NuNet Operations Q1 and Q2 2024 Update
Greetings NuNetopians,
As we move through the first half of 2024 we are happy to share our latest operational update from Q1 and Q2. Over these past few months we have made significant advancements, strategic collaborations and welcomed a number of new team members all driving us towards a more decentralized future.
In the first half of the year we have been focusing on fortifying the foundational aspects of our platform. We began refactoring our Device Management System (DMS) laying the groundwork for a more robust and adaptable architecture. This was also coupled with the integration of advanced security protocols and the development of innovative features designed to enhance our platform’s efficiency and reliability. Significant progress has been made to ensure that our platform is both secure and scalable, for more information you can read our latest technical update blog.
During this year we have also been working behind the scenes with partnerships and pilot projects with ecosystem partners and some web2 companies, showcasing the versatility and real-world applicability of our platform. This growing interest highlights the value of our decentralized approach and underscores our potential to revolutionize the industry by providing scalable, efficient, and innovative solutions that meet the diverse needs of our users.
Our engagement with the Linux Foundation, Linux Foundation Edge and CNCF continues to open new avenues for collaboration and innovation.
NuNet adheres to the principles of transparency and accountability when it comes to our finances. As such, it is our responsibility and desire to provide the community with a high level overview of NuNet financial position in context of the overall business strategy.
We look forward to the coming months as we focus on launching out our newly refactored DMS, announcing partnerships, enhancing community engagement and expanding our team. We are committed to fostering a collaborative environment where innovation thrives driven by our community.
Finance
As of July 7th, 2024, our portfolio held $3,536,416 in total assets. A significant portion of this, $2,707,081, is allocated to stablecoins and fiat currencies. The remaining $829,335 is held in various crypto assets, including BTC, ADA and ETH, as well as those held on exchanges.
Treasury Balance
Distribution of Supply
The distribution of the total supply of issued tokens at the end of the reporting period of August 5th, 2024 is shown in the graph below.
Team
As we progress through 2024 NuNet commitment to fostering a dynamic and innovative environment remains a key to our strategy. Our team development efforts over the first half of the year have been crucial in driving our mission forward, ensuring the right talent and structure to achieve our ambitious goals.
Key metrics and achievements
- Team Growth: We have expanded our team by 11% in the first half of 2024, bringing our total headcount to 31 at the end of Q2. 6 people have been added to the technical team and a further 2 to the operations team. For more information on our team check out our organizational chart.
- Training and Development: During the second half of the year we established a learning and development fund to help our team stay up to date with the latest technologies and trends in the decentralized computing space. This fund supports attendance at industry events, workshops, and specialized training programs in relation to NuNets platform, ensuring our team remains at the cutting edge of innovation.
- Team Retention: Maintaining a motivated and engaged team is critical to our success. We are proud to report a high team member retention rate. In the first half of the year, NuNet achieved 0% of voluntary turnover rate. This is a testament to our supportive work environment and the meaningful opportunities for career growth within NuNet.
Team Restructure
Earlier in the year NuNet announced significant changes within our internal organizational structure. These adjustments were made to enhance efficiency, foster innovation and better align our teams with NuNet’s target platform architecture and strategic objectives in mind.
As part of our organizational restructuring, NuNet’s technical team is now divided into five specialized teams, each led by experienced leaders in their respective domains. Supporting these teams are two vital functions: the Marketing & Community Team and the Operations Team. This is reflected in our updated organizational structure and for more information on the team restructure read our blog, ‘Navigating NuNet’s Next Phase: Introducing Our Restructured Teams’.
Development Update
We recently published our technical development update for Q2, where we addressed delays and shared our progress on key milestones for 2024. Despite some setbacks, our commitment to transparency ensures our community stays informed about both our achievements and challenges.
Key updates
- Device Management Service (DMS): We have made considerable strides towards releasing DMS 0.5.x, an essential component for our platform’s scalability and maintainability. The release process is set to start in September 2024, with the final release expected by the end of the year.
- Network Enhancements: Improvements to the network package include abstraction of underlying network libraries, support for connectionless and connection-oriented messaging, address-handler pair registration, and private network functionality. These updates are vital for enhancing the efficiency, security, and scalability of our platform.
- Executors Package: This package now supports Docker and Firecracker environments, providing a unified view and flexible architecture to handle various execution environments. This adaptability ensures our platform can efficiently manage diverse job requirements.
- Storage Module: The storage module has been enhanced to facilitate seamless data access, integrating various storage providers like IPFS and AWS S3. Features include file transfer between DMS instances and encryption at rest, improving data management and security.
- Telemetry Package: The telemetry package offers comprehensive instrumentation, generating traces, metrics, and logs for enhanced system observability. This allows for better monitoring, debugging, and optimization of the platform.
- Decentralized SPO Computing: We resumed work on this milestone, leveraging the new IP over libp2p functionality to enhance the security and efficiency of the decentralized computing environment for Stake Pool Operators (SPOs).
- Public Alpha Solutions: Advances include the implementation of the IP layer over libp2p and integration with Kubernetes, paving the way for secure and sophisticated decentralized applications.
Financially, NuNet remains strong, with a treasury balance of $3.54 million as of July 2024, providing a solid foundation for our future endeavors. We remain transparent and accountable, keeping our community informed of our financial health and strategic direction. Our team’s growth and restructuring, combined with our dedication to continuous learning and development, ensure that we remain at the cutting edge of innovation. Looking ahead, we are excited about the upcoming launch of our newly refactored DMS, the announcement of new partnerships, and the continued engagement with our community.
NuNet Is Hiring!
NuNet currently has a number of open positions for various roles within the team. If you have the skills and desire to join us in our journey, you can find more information and contact us through our career page.
About NuNet
NuNet lets anyone share and monetize their computing resources, turning cloud computing power from a centralized service into an open protocol powered by blockchain. Find out more via:
