TokenNet Launch Announcement

TokenNet to launch on 31st of October

Over Chuseok, many tests have been conducted and although efforts to improve performance of the network has been satisfactory, our devs are insisting that we need a little more time. The plan was to launch at the end of September and we apologize for the delay, but now we have a new launch date — 31st of October. The delay is caused mainly by two things — redistribution of transaction fees and security. Below is a more detailed explanation as to why more time is needed and some of our concerns and progresses.

Redistribution of Transaction Fees

Our distributed network depends on nodes to validate transactions and each transaction requires a transaction fee. The fee is collected to a fee pool which is redistributed every week. As described in our white paper, validating nodes will receive 70% of the collected transaction fees and 30% will be sent to the Commons Budget, but since there is no Commons Budget at this stage, and since validation will be done by the development team, all of the transaction fees will be distributed to the holders of BOScoin according to their stake above the minimum balance. The reason why we need some more time is because we want to make certain that such redistribution is done without any glitches. Tests confirm that the redistribution logic is sound but there was an opinion within the team that it would be prudent to run one final additional test in real life conditions except for it being on a closed network now that everything is in place. Fees will be redistributed on a weekly basis, so running a test means observing the network for a week and see if BOScoins are finding their respective destinations properly. Such tests have already been commenced and we are planning more than a single test so it will take some time.

Security

As posted in our previous newsletters, we have asked a couple of security firms to look into our network and Web-wallet for any holes and gaps that need to be filled. Unfortunately we have not received the final report from any firm as of today. Security is the one area where no compromise can be made and we would like to be absolutely certain our network is impregnable. Should any security concern arise, we will need some time to fix it, hence the delay.

A group of white hackers within one of the security firms tried to hack our Web-wallet and they have submitted a preliminary report but no issue regarding both the Web-wallet and the network was raised so far. We are still waiting for the final report.

We believe there won’t be any problems but thought it would be best that we go ahead with this final process just to be sure. We have three weeks until the 31st and that should be enough time to handle any issues if something goes as unexpected (God forbid!). Development aside, we are also drafting and preparing a contingency plan for the worst case scenario in case the network misbehaves, or even fails. The stability of the network is our main priority and we are doing everything within our capabilities to improve it. Once again, we apologize for the delay but we have concluded this is in the best interest for everyone so please do bear with us until the end of this month.