Adam K Dean:
Good evening all 👋
This week saw two deployments to mainnet (and many to testnet), with Index v1.24.2 and Explorer v1.20.1 having been deployed to mainnet. These updates improve the performance of browsing nodes in the explorer by reducing the number requests needed to gather all the data.
Development of the account system is coming along swiftly. This week we’ve been working on server management tasks: everything from the user interface right through to the hypervisors managing the VMs. Resizing VMs has been implemented, with backups and snapshots on the way. There has also been work on the account management screens, with two-factor authentication and email recovery interfaces being refined, along with a whole bunch of other UI improvements.
Behind the scenes we’ve also been working on the billing system, which will be powered by XE. Each account will have an XE balance, which can be topped up either directly with XE, or through FIAT and other crypto routes (BTC, ETH, EDGE, etc). Service usage will then be billed in XE at the end of each day. Prices will be in USD, with the XE cost calculated at the end of each day based on the exchange rate. This is what gives XE its real world utility, and what over time will drive purchase pressure for the token.
We currently have XE wallets integrated, pricing models in place (though final prices are still TBD), daily usage and billing in place and working, and in the next week or two will begin working on the settlement procedure. After that we’ll integrate billing into the user interface, and we should then be ready for the first release.
Next up on the roadmap or the interfaces will be content delivery integration and FIAT & alternative crypto top-up options. We’re super excited and can’t wait to release this!
[Now a rousing speech to reassure the community]
We know some of you have been asking what we’re planning to do about the token volume, and there have been concerns about our marketing approach in this regard. We hear you.
Of course the macroeconomic outlook is very gloomy (something of a common theme throughout the four years since the Edge crowdsale – crypto crash! Pandemic! War! Hyperinflation! Beelzebub sighted off the coast of England!). With this backdrop marketing the cryptonomic side of the project in isolation is something of an uphill battle, akin to pushing water uphill.
We believe that the solution to increasing volume lies in the utility of the token – in network services, in staking and in governance. We’re building a platform for long term sustained value, not for short burn upside. We’re working non-stop to introduce a mechanism for individuals and businesses to buy green network services directly with XE. And those of you who have staked XE to run Hosts are currently seeing average annual returns of 35%.
The network is in a crossover phase, with production traffic slowly being moved to v2 and the processes around community governance and the DAO being defined and built. As these work streams complete we will start to see the impact on the underlying token. Services purchased directly through the network will buy and burn XE, reducing supply. Network growth will see additional XE taken off of the table and locked in stakes. And new tokenomic attributes will be bought online to further enhance and incentivise the use of the platform.
Now it’s important to be clear that this doesn’t mean that we’re anti-marketing. Far from it. (The background of the team attests to that.) But we know from experience that marketing the cryptonomics of the project alone in the current climate would be a waste of funds. And that to market the network itself requires directly actionable services that will drive value creation. So for now we’re keeping our powder dry and focusing our efforts elsewhere.
Adam K Dean:
To this end we are in the process of bringing 8 new Gateways and 24 new Stargates online. This gives the network extensive additional coverage and performance. And it means that an additional 6,200,000 XE is being staked, taking the total amount of supply locked in stakes to 17.7%.
Once the new account system is live, we’ll be delivering the new Edge website, focused on highlighting the green services we have available. Marketing spend will then go into promoting the services, working to bring customers in and stimulate the token economy around XE.
It is in this that the community has an active role to play. When you can directly refer customers to sign up and pay for services, you will be able to play a part in the success of the network. And of course you will be rewarded for doing so, with 10% of all referred network revenue returned to you for the lifetime of the engagement.
Adam K Dean:
Those of you who have been with us for a while know that we’re here to stay. There hasn’t been a week that has gone by where we haven’t been hard at work, writing code, designing new systems, delivering updates and pushing boundaries. What we’re doing here is cutting edge – pun not intended! – but we’re committed to building a fairer, greener Internet.
So even though it’s hard out there, hang on, HODL, spread the word, and show the crypto community that this project won’t be slowed down by winters or bears.
If you want to keep up to date with the latest updates, you can now join our Twitter Community: https://twitter.com/i/communities/1510970463954087940
If you missed last weeks update, scroll up ☝️ …or you can read it on site now: https://ed.ge/update/2022/05/16
And that’s it for this week. Here’s to the weekend. 🍷