Proposal: Whitelist RAILGUN (RAIL) with 75k Co-Investment
This proposal is expected to appear on Snapshot for voting on the 31st of October 2021 at 12:00 pm UTC
TL;DR
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Proposal to whitelist RAIL.
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Proposed initial co-investment is 75,000 BNT with the idea to ratchet co-investment up to 150,000 BNT.
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There are no apparent security concerns that would prohibit whitelist status.
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There is no reason to doubt the legitimacy of the RAILGUN Privacy project.
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RAIL token address: 0xe76C6c83af64e4C60245D8C7dE953DF673a7A33D
Project Website: https://railgun.ch/
Token Security
RAIL does not have an elastic supply, or rebase mechanism. The RAILGUN Privacy contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The RAIL token supply is fixed at 100,000,000 of which 50,000,000 are in current circulation. The contracts and address with the highest concentration of RAIL tokens are predominantly the token staking contract with 50% of the supply staked by community members
Project
RAILGUN is a collection of smart contracts that verify zero-knowledge proofs, allowing users to make, send or receive transactions without revealing any assets, amounts, or identities. In much the same way, it also allows users to interact with smart contracts, such as those used for DEX trading, yield farming and other dApps (decentralised Apps). Layered on top of this on-chain system is a suite of adapters called Adapt Modules for existing applications on Ethereum that anyone can deploy.
RAIL Token, Voting & Distribution
RAIL Token & Voting RAIL is the governance token of the RAILGUN DAO. One token (staked in the voting contract) equals one vote. Users who have not staked, or who are unstaking, will not be able to vote. Once the RAIL tokens are staked, the unstaking period is 30 days, thus there is an effective minimum time of 30 days to hold the token after a vote is cast. This means that voters have to look at least a month in advance when they choose how they vote for protocol upgrades or fees. There can be no “Vote Raiding” and voters will look beyond the next few days.
The distribution of the RAILGUN DAO governance token, RAIL, can be summarized as below:
• 25% allocated to Airdrop
• 25% allocated to the Foundation
• 50% allocated to RAILGUN DAO
Total circulating token supply at launch will be 50 million RAIL tokens. Maximum lifetime total supply of the RAIL token would be 100 million tokens - creating more than 100 million is impossible.
Airdrop tokens (25%): Ethereum addresses who have made donations on the ETH network to privacy charities and nonprofits, such as the TOR Project, the Right to Privacy Foundation, the Free Software Foundation and others, will be given an airdrop of RAIL tokens. The most important part of the forming of any community is the inclusion of members, and members that have already proven their long-term interest in the goals of Railgun are the perfect members to start the DAO. Many of these recipients may not be initially aware that they are receiving the airdrop, as there is no way to directly inform them.
Foundation tokens (25%): The Right to Privacy Foundation issued a grant to develop RAILGUN project and has volunteered to take custody of 25% of the RAIL tokens, in order to support the long-term benefit of the Project. The foundation is a registered charity and is not motivated by profit. These tokens will only be used for incentivizing developers and the promotion of the RAILGUN platform, including future deployments. The Foundation will not be a seller of tokens for the first DAO year. DAO tokens (50%): The 50 million tokens given to the DAO are locked and unminted. They can only be minted by a DAO vote by RAIL token holders. For example, if the DAO wanted to give a bonus yield to liquidity pool runners of the RAIL token, the DAO will vote to mint and unlock the required number of RAIL tokens from this allocation. The DAO can vote on how to distribute transaction fees from the RAILGUN Treasury to RAIL token holders
Community and Communication
The Railgun DAO is an active community on Telegram, Discord and Twitter:
Discord - Private for verified DAO members (proof of stake required)
Available Audits
RAILGUN has been fully audited by ABDK, who are domain experts in cryptography and zero-knowledge proofs and is planned to be regularly audited as security is a top priority next to privacy. Current audits by Zokyo and Hacken are underway:
Audit of the Railgun Privacy System by ABDK
RAILGUN Privacy also maintains an open bug bounty program.
Market and Trading Data
$RAIL price at the time of writing is $0.88
All-time high: $1.38 (Aug, 08, 2021)
All-time low: $0.31 (July 17, 2021)
Price 90 days ago: $0.77
50,000,000 tokens in circulation
100,000,000 maximum supply.
The current market capitalization is $44,630,040
Benefits for Bancor:
The benefits to Bancor are far and wide. RAILGUN is essentially a privacy protocol that builds Rails to operate with platforms such as Bancor in a completely private way; allowing users to trade, & provide liquidity in complete privacy. With this whitelisting, Bancor could become the first major DEX to offer such a feature for its users, by working with RAILGUN. The goal is also to bring the deepest possible liquidity (deeper than Uniswap + Sushiswap) to Bancor, RAILGUN can offer Bancor as the premier solution to its $RAIL LP’s that want to stake single-sided, and be completely protected from IL, not found on any other DEX, bringing many RAIL LP’s to Bancor.
SushiSwap Liquidity:
Uniswap Liquidity:
Vote FOR: To whitelist RAIL & co-invest 75k BNT
Vote AGAINST: Do NOT whitelist RAIL & do NOT co-invest 75k BNT
I am for whitelisting them!