Phonon DAO (PHONON)

Basics

• Based in:
• Started in / Announced on: 28-10-2021
• Testnet release:
• Mainnet release:

• From EthHub (2-11-2021):

"Phonon is a powerful new scaling and privacy primitive for the entire crypto ecosystem. The protocol uses secure hardware to allow users to transact off-chain, endowing any cryptocurrency with all the properties of a cash transaction: fast, free, and privacy-preserving."

• From the launch blog (18-12-2021):

"Phonon is a protocol which uses secure hardware to enable private off-chain transactions for all blockchains. This lets you securely use any cryptocurrency with all the properties of physical cash."

History

• Came out of the Grid + project (10-2021), but changed its use case completely.

"GRID’s initial token distribution was based around a deprecated use case and it is not properly balanced for encouraging active participation in a protocol DAO."

It even sounds like the original team is leaving the project (while still holding on to 6% of the supply:

"Phonon DAO is in charge of the Phonon token and developing the network which uses the Phonon protocol developed by GridPlus. As such, GridPlus is not directly involved in the development of the phonon token or network, although we remain open to helping out in an engineering capacity should the DAO contract with us."

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

DAO

• From the launch blog (18-12-2021):

"At launch, governance will be handled via Snapshot voting and governance forum discussion. Formalizing a governance structure will be at the discretion of the DAO."

Token

Token Allocation

• From the launch blog (18-12-2021):

"There will be no PHONON token sale — majority control of the protocol is being passed onto current GRID holders. Phonon DAO has issued 10 billion PHONON tokens for the purpose of managing the protocol, bootstrapping participation, and long-term incentive alignment among all stakeholders. 60.36% of all PHONON tokens are immediately available to current GRID holders via a conversion contract which issues 155 PHONON for each 1 GRID upgraded."

Other Details

• From the launch blog (18-12-2021):

"The Phonon token is based on the ENS token, which was inspired by the UNI token."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: "Phonon works with any blockchain, but the token and protocol governance framework are built on Ethereum." (18-12-2021)
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Staking

• From the launch blog (18-12-2021):

"Participating secure hardware manufacturers will have to stake PHONON for the duration of time their cryptographic certificates are in use by the Phonon protocol. These locked funds serve as an insurance bond that would be forfeited to the DAO in the event of malicious behavior on their part — this serves as an economic deterrent against bad actors beyond the loss of hardware sales."

Scaling

• From the launch blog (18-12-2021):

"Phonon is peer-to-peer so it is highly scalable and not subject to bandwidth constraints. There is no need to maintain a network of node infrastructure for the system to work."

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found [here].

• The original Grid + team seems to be leaving the project (while still holding on to 6% of the supply:

"Phonon DAO is in charge of the Phonon token and developing the network which uses the Phonon protocol developed by GridPlus. As such, GridPlus is not directly involved in the development of the phonon token or network, although we remain open to helping out in an engineering capacity should the DAO contract with us.

Initial Phonon DAO Stewards:

1. Alpaca Fan — Anonymous DeFi protocol founder and long-term GridPlus community contributor.
2. Tim Coulter — Founder of the Truffle blockchain development suite.
3. DeFi Dad —Fourth Revolution Capital, DeFi educator.
4. Dan Mueller — Long-term GridPlus community contributor.
5. Jonny Rhea — Element Finance CTO and Co-Founder, Former ETH2 Researcher.
6. Evan Van Ness — Starbloom Ventures, Week in Ethereum News Founder.
7. Anthony Sassano — Founder at The Daily Gwei, Co-Founder at EthHub.
8. Cyrus Younessi — Former head of risk at MakerDAO, Former Trader at Cumberland and Scalar Capital."

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