SIP-0083 Proposal: Sovryn - BitcoinOS Contributor and $BOS Token Launch

Bitocracy
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1. Overview

BitcoinOS (BOS) is being developed to allow any code to be executed on Bitcoin, representing a fundamental upgrade to the Bitcoin protocol. As one of the key development teams, Sovryn proposes to launch this technology.

Throughout BitcoinOS’s development, Sovryn has made substantial contributions through project incubation, design partnership, research, development, testing, communications, and community engagement. We commit to continuing this involvement while developing a new Bitcoin-native token standard for the BOS ecosystem.

In order for BitcoinOS, developed as Open Source Software (OSS), to succeed, the project needs broad distribution and a decentralized network of users and developers. Sovryn proposes to provide the decentralized governance framework and committed community needed for this launch. As part of this service, Sovryn will contribute to the issuance and distribution of the $BOS tokens and develop core parts of the BitcoinOS technical infrastructure. To facilitate this, 10% of the total supply of $BOS tokens will be earmarked for the Sovryn community.

2. Background

BitcoinOS has achieved significant technological milestones, beginning with the verification of the first ZK proof on Bitcoin mainnet in July 2024, followed by the release of the first open-source code for Bitcoin ZK proof verification in September 2024. Their progress in developing ZK-based infrastructure has established new standards for Bitcoin L2s, towards L1 security, trustless bridging, scalability, and native transaction privacy.

Teams working on the project are currently focused on developing Grail, the first trustless Bitcoin L2 bridge, and MerkleMesh, which will bring full interoperability to users and liquidity in the BitcoinOS ecosystem. Significant ecosystems have announced their plan to integrate with and contribute to BitcoinOS infrastructure, including Cardano and leading Bitcoin sidechains such as Merlin Chain, Nubit, and B² Network. Further significant integrations with additional collaborators are developing.

Given Sovryn’s role in incubating BitcoinOS, our appreciation of its technological potential and traction, and the interest already expressed in a forum posted titled “SIP-XXXX: Launch of BitcoinOS (BOS) Under Sovryn Incubation” posted on June 18, 2024, we propose to leverage our expertise in decentralized governance to perform the decentralized launch of BOS and its $BOS token and to lead the development of a much needed Bitcoin native and programmable token standard.

3. Sovryn Bitocracy and Strategic Alignment with BitcoinOS

Sovryn has achieved genuine decentralization and effective decentralized governance, maintaining high levels of diverse stakeholder participation. Our Bitocracy model and committed community provide a robust framework for launching decentralized projects.

We believe that Sovryn, by leveraging its established decentralized framework, can ensure BitcoinOS’ decentralized launch and decentralization from inception, setting a new standard in the Bitcoin-native ecosystem. Our proposal includes:

  • Sovryn has been a key design partner for BitcoinOS, offering valuable expertise in project incubation, research, and strategic guidance. The teams working within Sovryn will continue with these efforts.
  • Launching the BOS protocol and distributing the $BOS token through Sovryn Bitocracy and Sovryn’s core team.
  • Collaborative development between Sovryn and the teams working on BitcoinOS technology to determine a framework for equitable total token distribution.
  • Allow teams to leverage Sovryn Bitocracy to propose and initiate the development of technologies related and required for the BitcoinOS ecosystem.
  • Sovryn will consider itself one of the founding groups of the BitcoinOS ecosystem.
  • Sovryn and other BOS teams will collaborate in launching the Sovryn Layer as it will defined by Bitocracy.
  • Sovryn will retain 10% of the total $BOS token supply.

4. BOS Launch

4.1 Project Development and Launch

  • BOS Development: We will support BOS developers in their focus on building and refining the technology under an OSS (Open Source Software) framework.
  • Network Launch: Sovryn Sorcery will assist in launching the BOS network, ensuring its integration with the broader Bitcoin ecosystem.
  • Token Launch: Sovryn will issue the $BOS tokens and facilitate the initial distribution, including the portion designated for the Sovryn community.

4.2 Resource Mobilization and Governance

Sovryn will invest in the development of the BitcoinOS open-source ecosystem. The following resources will be allocated to support the following activities:

  • Education
    • Development and distribution of technical documentation
    • Creation of educational content for developers and users
    • Organization of workshops and training sessions
  • Marketing and Communications
    • Strategic marketing campaigns to drive adoption
    • Community outreach and engagement
    • Regular updates and announcements
    • Market research and analysis
  • Technical Development
    • Development of a Bitcoin-native token standard
    • Security audits of protocol components
    • Comprehensive user testing programs
    • Development and maintenance of essential front-end interfaces
    • Integration support for partners and developers
  • Network Operations
    • Nomination and support of qualified node operators
    • Network monitoring and maintenance
    • Performance optimization
    • Infrastructure support
  • Strategic Initiatives
    • Identification and development of strategic partnerships
    • Ecosystem growth initiatives
    • Protocol integration with complementary projects
    • Support for developer community building

Additional activities required for the success of BitcoinOS as a decentralized protocol will be undertaken as needed, subject to community governance through Bitocracy.

4.3 Token Distribution and Stakeholder Incentives

  • Sovryn will issue the $BOS tokens and distribute them to the different stakeholders.
  • We will collaboratively develop a framework for equitable token distribution of the 10% allocation retained by Sovryn. This token distribution will be submitted for approval of the Bitocracy in a future SIP.
  • Additional SIPs may be proposed to determine various aspects of Sovryn’s responsibilities and commitments to BitcoinOS.

5. BitcoinOS Independence

To maintain credible neutrality, BOS development will remain independent of Sovryn. Sovryn Bitocracy will have no decision-making power over any element of BOS not specifically listed in this SIP.

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That a lot Sovryn will be providing for 10%. I guess we are providing a lot of that already for a while anyway so at this point for the sake of peace and tranquility we might as well.

I still think the distribution should be heavy in favour of long term stakers (past and future) - maybe use oSOV and make distribution over 3 years incrementally so we can acquire more BOS % by staking more for the next 3 years or some such :wink:

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I love the way you’re thinking! Great points!

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What happens if the vote turns out ‘No’?

I know, most of you will dislike that question… but Sovryn core for quite an extended period is already doing like 90% of what’s outlined in this SIP.

Ofc the answer is: nothing, you just won’t get this 10%

As the decision to make this project separately from Sovryn while still using/being Sovryn was made by core/Yago … you could just send over whatever you think you want to part with. Even without SIP.

Feels like needing to vote for getting alms. Just put them into the tip box. Done.

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Sovryn is not already doing 90% of what is listed here - it is actually not doing anything directly related to BitcoinOS at present. Any involvement has been geared towards being a launch partner for the benefit of the Sovryn layer. The SIP outlines many new initiatives that Sovryn will start focusing on and primarily make Sovryn a direct contributor not only for the benefit of a future launch on BitcoinOS. Sovryn has conducted open source R&D that in a large part has facilitated the progress of BitcoinOS, so I think that this SIP is an important step in capturing the value of that research.

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Hi,

I support this SIP. One question:

On which chain / layer will the $BOS token initially be issued?

Thanks!

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It’s nice to see this moving as this is a much needed confirmation for stakers. I’m excited to cast my vote.

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I would add, it would be nice to ask BOS for a little more, like maybe 1% extra for Sovryn Treasury to hang on to for future developments (so 11% total). I think this is a fair, and worthy ask and the worst they could say is no. This could possibly help fund Sovryn for a lengthy time, and it would also help BOS in the long-run if we are to keep building on BitcoinOS.

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I think this is a very good idea - get 10% for Sovryn stakers and another 1-3% for Sovryn treasury as we also keep up the infrastructure and that surely has running costs associated.

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Right, and as I stated; the worst they could say is no.

Sovryn’s future developments can benefit BOS greatly. Adding a negligible amount of BOS mint (an Almost unnoticeable amount) could expand Sovryns warchest significantly.

Again, the worst they could say is no. I feel like it’s a very small ask, that could have a very big impact.

Either way I’m for the SIP, and I’m excited to vote on it.

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As you can see in section 4.2, part of the proposal is the development of a new bitcoin-native token standard. The aim is that the $BOS token will be launched under this new standard.

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no need for more words I guess…

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I find it an interesting proposal due to the role assigned to Sovryn, the recognition of its past and future participation in the development of BOS, and, lastly, the definition of compensation for this contribution.

There are some aspects yet to be determined.

Among them are the criteria for defining the distribution of the BOS Token. The proposal indicates that it will go to sov stakers, which suggests that it will be based on voting power. Will it take place on RSK? Are there any additional conditions? Will the tokens be liquid once distributed? Are there any safeguards against pump-and-dump schemes for both the SOV and BOS tokens? Where will the BOS Tokens reside? Will they be tradable outside of BOS?

The proposal states that the Bitocracy will be responsible for the launch of the BOS token and the Sovryn layer, as well as serving as the venue for teams to propose and initiate the development of related and necessary technologies for the BitcoinOS ecosystem. This brings up the following questions for me: in the last community call, Yago reflected on the need to lose the fear of debating the purpose of launching a Sovryn layer, and even on the very role of Sovryn as we know it. Has this been defined? Where are we heading after the launch of BOS? Is the launch of Sovryn Layer confirmed?

Regarding the level of resource commitment that Sovryn will dedicate to BOS, I consider it very high according to point 4.2. I think this is excellent and how it should be. Precisely for this reason, I consider the 10% compensation to be insufficient. Not only for what is stated in this proposal but also for everything expressed after the initial proposal on June 18.

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I support the BitcoinOS proposal. What’s the long term vision for Sovryn’s support post launch? Also, how can I vote on this proposal?

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Thanks, @lactarius, for your comments and questions. To answer what I can:

Please see section 4.3 of the proposal:

This means the answers to your questions will be determined in a future SIP, after a discussion in this forum, whether the tokens go to token stakers, the exchequer, vesting, liquid or anywhere in between. I hope to have a fruitful discussion with as many contributors as possible regarding the best distribution method.

Section 4.2 describes how Sovryn and BOS will develop a new bitcoin-native token standard. The goal is that the $BOS token will be the first token to launch on this new standard and will live natively on bitcoin.

Please join the upcoming community call tomorrow, to discuss further the ideas around the Sovryn layer. Link: Discord

Regarding 10% being insufficient, I’m not sure what data this feeling is based on. Sovryn has incubated BOS and contributed open-source basic research. Here’s a quick survey on how much incubators get in the web3 space:

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As you can see, 10% lies at the very top of the scale here and more than 2.5X what’s common in the DeFi space. It is a phenomenal deal. To be eligible for that, Sovryn must deliver what’s proposed above. Sovryn should be happy to help BOS grow, as our success is intertwined with theirs.

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Hello @EliteVoyager !
Welcome to the forum. To vote you must be an $SOV staker in the Bitocracy on Rootstock. Please see a quick video guide here:

The vote is aimed to go live next Monday, Nov 11 2024.

Regarding the Sovryn Layer, please join the Community Call tomorrow to hear about the current design ideas: Discord

The call will also be recorded and posted to Youtube.

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Truly a phenomenal deal yes.
For Yago.

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The goal is to register BOS on the one ledger that matters: Bitcoin

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Let’s do this SIP then and move on to a better future. Let’s get some good vibes flowing here again and see what we can all do together.

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Are you not just comparing apples and oranges there when you talk about equity share for incubators? It seems the main goal of the sovryn project is to dilute this 10% between as many stakers as possible ultimately. Im not sure if your comparison with chatgpts benchmarking is valid

I dont have the proposed BOS allocation one pager to hand, but i recall a huge gap between the 10% SOV staker allocation and the remaining allocation for new joining projects. It seems they will have competing shares with SOV staker allocation but we are bootstrapping this entire project. I fully encourage and would support any negotiations to be put forward in response to this SIP. Its a great step but its a terrible deal in principle - who takes a deal without knowing the other side? Which other projects is BOS looking at and how many?

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