POM 2.0 Proof of Concept (POC)
POMv2 layer1 Blockchain
I started building a Proof of Meme blockchain clone, but I have changed my mind. I can deliver a better product in the same amount of time. POMv2 will take some features from my favorite devs, who think outside the box. The blockchain is up and running right now, but not ready for the end user yet. I do have an explorer up and running, but most functionality is currently Command Line Interace (CLI) limited.
Brief explanation of some of the POMv2 features.
POMv2 is a layer1 EVM compatible solution, leveraging proof-of-stake (PoS) using Tendermint’s Byzantine fault-tolerant consensus algorithms. The native token of POMv2 is “POMv2”. Computations are performed by each node on the network for verifiability, security, and consensus purposes. Due to being a layer one solution, POMv2 Network is chain-agnostic and capable of interoperability with a range of networks using soon to be announced protocol. I want to prevent copycats from stealing my ideas. The underlying ledger of POMv2 is publicly visible; the native token POMv2 is used for DeFI, transactions, and gas fees. The sPOM protocol implements programmable privacy, which is defined as arbitrarily complex data privacy controls within an application. This enables tokens to be wrapped into their private and fungible equivalent using the StealthPom (sPOM) Network. Blocks are created and appended every 6–7 seconds, with a soft limit of approximately 20–22 transactions per second. This is a gas/block limit I have encountered. The cap currently around 10,000 transactions/second.
The intent of the POMv2 Network is to be an open source protocol that enables a wide range tools, from DeFI, to privacy tools and applications.
What are StealthPOM “sPOM” Tokens?
**Obfuscated Tokens** Once you turn your ETH, BNB or $POM into sPOM Tokens, details like token balance and sending/receiving wallet addresses are encrypted. This keeps your data stealth and allows you to hold and transfer your crypto in stealth mode. POM holders who turn $POM into sPOM will not be deducted any fees.
NOTE: You cannot use sPOM to launch any tokens or fund them via the sPOM token. (Still working out the details on how to successfully implement this. As an example, how often did we normally see Tornado Cash fund a project on Ethereum and then rug?)
**Safety from front-running and Maximal Extractable (MEV) bots**
Front-running and MEV occur when actors use knowledge of future trades and transactions to make a profit, often at the expense of individual investors. But with POMv2 Contracts, orders are never visible on the mempool, and no attacker or malicious actor can front-run orders. Snipers can still get in early, but never in the mempool. Smart contracts will not allow any blacklisting whatsoever. Devs can circumvent snipers from taking most the supply. It is in my opinion, that if a dev allows a large chunk of the supply to be bought early, he is scamming the community.
A contract cannot be deployed until verified. Part of our verification includes a verification tool. This tool analyzes the contract for anything malicious. As of right now, from deployment to token launch - is comparable to ETH.
Once liquidity is added to a token, the dev has the option to burn or lock with our custom locker. No other locker will be supported. The minimum lock will be 7 days. Once 7 days have passed, the liquidity can be pulled. You cannot launch a token without the minimum lock duration.
Renouncing is not a requirement, but in the spirit of making this chain for the degens. POMv2 will implement a mechanism to regain ownership of a contract. This is still to be determined on how to implement. I know the talented devs at EverRise figured this out. I will be reaching out to the team.
In the next few days, we will be running polls with the community to decide on features you want to see.
POMv2 Network leverages inflation, block rewards, and staking to incentivize POMv2 holders and validators to bond their tokens to the network. The less supply that is in circulation, the more difficult it is for a Byzantine actor to successfully execute a Byzantine attack against the POMv2 Network consensus layer. In addition, in order to drive adoption of the protocol, a generous inflation rate helps pull users, developers, and stakers into the network with the understanding that the inflation rate can be modified in the future through a governance proposal. A variable inflation rate that ranges from 7% — 15% based on the ratio of bonded to unbonded POMv2 in relation to the target goal % bonded rate which is 57%. The pom pom fee gets pulled from all block rewards from validators and is sent to a pool of funds known as the pom pom Pool. This pool is used to help fund governance proposals. Funds will help advance the Blockchain. These are community funds; they are governed by the Pomeranians in a decentralized fashion, allowing the community to have a voice and help shape the identity of POMv2. The Pomeranians involves anyone who holds Pomeranian $POM ETH for more than 14 days. A minimum token balance is currently undecided. All block reward fees will be used to expand the POMv2 ecosystem which includes supporting valuable community contributors.
The role of POMv2 Bridges
POMv2 Bridges turn tokens from other blockchains into POMv2 or sPOM Tokens. If you bridge $POM, no fees will be deducted. When launched ETH, BNB and POM will be compatible.
Next week of development
I have onboarded one of my close colleagues. Two of us working on this chain will increase delivery to the end user. I will introduce him to the TG in the next few days. He will begin on the POMv2 DEX starting tomorrow. The POMv2 DEX, will also act as swap.
This article is only scratching the surface. The explorer, tokenomics and many other aspects of this will most likely change over time. The Meme coin space wanted some kind of evidence and I have done this alone in less than 24 hours. All mods, admins and some of my defi friends will be using the test net in 5–7 days. We will also hold a shilling contest and winners will be rewarded the chance to test the POMv2 chain and provide feedback to the community. No NDA required LOL. I want real feedback from the community.
I have given myself a deadline, but will not reveal it. This is a race to release, but I will not launch a poor product. When released to the public, POMv2 will be ready for everyone to use, not for only clicking menus in an explorer. As a COMMUNITY Pomeranians will achieve what DeFI was meant to be!
Stay Tuned…locking up a virtual hackathon for testing POMv2 main net. Your real funds will not touch POMv2 blockchain until rigorous testing from known exploiters and hackers are complete. No useless “audit” from insiders. Bring it on!!!! Look out for an official announcement on https://devpost.com/hackathons in the next 10days.
Thank you to my excellent Admins, mods and our Great COMMUNITY!! This is only the beginning.