01coin Project Update - January 9, 2020
Table of Contents
It's a new year in zocland (and everywhere else for that matter), bringing its concomitant new hopes and new dreams. This is the year 01coin will finally reach its goal of becoming the most community-centric project in all of crypto. To follow are some updates describing what is happening now to help bring that goal to fruition.
First, some exchange news. As you might recall, ZOC trading markets were closed for much of September and October as we worked to solve various chain stability issues. All of our markets have since reopened, with full deposit and withdrawal functionality.
Notably, this includes Ubit, an exchange which had been closed for some time but recently reopened. And another exchange that has been closed for some time, as you might recall, is the Netherlands-based Amsterdex (which has rebranded to Amsterex without the D to avoid any confusion about its status as a centralized exchange). Amsterex is slated to reopen any day now. You can check out their promo video here:
Once Amsterex is up and running, ZOC will be live and trading on seven different exchanges, which means there are often opportunities for arbitrage trading amid price movements, so keep an eye out for those. Plus, we have one more exciting exchange listing in the works. More on that later.
In non-exchange community news, an updated version of the project roadmap will be published later this month.
Wallet and Core Development
The latest version of 01coin is 0.12.3.7. If you haven't updated yet, make sure to do so now.
We fully anticipate this has been our final release on the old Dash 12 codebase. However, due to all of the original development in the 01coin core, a merge to update our core to the latest Dash version is not a straightforward process. Progress in this regard has been incremental. Currently, we have a new wallet we are testing out based on the Dash 13 core that can successfully sync with the 01coin network. While that is an important milestone that we're all excited about, there remains a lot of work to do merge other functions as well as to continue updating the core to an even more recent version.
Once the 01coin core has been updated, we will finally be able to begin working on our custom governance implementation. As a brief refresher on the 01coin vision, we plan to introduce a whole new governance architecture that addresses three flaws we perceive in most governance systems:
1) Governance remains a privilege accessible only by elite members of the community.
2) Participation in governance is prohibitive due to the level of technological complexity.
3) Governance performs as an "echo chamber" for like-minded members.
- 01coin intends to address the current weaknesses in voting procedures and outcomes by implementing a governance structure composed of the following features:
1) One coin = one vote. All members of the community are eligible to participate regardless of how much ZOC they hold.
2) Voting system will be entirely contained in the wallet, requiring no companion website or third-party software.
3) Voting system will include a full GUI implementation for the Windows, Mac and Linux QT wallets such that community members will not have to interact directly with code or RPC commands in any way.
4) All votes will be sent to a random sample of wallets representing 5% of the total circulating supply (including coins locked in masternode collateral).
5) A decentralized, automated wallet notification system will be utilized to remind those selected to vote in an effort to encourage higher response rates.
6) Vote participants will all share the proposal fee provided by the proposal submitter. Those selected to participate who fail to vote within the time allotted forfeit their share of the proposal fee. In this way, participation is encouraged and incentivized.
- Once our custom governance architecture has been built, the draft 01coin whitepaper (which is available for review on our live development roadmap on Trello) will be updated with a chapter describing the technical details of its implementation, at which point we will - at long last - have a final version of the whitepaper fit for publication.
A draft version of the 01coin whitepaper can be reviewed on our Trello
Ancillary Services Development
- Just a friendly reminder that during periods when our official blockchain explorer is down for maintenance, you have other options to fulfill your 01coin exploring needs at OpenChains, CryptoCore and AltExplorer.
To be perfectly honest, the transition to the new datacentre has not gone as smoothly as hoped. We have been dealing with a wide variety of challenges, and are overcoming each of them slowly but surely.
Transposing the OpenVZ images to KVM images proved to be imperfect and in some cases, customers lost data on existing VPS containers. New VPS orders, however, are unaffected.
The new datacentre's handling of networking MAC addresses is currently preventing us from offering any more than one IPv4 address per container. We believe we can work around this using an automated script that will run upon VPS creation, but it will take some time to design and test that.
An earlier issue wherein root passwords were not being properly set in newly created VPS containers has been resolved.
The default Ubuntu 16.04 and 18.04 ISO images are outdated, meaning customers must endure a lengthy update process upon first launching a new VPS. We will be bringing these images (and others) up-to-date as well as designing a new "masternodeready" version of Ubuntu like we had before the transition.
All of these VPS creation issues must be resolved before work can really begin on updating the recipes. So unfortunately, you should consider the recipe system to be indefinitely broken. We will provide updates as soon as we can start making progress in this area.
On top of all this, we remain less than satisfied with the overall performance of our servers and continue to work towards optimizing them for 01VPS.net clients.
In sum, we apologize for all of these inconveniences and thank you for sticking with us as we endeavour to provide the best possible user experience for 01VPS.net clients. Once these issues have been resolved, we will be relaunching our Black Friday sale as a way of saying thanks to both new and existing customers! Something to look forward to, at least.
Black Friday: Not just for November any more!
Thanks for reading! If you have any questions or require further details about anything mentioned in this Project Update, please don't hesitate to reach out to us on any of our social networks: