weekly announcementSo it’s been two weeks since the last announcement, so apologies for a break from the normal routine. We have had lots going one elsewhere particularly on my part, so we should be back to service as normal going forward.
Wallets
So the latest V12.2.4a is now available, we would recommend that people use this version to improve stability although it is not mandatory. This release totally removes all older protocol nodes from the network. There were also some small GUI changes made to the wallet.
The wallet can be fund here:
https://github.com/absolute-community/absolute/releases/tag/12.2.4Ugrade guide is available here:
https://github.com/absolute-community/absolute/wiki/Masternode-Update-Guide-For-V0.12.2.4aThe next release will include a number of changes based on the outcome of two proposals:
C2 -
https://bit.ly/2w4efuw - Block Time Adjustment to 120 seconds?
C3 -
https://bit.ly/2LkVZBN - Annual Reward Reduction to 50%?
Both of these proposals have passed and will be added into the next release.
Rewards and PoV Payments
Restricting supply via Proposals C2 and C3 brings us in line with our current plans regarding PoV. The standard rewards structure that will be implemented means that supply in year 10 will be just under 18,000 ABS per year and in year 15 will be just 561ABS per year. After 15 years the total ABS release will be 18.4MM ABS leaving over half of supply available for distribution via the PoV subsidised network.
One distribution method regarding the subsidy amount would be set against global advertising turnover and then adjusted based on PoV network performance against a projected target figure.
This means that as the PoV turnover increases this should start to offset the reward reductions on the Mainnet.
Chain Infrastructure
The Mainnet that ABS is currently running on will be adapted to suit the PoV integration, This could move certain areas of the code away from parts of the Dash core that is it currently built on.
The PoV chain in phase one will be built on a separate daemon which will running independently from the Mainnet wallet. The PoV chain will run off of a 10 second block time producing rapid transactions that can be payed via the PoV node interface with the Mainnet at scheduled times.
This chain is powered via POW CPU mining using quark or similar. We are currently using SHA256 but will adapt this to suit the appropriate node loadings. There will be no rewards from mining on this network.
Wallet Development
We will be moving away from the QT wallet UI that we currently have and base the UI on technology that Discord amongst others is actually built on. The first wallet will be node.js with an electron container. We might at a later stage more totally into a node.js wallet but this is undecided at present. This UI will give us the ability to improve the look and functionality of the wallet. The approach also makes it easier for us to implement the PoV contract interface into the wallet core.
Portal
We are currently setting up a new server which we will then migrate the current portal which is still in development on to. Once this is completed we could allow certain parts of the portal access to the wallet (if we can do it in a secure way) via the electron container. This will allow further details and information from the portal to be displayed in the wallet.
Governance
We would like to encourage @everyone to vote in a regular basis, budgets are an important part of ABS and if we can’t get funding then development, exchange funding and marketing stall. We currently have multi budget proposals in place. These can be viewed via the proposal channels on discord or
https://gov.absolutecoin.net/governance.phpWe will update the superblock spacing soon so that we can produce two budget per month rather than for. This will be added in to the core code in the next release.
Coin Market Cap
We recently requested listing on CMC, unfortunately we are still unable to list there. Most areas that they measure the ABS are very good but we need to improve volume before any further application is made.
Exchanges
We currently are looking at listing on Coinex as well as other such as Crex 24. As the budget is tight we are taking our time before deciding where to list. Yobit was another option but the customer service there is not something that we feel is suitable or aligned with our own values.
Week ahead
We have quite a lot of work to do on data fills and populating all the social account we have, I’m making this a priority so that we can push ABS to the next level and hopefully attract some new volume.
More work will be done on the PoV chain which is now been tested at a fundamental level. The UI is currently in development via electron, hopefully we can share something here when we feel is suitable.
Hope @everyone everyone has as good weekend, more to follow soon!
