I’ve been studying the Stellar network now for quite some time. I’ve been investigating how I can either become an anchor or tokenize multiple assets on the network. What I’m utmostly impressed with is the ease of tokenizing, and solutions that are readily available. I suspect there is only more to come as the benefit of being able to tokenize assets is vast and for a variety of purposes.
However, with ease of doing things, it can call for bad content. Launching websites, music, film have increased in the wake of technological leverage, where doing complex things becomes simple and fast. This undoubtedly increases the rate of evolution, but the vast quantity of experiments can leave users exposed to poor user experience, unreliability and reduced quality of products.
Currently, on Keybase.io, I can accept any or none of 26.888 assets at the current time of writing, by choosing to accept respective trust lines. This number is most likely only to increase in the future, as the barrier of entry is low. As a low barrier has it’s benefits and should be maintained, but barriers still often make a good job of keeping unwanted things away.
Increasing barriers might support the integrity of the network.
Now, I am a big fan of creating a free-flowing ecosystem, where everyone can participate. However, I am not a fan of Spam, Scam or poorly thought out projects that can decrease the overall user experience.
One way of limiting the issuance of bad tokens would be to require a higher minimum balance of the issuance account, that would be locked. This would make good actors think more about how many and when they should issue tokens on the public network or spend more time on the test network. It would also prevent spammers and in some cases scammers from launching a multitude of tokens or assets and flood the network. One could also raise the question if the security of the network could be compromised if a bad actor would issue billions of independent tokens.
Anchors I think should be held to an even higher standard but I do not think that their barrier should necessarily be increased cost, rather, a vetting process performed by the community. Maybe this should be a rating system, required information to submit, and a Know The Company procedure. I will probably have more ideas on this later.
As always, these are my thoughts, and I might change my opinion at later stages with new information. So please feel free to comment or get in touch if you have ideas or arguments that you would like to add or counter.