Damn when did hacker news readers end up not reading the article. It literally says at the end it will be a token on Polygon, 1 cent fees for doing token related activity
The white paper said “ERC20 on eth”. The article said polygon.
Regardless, I do like polygon for its cheap fees (today); it is practically better than eth in most ways. However, it is just an eth side chain, and the whole “don’t need to commit tx for all eternity for all every purchases” applies here.
I don’t believe it is possible to scale this anywhere where it needs to be. For this, we need Lightning network style constructions.
Global Income Coin is an economic model carrying a monetary policy (i.e. the bottom-up distribution of newly created money), not a technology. We do not inherently care on what platform we implement it, and will try to use existing technologies rather than developing our own. We do want to get started, so we're choosing technology that works today over technology that works tomorrow.
Lightning is promising. The first tether transaction on lightning was only a month ago, however [1]. So that's not yet a boring enough solution.
Ethereum and Polygon won't (today) scale worldwide, but if we're able to gain traction we'll (a) branch out to every other network if necessary (b) contribute to networks so they can start to get to global scale
