discussing the pros and cons of everything we can think of, and though the longer-duration peg/vending contract is our current favorite option for a number of reasons, if you have an idea that you think is even better, we’d love to hear it.