We believe that among the hundreds of decentralised protocols created to date, only the most adaptable, and strongest will become globally adopted. “Virtus unita fortior”, or unity makes strength. We stand for this time-honoured adage, and this is how we propose to bring it to fruition.
#WHO WE ARE
Dune Network (https://dune.network/) is a platform for distributed applications over a blockchain, focused on safety and security. Its genesis block was created on June 24, 2019, and the blockchain became public on September 12, 2019, and the mainnet has been running since then with more than 70 validators. Dune Network runs a version of the Tezos open-source software, focused on safety and security, extended with multiple programming languages for smart contracts, accessibility, access control features, and industrial applications. Dune provides an entire ecosystem of dApps, features, and tools. In addition, it offers business and technical support to help entrepreneurs innovate and scale up via the network, whilst facilitating the integration of established companies onto its platform, through its development lab, Origin Labs.
Since the creation of Dune Network, in July 2019, Dune Network has been supported by investors like Xavier Niel (Founder of Free/Illiad, 42school, Station F), Sean Rad (founder of Tinder), Antoine and Alexis (founder of Zenly), Alexandre (Founder of Voodoo), Yan Hascoet (Founder of Kapten (EU uber competitor, sold for +$200m), Marc Simoncini (founder of Meetic, sold to Match for +$300m), Oussama Amar (founder of The Family), Jean David Blanc (Founder of AlloCiné), Georges Mohammed Cherif (Founder of Buzzman), etc.
In less than 18months, Dune Network has built a community of blockchain enthusiasts, with a strong belief in true decentralised governance and inclusivity. This sense of pride in community spirit can be seen across all our forums and social platforms.
Our vision is to create the blockchain ecosystem’s first true decentralised Merger and Acquisition. With our shared values, we feel a merge of the Dune Network community into the Free TON community will yield significant benefits for both parties, and the wider blockchain industry.
Thanks to its advanced technical stack, fully decentralised nature, unique partnership model and growing community, Free TON has established itself as a strong contender for global adoption. For us, this is an opportunity to work on, and aid in the advancement of, one the best technical infrastructures available, who also share our morals and philosophies regarding decentralisation.
Together, the Dune Network and FreeTon communities become stronger, more than the sum of our individual components. Through unification of forces, we enable our communities to go further, faster.
We have all experienced the negative consequences of parochial effects upon our industry. Tribalism and in-fighting between protocols and chains is not the best path toward the creation of a decentralised financial world. By working together, we make a statement to the world that we believe in a better way.
THE PATH TO THE FIRST DECENTRALISED M&A
In order to implement the first complete merger of two blockchain communities, we propose:
Initially, we shall put forward our vision to the Free TON community in order to assess and adjust accordingly any details they may wish to discuss. By accepting the proposal, Free TON agrees to allocate an amount of TON crystals equal to the value of the network they wish to merge with. Free TON can see this as a template to utilise this for process in the future. This approach gives Free TON a unique and efficient route toward vigorous growth and support from a large base of experienced cryptocurrency enthusiasts.
On Dune Network’s side, community members will decide on-chain whether they want to swap their Dune tokens with the Free TON tokens. Though they are free to decide to keep their Dune tokens, we expect them to support this proposal and follow the Origin-Labs team into this new adventure, as our initial discussions with some of the validators and ambassadors have shown. Once enough tokens have been committed into the swap, showing a large support in the Dune community, the real swap will take place and a change of the blockchain protocol will finalise the move.
#BENEFITS OF THE M&A FOR FREE TON
Among the benefits of the M&A for Free TON, we can list:
- An enthusiastic and experienced community of ~2000, all of which hold the opinion of the Origin labs team in highest regard.
- A transfer of all the social media (2000+) to Free TON social accounts;
- 16 current Ambassadors across 6 countries;
- Tiers 1 supporter of Dune Network : Xavier Niel, Tinder CEO, Zenly CEO, Voodoo CEO and many more, etc;
- An access to all the exchanges where Dune is traded (will be discussed with exchanges);
- A community of validators : there are, at present, more than 90 validators on the Dune Network who could potentially redeploy their resources to Free TON;
- Around 30k accounts and smart contracts;
- Corporate validators: Dune is currently partnering with 8 companies to become validators and testers;
- Network usage as Dune Network has more than 50k transactions daily;
- Fantastic PR. This will be the first case of a decentralised M&A in the cryptosphere;
- A new lab, Origin Labs, to contribute to Free TON development, with a strong background in formal methods, programming languages and distributed systems.
#A NEW LAB FOR FREE TON
As a result of the community merge, Origin Labs (ORL), the lab behind many developments on Dune Network, will focus all new developments on Free TON.
Origin Labs (ORL) is one the most productive companies in the blockchain space.
With a team of 9 PhD research engineers trained in top technological Universities of France, they are widely recognised as experts in formal verification, tooling design, and blockchain technology. Over the last decade, they have been involved in projects with established household brand names, such as Jane Street, Samsung, Bloomberg, Facebook, as well as developing leading tools for OCaml, such as opam.
From 2016 through 2018, the team (originally at OCamlPro) were heavily involved in the design, creation and launch of the Tezos protocol. Among other vital roles, they were responsible for the implementation of the ICO platform, the cutting edge blockchain explorer TzScan and the powerful smart contract language Liquidity.
The ORL team was also involved in formalizations (Coq formal proofs and, more generally, formal methods) of the Solidity (Ethereum) and Michelson (Tezos) smart contract languages, and the audit of Tezos vesting contracts. They were top contributors in software verification tools, like the Alt-Ergo SMT Solver, used for instance by Airbus, and the Cubicle symbolic model-checker.
Since the creation of Origin Labs in 2019, they have documented an impressive track record of development : starting with the launch of Dune Network in only 3 months, with a fully working ecosystem :
- The cutting edge blockchain block explorer inherited from TzScan for Tezos (https://dunscan.io/);
- Web (https://wallet.dune.network/) and mobile wallets;
- Dune Network apps for hardware wallets (Ledger and Trezos) (dune network and (Dune Network + Trezor);
- Dune Metal, a browser extension à la Metamask (dune network);
- Support for 2 smart contract languages (Love and Solidity) (https://liquidity-lang.org/);
- An online editor for smart contracts development (Try-Liquidity by OCamlPro);
- Tooling for deployment and test of smart contracts on local Dune networks (Origins of Spice: lessons learned in smart contract development (Part I) | by Thomas | Dune Network | Medium);
- Full dApps for notarization (Distran) (https://distran.dune.network/, https://notarize.dune.network/);
- Online games (https://playground.dune.network/);
- DeFi exchange tool, OASIS (currently in final development and testing phases) (Dune Network DeFi #1: Introducing OASIS | by Çağdaş Bozman | Dune Network | Medium).
With this proposal, ORL will be able to port all their new developments on Free TON, and in particular, focus on bringing more formal methods, i.e. security and safety for dApps, to Free TON.
The merging process will happen as follows:
Validation of this proposal by the two communities in parallel. Free TON already has a process for partnership proposals and contests. Dune Network also supports on-chain community elections.
Development of the swapping infrastructure, during at most 3 months, including:
- Documentation for Dune Network users on how to proceed with their tokens and how to start using their TON tokens on Free TON;
- Dune Network protocol upgrade to switch from Proof-of-Stake to Proof-of-Authority, to prevent a take over because of the burn of tokens/stake;
- Development of a smart contract on Dune Network for users to send their DUN tokens, have them burn and record a corresponding Free TON address on which they wish to receive their TON tokens;
- Development of a smart contract on Free TON that will automatically transfer their TON tokens to Dune Network users when their DUN tokens have been burnt;
Swap during a 3-month period. At the end of the swapping period, a specific method introduced by the protocol upgrade will block the network and prevent any new block from being added.
All the developments will be funded through traditional contests on Free TON.
The cost of the operation can be estimated as follows:
- The developments for the merger will be funded through contests on the Free Ton Network.
- 9 M TON crystals, equivalent to the market cap of Dune Network (463 M DUN tokens), using a 3 months-average on Coinmarketcap between the DUN token (0.01931$ on 90 days) and the TON crystal token (1.054$ on 90 days).