The Kreds Project 2019 Statement

Authored on Jan 1st, 2019

Recapping Milestones

Kreds was launched in February 2018 with the goal of building an ecosystem for our digital currency. We believe that everyone would agree that 2018 has been a tough year for cryptocurrencies as a whole and unfortunately Kreds has also been affected by the protracted bear market which dominated 2018.

However, we wish to recap the milestones we have achieved during this year and detail our plans going forward. In 2018 we achieved the following milestones:

• https://kredsblockchain.com: the information website for our coin (duh!);
• Enabled atomic swap functionality, see https://www.atomicexplorer.com/#/coins;
• Kreds was listed on a number of exchanges;
• Kreds was added to a number of mining pools;
• We launched https://krediblepolitics.com on March 20th, 2018. This site is our politics aggregator which has served over 1 million page views since being launched;
• Launched a newly written web wallet with an extended integration API on https://kredswallet.com ;
• We launched https://coinhub.news on July 31st, 2018. This is our blockchain news aggregator which has received 1.4 million page views in just over 5 months;
• We pushed out a few wallet fixes and had two hard forks which adjusted block rewards and contained security updates to safeguard the integrity of the Kreds blockchain.

We believe that these milestones are proof of the dedication and tenacity our team brings to the table and that we’re in this for the long run and won’t be dissuaded by the current state of affairs. The 2018 bear market made things difficult from us because it prevented us from leveraging the Kreds coin to hire an additional developer in order to speed up development of our plans. In addition to this, two of our founding team members, Bjorn and Lobos, both faced (and are still facing) difficult times related to their families so our focus has not been as sharp as we were hoping it would be. In addition to this, some people which had initially joined our team simply didn’t work out the way we expected and we have had to make the difficult decision to sever our ties with them. All of these issues add up to the fact that 2018 has been a much more difficult year for us than we initially expected but we wish to reassure everyone that we are still here and still doing our best to pivot the Kreds project into a position which will bring it the success our community expects.

Coin Distribution Adjustment and Future Developments.

Now that we have recapped on the past, allow us to focus on the future and detail what we have in store:

1. As a result of the realities the 2018 bear market forced us to accept, we have decided we will change the direction of the project in a manner which prioritizes products which can directly infuse capital into the Kreds ecosystem. As a result of this, we have decided we do no longer need the bulk of the originally allocated premine and have sent 510.000.000 (yes, 510 million) Kreds to a burner address on Jan 1st, 2019. You can verify these transactions under https://www.kredsexplorer.com/address/KDKredsPremineBurnAddressXXXZbtf8C. This action changes the total coin supply (assuming all minable coins have been mined 20 years from now) from 1.1 Billion to 590 million Kreds. This basically eliminates more than 90% of the premine and leaves us with the premine intended for services and partnerships which should be enough to accommodate our updated plans.
2. We started developing an advanced crypto trading bot several months ago and this project is now slowly nearing completion. The analysis and trading engine are complete and we’re now in testing mode to ensure that things work correctly. Due to the fact that this code will be working with other people’s funds (through the use of their exchange API keys), we will be testing extensively and not be rushing this to market but you can expect this project to go public sometime in the first half of 2019. In order to showcase the progress we have made, we will be releasing a demo video of the front-end sometime in the near future; this will hopefully make the promise of this product more concrete and get users excited about what we have to offer.
3. We are involved in a third, somewhat speculative project which builds on code which we have inherited from previous projects. The good part about this project is that we’re part of a larger team and have a specific role to fill which means that the workload is spread over several shoulders rather and our small team having to take care of everything. We are not in a position yet to reveal the scope of this project, but we believe it could bring significant funds into the Kreds ecosystem and help the coin price over the long term.

We hope that the summary of our achievements and future plans reassure the Kreds community that Kreds is being actively worked on; that we have plans for future development which warrant the support of the community and which have the definitive potential to infuse capital into the Kreds ecosystem and reverse the downtrend of 2018.

Lastly, we wish to thank the community for the support it has given us so far and hopes that together we can bring the value to Kreds we believe it deserves. The fact remains that a great number of projects in the cryptocurrency market have nothing other than a vague roadmap and we hope that our focus on delivering shipped products/websites will eventually help distinguish us and gather the recognition the Kreds project deserves.

Yours,

-The KredsBlockchain Team