Dear Stellite community members,
Time has come to give you an overview about the things that has happened this month related to Stellite. For the first time we will present upcoming updates scheduled for the near future.
Summary of development
StellitePay
As you may have noticed we started the beta 1.0. After thoroughly testing StellitePay internally we invited a selected number of people to ensure everything is working smoothly before continuing to enable additional features. Please keep in mind that we’re still in beta and need as much feedback as possible.
Our goal was to build a fast and secure payment system which will feature effortless merchant integration and one-click payment solutions.
A more in-depth article about the technology behind StellitePay will follow soon.
Mobile Miner
Internal testings of our mobile miner have been started and we’ve already seen successful results while running it on various devices.
It’s time to talk about something we planned for quite some time.
Stellite Foundation
We were finally able to register the Stellite Blockchain Technology Foundation which means a lot for the future of Stellite and all the technology around it. One of the perks will be an official office seated in the Netherlands (the Hague) and a better status for exchanges that need us to be a legal entity. There is a lot that the foundation can bring. All things mentioned will be described in detail soon with an interview with stellite_question as first big article by AJAWs.
It will be part of our new COMMUNITY PORTAL which will be released next week. With articles, forum and other stuff we do like to have.
Wallet Bug
Many of you have probably noticed that all Stellite exchange wallets were taken offline for several days in the past week. This was because of a few critical bugs discovered by Monero. We went ahead and immediately took an action and asked exchanges to switch wallets to maintenance mode to be safe. After we fixed and fully tested our wallets for this bug, we supplied fixed versions to our exchanges. Everything is back to normal now. This problem was crucial for exchange wallets. Personal wallets were not in direct danger of these issues but if you’re a user that accepts regular payments you can update from the master branch.
Future of Stellite disclosed
Wallet & Deamon
With another major release right around the corner, I asked Hayzam Sherif (main daemon and wallet dev) to give us more details about it.
About V5 1.2.0.0 ‘Adamantium’ fork
With V5 adamantium we bring forward some very new things to Stellite, some of them being:
- 5 Minute Block time
- New features from XMR upstream
- A better and more intuitive GUI wallet with more features
5 minutes block time
Stellite currently has a 1 minute block time, this seems like a good option from the top level view and helps transactions get 1 confirmation at least really fast.
That being said there are some significant advantages to a 5 minute block time.
Orphans and reorganization
The rate of orphans blocks and chain reorganizations are much higher in a 60 seconds block time coin than say a 120 seconds block time coin. Hence having a higher block time will definitely mitigate these issues. Having very low orphan block rate also allows more easily to make low confirmation transactions a reality for small amounts.
Scaling
A bigger block time will make our blockchain a lot more tight and compact, in the current situation there are a lot of empty blocks which adds to wastage of space on our nodes, this aspect will allow Stellite to scale better.
Inflation
A side effect of increasing block time is disinflation. A lot of complaints regarding Stellite’s emission pattern where people say that the inflation rate is too high which is a valid concern as we don’t want to become a hyperinflated currency. We won’t be adjusting the block reward to keep the current emission curve meaning the block reward will stay as is but the frequency of blocks will reduce from ~1440 blocks per day to ~288 blocks per day. So at the time of writing (with a block reward of ~14240.53 XTL) the daily reward will drop from ~20506363.2 XTL to ~4101272.64 XTL.
New features from XMR upstream
Stellite’s V4 implementation is based on XMR’s 0.11 (Helium Hydra), which has worked well for us until now but is starting to show age. The upstream merge will bring us a lot of new features, including sub/ghost addresses, multi-signature wallets, etc.
Along with these features in introduces a plethora of bug fixes and general improvements which will make Stellite more intuitive and easy to work with.
A fresh and more intuitive GUI wallet
This update will bring a new GUI wallet which is considerably faster and also stable. We will be taking out the Solo mining feature for user wallets since it has been known to cause issue on Windows being flagged as viruses.
In short — faster wallet/daemon with new features. Transfers with less confirmations needed, less orphans and overall better blockchain.
Project Funding
Governance Fee Proposal
Stellite had a premine of ~0.6% while this was adequate until now, we’re feeling the crunch now as most of our projects and the infrastructure required to run them and their cost are consistently increasing. High end servers for explorer, statistic applications, website, StellitePay, seed nodes etc. Building infrastructure comes with a very significant cost and we start seeing the limits of what we can fund. Leaving this aside we also need money for pursuing exchange leads and also get ourselves listed on them.
A lot of other projects similar to ourselves has implemented Governance Fees to fix this problem, we think it’s an elegant way for a cryptocurrency project to get funding but we cannot decide this on our own as Stellite is a community project.
We urge you to vote (very soon on our Twitter — https://twitter.com/stellitecash) to help us decide if we should be able to get a portion of the block reward for the funding and well being of the project or not.
What’s next?
We have bumped into few issues here and there but overall Stellite development steamroll just great. There are things planned we just couldn't share right now. Next month will be great for Stellite!
Thanks a lot for reading and your patience!
Bonus For All Loyal Readers
As you already know StellitePay beta started and invites started to flow to users. There is special surprise for community.
You can Sign Up at https://stellitepay.com/login.php
with following beta invite codes:
1eac06a1b0f9c8c3671c789e1427972e
489dc04a878d97d2d28e17c34a41b178
09785fdc3f48503a2d7b1a606bbc6a6d
def73a105188ae012fec7eda7a9989fc
bfc0b4f3c960edca87f87605b7f6f7e4
78bdd9fcf3ff116e9d7a2223ce92ed3c
98bc621ec98e7855b9c237560241492b
a19ce792c52ea1079e5bf8aa1c8d6fe7
564a105b8b2c85c9d9b96bb4f97c871a
572a624cc5e66cf0bb0edef6a67c0c71
