Quadrant Protocol Developer Diary
Developer Update August 2022
After a long hiatus, we’re back for our next issue of the Quadrant Protocol developer diary. The team has been working hard on the blockchain side of product development, and we’re excited to share the latest updates, including a sneak peek about the NFTs coming to Geolancer!
Building a more efficient Geolancer reward distribution mechanism
Back when Geolancer was launched, we chose the Polygon network over the Ethereum mainnet to distribute EQUAD rewards. We reward Geolancers for every POI immediately after approval, and these microtransactions are not feasible with high gas fees.
While Polygon has been serving Geolancer well in the last one year, our rewards distribution contracts were not as efficient as they could be. In August, we optimized them further: today we can send EQUAD rewards for ~0.002 MATIC, or about $0.0016 at today’s price.
This is especially important, as the number of EQUAD daily transactions has been steadily increasing. As we open new countries and acquire more users, we expect the EQUAD token velocity to pick up ever more. EQUAD’s velocity (transaction count) is similar to tokens with 10–100x its market cap, making it one of the most transacted token on the Polygon network (see PolygonScan for details!).
NFTs are coming to Geolancer
The Geolancer community has a special place in our hearts. Earlier this year we distributed our first NFT as a token of appreciation for all Geolancers, celebrating our first anniversary. We’re always working on new ways to keep the community engaged and entertained when they’re out in the field, and while we can’t share all the details yet… we’ve got huge updates coming out in Q4, including NFT-based gamification.
The gamification update will reward our most active Geolancers with completely unique, procedurally generated NFTs tied to specific tiles on the map. Expect more information soon!
In August, we developed the NFT contracts based on the ERC-721 standard, as we integrate the NFTs into the Geolancer app itself, we also developed a custom API to query the NFT balance of individual Geolancers. This is required as NFTs will add a booster to the normal EQUAD rewards users get for their contributions.
A more robust block explorer
In August, we’ve also addressed technical debts related to the Quadrant Chain explorer. It is now more robust and reliable, and out-of-sync events of the past should not come back again.
Executing on our token economics
In line with our token economics, we have added a total of 922,063 $EQUAD to the Ecosystem Development Fund, which now holds a total of 19,263,206 EQUAD. You can always check the funds on chain at https://www.quadrantprotocol.com/ecosystem-development-fund-quadrant-protocol
Here’s to an exciting September
This month we will focus primarily on the Geolancer NFT project. Expect more information about the updated gamification and reward mechanism, some interesting technical details around procedural art, and maybe a few artworks as teaser ;)
