{
  "@context": {
    "@language": "es-ES",
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "CIP119": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0119/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP119:body",
      "@context": {
        "summary": "CIP119:summary",
        "rationale": "CIP119:rationale",
        "references": "CIP119:references"
      }
    }
  },
  "hashAlgorithm": "blake2b-256",
  "body": {
    "summary": "Pogun: Capital Without Compromise",
    "rationale": "Voting YES on Pogun with full awareness of what this vote means.\n\nThis is not a vote on finished infrastructure. This is a commercial bet on an unfinished product — and that distinction matters. The credit market design by Fallen Icarus is technically coherent and solves a real gap in Cardano's DeFi stack. The non-margin-call lending model is differentiated, the team at IOG is credible, and the revenue return commitment (20% EBITDA until repaid, then 5% in perpetuity) sets a precedent this ecosystem needs.\n\nBut the BitVM bridge is frontier research. It has not been proven in production on any chain. The timeline is aggressive. Pogun is asking the Treasury to fund a vision, not a shipped product.\n\nI am voting YES because I trust the people, I believe the design is sound, and I think the attempt is worth making. But I am doing so with a clear understanding that if this proposal fails to deliver — particularly on the bridge — it will cost the ecosystem something more valuable than ADA: the willingness to trust commercially-oriented proposals that come without a finished product.\n\nThis vote is my stake in that trust. I am placing it deliberately.\n\nThis YES is conditioned on strict milestone-gated disbursement. The four-phase structure exists precisely to protect the Treasury if execution falls short. No milestone verified, no funds released. That mechanism is what makes this bet acceptable — not blind faith in the outcome.",
    "references": []
  },
  "authors": [
    {
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      "witness": {
        "witnessAlgorithm": "ed25519",
        "publicKey": "078c04a088ee52fe58d3257993ea6ec90f0b1dd59e4456a6b0e97e81f09525df"
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    }
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}