An improved version of the Chainpoint Network will launch in 2019*. The Chainpoint Network has been operating continuously since 2017 and currently consists of approximately 5,800 Chainpoint Nodes. The transition to the new network is designed to minimize disruption to the thousands of organizations and individuals that use Chainpoint each day.
* In July 2019, we tested the new software with approximately 6,000 nodes and 300 Cores, and it met or exceeded our engineering requirements. However, due to the changing regulatory environment, the launch of the new software is postponed.
In the Chainpoint Roadmap 2018, we stated our 2019 goal of growing the network of independent operators of Chainpoint Core. To achieve this goal we’re focusing on the following objectives:
- Make Chainpoint Core simple to administer and affordable to run for multiple third party operators
- Enable an efficient token economy that is maximally independent of a central authority
- Improve the reliability and performance of Chainpoint Nodes while maintaining low operating costs
Considerable research and development towards achieving these objectives has been completed in the first quarter of 2019. A new Chainpoint Testnet is estimated to reach public beta status in Q2 2019. After a period of testing, the upgraded Chainpoint Network is scheduled to launch in Q3 2019.
What will be included in the next release?
The next release will include major new versions of Chainpoint Core, Chainpoint Node, new Smart Contracts, and upgraded Chainpoint client software.
The new Chainpoint Core uses the Tendermint consensus protocol. This allows multiple Core operators to setup a Core, sync the Chainpoint Calendar blockchain, and participate in anchoring data to Bitcoin. Cores are periodically rewarded in tokens for performing work such as auditing public Chainpoint Nodes and publishing an anchoring Bitcoin transaction. Chainpoint Core is currently running on a private testnet. The Chainpoint Core source code will be published in Q2 2019.
Chainpoint Node 2.0 has been optimized to improve performance and reliability. Chainpoint Nodes no longer need to download the Chainpoint Calendar. Public Nodes now register by staking tokens in a registry smart contract, making the registry decentralized. Nodes now have a reputation system that allows anyone to audit their operational history. The current build has over 95% unit test coverage. Anyone can follow development in real-time on the Chainpoint Github.
Chainpoint Node source code. Contribute to chainpoint/chainpoint-node-src development by creating an account on GitHub.
Smart Contracts & Tokens
The new Chainpoint Network uses a new set of smart contracts. This is required to meet the objective of enabling an efficient token economy that is maximally independent of a central authority. Users will exchange existing TNT for a new ERC-20 token with upgraded capabilities. Here are some of the major differences:
- The new ERC-20 smart contract allows for the minting of new tokens as rewards for Chainpoint Node and Chainpoint Core operators without requiring a central authority.
- A registry smart contract is used for registering public nodes and cores without requiring a central authority.
- Chainpoint Nodes will burn ERC-20 tokens to generate access tokens that are used when submitting hashes to Chainpoint Cores.
Due to the size of the current network, it takes approximately 120 days for a public Chainpoint Node to receive a reward. The new system will reduce the time between rewards. More information about the token migration and new token requirements will be published along with the launch of a public Testnet in Q2 2019.
What changes for developers that use public Chainpoint Nodes?
Not much changes for developers and applications that use public Chainpoint Nodes. The Chainpoint Node, CLI, and client libraries will be compatible with existing APIs and workflows. The Chainpoint proof format will also remain the same. Existing Chainpoint proofs can still be verified using open source tools.
Chainpoint lets software developers link data to the blockchain and create a timestamp proof, which can be used to prove the data is linked to a point on the chain — hence the name Chainpoint. Stay up to date with progress is by following Chainpoint on Twitter. Developers can learn more about Chainpoint by visiting the web site or the Chainpoint GitHub.