In that world there's a process called "staking" where you lock some tokens with a default lock expiry action and a method to unlock based on the signature from both participants.
It would work like this: Repo has a public key. Submitted uses a smart contract to sign the commit with along with the submission of a crypto. If the repo merges it then the smart contract returns the token to the submitter. Otherwise it goes to the repo.
It's technically quite elegant, and the infrastructure is all there (with some UX issues).
But don't do this!!!!
I did some work in crypto. It's made me realize that the love of money corrupts, and because crypto brings money so close to engineering it corrupts good product design.
Amen.
Isn't this problem unrelated to cryptocurrency?
There will be the US dollar, and the people involved will be incentivized to keep its value high, e.g. by pressuring or invading other countries to prevent them from switching to other currencies. Or they'll be incentivized to adopt policies that cause consumer and government debt to become unreasonably excessive to create a large enough pool of debts denominated in that currency that they can create an inordinate amount of it without crashing its value.
Or on the other side of the coin, there will be countries with currencies they knowingly devalue, either because they can force the people in that country to accept them anyway or because devaluing their currency makes their exports more competitive and simultaneously allows them to spend the currency they printed.
If anything cryptocurrency could hypothetically be better at reducing these perverse incentives, because if good rules are chosen at the outset and get ossified into the protocol then it's harder for bad actors to corrupt something that requires broad consensus to change.
But with crypto they do. See for example all the BAGS coins that get created for random opensource projects and the behavior that occurs because of that.
Creating your own chain just because you can rather than because you actually have a reason to implement the technology in a different way than anybody else should be disfavored and viewed with suspicion.
ERC20 tokens are part of Ethereum (and yes I realise there are also non ETH based tokens and that the gas cost of Eth makes them attractive etc etc)
Crypto has a perfect way to burn money, just send it to a nonexistent address from where it can never be recovered. I guess the trad fi equivalent are charitable donations.
The real problem here is the amount of work necessary to make this viable. I bet Visa and Mastercard would look at you funny if your business had such a high rate of voluntary transaction reversals, not to mention all the potential contributors that have no access to Visa/MC (we do want to encourage the youth to become involved with Open Source). This basically means crypto, and crypto has its own set of problems, particularly around all the annoying KYC/AML that a normie has to get through to use it.
Utility tokens are fundamentally equities and you need to firewall equity from an organization the same way companies in most market economies are regulated.
That's not true. The issue is that the system the comment you're replying to described is escrow. Escrow degenerates in the way that you describe. I explain it a bit more in this comment elsewhere on this post:
A straight up non-refundable participation payment does not have this issue, and creates a different set of incentives and a different economy, while there also exist escape hatches for free-of-charge contributions.
> The real problem here is the amount of work necessary to make this viable.
Not necessarily. This article mentions Tezos, which is capable of doing such things on-chain already:
> all the annoying KYC/AML that a normie has to get through to use it.
There are always escape hatches. If your code is so great that people will want to pull it, then you don't pay to push. If it's not really that great, then what are we talking about? Maybe it disincentivizes mid code being pushed. So be it.
You can make friends, you can make a name for yourself, you can make a fork that's very successful and upstream will want to pull it in, you can exert social pressure / marketing to get your code merged in. Lots of options that do not involve KYC/AML.
For everyone else, I'd say KYC/AML are a good idea because of the increasing amount of supply chain exploits being pushed out into repos. If pushing by randos is gated by KYC/AML, then there's at least some method of chasing the perps down and taking them to justice.
That's a win-win-win-win situation. Less mid code, less exploits, earnings for maintainers, AI slop blocked. Absolutely amazing.