October status update and Parity issue

Good news, everyone! Here’s a brief update on what we’re doing.

We’re ok, you’re ok

First of all, regarding the recent Parity multi-sig issue. Unfortunatelly, a chunk of our pre-ico funds had been kept at one of the wallets there and is now frozen.

The important things are:

  1. This will not affect our investors and token owners in any way.
  2. The lack of these funds won’t hurt the project in the short term: we have enough cashflow to support the development and required infrastructure.

We hope the issue will be resolved soon and such hacks in the future will be made impossible. For now, we’ll do our best to keep you updated.

Though these issues are not pleasant, we believe it’s an inevitable part of maturing. This is an important phase for the crypto economy and the community, so thank you for the support!

Currently we are on schedule.The prototype should be available in the beginning of 2018. Though we are working hard to show you the code to tackle with in December 1st this year.

And yes, we are now taking action to deversify our remaining funds more thoroughly to ensure this kind of issues won’t jeopardize us in the future.

Our development team gets stronger!

We are happy to announce that Constantine joined our team!

Constantine is a seasoned software engineer with experience in distributed systems and big data processing.

At CleverDATA he developed a highly loaded data exchange platform for RTB advertising.

Welcome aboard!

Fluence team at DevZen podcast

We’re working hard to raise awareness about Fluence and overal crypto movement, while gather some great feedback along the way. Last week we had the honor to be the guests at DevZen podcast. The DevZen’ s focus is IT and technical issues, but since we’re building a database they were excited to ask us some tricky questions.

Unfortunately, the podcast is available only in the Russian language. But here is a short transcript of the most interesting questions:

Q: Why is distributed database safer than any other? What prevents any malicious actor from hacking a node and dumping the data?

A: When thinking security, most nodes must be considered malicious by default. The architecture of the network is built with that in mind. We use mutable order — preserving encoding and asynchronous encryption. The node itself has no idea, what data it stores. Even if the hacker gained access to one, or several nodes, she wouldn’t be able to perform a full database dump. Simply because there is no one single place where all the data is stored.

We’ve also tackled the security issues in our recent medium article.

Q: What’s your business model? If the developer’s fee is set at the protocol level, how do you scale, or are you going to hardfork in case of pivot?

A: Right, the developer’s fee works on the protocol level. If some node will tweak the software in any way in order to keep it the other nodes just won’t validate this. The fee is 0.5% and is applied to any microtransaction from the service clients to the node. The client makes a transaction for any successful query to the data the node stores. A successful transaction is the one verified by the network. This is actually where we use blockchain.

Q: What nodes are allowed into the network, how does a client choose the clusters for his data, can he?

A: The nodes are in a free market: each can set its own reward and the client can choose between the nodes based on his requirements and budget.

Q: So, I can rent a cluster at AWS, install Fluence software, set my own price for the service, and participate as one of the nodes?

A: Right, and Fluence will only receive a % from what you earn from this.

Q: Who are your clients? How do you convince companies to switch from a traditional database, or cloud to a distributed system?

A: Our early adopters are the distributed applications of Web3.0. They already have the demand and their app architecture runs on a distributed database by design. Still, we’re making it as simple as possible for developers to implement our solution. Of course, we hope in the next five years the trend will become so massive, the big traditional companies and cloud providers will come to the market too.

More details on the market and potential applications can be found in our business paper.

Please, tell us, what questions do you have about the Fluence project (any sort: technology, business model, goals)!

Right now we’re thinking of a short video with Q&A, or even a live AMA.

Short recap on CoinAgenda

Last, but not least: we were fortunate to give a talk at CoinAgenda in Las-Vegas. If you’ve got any questions about the conference, feel free to ask in our telegram chat. The CoinAgenda team works hard to provide us with video recording, we’ll share it as soon as it’s made available. Thumbs up for the great event so far!

That’s all for October, stay tuned for more!

Teaser: great announcements are coming up in the next two weeks.