Passport Slashing: What You Need to Know
Welcome to Passport! We're committed to maintaining a secure and trustworthy ecosystem. To achieve this, we are introducing a "Slashing" mechanism as part of Identity Staking v2 at stake.passport.xyz to ensure network integrity and deter malicious activities. By enabling slashing for malicious actions, we can ensure the Cost of Forgery for a Passport stays high.
What is Slashing?
Slashing is a process where a portion, or potentially all, of staked GTC (Gitcoin Tokens) is penalized and removed if a user's actions compromise the network's integrity. This helps protect against Sybil attacks—where one human pretends to be many to exploit the system. Slashing ensures that those staking GTC are incentivized to act in accordance with the intention of the mechanism, and adds negative incentives for attacking the system. Ultimately we want to build solutions that are more expensive to attack than they are to defend.
Why We Need Slashing
Network Integrity: Ensures that all users are genuine and acting in good faith.
Security: Protects the ecosystem from fraudulent activities and increases the Cost of Forgery for Passports.
Trust: Builds confidence among all community members as they understand we are all accountable for our actions.
How Slashing Works
Detection: Our system automatically identifies duplicate or suspicious accounts when there is the use of multiple Passports (held by the same human) in the same dApp..
Action: Identified accounts may have up to all of their staked GTC slashed.
Appeals Process: Users will have a window to appeal the slashing decision if they believe it was incorrect.
Key Points to Remember
Automated Process: The system uses advanced algorithms to detect violations and is evolving.
Clear Criteria: Our Terms of Service ensure transparency and offer insights into the details of this workflow and process.
Broad Impact: Violations of the rules will impact staked GTC on yourself or if you staked on somebody else who violated the rules. Only stake on those you believe will act in good faith.
Future Refinements
We are continuously improving our slashing detection mechanisms, incorporating community feedback, and expert insights to make staking GTC as fair and effective as possible.We will continue to monitor the Cost of Forgery for Passports and adjust the amount of slashed GTC based on the abuse we see.
Conclusion
Slashing is essential for maintaining the integrity and security of the Passport ecosystem. By participating, you are contributing to a safe and trustworthy community.
Thank you for being a part of Passport!
Last updated