Latest proposal, PreSaga news and more
Albeit our busiest time since inception, we thought it would be good to get everyone up to speed on proposal development before we move forward into what can best be described as a whole new chapter for the Meridian Foundation and its community.
Starting with our most recent DAO vote, it is our pleasure to announce its success, having achieved the minimum voting support well before the expiry date.
The proposal itself consists of implementing a system that allows LOCK holders to swap their LOCK between the Ethereum (erc20) and Tron (trc20) blockchains. This was voted at the suggestion of several of our Chinese community members who made the community realise it is in the project’s best interest to provide them with a token compatible with JustSwap, which is one of the most used and marketed DEX protocols in China (similar to Uniswap).
While our priority has been PreSaga’s completion (and will continue as so until our beta launch), we assigned one full-time developer with the task of looking into ways the erc20 to trc20 swap proposal could be implemented. The most feasible solution proposed boils down to having a central server monitoring both blockchains and contracts that disburse tokens on the basis of signed messages from that server (while holding funds).
However, and as to make sure we remain focused on our first community dapp, we’ve decided to use a system where the Foundation would mint and hold a token within Tron’s blockchain (also called LOCK) with the exact same total supply as Ethereum’s LOCK, and allowing holders of LOCK erc20 to swap it for LOCK trc20, and vice versa. This ensures total supply remains the same, even if it’s spread between LOCK erc20 and LOCK trc20.
This will be done through an interface on our website, and the Foundation will hold the LOCK from both Ethereum and Tron within publicly disclosed addresses. We expect to have this feature ready for use within 1 to 2 weeks, potentially sooner.
PreSaga — What we’ve been up to
This week we had our first round of testing, and we’re glad to report we encountered no issues with our contracts and code, although we did tweak a few things (and plan on tweaking some more next week). Overall it’s going as expected with no development hiccups, and estimates still pointing for a 2020 release.
We did have a small delay recently as we realised we’d be unable to use Chainlink for most of our markets, as they currently provide mostly price feeds only (and allow others to set up nodes and run their oracles at a fee). We’ll still be integrating Chainlink for our crypto price prediction markets, however we will use other sources for markets of different segments. You’ll be able to read more on our user guide once we release PreSaga.
As mentioned on our brief telegram update, the next stage is to perform a full-blown code audit, not just on PreSaga’s contracts but also on its front-end and back-end to ensure the maximum possible security for our users funds. We realise there’s a new security exploit uncovered almost every week within the crypto space and with that in mind we want to make it clear to everyone we will not release our beta until we’ve had several thorough security audits and everything’s been scrutinised down to the slightest detail.
What can we look forward to for now?
We’re finally narrowing down on the overall design and UI/UX structure, and we’re confident we’ll be releasing the first PreSaga previews this upcoming week. We’re really excited to finally show you guys what we’ve been working on and getting some input from the community!
Alongside the previews, this week marks the beginning of our last marketing push prior to PreSaga’s beta launch. Although we can’t yet specify what it is we’ll be doing, you can count on hearing more on this through our usual channels soon.
Last but not least, a quick update on our DeFi portal. It’s true we’re past the initial deadline set for launch, which was due to an issue with our initial content writer right after our initial structure outline. We’ve resolved this by hiring a new content writer, who is actually one of our most active community members, and are happy to reveal the portal is nearing completion.
We estimate launch to occur within 1 to 2 weeks.
As usual we’ll keep you guys updated.
The Meridian team