July Press Release
Hello Community and welcome to the summer edition of our Newsletter.
First of all we are excited to announce that TAKAMAKA is making great progress towards the final release of the Blockchain, which will take place through a Soft Fork in the next couple of months.
As you surely have read, Takamaka obtained the VQF licence, which has turned TKR into digital money, and will accelerate our application to Finma to become a bank.
TECHNOLOGY
After a year of intense development and discussion among our engineers, we are finally very close to completing our goal: the full and final release of the network.
The team has been heavily involved in making improvements to the blockchain network, particularly structural improvements, which will be hardwired into the new release code.
Originally, the entire data structure was managed by the file table, which turned out to be a good choice for the low level of stress (both Hardware and Software) on the nodes: excellent behaviour at the level of CPU and memory.
However, this choice has shown its limitations, as emerged in some use-cases, which have accentuated criticality in terms of consistency and overall management of the data search.
For this reason, we decided to make significant changes, introducing and replacing the file table with a PostgreSQL Db, whose commits, rollbacks and fast balance updates immediately brought considerable improvements.
In particular, this choice has proved successful in the case of complex queries on the entire Blockchain (this is the case of analysis on transactions from the beginning, block 0, to today), improving research and making possible queries previously only available using external tools.
The final release of the code is set for the month of October, barring unforeseen events that we will promptly resolve, but which could lead us to lengthen the release time a bit.
However, in accordance with the roadmap, as soon as the code is published, it will be sufficient to update the nodes of the mainnet to benefit from the updates immediately.
A Soft Fork of the network, but that in no way will affect the behavior of the nodes and the entire operation of the Blockchain.
The new nodes will have an added API: it will be possible to determine which are the final blocks and/or with what probability a block can become final.
At the same time we will release the SCs, which are now fully usable by programmers and beta testers, but which will initially lack definitive integration tools, for a smart management of the software.
FINTECH
As you may have read in the latest updates, Takamaka has obtained the VQF licence: the company can act in full compliance with anti-money laundering regulations and the Stable Token, the TKR, is also in full compliance with Swiss regulations.
In fact, the TKR is to all intents and purposes digital money, distributable and usable globally, and will always be guaranteed and exchanged by the AiliA SA, in US dollars.
Thanks to the VQF authorisation, Takamaka can finally accelerate in the direction of applying for Finma’s ( Swiss financial regulator ) Fintech authorisation, to offer banking services to the blockchain ecosystem and become a fully regulated BANK for digital assets.
Precisely because we firmly believe that many traditional financial services need to be reconsidered and repurposed in favour of a combined economy, all our efforts are already focused on setting up a fully regulated digital asset bank.
As it has been the case with others, FINMA will assess the need in each individual case and the duration of the authorisation process will depend on the complexity of the project as well as the quality and completeness of the application.
However, we are confident that Takamaka can successfully overcome this last hurdle and become one of the first companies in Switzerland (and worldwide) to provide comprehensive services for companies and industries that want to use digital assets from regulated entities on our Blockchain.
We are committed to continuous improvement, reaching and consolidating the milestones we set up and providing innovative and effective solutions for the community, private consumers, industry and all those committed to accelerating and driving their business towards innovation.
Stay tuned with Takamaka and don’t miss any news, follow the community and ask anything related to the project.
