Radium Update #43 — Project Status Report

We wanted to take a moment to give a “state of the project” update. We will try to address each ongoing aspect of Radium individually and list a few more that we are currently working on.

Project Status

Radium Hard Fork: ON HOLD while investigating TAX LAW

• The goal of this fork was to introduce a development subsidy so the developers would have funds to use for development and marketing. Due to the new regulatory environment, we have put the fork ON HOLD until we can determine how to correctly receive the funds. Our concern is that the development funds will be viewed by the authorities as “income” and be subject to income tax. The funds would also be subject to capital gains tax, after the income tax is paid. We have reached out to tax and accounting professionals regarding this matter, however as this is an entirely new regulatory environment, it is taking some time to develop an appropriate strategy. This fork does NOT create new coins, and is NOT the upgrade to the stratis code base.

CodeBase upgrade to Stratis: ON HOLD

• The stratis codebase is not ready for release yet. We are continuing to monitor the progress and development of Stratis, however, we will continue to hold indefinitely until the code is stable and ready for use.

Radium Cross Platform GUI: NEW!

• As the work on the fork is on hold pending resolution of the tax issue, Justin has been devoting most of his attention to building the cross platform, integrated wallet + SmartChain application. This will be an entirely NEW GUI, written in .net core + React, and will be available for all platforms. It will be a single application that contains both the wallet and the SmartChain.

Radium Website: IN PROGRESS

• Shane is interviewing developers for the new website. Our goal is a website that is clean, and easy to edit by non-developers so that additional contributors can assist in keeping the content updated.

Planned Future SmartChain Features

• Transferable custom assets. Requires NEW GUI to the SmartChain. SmartChain users can issue an asset or assets using the scheme “username.assetname” with various properties that can be set at time of creation. Assets can be a single asset, or multiple, divisible assets. They can be created with options to be transferable or non-transferable, as well as permanent or destructible. This project requires completion of the CROSS PLATFORM GUI before work can begin.
• Revamped Verification system. Requires CUSTOM ASSETS. The current dev controlled verification system will be scrapped, and replaced with a system based on username.verified assets. A trusted actor, such as an identity verification firm, can issue a verified asset to identities which they wish to verify. Users can chose which trusted actors they wish to trust, or ignore, allowing more control over who you choose to trust.
• Voting groups. Requires CUSTOM ASSETS. A new option will be added to elections, allowing participants to be limited to specific groups, to be defined by ownership of an asset or set of assets. For example, voting can be limited to identities owning the asset “abcCompany.BoardMembers”, allowing only that company’s board members to participate.

To be clear, we are actively seeking an answer to the legal question regarding developer subsidies, but as many of you are probably aware, it’s currently difficult to find definite answers to many crypto legal questions. If anyone in our community has helpful legal input or resources in regards to the legal question, please feel free to share. As always, we’ll keep you updated as things progress.

— The Radium Team