Oyster Pearl Team Update #4
TGIF! The Oyster team is back again for another update. I am particularly excited to write this edition as we cover a few financially-focused items. For day-to-day news and other intermittent updates, we would encourage all interested parties to join us on Telegram and Reddit.
We are excited to announce a significant change to our total coin supply. In an effort to provide clarity to the community and to stabilize our company-held funds, we are pleased to announce that we will burning ~10 million PRL on March 1st.
As many in the Oyster community have noted, the un-circulating supply held in the Main Developer Wallet is not exactly a trivial amount (~43 million PRL as of writing). We want to be as transparent as possible around our movement and spending of any PRL-related funds; thus, we are providing a breakdown of how the coins will be allocated based on our current and new total coin supply:
With these allocations in mind, we will plan to only draw down from the master wallet on a quarterly basis moving forward. For full disclosure, there could be an unexpected need to draw from the wallet in between typical quarterly distributions but we view this as being a highly unlikely scenario. Despite the slight reduction in our total supply, we are confident in our capital structure in the long run.
Testnet A Update
We have made serious improvements in both hardware and software infrastructure since our last update. Oyster Pearl now hosts 300 IOTA Nelson / PRL Hooknodes! We are dedicated to the supporting the IOTA project and ensuring that the Tangle is strong and resilient.
Today we pushed software updates that significantly improved upload speed and capacity. Watch the new demonstration video below:
The first alpha testers have been invited to use the system - thank you for your interest and support as we have now received over 1,000 applications for alpha testers! We will be introducing more testers gradually over the next few weeks.
We don’t have the chance to say this enough but we truly appreciate each and every member of the Oyster community. In spite of turbulent market conditions and a significant amount of volatility within PRL during the month of January, our online communities continued to grow at an exponential rate. Our team continues to be optimistic about our opportunities to grow in the month of February. We look forward to sharing more notable developments around our project in the weeks to come.