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bitcreditscc (OP)
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May 07, 2016, 02:54:00 AM |
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Dear Community
Many have raised concerns about my failure to communicate recently. This is in part due to my own RL problems , but also because i had nothing to report until i completed the design and crafting of BCR Phase 1 . (Lending Platform)
So allow me, to start by apologizing, and I promise to try my best to find something to say every now and then...
We have decided to implement the chain swap to v 2.0 on the 6th of June @ 00:00. Please ensure that your coins are in your local wallet and fully confirmed at this time or risk losing them during the balance import. This means also that Bittrex and Chainz will go offline as they also move to the new chain. And while we are on the subject of exchanges and services, I am counting on your support to push hard to get BCR V2.0 listed on other exchanges.
BCR V 2.0
I have decided to move away from momentum algorithm which has served us well but fails to meet the standards I have in mind for our future. As a result. we are going to sha256, with a view towards merged mining with other sha256 mining to make the most of our "green" commitment. Further, the initial assets integration has been sidelined in favour of a more comprehensive and user friendly implementation (more on this when specifics are finalized).
Money supply in v2.0 will be reduced from 210 Million to 50 Million. This is part of my idea to begin normalizing prices, as well as keeping sanity with regard to numbers and dust. Along the same lines I have acceded to the vote to keep Bidding as part of our system, however this will entail changes based on lessons learnt from v 1.0. Of particular concern was that some "bad" miners could at times make off with coins rightfully meant for bidders. To counter this a variety of measures are in the works, but mainly, i will be raising the minimum threshold of bids to 0.005 BTC, anything below will be ignored. Also, effectively users will have to bid in the first hour of the day , ie between 00:00 GMT and 00:59 at which point a hard file will be created for the days bids. By having this hard file and it's contents checked at every block, I can ensure that every coin goes where it is meant to.
Thus far i have not yet settled on a voting model , our previous version was ineffective, and the Dash version...nope, i have to come up with one better and more suited to our requirements. Therefore we will have to wait until the lights come on in my mind and i implement a vote system that can adequately present the collective will of users.
As for the P2P FX Platform, out of the three proposed systems i have finally settled on the client-server-web design and am nearly done with it's implementation. An unpolished Client-Side release candidate has already been made available for you to familiarize with and also point out any potential issues pre-launch.
As you know we had ported Masternode code with a view towards using it's structure, but ultimately, during development, i went balls deep and I have now written my own, far better suited to an expandable p2p financial instruments platform. This means we have a three tier network, clients, servers and websites. For an idea of how some aspects will work, If you look at the client side you will find that it has a loan manger module which acts as a clients way of accessing and using the system, the server side has loan manager and loan server module, with the web end having a loan monitor module.
The overall system works as follows :
new user joins network with new wallet, they will have zero trust , zero credit rating rating and zero balance .
They can either mine coins (highly inefficient ) or buy some.
The more they interact on the blockchain, by sendiing , receiving and accumulating, their activity is logged and used to build a profile which then helps calculate their trust rating. While the are free to request a loan right from the start, noone is likely to lend to someone with zero trust. Eventually, their trust rating can get high enough that a lender may decide to lend them. If they return the loan on time and without hassle, they gain credit points. The more they repeat the process, the higher their trust and credit ratings.
Now, some users may decide that right off the start line they want a boost, so there is a option to register an address , a registered address starts with 10 trust points and 2 credit points. This allows serious users to immediately be able to attract potential lenders. The registration also acts as a barrier to entry against potential scammers who would just start a wallet, get a loan and abscond. The process of using a unregistered account to earn trust and credit to the point that lenders do not hesitate is intentionally time consuming and labour intensive to ensure that the amount of resources used in gaining those ratings will not be easily discarded , acting as another barrier to entry against fly by night scammers.
While users can access the loans DB from inside their wallet, the web interface will act as a more visually appealing and centralized overview of the loan book and general system health. The web interface will take a bit longer to complete , but it will be done soon after i complete the server side.
Another thing to note is that i have decided to open source the client side only, server side and web interface will remain closed source until further notice.
Part of the Phase 2 will include addition of fiat processing in wallet, ie , in the near future, you can bid, or loan users fiat....
Anyway , more on that after a successful v 2.0 phase 1 launch.
Please feel free to ask questions.
~M
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