Welcome to a special edition of the Hummingbot Newsletter!
From this issue onwards, the Hummingbot Foundation will use this newsletter as its official announcement channel. We will continue to be publish the newsletter monthly with each new Hummingbot release.
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🪙 Introducing the Hummingbot Governance Token: HBOT
The Hummingbot Foundation is excited to announce that the Hummingbot Governance Token (HBOT) has been deployed to the Ethereum blockchain. HBOT tokens will let holders decide how the Hummingbot codebase changes and allocate the HBOT community treasury by voting on various types of proposals.
🗳️ Learn how HBOT holders govern Hummingbot
The Hummingbot Foundation is a radical experiment in decentralized governance over an open source project. Like our spiritual predecessor the Linux Foundation, we believe that a bazaar-style, distributed model of software development is the ideal approach to scale a large, complex, open source codebase. Governance tokens allows us to give users even more control.
HBOT token holders can govern many aspects of Hummingbot and the Hummingbot Foundation, such as:
- Approving all pull requests to the Hummingbot codebase
- Proposing improvements and architectural changes to the Hummingbot codebase
- Modifying parameters of the HBOT governance system
- Electing the foundation's Board of Directors
- Allocating grants and other expenditures of the community treasury
For more information, read the Hummingbot Foundation Governance whitepaper.
📡 New Foundation channels
The new home of the Hummingbot Foundation is https://hummingbot.org. This site contains information about how HBOT token holders can claim and vote their tokens, as well as how developers can get involved in maintaining Hummingbot components.
Here are the official Foundation channels where Hummingbot and HBOT related news will be posted:
- Website: https://hummingbot.org
- Newsletter: https://hummingbot.substack.com
- Twitter (new): https://twitter.com/hummingbot_org
- Discord: http://discord.hummingbot.io (#announcements only)
- Github: https://github.com/hummingbot
The Hummingbot Foundation now controls the official Hummingbot monorepo, which is located at https://github.com/hummingbot/hummingbot.
📅 Hummingbot 1.0
The next release of Hummingbot in mid-to-late January will kickstart the HBOT voting process. Starting with that release, all pull requests to the Hummingbot codebase must be approved via proposals submitted via the Hummingbot Snapshot located at https://snapshot.org/#/hbot.eth.
In addition, HBOT token holders may also submit proposals to direct the Foundation to implement code improvements or to allocate grants from the HBOT community treasury.
🌐 A new template for open source?
Open source maintainers have it rough. Open source projects are typically a labor of love for their initial core maintainers. But as a project becomes widely adopted and grows in size, there are an increasing number of bugs to fix and improvements to make. Keeping up with the needs of the community turns into a full-time job, but since the maintainer has no way to monetize from the project directly, they often quit and leave the project fallow.
As projects grow in size, complexity, and users, more and more voices want to influence its development. However, while larger open source projects often seek community feedback, the process by which the community can impact what is developed or fixes is often opaque and informal.
However, as the number of users grow, the ability to govern how the open source codebase evolves rises in value, especially in infrastructure software like Hummingbot whose value grows with the number of users and supported integrations.
The Hummingbot Foundation is an experiment to build technology in an open, collective manner, powered by the HBOT governance token. Along the way, we hope to set a template that any open source project can follow.