Hi RED supporters, here are the latest updates from Vali:
We have some updates to share with you, so I will try and group them by category.
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Development-------------
Our team has grown considerably from the start of the year, and we intend to keep growing, due to this fact we have decided on a planning schedule.
- Every Monday the Development team decides what features are going to be added into the next milestone.
- Every Friday we plan on deploying a new version of the app.
- We will try to inform you about the planning and the deployment notes.
- You can ALWAYS take a look at the git repository and see the status of each task.
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Changes------------
- Due to recent business development, we have decided to change the way that Producers and Consumers and Suppliers are boarding on RED
- A Consumer can have multiple consumption point under different Legal Entities (Personal or Comercial)
- A Producer can have multiple production points under different Legal Entities (Personal or Comercial)
This segregation of responsability will allow us to see the production/consumption more clearly and we will be fully prepared to handle and entity that produces but also consumes a large quantity of energy.
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Staking------------
- Our first priority is to nurture RED into becoming the biggest clean energy platform both for producers and consumers. Every decision that we make it's intended to be for the sake of the platform, to help it grow and help all the parties involved.
- Due to the recent developments in the community, we felt that some members weren't happy with the staking system so we've revised it as follows.
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Crediting KWT1. Staking your MWAT has a fixed stake period of 90 days.
2. KWTi is credited instantly only once by staking in a certain week (which will be announced beforehand)
3. KWT is credited instantly by a percentage of your stake vs all the stake, and taken out of the ECF at the time of staking.
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Unlocking KWT1. KWTi can be unlocked per day, if you skip a day you won't lose that kwt in that day, you can unlock any after day for the days you skiped.
2. KWT can be unlocked per day, if you skip a day you won't lose that kwt in that day, you can unlock any after day for the days you skiped.
YOU WILL GET ALL THE KWT/KWTi DURING THOSE 90 DAYS of staking.
3. The formula for unlocking is simple, per day you can unlock 1/90 from what was credited to you, so that at the end of the 90 days period you will have your full reword.
NOTE: KWTi (initial reward) will automatically burn upon no use after 90 days of when it's been credited.
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Smart Contracts------------
- Every bit of change affects the foundation of the Smart Contracts, which then require change, we keep on upgrading them and changing them.
Smart contracts help us keep things transparent towards the community and the parties involved.
Even though here at RED we also pentest our smart contracts, and do security analysis on them, after the Smart Contracts are considered final they will be also audited by an external company.
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Smart Meters-----------
- As you know RED is developing in house a smart meter that it's also attachable to the existing industrial meters in order to record live the consumption/production. The team is working round the clock in assembly deployment and installment even now as we speak, sometimes we wait for parts from different vendors (which are causing delays).
- We intend to simulate over 100 000 meters in RED to see how the blockchain will behave
, and also how fast we can do production consumption matching between producers/consumers.
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Infrastructure----------------
- We are also in the process of upgrading some equipments in our datacenters, because we need redundancy and high availability.
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Upcoming----------
We intend that during this month a beta staking process will take part that will allow us to test live how the staking will behave.
I want everybody to know that the team that we've been creating is working round the clock to deliver high quality products in the hands of it's community, they always listen to your feedback and ideas.
We are fortunate to have such a great community that is helping us.
Thank you.
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