This week, we wanted to provide a video demonstrating the interactions of the app after its deployment to the official Ethereum testnet, Ropsten. In the video below, we show the process of triggering functionality from within the mobile app, and how it is then reflected onto the Ropsten blockchain. Every transaction is put in a pending status until it has been mined, which then confirms the transaction and ensure that it’s permanently saved onto the testnet Ethereum blockchain. All transactions are generated directly from each user’s device, and do not transmit any of the user’s private wallet information over any internet connection.
What’s especially exciting about all this is that in order to move from our Alpha stage and transition to Beta, the only thing required is to switch the node that the app is connected to from the Ropsten network to the Ethereum mainnet. This switch would involve simply re-syncing the node with the Ethereum mainnet, rather than having it remain connected to Ropsten. We will be running several nodes on our servers to ensure constant stability between the mobile app and blockchain, and for backup node connections in the event that a node were to be disconnected.
As we demonstrated in the video, our lending and crowdfunding smart contracts are on Ropsten right now. The lending contract can be found at this link, and the crowdfunding contract can be found here. If you were to explore the transactions in each contract, you may notice that some of the transactions have a “Failed” status. These transactions were in fact being tested for function reverts that were triggered if certain parameters weren’t met. As our previous tests have shown us, all conditions and tests were completed successfully, or resulted in an expected fail status.
Token P: Hyperbolic Mining Model
We’ve been working on a new hyperbolic mining function for Token P, our upcoming rewards token. Users will be able to use ELIX to mine Token P. We’ve engineered the production rate of Token P to match a hyperbolic decay graph. In this preliminary version, ELIX in mining (locked in smart contract) produces Token P at a 10% rate per year, but this drops to 9% by the time 1 million Token P have been mined, and 6.428% by the time 5 million have been mined. The function continues its hyperbolic decay until 27 million Token P have been mined — the remaining 3 million will be mined using a constant 2.5% mining interest rate. This decaying mining model prevents large changes in the circulating supply of ELIX in the long term, while ensuring a low inflation rate for Token P. The method also rewards early adopters. In this simulation, the total supply of Token P that can be mined is 30 million.
Here is a sample graph showing the mining interest model described here for Token P:
Here is a console simulation showing several automated tests of the mining model:
These numbers and rates are subject to change moving forward. We look forward to sharing more as we continue to design and test our new mining model.
Design
The design firm is still working on wireframes and greyscale versions of the new design. Once they are completed, they will add color and we’ll share more. We’ve been in contact with them and are providing feedback throughout this process.
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