Category: NEM (XEM)

Migration Committee Community Update #6

Migration Committee Community Update #6

Migration Committee Community Update #6

This is a joint message for our community on behalf of the Catapult Migration Group, comprised of The NEM Foundation, NEM Studios, NEM Ventures, and Tech Bureau Holdings.
Translations:

Japanese: Forthcoming
Spanish: Forthcoming
Mandarin: here.
Italian: here.
Russian: here.

Project Overview

Launch Date Targeting Q1 2020
Migration Committee Community Update #6

What has been done to date:

  • 02- 07- 2019 Migration Committee set up
  • 15- 09- 2019 Initial proposal posted
  • 02- 10- 2019 Tokenomics drafted
  • Oct 2019 FC Release F1
  • Nov 2019 Decision has been made by migration team to support Opt-In.
  • 18 Nov 2019 FC Internal Release F2
  • 30 Nov 2019 Tokenomics recommendations made and shared to core

Future Milestones:

  • 03- 12- 2019 SDK/REST Gateway F2 compatible RC Release
  • 12- 12- 2019 Wallets ready
  • DEC 2019 Pen testing & review starting (dependent on RC Release F2 outcome)
  • 03- Jan- 2020 Branding guidelines/ toolset delivered
  • Feb – Mar 2020 LAUNCH
  • Mar 2020 Post launch re-evaluate and reconfirm future plans still stand

Based on the milestone timelines above, Catapult is still aiming for Q1 2020 launch. We will keep everyone posted as things progress.

Process For Catapult Launch

A common question from the community is in regards to what the process is for decision making to move the Catapult launch forward. This is the (high-level) recommendation from Foundation, Studios and Ventures to the core devs.

  • Migration Committee forms an initial proposal for technical options, tokenomics and brand and shares with the community for feedback. Technical Options complete, Tokenomics and Brand ongoing, expected to complete in January.
  • Feedback is absorbed and balanced between what is wanted and what is possible, across various stakeholder groups (Core Devs, Super Node Holders, Wider Community, NEM Entities, External Parties) and creates three proposals
    • Tokenomics – underway, expected to be shared internally by end of Nov at latest
      • POI is still being discussed and is underway, pending results of recommendation
    • Brand – underway, expected to be shared by mid January 2020 at the latest
  • A single summary proposal encompassing all three elements is drafted and put to the community for a decision. If it is rejected then it will be reworked but this may impact Q1 2020 launch and that must be balanced to avoid as a priority

Opt-In Proposal

The migration team is proposing that every account has to opt-in to receive Catapult tokens. This includes multi-sig and non-multi-sig accounts. Accounts won’t receive Catapult tokens or multi-sig configurations until they opt-in. Accounts can opt-in either before or after public chain launch. For those who wait until after launch, their Catapult tokens will be held in a custodial account until they are claimed when the owner opts-in. The process/entity for managing these unclaimed tokens has not yet been defined. After a specified period (6 years is the current assumption,) the proposal is to burn any unclaimed Catapult tokens remaining in the custodial account.

Technology

Front End Development

Progress involving revolving the front end development are as follows:

  • Desktop Wallet: The latest release of the Desktop Wallet (v0.8.5) is compatible with private blockchain networks and just got updated to work with the NEM Foundation Experimental Testnet for Catapult as well. The desktop wallet and SDK teams are cooperating cross-entities to integrate latest protocol version updates. An early beta phase has been initiated for this project of which you can view the source code on Github (here).

  • Mobile Wallet: There is currently no public release for the Mobile Wallet yet but the package has been worked on and will be released in the form of a Google Play Store App as well as an Apple Store App. (iOS)

  • Block Explorer: The latest release of the Block Explorer is available as a demo here and can also be used for private blockchain networks and with the NEM Foundation Experimental Testnet for Catapult as well. An early beta phase has been initiated for this project of which you can view the source code on Github Here.

  • Hardware Wallets: The hardware wallet integration for Trezor in the Desktop Wallet has started and has done good progress. The team at Labrys is currently working on the firmware integration of Catapult for Trezor devices A service provider of the NEM Foundation is also working on the integration of Catapult for Ledger hardware devices, this project is still in its early phase and has not been published yet.

Development

Progress involving Catapult development are as follows:

The NEM Studios developers have nearly completed Fushicho 2 Server compatibility changes. REST and SDK teams are making final changes for F2 and will provide the latest release early next week.

Review and Testing: The next phases of testing are beginning including new performance testing and penetration testing by a third party, as we begin the open bug bounty program on the security review platform HackerOne. These efforts will continue through release time.

Depending on the results of said testing, lead times may extend to ensure quality management.

Exchange Outreach

Outreach Update

Exchange outreach for Catapult continues and has evolved into the Catapult Exchange Steering Committee led by Anton Bosenko, NEM Foundation Council Member. The Catapult Exchange Steering Committee also includes Alexandra Tinsman, Cryptobeliever, Jeff McDonald, Ъ!!!11, Greg Saive, Pedro Gutierrrez, and Flora Fang.

The exchange strategy and action plan has been solidified and next week’s focus is on further deepening communication with top exchanges that are currently listing XEM. This ensures a smooth and safe transition for users of these exchanges.

More detailed information about the process will be posted in upcoming migration committee updates.

Brand Strategy and Go-To-Market

Brand Strategy

Branding updates can be found in the NEM Forums here.

Next week’s (Dec 5th) Brand Strategy Steering Committee’s agenda includes the following topics:

  1. Brand pitch review and timings
  2. Evolved design including 3D development
  3. Guidelines development
  4. Messaging translation

The goal is to have a brand proposal to share with the community mid-December.

Tokenomics

Various members of the community, migration committee, and supernode holders group have expressed ideas/preferences. At present this information is being collated with a view to making a recommendation from the Migration Committee.

As a snippet of the general direction – the approach is likely to recommend:

  • Continuing the supernode programme but gradually phasing it and making it more accessible to other community members
  • Increasing the decentralisation/democratisation approach to node rewards/harvesting
  • Creating a tokenomics plan which has longevity, for a chain that is going to be here for decades/generations to come

The details of these will be shared in as below but feedback from the wider community, supernode holders, core team and migration committee all combine around these points.

Process

  • 11/11/2019: A framework will be shared by MC representatives with a working group of long standing, significantly invested community members for input, it will be discussed for 1-2 weeks (shorter if possible) to identify a common position
  • Week starting 25th Nov documented approach will be shared with Core Team and Migration Committee for review
  • Following Week (assuming above review is passed) documented approach will be shared with the community, initially with the Super Node holders groups for a few days, then with the wider community. Several areas of the tokenomics impact Super Node holders different to the wider community, they have representatives in the working group so this is to give chance to answer questions on those areas prior to general discussion/questions
  • It will then be shared with the wider ecosystem teams for sanity testing/proofing (NF, NV, NS, Core Devs, Supernode Group & Forums). This is expected to be a relatively quick process due to the level of input received so far.
  • Assuming no major opposition, it will be included into the Migration Proposal; target is the last week of Nov.

Priority is being given to Catapult Tokenomics as they are more complex, NIS1 will be run in parallel, initially slightly behind.

Thanks for your continued support,
Migration Committee

This article was originally published on: The NEM Blog on