Melonport Is Setting A New Bar For The Blockchain World
Melonport is the new gold standard in the blockchain world today. Get all the details and make sure you are abreast of the new developments. Here we go detailing it all.
What Is The Logic Behind Melonport?
Most think that Satoshi’s invention is sure to have the greatest impact in the sector of fintech in the world of blockchain. Therefore, there are a few more elite words in finance than those of asset management as it is of some significance with the two-year project disrupting and opening up the world by using blockchain which is now coming to fruition. The Melonport start-up in Zug which is a small provincial Swiss town embracing crypto start-ups has consciously chosen to dissolve itself thereby releasing its Melon protocol on the world of asset management.
In the tech world, there are many such precedences for this kind of move as it is not unheard for a start-up to thereby release an Open API letting other potential competitors that were built on it and hoping it will be good enough to beat others whereas Red Hat has long ago built a huge company which is on top of the open-source Linux software.
The major difference is that built on the Ethereum blockchain the Melon protocol will no longer have the majority say as to how the protocol develops where technically no one owns the Melon protocol as founders of the Melonport has thereby entrusted the development to an independent Melon Council providing governance with direction as it develops. To build tools on top of its creation, what was Melonport now morphs into the new company called Madeeba as it holds one seat on the Melon council.
This comes to be an open-source protocol on the blockchain of Ethereum for the on-chain asset management that is Melon pioneering blockchain software system designed to allow anyone to set up and manage the asset management fund. As Mona El Isa told the Melonport founder and now Madeeba founder promises that they would step back and hand over the protocol to the decentralized governance process designed to consider all the stakeholders, the token holders, the developers, and the users.
Where Is Melonport Headed?
With the potential to radically transform business allowing community-owned networks, blockchain technology is getting the governance right which is key in this space. It is important in this context to know why creating a system prevents co-option and capturing by vested interests. It is criticized for being in thrall to a limited number of nodes with other blockchains such as EOS.
Today, the Melon Council was composed of the Melon Technical Council along with representatives of the Melon Exposed Businesses. assigning the first seats of the MTC by the outgoing Melonport team to:
• Will Harborne (Director of Operations at Ethfinex)
• Nick Munoz-McDonald (the former Head of Audit at Solidified)
• KR1 (represented by Janos Berghorn)
• Matthew Di Ferrante (founder, ZK Labs)
• Woorton (represented by ZahreddineTouag)
• Martin Lundfall (Formal Verification Researcher at Dapphub/MakerDAO)
• Fabian Gompf (VP Technology Partnerships at Parity)
• the former Melonport team or Madeeba (represented by Jenna Zenk)
With issuing a token representing their membership to the Melon Council each Melon Council member can use the token to make proposals as well as vote on key issues as it is seen the Melon council will also be powered by aragonOS which is a Solidity framework on the Ethereum blockchain allowing anyone to create, manage and participate in the complex decentralized organizations.
Allowing decision making within the Melon Council, the DAO says it remains secure and transparent to the community as the members can vote on-chain on matters thereby inviting new members into the council and thereby adjusting the price updating the Melon protocol.eth ENS subdomains and updating protocol parameters.
While there have been other attempts thereafter to create the new vehicles similar to Iconomy and CoinBlock the race towards decentralized asset management is fair to say none has been a successful or as long-lived as the Melonport project is. Aiming to build a user-friendly product, Madeeba according to El Isa is what anyone could set up a fund and also not even feel you have entered into the blockchain space where a sea of hands had gone up in the room as people were asked if they would thereby pilot both Madeeba and the protocol too.
Furthermore, according to the lead Melon protocol developer, who has worked on blockchain Travis Jacobs told that he decided to work on Melon to affect an industry which is sort of shuttered as also only accessible to an elite few with great opportunity spreading a democratic effect where anyone could set up an investment fund. The example set by Melonport is to have a wider ramification in the nascent blockchain world in dissolving itself in favor of a non-source protocol planning to build its products.
Finally, The Conclusion
The next question to be asked when for the next time anyone sees a start-up announcing that it is working on a blockchain protocol ruling them all is how is the protocol operating for others and how is it governed? This is because governance has become one question as also in case not the key question but a brave new world of blockchain that must answer.