3 posts tagged with "Pure DePIN"

Dear ENTROPY Community:

It has been two months without an update from me. I hope the wait has been worth it.

Today, we launch an art collection on DRiP called Phantasmagoria by ENTROPY. Our first collectible piece "Miners Dig Holes" is available to anyone for the cost of minting a compressed NFT on Solana—just one cent—and can be secured through our DRiP page. Phantasmagoria is a natural extension of ENTROPY because, after all, ENTROPY itself is an art project.

I most like to describe ENTROPY as "an art project centered around a business that does nothing." Unlike in a traditional business, where the CEO seeks to increase revenue, my role here is quite constrained because our core network revenue must remain zero if we are to remain a Pure DePIN.

Designing business plans with the constraint that they be useless has been a fascinating challenge. In many ways, the task is futile—after all, entropy always wins in the end. However, we have thus far been able to deliver creative solutions at a regular cadence and forestall the inevitable.

Consider slogans such as Miners Eat First, Entropy Eats Every End, Miners Dig Holes. Reflect on community initiatives such as digging holes, naming and shaming, snakes and chairs. Or witness the ritualistic performance of tasks such as the flashing of microcontrollers, the wearing of lambo shades and, of course, the digging of useless holes. All of these provide value without the need for cash flows.

Some call ENTROPY a social experiment, but it is not that. Experiments are deconstructive, requiring hypothesis; ENTROPY, however, is driven by the entirely constructive aim to do nothing as effectively as possible.

This brings us to Phantasmagoria, a collection dedicated to those who eat first. Let your desire to sit at the head of the table guide you as you explore the collection. Always strive to do your best, even if what you are doing is really... nothing.

Miners eat first,
Prof. Lambo

Dear ENTROPY Community:

It has been exactly one month since my last post and now comes time for another.

As of today, we have launched on Solana mainnet. Our peculiar business model and unique tokenomics are about to be put to the test. Let us see where the journey takes us. I, for one, welcome entropy with all my heart.

We are experiencing a slow, but exponential rise and my hope is that it continues. Since the beginning of the project, we have received feedback from all corners and that feedback has become frequent enough that I can now categorize it and share some perspective from my vantage point as CEO.

Firstly, let us point out that we have a lot of very committed fans in our community. These are the people for whom we wake up every day and whom we try not to disappoint. We are glad that we have struck a cord and, if these folks were not there, the project would be in a different state than it is now. Thankfully, we will never have to know for sure what that state might be.

Die-hard fans are necessary for any memecoin project to grow. I think the term of art for this group of people is a "cabal". Right now, the cabal is a significant portion of the total amount of miners in our network. I expect the relative percentage to decrease, and the influence of the original cabal to grow as we onboard more and more fairweather participants.

The next group of people are fans who are ideologically aligned. These people tend to be very committed to DePIN and especially committed to the granddaddy: Helium. The reason for this is clear. Heliumites have been around for a while and have seen a lot. With experience comes discernment and an eye for subtlety.

To be honest, I did not know that we would onboard so many Heliumites when we started this process; we never actively pursued the Helium community. Nevertheless, network effects have conspired and are bringing us closer. Most of HQ is comprised of early Helium miners so it makes sense that the DePIN connoisseur is "one of us".

Another group of people are the non-DePINers. Being new, web3 generally attracts people who feel like misfits "irl", and this ensures that the entire space is full of creativity and positivity. We want all of it and this subset of our community has shown up thus far. We have some big plans for these folks. Stay tuned.

I think the above covers everyone worth mentioning in a positive sense. There are certain haters here and there without whom no project is complete. We love our haters too: the feedback they provide is important and makes an impact.

That is all I have to say for now. Thank you for sticking with us.

Miners eat first,
Prof. Lambo

Dear Fellow DePIN Degens:

I am happy to announce the launch of ENTROPY, a DePIN that is also a memecoin.

The idea behind ENTROPY came about only a couple of months ago after much time spent lamenting how we, as DePIN founders, always feel pressured to satisfy our customers (who give us money), miners (whom we give tokens), and investors (who take both sides).

As funny as it may seem, we believe that DePIN tokens are actually money, and we have often felt the need to build a viable business around customer needs so that we can eventually make our miners and investors whole. However, it turns out that miners and investors rarely see it this way.

After a while, we realized that our friends in the memecoin world do not have this problem; they make money when the community eats their own supply. In fact, many of our friends in the DePIN world also don't have this problem; they also make money by selling products to their community of miners.

ENTROPY is therefore just another of crypto's reductiones ad absurdum—that is why we call it a pure DePIN. With ENTROPY, we attain perfect product-market fit by not even pretending to have any utility in the first place. What's more, we are unburdened of the need to worry about the wills of extraneous stakeholders because we do not have any extraneous stakeholders to speak of! There is no secret token pool that goes to VCs or even to founders: The network takes a cut to keep itself running and we founders are miners just like everyone else.

Insofar as there are any secret tokenomics, the secret may be found in the fact that in front of this screen exists an intrepid individual—you—who possesses foresight and gumption greater than their peers. Not everyone knows what you know and I am grateful that you have chosen to spend your time supporting our network.

Miners eat first,
Prof. Lambo