Introducing ALQO’s latest release: Atlas, a powerhouse of functionality
The team’s decreased visibility in the community channels over the last several weeks has not come without many positive developments behind the scenes. We understand that communication is key to a healthy and vibrant community and communication will increase over the coming weeks. Despite our decreased activity within Discord, and other social media channels, many positive developments have been completed and others are now in process. In the upcoming weeks we will release many of these pending announcements to the community and general public. These announcements will touch on key aspects of ALQO and its surrounding planets, with the intention of providing a clearer understanding of where we are and where we’re headed as an ecosystem. In today’s announcement, which is the first in the series, we will address several topics raised by the community.
As noticed, ALQO’s valuation has experienced a noticeable decline in recent months. Much of the decline can be attributed to the 2018 crypto bear market. A portion of the price decline attributed to the delay in the release of our upcoming roadmap milestone, Liberio, and the decreased communication by us, the team. Despite any negative sentiment that may have evolved as a result, we’d like to unequivocally state that we are fully committed to ALQO and its community. While we wait for the bear market to run its course, we plan to address recent delivery and communication difficulties and future positive announcements are forthcoming regarding these topics.
This announcement will focus on a third and critical factor, which is ALQO’s economic model, a high-inflation 12-month distribution phase taking us through to November 2018. To mitigate valuation challenges arising during a low-demand bear market and to reward ALQO’s long term holders, we find it imperative to reduce sell pressure to the fullest extent. Utilizing community feedback as the guiding principle, we have decided to advance ALQO’s expected Proof-of-Stake (PoS) phase to August. A switch to PoS will ensure that only masternode operators and ALQO holders will benefit from future rewards, and eliminate the need to sell ALQO at market prices to cover mining energy and equipment costs.
This change will allow us to modify the original distribution plan and shift block rewards slightly in favor of masternode operators, to guarantee that hosting costs are fully covered with a safe margin. The goal of this change is to prevent an unnecessary decline in the masternode lock-in rate for the ALQO network, which will promote a greater degree of decentralization, security and load capacity within the ALQO network. This is a critical portion of our plan, as many future high-performance and scalable network services will come to depend on a large, high-availability cluster of masternodes. One example is our upcoming HyperSend-enabled Liberio rapid transaction service, which will become the bedrock of ALQO’s mass adoption strategy.
Migrating to PoS will effectively end ALQO’s mid-high inflation epoch, and end its originally intended market distribution phase by placing stricter checks on supply. A direct consequence of wrapping up ALQO’s distribution phase is launching our long-anticipated planned marketing strategy that was reserved for the latter half of 2018. The time has come for us to make our aggressive push for ALQO’s market exposure within the cryptocurrency space as the heart and fuel of Bitfineon’s planetary system. We will share further details on our execution strategy in short order.
To ensure Bitfineon’s long-term success and ability to secure significant market share in a highly-competitive environment, a greater degree of funding is required than the dev fund currently provides. As ALQO is a community-driven project that had no ICO, we propose an increase of the dev fee from 5% to 10% for a short period of time, this will allow us to comfortably sustain our expected expense levels and have additional cash flow to build an even stronger foundation upon which to build an investment-grade digital asset trading platform. As Bitfineon’s back-end portion is already complete, the additional funding will allow us to further enhance key layers of Bitfineon’s product offering, namely a simplified, visually appealing and intuitive UI/UX element and a fully market-relevant set of services that will allow Bitfineon to stay ahead of the competition.
We expect this to be a temporary increase only, one that will subside once Bitfineon launches and becomes self-sufficient, preferably to 0% to grant the community the full benefit of future block rewards. With this change, the block reward distribution will be shifted to a fixed 50%/40%/10% ratio in favor of masternode operators/stakers/dev fund respectively, in-line with our decentralization and market liquidity goals. As we are aiming for a fixed block reward distribution and as the Libra effect won’t provide much utility before Bitfineon’s release, it has been conditionally deactivated with the option of a soft activation for when the network requires dynamic balancing. Future activation will therefore not require a client update.
Further, in order to ensure that masternode operators do not suffer a loss of rewards relative to their projected ROI of 30 ALQO per block over the coming epoch, we will be amending the upcoming block reward period from 50 to 60 ALQO. This will yield a 30/24/6 reward distribution for masternode operators/stakers/dev fund respectively. This will be enforced as of block height 408,960, being exactly 2.5 weeks into the most recent period that started at block height 388,800 (Saturday, August 11th). This period will last 3 months instead of 2, taking us into the launch period of Bitfineon, to afford the network more time to stabilize around the ideal masternode-staking balance. Rewards will then revert to their original 25–10–5 schedule effective block height 538,560, representing a 2.5 week shift overall and minimal impact on total supply.
Clocking at over 245,000 individual code additions to over 1,200 files, the newest client version, codename: Atlas, represents the single most comprehensive and feature-heavy release to date. The most significant among a long list of changes are as follows:
1. Redesigned QT wallet — theme redone to bring the main QT wallet visually in-line with ALQO’s overall look and feel. This includes a complete re-design of the QT wallet, a reworked overview page, sharper and simplified icons, and high resolution graphics throughout.
2. ALQO’s unique SmartStake mechanism — using the newly incorporated MultiSend feature, ALQO masternode operators will now have the option of setting up their nodes such that all masternode rewards are automatically sent into the staking queue for additional income, within as little as 30 blocks. This means that masternodes will now be able to derive both primary and secondary operating income without any additional effort, and simultaneously participate in ALQO’s Proof-of-Stake consensus. SmartStake ensures that your ALQO dollar goes further, and is our special way of rewarding our masternode operators for their loyalty.
3. Liberio Docking support — core communication, networking and integration additions that will allow thin clients to better exchange data with full clients and nodes, including but not limited to strict block validation enforcement, transaction selectivity during sync, rapid blockchain syncing functionality and continuous transaction mempool sanitizing, all of which contribute to a much higher TPS-rating for Liberio than previously made possible.
4. ALQO’s in-house, custom Zerocoin implementation. Using a robust mix of a custom, lean, spork-enabled Zerocoin implementation, Libzerocoin security patch and Zerocoin accumulators refactoring, ALQO now officially has the industry’s fastest and most resource-friendly Zerocoin implementation. Please note: the Zerocoin implementation will be supported yet remain disabled until we clarify with the authorities how its addition might impact Bitfineon’s legal regulatory status. If a green light is given, it can be activated immediately using our upgraded spork system.
5. Support for an in-wallet TOR-only connection, ALQO’s first official full TOR implementation for private network connectivity.
6. Added MultiSig Support — ALQO addresses can now be created such that they require authorization from several key holders to spend. This powers a wide range of use cases, ranging from management of mutual funds and join accounts, to shared masternode contribution, anti-fraud risk diversification, escrow processes and others, some of which will later be incorporated into the broad services suite Bitfineon will be offering.
7. Performance and resilience enhancements to ALQO’s masternode network. This is made possible through the Introduction of ZeroMQ protocol, a high performance protocol for distributed networking, parsing improvements for masternode cross communication and better in-wallet status reporting and command issuance for masternode operators. This makes ALQO’s own masternode network among the most competitive and resilient ones in the crypto landscape.
8. Extensive code refactoring — significant portion of overall functionality moved into dedicated classes, resulting in a leaner and more fault-tolerant code base.
9. Robust, stress-tested PoS consensus mechanism and network algorithm to ensure smooth operation and PoW switch-over.
10. Fully outsourced and overhauled Libra module into a standalone application with an easy future integration vector into Bitfineon.
11. Advanced error reporting for quick identification and resolution of network and local application failures.
12. Performance improvement of 80% relative to previous version(s), and network throughput improvement, increasing ALQO’s transactional capacity by 60% in terms of Transactions per Second (TPS)
13. Usability enhancements, such as a reworked MultiSend feature, in-wallet assistance dialogues, and allowing Atlas to sync and re-sync autonomously without user interruption.
With Atlas, we aim to set a new industry standard in terms of code quality, robust feature set and overall user experience for standalone full clients. We believe that the combination of Atlas and the upcoming Liberio framework will propel ALQO’s base infrastructure and overall accessibility to highly competitive levels, and will play a pivotal role in ALQO’s ability to generate mass-market appeal as a currency, a network and an ecosystem.
The new ALQO client version is now available on GitHub and will enter effect on Tuesday, August 28th. We believe that this 1 week update window represents an ideal balance between the pressing need to switch over and giving the community sufficient notice to update their masternodes to the latest protocol version. Having said that, we also understand that a 1 week window may not be doable for a portion of our masternode operating community, and have therefore introduced a soft-spork mechanism instead of the standard hard-enforcement policy. This means that while the 28th is the effective cut-off date for enforcing the new protocol, it can be remotely adjusted and delayed somewhat if we see that the network has not seen a 51% adoption rate of the new client by the 28th. Rest assured that your nodes and rewards are safe, but request that you update them as soon as possible.
Please note: anyone running Atlas on a unix-based machine, whether using the pre-compiled version or compiling from source, should use the following command line: ‘sudo apt-get install -y libevent-dev’. This is to download and install the libevent-dev package, which is required due to the integration of several of event-based functions into Atlas. This does not apply to hosting service providers.
We look forward to an exciting future for ALQO and its planetary system as we move into the market-readiness phase of our strategy. Expect future announcements!