OpenChat Weekly Project Report (October 11, 2019)

The OpenChat weekly project report is shared regularly to keep the community updated about the progress made in development (whether it be blockchain development, business development or community development). The report will detail the work carried out by the teams and shed light on the status of the project.

OpenChat Development Progress and Mainnet Status Update

Mainnet Development Progress

1. Currently developing the P2P aggregation model OpenHarma for the new financial system, which is a peer-to-peer protocol that connects lenders and borrowers. In OpenHarma, smart contracts will act as the guarantor, assessing the asset pricing and financial risks for the lender. When a borrower is unable to make loan payments on time, OpenHarma will automatically execute the clearing procedures. As this is a completely new framework, the team will make structural changes given OpenChat’s existing resources and also add original elements.

2. Conducted development for automated asset custodianship.

3. Conducted structural testing for framework stability.

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