April & May have been amazing & productive time for EXRNchain and today we will share with you our progress during this months and our current plans.
Successful EXRT Distribution
Even though it happened at the end of March, we still want to mark it here since first half of April team and community managers worked around providing support and making sure everyone fairly received their EXRT and wasn’t left out. Surely we can now say that first EXRT distribution was successful, fair and 1,800 people received their free share of EXRT.
Reminder:
EXRT distribution form closes on the 1st of June at 24:00 (12 p.m.) UTC!
Make sure to register here: https://exrnchain.com/exrt/application/
Listing on more exchanges
April was a good month for EXRN in terms of expanding range of exchanges where you can trade. EXRN got ETH and BTC trading pairs on growing Chinese exchange (with over $5M daily volume) named Octaex. Second exchange listing that we arranged was NextExchange. We were notified by their team that they are launching public in the near future and EXRN will be open for trading once they do so. In May we managed to get EXRN listed on Enclaves DEX and DDEX.
New Look of EXRN
In April we launched logo contest where we have chosen 10 different potential creative and amazing logos for EXRN created by our community. Community voting lasted one week and the best logo was chosen. We are also extremely happy with how it looks and how it represents crosschain technology: EXRNchain (core) connecting all blockchains together.
EXRT Network Announcement
This month we finally opened you to a larger vision on what EXRT does and what EXRT Network is. Now our community can clearly understand what kind of asset they are getting at quarterly distributions and what important role it plays for the crosschain ecosystem we are building. You can learn more about EXRT Network here: https://exrnchain.com/exrt
Contribution Price Change
On 1st of May contribution price on our website was increased from 5M EXRN per 1 ETH to 2.5M EXRN per 1 ETH. This was done to not suppress prices on regular markets and allow for free price discovery. The reasoning behind the fact that there should always be price difference is that direct buyers get 10x more EXRT tokens at each distribution, so they should always pay a higher price. EXRN direct contribution price will be growing again once market price touches contribution price level.
EXRNchain Begins Hiring
We opened a hiring form and we are looking to expand our team with more developers and add marketing management. We are currently reviewing all applications. EXRNchain team wants to ensure we find the right people for the positions. Current team consists of 3 founders \ core developers and 3 volunteer developers (it was 2 previously, we just took another one on a position).
EXRT Begins Trading
EXRT Network Token (EXRT) opened for trading on IDEX, DDEX and Enclaves DEX in May. Current circulating supply is 62.5M EXRT tokens. You can already track prices and marketcap metrics on LiveCoinWatch. To learn more about EXRT Network, please go to exrnchain.com/exrt.
Triple-Chain Connection
We’d like to start off with a small example explaining what is ‘triple-chain connection’. Let’s assume you want to transfer data from chain A to the contract on chain C, and you also want to sign that data with your chain B wallet. Your active hot wallet is on chain A, you execute crosschain tansaction (which includes some piece of data, execution command or anything else you need to transfer + sign command) to the chain B. While this transaction arrives to the chain B, the wallet you have on there signs the transaction with additional sign message and transfers it to the chain C, which finally receives the needed data or acts on the execution command (if it’s a contract). The transaction can go further to the chain D and E from this contract (for example if it had some staking, swap or etc. command).
So, we have completely met and totally exceeded even out best expectations on the ‘triple-chain connection’ roadmap goal. This was planned for April. We notified community in March that we have already successfully tested and established triple-chain connection under ‘lab conditions’. We kept on testing it under different conditions and upgrading our codebase in April. At the begining of May we applied our created working system to 6 different unique test blockchains, therefore we managed to connect and test 11 different unique triple-chain combinations. Here is an example so you could understand: we took 6 blockchains (a,b,c,d,e,f,g) and managed to test triple-chain connection with them in such pairs: abc, acd, ade, aef, afg, bcd, bde, bfg, cde, cfg, efg.
We even managed to establish quadruple-chain connection (abcd) in May!
Here’s a simple outline to see it easier:
Quadruple-chain (and more) connection is mainly important for crosschain DApps and enterprises, while not so important for regular users of crosschain network. Still it is important for consumers of those projects and DApps that will run on and utilize EXRNchain. Triple-chain double-sided connection is what’s actually needed for atomic swaps and crosschain exchange to work, therefore it’s the most important part for EXRNchain at the moment.
So we managed to establish working data transfer and connection between simple ledgers, but to actually enable double-sided connection, swaps and crosschain interoperability we will need to launch EXRT testnet as it is also important piece in our crosschain process route (learn more about it at exrnchain.com). This is what we are going to work from now on: testnet and double-sided transactions.
Still, we think that it was extremely important part of the roadmap and accomplishing it was a great success! We are happy to share it with you.
What are our next steps?
- Hire more developers and marketing manager
- List EXRT on more exchanges
- Expand range of available exchanges for EXRN
- Second EXRT distribution
- Work on establishing double-sided crosschain transactions:
Double-sided connection allow blockchains to actually communicate with each other. One transfer (from A to B) can execute something and then
(B → A) can execute reply. Also, it means that A and C can exchange information through B (so A → B and C → B, then B → A and B → C).
This is critically important for atomic swaps and any crosschain exchanges. Therefore, achieveing it will allow us to create EXRNchain asks and bids system (later to be used in swaps and exchanges). Two decentralized entities will be needed for each transactions. - Develop EXRT testnet
