Hi everyone 👋
TNC delayed token unlock until the end of October. They completed their mainnet ahead of schedule and the business needs it live in support of core operations. Swapping now (fully automatic – there’s nothing for you to do) will save time later. We recognise the frustration that an additional delay brings, but believe that it will be for the best in the end.
Watch this space.
Note that the swap process will remain open until April 2021.
After completing the move away from Consul KV store the network team have made great progress with service monitoring events in Stargate. We now have realtime service data without the need for Consul, which has improved performance, especially for DNS where realtime service status is crucial for load-balancing and DNS exchange, the method deployed when a Stargate does not have sufficient Gateway and Host resources, and needs to offset traffic.
There are still some minor tweaks and bug fixes required, but we hope the first phase will be ready by mid October.
Fallback image support has been added to CDN, as well as some major improvements and bug fixes for GIF manipulation.
Before the next release we’ll also be further reducing the footprint of CDN.
The outage we had in Console API was caused by an overrun in CDN usage reports from nodes. 1,973,886 records had backed up as a result of a failed record consolidation process. This has now been resolved and updates are processing.
@Pastienot asked “We know one of the areas that prohibit growth was serious lack of volume on known/popular exchanges… and that was with us on ETH. The move to Sigma; could you include in your Friday address how you see the liquidity issue playing out?”
Liquidity in Edge was hampered by the bear market and a lack of interest in lower-ranking tokens. At the same time network services weren’t fully live, restricting use in the token for purchasing, which couldn’t be fully offset by staking.
The tokenomics were designed around ever restricting supply through network growth (which worked to an extent), and growth in demand for services (which didn’t get off the ground with new business running behind network growth).
The partnership with TNC was in part designed to address this by working with a company well versed in the space and demonstrably capable of managing volume and making a market.
TNC are using a build of Sigma as their own chain, moving this forward from the anticipated launch to better support their business operations today.
This answers the liquidity question for their operations in part: having real-world business using the chain drives volume. In addition as a group they are committed to backing liquidity and exchange support.
There’s no current plan for Edge to use the TNC mainnet directly long term. But it is being looked at. The primary considerations for the network are speed, foot print (we operate in some very low powered environments in terms of hdd/ram/cpu) and cost. In addition we need smart contracts.
There are a few options on the table for this, including ERC-20 (which I maintain is a fantastic platform).
Looking to the future, the tokenonmics for Edge will be similar to the original premise: real services purchased/swapped for the token to reimburse providers of capacity; liquidity driven through use; supply controlled by network size.
The key difference is that it will be supported by the TNC Group, meaning that their will be an at-scale commitment to liquidity and exchange reach.
On a separate note, staking values for network nodes are to be confirmed, but are likely to be mapped to existing stake levels. We’ll have an update on this front ahead of nodes being stakable again.
And finally for this week, a new site for a regional Leo Burnett office moved to final testing ahead of live. It’s built with Edit and API, with a Nuxt.js frontend and CDN for media delivery. A nice little showcase for the tech. I’ll share a link once it’s public.
And that’s it!
Enjoy your weekends.