As many of you may have heard, Cryptopia experienced a significant compromise on January 14th.
Our efforts to collect information on what is going on at Cryptopia have been largely stonewalled by the investigation at the moment. We currently are attempting to understand — with specific evidence — the probability that stolen property will be recovered and estimate a timeline or probability of the exchange returning to functional.
At the same time, we’re monitoring how other groups impacted by the attack intend to respond. We have a number of very distinct possible responses in front of us but are not prepared to commit to any of them without more information as the impact on everyone is significant.
We don’t expect to wait for the conclusion of the investigation to make a decision here, but it is essential we make a calculated decision ideally with transparent lines of communication.
The police involved in the investigation have indicated they have promising leads and a meaningful direction.
In this update period, the executive team has been somewhat refocused on the hack and the big picture surrounding addressing that, but the staking model group continues to grow an understanding of how we can deploy staking systems and generalized real world valuable blockchain applications. As a reminder, we feel a core piece of the “smart contracts for everyone” value-proposition will be staking models, as they are one of the unique innovations available in a decentralized environment.
Prototyping and exploratory work is still an important facet of this work, but as the community has indicated some interest to us numerous times, here is a consolidation of the staking model posts we have made in the past.
- Staking Models: A Deep Dive in to Challenges. This post includes a partial glance at the fatal flaws we’ve identified in many of the existing staking model implementations and a discussion of the solutions.
- Real Businesses and Smart Contracts for Everyone.
- Smart Contracts, Game Theory and UX Assumptions.
Rewards and Token Creator
We plan to recruit a small number of community members for a round of feedback on Rewards in this sprint. You’ll see in our previous post about Rewards that the product, deployment infrastructure and proof of concept testing is in a “ready to release” state.
In this sprint, we continued moving forward with the Token Creator design phase — continuing to evolve mockups, user stories, flows and wireframes into graphical and prototype work. We expect to have something to demonstrate for feedback there shortly.