[Announcement] Progress & Plan of POPCHAIN Project
POPCHAIN’s concern in the bear cryptocurrency market
Hello, all POPCHAIN participants.
Please read our following new announcement carefully.
As you might well know, the current cryptocurrency market is very dull. Most blockchain experts expect that only projects that can survive this harsh period will be able to become blockchain platforms that prove their value and practicality. We also agree on such prospects and are looking into take the right approach.
Before getting into our concerns, we would like to share the status of the development. POPCHAIN’s testnet of is ready to open. The problem is the practicality of the technology and the timing. The questions are about whether our current blockchain technology can really build a content ecosystem with commercial viability and whether it is the best option to open the testnet in accordance with the existing plan and the roadmap in this unexpected long, dark tunnel of the world’s cryptocurrency market. In short, they are about whether to proceed on the business with the plan on the whitepaper, or whether to plan for the future, even if it might delay our process (under the premise of sharing development status and concerns with participants).
We chose the latter as the answer to this question. Of course, there should be grounds to it. Let us carefully further explain.
The first is our deepest concern.
➀ Bitcoin-based Platform
Blockchain is evolving day after day with new technologies. We believe that the success or failure of a blockchain project ultimately depends on securing a stable level of commercialization. That is why our great focus is on technology.
POPCHAIN is a Bitcoin-based project. The concept of decentralization of Bitcoin was the driving force behind the start of the POPCHAIN project. Still valid, but on the other hand, its technological slow development is also holding us back. The following is the detail.
When POPCHAIN project was launched in 2017, we determined that Bitcoin is more stable system than any other cryptocurrencies tested. It was also preceded by an analysis that it is the most suitable structure to implement the decentralized content platform that POPCHAIN aims for. Since then, however, new projects such as Ethereum have been quickly verified and developed to have comparative advantages over Bitcoin on some points. In contrast, the development speed of Bitcoin did not reach such.
POPCHAIN Foundation has improved its trading speed with the introduction of the GHOST Protocol and enabled future direct transfer of different coins and POPCHAIN CASH (PCH) with the Cross-chain technology. The competitors of POPCHAIN are not other blockchain projects, but are traditional content services that are already available.
The ultimate goal of POPCHAIN is to create a stable blockchain content platform that can be used in real life. To be selected by the customers and reach our goal, we have concluded that our platform should be at the level completeness where it can compete with existing commercialized services. Traffic of a content platform depends on customer satisfaction at the time of its launch more than that of any other services. Hence, we also are putting a lot of effort in its UX/UI design, in addition to its technical aspects. This is the point where we are struggling to find the best option. We promise you that we will improve and provide better service.
➁ Linking POPBOX with mainnet
Next, we would like to discuss POPBOX. It is a key element that differentiates POPCHAIN from many other blockchain projects. There are not many blockchain projects that put content directly onto a decentralized platform, which makes POPBOX even more special.
POPBOX’s hardware specification is already determined and it will be ready to produce when design is finalized. However, its software needs to be more verified.
Even if it does not get the “first” title, POPBOX will put more emphasis on its technical stability and we will put more rigorous verification on whether it can be actually commercialized. Especially, we are taking a closer look on the technology that links POPBOX and mainnet. POPBOX and mainnet must be tested at the same time to launch.
The two systems must be fully integrated before POPCHAIN can build a unique blockchain content ecosystem. This applies the same for PoSe (Proof of Service) algorithm. To improve the algorithm to an acceptable level for all participants, we need more time.
➂ Securing content
Finally, content is the inevitable problem we face as a content blockchain platform. We planned and started from the beginning as a global project, setting up a community with exclusive rights in China and discussing business agreements with local and overseas content partner companies to join us.
The trouble came from the remaining local criticism towards us. There were a number of projects that turned back the contract at the very last stage while looking into the public opinion. Of course, it is not an excuse. It is responsibility of POPCHAIN Foundation.
Opening a testnet simply does not mean that we are conducting our own test. Partner companies should be able to test making DApp for POPCHAIN platform. At this time, there is not much difference from internal testing and lack pros for choose an option to launch the testnet as planned in the whitepaper.
POPCHAIN will proceed on the development of POPCHAIN’s original DApp in the future. However, to have more partners join POPCHAIN and expanding the ecosystem is the first thing to consider and is an indispensable factor. We are doing our best to secure content partners.
POPCHAIN Foundation could not ignore the above three issues in this downturn cryptocurrency market. We want to launch POPCHAIN in a more stable form. To make it sustainable service, it will take more time. We will have to keep up with market trends and repeat technical test with the help from all participants.
Testnet is now scheduled to be launched in the first quarter of 2019 and mainnet in the second to third quarter of the year. We sincerely apologize for the delay. Please consider this as a preparatory work to achieve better results.
Thank you for reading through this long articl.e
Please take care in this cold winter.
POPCHAIN Korea Official Telegram : https://t.me/popchain_kr
POPCHAIN Global Official Telegram : https://t.me/popchain_global
POPCHAIN Global Official Twitter : https://twitter.com/POPCHAIN_Global
