Weekly Update: W/C 09th January, 2023

As part of Edge’s ongoing commitment to transparency and development in the open, the core team write weekly updates to the Edge community. This is the 197th of these updates.

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Good evening @everyone 👋

The core team are now all back and hard at work following a well deserved break over Christmas.

Last week the founders laid out a vision for the future and we had some good feedback from the community. Community involvement is central to the success of the project and we love hearing your feedback, comments, and suggestions.

A second governance proposal has just been published (https://xe.network/transaction/58eb53edcf1bc58dcb7ddd3ce91b580660628010f223f915e034c5ad5693ccc7) and is ready for you to consider and vote upon 💥

This proposal is on the subject of tokenomic adjustment, and lays out our proposed plans to burn 75% of $XE service fees, which can be found in wallet: xe_ed9ef98F6E070f46C90e5CFd3756EDB227FE3f6C

This would include an immediate burn of 75% of the funds currently in the wallet (171,532 XE), which after the governance proposal closed, and at the current rate of service fees charged, will have increased to roughly 200,000 XE, meaning an immediate burn of roughly 150,000 XE and an ongoing burn of 30-40,000 XE per month, increasing along with service charges.

Initiating a burn is seen as a critical part of the evolution of the tokenomics of Edge, and is something that has been in discussion and planning for a long time. The core team firmly believes that it is in the best interest of the project. It accelerates the deflationary structure of the token and will help to bring additional interest to the project, which in turn will grow the network and service usage.

Thank you to everyone who took part in the initial governance proposal ratifying the open governance system. Following feedback both here on Discord and on the governance portal itself, we have gone ahead and changed the voting window to 21 days.

You can see this change on chain here: https://xe.network/transaction/6cad20b426a6a60180bf39f63dac6efecea7b6b18a8afac1043fac2e3083b74a

Voting for the Tokenomic Adjustment proposal is now open and will close in 21 days. You can find the proposal here: https://governance.edge.network/proposal/cd0cd6f364370119133c830ac4d435b28df41ab96cb12d6a1997cc2e12d68b81

And you can discuss it in Discord here: https://discord.com/channels/371989135172567051/1063593899890851850

In other news…

You’ll have noticed that the team wasted no time in getting back to business, with a number of releases this week.

The Edge Account system received a couple of updates, with Account API v1.10.0 and Account v1.14.1 being deployed to mainnet. These updates improved upon account management, allowing accounts to have multiple 2FA devices connected, in essence allowing multiple team members to access organisation accounts.

Governance itself received an update, with Governance v1.0.4 going to mainnet today, fixing a small user interface issue with focusing when confirming comments.

Just before the new year we posted a roundup of 2022. If you missed it, you can find it here: https://ed.ge/tldr/2022

There’s been some great discussion related to marketing in the 📈│marketing channel on discord. Please take a moment to read through and pitch in with your own ideas.

We’re super excited for the year ahead and we hope you are too. We have some great things in store for this year and look forward to sharing them with you over the coming months.

Oh! And one last thing: over 100 Edge Servers have now been deployed 🔥

And that’s all for this week. Enjoy your weekend 🍻

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