It’s been a while since we shared some updates, so here we go…
The ArabianChain team:
We have recently grown our team as part of our ongoing expansion and started an internal training program to bring the new members up to speed with our progress. The new team will add much-needed capacity towards development, community engagement, support, operation and marketing. The new team will be ready to start within the next two-to-three weeks. we will share some more details on the new members in the coming days.
We are frequently asked about Palmex, so we want to shed some light on our latest developments and to let you know what’s going on behind the scenes.
1- Technology: On the technology side we are working on the following:
a. Security: Palmex third-party penetration testing has been concluded and we have applied the needed remediations to elevate the security of the system. This activity will be repeated after applying further changes to the system.
b. Palmex third-party code review and optimization: This activity is still ongoing, but it doesn’t impact our daily operations and we will apply recommendations when the review is finalized.
c. Stress and Load testing: This activity is ongoing now and is expected to be completed within approximately 10 days. This is aimed at measuring the capability of handling high number of interactions and demand on the system.
d. Updating Palmex views: This activity has been concluded and will be schedule for release.
2- Licensing: Having obtained our sandbox testing license from the Central Bank of Bahrain, we have worked on incorporating in Bahrain as well to be able to operate the license. This process has been concluded over the past week and we are now ready from a legal standpoint to operate both crypto and fiat in the region. Fiat options, however, will be enabled for a limited number of users at the start as per the Central Bank guidelines. We have surveyed the community a while ago to select our first testing group, the selected group will receive invitations to participate in the testing activity after we finalize the process with the Banks.
3- Banking: We are currently working with two banks in the GCC for fiat enablement. This activity is controlled by compliance teams and regulators to ensure we are operating up to banking standards. This activity is progressing gradually as many actors are involved, including the bank’s own business team, compliance team, the sand box regulator, third-party service providers for clearing, settlement, KYC/AML and us.
We have partnered with FlamingoSkies to enable DubaiCoin (DBIX) as a payment method on their platform and to offer our community an exclusive early access to their products and innovation. FlamingoSkies is a creative design studio focused on developing compelling experiences for avid gamers and collectible enthusiasts, both digital and physical. They are positioning themselves as pioneers in the emerging industry of 3D printing, mixed realities (Augmented Reality/Virtual Reality) and experimenting with blockchain-based gaming through non-fungible tokens (NFTs). They surround their game characters with storylines, advanced gameplay features in an Augmented Reality world, and make them available for purchase and trade in their own marketplace. FlamingSkies are expected to launch their first product Oct-Nov this year.
Our joint venture Wethaq is growing steadily. The Wethaq team are working hard on their high-profile proof of concept to build one of the most innovative platforms in Islamic capital markets.
This project is designed to be an upgraded network for DBIX and to be an enterprise-ready network with the ability to handle larger sets of data. We have completed the architectural design of the network and we are aiming to have it ready by H2 2019. The new network will have a capped supply and we will be exploring more energy efficient consensus mechanisms.
Stay tuned for more by following us on Twitter @ArabianChain @PalmExchange