Weekly Update #11 (4/2/22)
Let’s start off with.. TODAY IS THE BIG DAY. That’s right, you can head to Probit Global right now and get your hands on some JOLT (we’ll speak about this a little further down)
Another huge talking point this week, was our official announcement of Manatt, Phelps & Phillips, LLP as our legal counsel. We wrote an article early about this but will elaborate a little later on also.
Finally, our code keeps progressing! This is assumed given how talented our Joltify developers are.
IEO
Today is the day. After many sleepless nights and long days, we are extremely proud to have officially launched on Probit Global. You can purchase your first JOLT here.
Users who purchase with ‘Probit’ get a bonus of 22%. You can also purchase via USDT, BTC, ETH and XRP, where the bonus is 20%.
We are listed at 0.2USD for 1 JOLT. There is no Softcap, but we do have a Hardcap is 1,000,000 USDT, meaning, there is $1,000,000 USDT worth of JOLT available throughout each investment round. If this is reached early, then, there will be no more available. However, there is no cap on individual purchases.
The first round will close on the 12th of Feb 2022 at 14:00 (GMT +11)
Legal
We’re extremely pleased to announce that we have formally committed to Manatt, Phelps & Phillips as our legal partner.
Established in 1965, they have a rich history of success with over 450 Attorneys on their books. They have offices in Los Angeles, Bew York, Silicon Valley, San Francisco, Chicago, Boston, Orange Count and Washington D.C.
Over the last few months, Manatt and Co have established profound experience, by navigating the following clients:
- Centrifuge
- Kraken
- GMO-Z.com Trust Company Inc
- Market Rebellion
We’re confident in their skillsets and they’ve shown to us that they are market leaders, particular in areas that are valuable to Joltify.
This partnership will allow Joltify to ensure that we are legally sound and that we use best practices for our project and our clients.
Manatt’s team utilises its distinct and deep-rooted understanding of cutting-edge technology to represent emerging and growth-stage companies at the forefront of the financial services industry’s digital transformation, as well as traditional financial and technology companies seeking to enter the fintech space.
At Joltify, we are extremely excited to be joining forces, and we’re eager to continue our momentum forward. We’re expecting this to be a long-standing relationship and looking forward to having the Manatt team’s eyes cast over our project.
CODE
This week the team focused primarily on refactoring the Joltify Bridge and we started working on the unit testing of the Joltify Chain. We also update our transaction retry, which is utilised when there is a failed transaction.
Retry Update
Previously, during our testing, we found a bug where, if a transaction were to fail to submit, then it had an order of inconsistency of retry order within different validators, as a result, the transactions were pending within the system.
To resolve this issue, we sorted the transactions in the waiting list once it was added to the list. According to our tests, the system has a 100% success rate for cross-bridge transactions.
Unit Test Update:
We started implementing and running the unit tests within the Joltify Bridge. We have currently achieved around 50% of test coverage of all of the codes. We will continue working on the test cases next week and target to achieve 70% coverage of all of the Joltify Bridge codes.
Summary:
This week was MASSIVE! With our IEO launching and the confirmation of our legal counsel, the future is looking very bright at Joltify. Please be sure to hit us up in Discord if you have any questions surrounding any updates.
We hope everyone gets the opportunity to get some JOLT into their wallets.
All the best and have a great weekend.
