Our new website comes out tomorrow. It’s a chance for us to share our backgrounds and say why we’ve chosen to pursue this project.
Product Direction
We’d like to update everyone on recent progress we’ve made regarding our product direction. With our new mining algorithm working already, we’ve taken some time to reflect on how our new token should relate to our current brand. With ELIX already having acquired substantial value and having been well distributed, we are considering having the next token exist as a line extension instead of a replacement. This would mean ELIX would be used predominately throughout the app, with rewards issued through the new token. This would prevent us from needed to build a converter and convert our existing users, and would make the transition to the app more seamless. A new token can still be used throughout crowdfunding projects on the app, due to generality discussed in the next section of this blog post. Additionally, we can still accomplish all of the goals associated with mining, including reducing the circulating supply of ELIX for the next few decades. This is an aspect we’re currently considering as we move forward.
Crowdfunding
We’ve started developing our crowdfunding smart contracts. Without giving away too many details too early, we will mention a few points to look forward to:
- Generality
- Ease of use
- Decentralization
We’re interested in ensuring our contracts can handle a variety of use cases. As such, they will be able to handle a variety of tokens and creator preferences. Ease of use is incredibly important — we’re planning to implement a simple UI to help new users easily understand how to choose projects. Additionally, the contracts will be totally decentralized. This will reduce cost for our company that would have been required to ensure accountability and transparency of all parties, since the smart contracts will automatically return funds to users if a lower threshold of funding is not reached.
Volatility
Recently we’ve discussed adding the notion of a “volatility adjustment address” to our token manager. Such an address would be authorized by both the lender and borrower to adjust the interest and amount of a loan throughout volatile periods. This has a few benefits:
- The volatility adjustment address can be another decentralized smart contract.
- The volatility address is optional, allowing lenders and borrowers to ignore volatility should they desire.
- Generality helps make the platform more attractive for those who don’t want to be forced into using any one particular solution or third party.
- Developers and other companies can create their own preferred methods of dealing with volatility that interact with our smart contracts.
Moving Forward
With our new website coming tomorrow, we’re excited to begin the new year with a brand new look and exciting product coming down the line.
