DeepCloud AI Weekly Update Sept (3rd Week)’19

Hello from the team at DeepCloud AI. As promised, we are releasing our third weekly update to keep the community informed of all that’s happening at DCAI and to be as transparent with our supporters as possible.

Top Updates From This Week

Deep-Wallet & DEEP Working:

• The UI (user interface) and front-end is nearing completion. We will be releasing previews shortly, so stay tuned!
• For the backend, the team is working on fetching the data of different coins from various APIs which would allow greater interoperability with different projects on the Ethereum blockchain.

“Our development team has started integration with Matic Network and will continue to build on the platform.”

We are announcing to our community that we have decided to build on the Matic Network. Matic is a second-layer plasma based solution built on top of the Ethereum network. This will allow our sidechain to interact with Ethereum blockchain for various use-cases within our Deep-Wallet. Our decision to use Matic was a no-brainer, as their PoS-based solution has shown immense capabilities in their functionality as well as transaction throughput.

• Matic’s sidechain for Deep-Wallet and Matic network sidechains are fully EVM based.

Benefits for DeepCloud AI:

• A smoother and snappier user experience
• Much higher transaction throughput than Ethereum itself
• Security by Matic’s plasma-based PoS algorithm
• Lower gas / transaction fees
• The ability to deploy smart contracts and sidechains on Matic.

What we’re working on?

• Currently working on the Matic Alpha Testnet to be fully ready when launch time comes.
• Researching multiple transaction mechanisms possible on Matic.

Binance DEEP Bridge:

Our bridge for ERC-20 DEEP and BEP-2 DEEP is fully complete with the backend functionality.

• The team is working on the front end and integration of the bridge with ReactJS. Currently the bridge is unidirectional (ERC-20/BEP-2).

• We are nearing completion on testing on our local environment, and will soon deploy the production-ready version to the public.

Token Circulation Supply:

There has been many confusions and misconceptions about the circulation supply. Please refer to the following chart for the accurate version, verifiable by the Ethereum blockchain.

Note to our Community:

We appreciate each and every single one of our community members. Please keep the feedback, interactions, and even concerns coming; we are listening. A strong community is something we believe is absolutely necessary for a project. We can not deny that the past few weeks have been a bit rough, but we are working tirelessly and will be announcing some exciting news shortly.