Forta Proposal 8 (FP8): Removal of Minting Functionality from FORT Token Contract

Governance Process Proposals
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Forta Proposal 8 (FP8): Removal of Minting Functionality from FORT Token Contract

Proposal Summary

This FP-8 proposal stems from discussions with multiple community members on the Forta Discord server. Its purpose is to gather broader community feedback and approval regarding the removal of minting functionality from the FORT token contract on the Ethereum mainnet. By eliminating the MINTER_ROLE and the mint() function, Forta aims to enhance trust and reinforce its commitment to transparency and immutability.

Background: Why Removing Minting Functionality Matters?

The total supply of FORT tokens has been permanently capped at 1,000,000,000, as stated in every public discussion of Forta Network’s tokenomics. This cap reflects a consensus within the Network and has always been upheld, with no intention of change.

The mint function was originally included to facilitate the initial minting of 1 billion FORT tokens. The last transaction using this function occurred on May 31st, 2022, and it has not been used since. Moreover, no address has been assigned the minter role.

However, the current implementation of the FORT token contract, deployed at address 0x587969Add789c13F64Bcc34Ff253BD9BFB78f38a (and the proxy contract located at 0x41545f8b9472D758bB669ed8EaEEEcD7a9C4Ec29), still retains minting functionality. This residual capability may raise concerns about trust and token stability.

This proposal aims to remove the minting functionality to address these concerns. By doing so, the Forta Community will reinforce the immutability of the token supply, and further strengthen trust among FORT tokenholders by ensuring the supply remains fixed and unchangeable.

Proposed Changes

  1. Deploy a New Implementation Contract
  • A new implementation contract will be created to remove the following:
    • The MINTER_ROLE
    • The mint() function
  1. Upgrade Proxy Contract
  • The proxy contract located at 0x41545f8b9472D758bB669ed8EaEEEcD7a9C4Ec29 will be upgraded to use the newly deployed implementation contract.

Key Benefits: Impact on Trust and Community Confidence

  • Trust: Eliminating the minting function aligns with best practices for blockchain governance, reassuring stakeholders that the token supply is immutable.
  • Community Confidence: Addressing community feedback and mitigating concerns about potential token inflation fosters greater confidence among tokenholders and network participants.

By addressing these critical aspects, the Forta Community demonstrates its commitment to maintaining a secure, transparent, and trustworthy ecosystem, which is vital for the network’s sustainable growth and adoption.

How to contribute

The Forta community’s feedback and contributions are invaluable. Community members are encouraged to share their perspectives and expertise to refine this proposal and strengthen its implementation. Contributions can be made through the Forta Forum and Discord channels.

Additionally, participants are invited to leverage their expertise in Forta’s Firewall and other tools to support the network’s continuous improvement. Stay tuned for updates and opportunities to get involved.

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Does it really change anything? You can still modify the implementation contract at any time, reintroducing the mint() function or other potentially malicious methods.
Essentially, the proxy pattern would need to be eliminated to fully address such concerns. However, that would require a token migration, which doesn’t seem worth it at the moment. It’s better to focus efforts on product development and improvements instead)