LGCY Network Update: Transitioning to Decentralization

This update will be presented in three parts:

1. Part 1 (Today): We’ll clarify how LGCY Network has been operating and explain the reasoning behind our methods.

2. Part 2 (Tomorrow, 12/2/24 at 11 PM PST): We’ll answer community questions and provide updated timelines.

3. Part 3 (Friday): Join us for a live AMA on Telegram. 11pm PST.

Our Vision from Day One

The goal of LGCY Network has always been to create a truly decentralized platform where dApps can operate efficiently and free from centralized influences that hinder growth.

Bitcoin, for example, has no CEO, yet it remains the most successful blockchain because independent contributors drive its development and marketing. We aim to follow a similar path for LGCY: a network that will strive without dependence on a central team but through community governance and development.

The Centralization Phase: Laying the Foundation

To achieve decentralization, we needed a strong foundation, which required some initial centralization. Here’s how we approached it:

1. Service Providers Over Team Members:

• We hired service providers and outsourced most of the project’s work, but mistakenly referred to them as “team members,” which created confusion both internally and externally.

2. Initial Budgeting:

• The project was designed to operate on a 5-year budget, funded primarily by the initial raise. Outside this, most expenses were bootstrapped by the co-founders (who burned their entire token allocations to maintain the project’s integrity) and the currently suspended community dev fund.

3. Sustainability Plan:

• After the initial development phase, the plan was to sustain the network through blockchain fees and community governance budgets. This would ensure continued development without relying on centralized funding. On top of this, we plan on leave the governing bodies with a significant budget for any unexpected challenges that can’t be dealt with from the block production fees.

Transition to Decentralization

With the chain now developed and the foundation set, our next step is transitioning to full decentralization. This involves:

1. Removing Founders as Central Figures:

• The goal is for the founders to step back from being the public faces of the project. Instead, they will focus on building dApps and driving adoption through real-world use cases and partnerships with publicly traded companies.

2. Challenges in Transition:

• Respectfully and graciously replacing team members with independent contributors.
• Managing resource constraints, including halting the community development fund during the bear market to preserve liquidity.
• Overcoming setbacks, such as scams and typical growing pains during the shift from centralized to decentralized operations.

Where We Are Now

We’re currently in a transitional phase. While the vision remains unchanged, we acknowledge that communication has been inconsistent. The “just work and it will all make sense later” approach has not been effective, especially given the delays. This has created havoc in the community and we know all of you deserve better.

We understand the community’s frustration and are committed to improving transparency as we move forward into the next phase: focusing on dApp development, transparency, driving adoption, and achieving true decentralization.

Thank you for your patience and continued support.