Hello Stellite Community!
We hope that everybody started the New Year with a big smile even though the crypto market in its whole still isn’t all too exciting! After spending time with our friends and families over the New Year holidays, we finally pushed things forward and made some exciting steps in January 2019.
V5 Adamantium Fork
The fork block 503001 was found on January 16. The transition was smooth and without technical issues. The Stellite network is now running on the updated version V5 Adamantium which has the following new features:
- 5 Minute block time
- New features from XMR upstream
- Bulletproofs
- New GUI wallet
For more details about the new features, please head over to MO September. After the successful fork, the devs now have more time again to develop their respective products.
Important: A new GUI wallet update hes been released and downloads are available on https://github.com/stellitecoin/Stellite/releases/tag/2.0.0 & https://github.com/stellitecoin/StelliteGUI/releases/tag/2.0.0.1. The new release includes a few fixes concerning wallet creation and synchronization plus some small cosmetic changes. You will also find a help-page in the wallet that addresses common issues and an integrated donation feature.
Fork and Difficulty Adjustment Algorithm (DAA) — Analysis & Technical Explanation
We didn’t encounter any bugs during the fork and the chain recovery went smooth as expected — thanks to the help of each one of you who contributed hashrate to get over the first couple blocks.
For newcomers, here is a link that explains how our DAA works: https://medium.com/stellitecash/why-stellites-difficulty-algorithm-and-proof-of-work-variant-is-one-of-the-toughest-to-attack-fe4afbdc7eed
On the graph we can observe a big spike on the first blocks after the fork. This can be explained mainly by the changed blocktime from 1 minute to 5 minutes.
Additionally, we forked away from the huge unknown miner (supposedly FPGA) which led to a network hash rate drop from 35MH to 1MH. This means that the first block would be 35*5 = 175 times harder to find.
We expected the first block to be found after ~3 hours. Luck did its part and it took a bit longer. The following blocks were found increasingly faster as the DAA did its job and helped the chain to get to the new difficulty target.
Until now, we did some after-fork diagnosis on the blockchain to confirm that the average solvetime is ok. We got 301 seconds as real solvetime while 300 seconds was our expected value (from block 503100 to 504785), so we’re happy with the results!
Fork Twitch Stream
Philip and Felix live-streamed the fork on Twitch TV (Philip’s Twitch Channel). The fork happened very early in the morning (MET), so thanks to both of you for answering people’s questions and providing entertainment and music for the viewers. The stream was a nice interactive experiment and we’re looking forward to more Stellite-related livestreams!
STEX Listing
After finalizing the updated exchange wallets, the Stellite XTL/BTC pair was listed on STEX Exchange (https://app.stex.com/en/trade/pair/BTC/XTL) on January 19. STEX provides
- Fiat deposit and withdrawal
- Mobile trading app
- Decent volume on the platform
As expected, TradeOgre still has the highest XTL-volume and can be considered Stellite’s homebase. However, for the sake of decentralization we hope that STEX picks up on volume and can become a real alternative for trading XTL coins, and will serve as an advertising platform to introduce more investors to our project.
Donation Page on stellite.cash
As recently announced, the devs decided against a mandatory governance fee for the time being. We hope and are confident that the community can support the project even better than a governance fee could. To provide an easier and more appealing way to donate to the project, a donation page was added the official website: https://stellite.cash/support
The new support page has the following features:
- Multi-step donation system
- Automatic conversion (XTL to BTC)
- Donation history
- StellitePay integration
A big thank you to everybody who already donated! We already reached the first donation goal for January. Please keep supporting the development of Stellite. Every donation that exceeds the first donation goal will go directly into new exchange listings, necessary hardware, promotional events and more!
Expanding to Asia
We’re happy to see that Stellite is getting more and more attention in China. The crypto market in China is obviously huge and has even bigger potentional in the future. Chinese community managers opened XTL channels on QQ: https://jq.qq.com/?_wv=1027&k=5E8Dr99
and WECHAT:
As always, thanks to each and everyone for supporting the project & stay tuned for more updates in the near future!
Stellite Team
