Migration Committee Community Update #7

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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: Forthcoming
  • Italian: Forthcoming
  • Russian: Forthcoming

Project Overview

Launch Date Targeting Q1 2020
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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.
  • 18-11-2019 FC Internal Release F2
  • 30-11-2019 Tokenomics recommendations made and shared to core
  • 03-12-2019 SDK Gateway F2 compatible RC Release
  • 04-12-2019 Tokenomics recommendations shared with SuperNode holders for feedback

Future Milestones:

  • Ongoing REST F2 compatible RC Release
  • 09-12-2019 Tokenomics proposal shared on the Forum for comment
    • Earlier projected date (6-12-2019) will be hit, pending response from Supernode group)
  • 12-12-2019 Wallets ready
  • DEC 2019 Pen testing & review starting (dependent on RC Release F2 outcome)
  • 03-01- 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 publicly by 9th Dec
    • Brand - underway, expected to be shared by mid January 2020 at the latest
  • Two summary proposals encompassing all three elements is drafted and put to the community for a decision. One will encompass tokenomics and migration while the other will revolve around branding. 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 unless 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 nominated account until they are claimed when the owner opts-in. The process/entity for managing these unclaimed tokens will defined and communicated prior to launch. After a specified period (6 years is the current assumption due to statute of limitations) the proposal is to work with the community to decide what should be done with the unclaimed tokens - likely to be either a Burn or a Block Reward distribution.

Technology and Development

Progress involving the development and technology workstreams are as follows:

  1. Removing unused nodes
  2. Transaction details fixes
  3. Fix transfer form
  4. Fix tx unconfirmed to confirmed state bug
  5. Fix login back button
  • 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 5 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:

    • Trezor: The hardware wallet integration for Trezor in the Desktop Wallet has started and has made good progress. The team at Labrys is currently working on the firmware integration of Catapult for Trezor devices
    • Ledger: 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.
  • Review/Test 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.

  • TestNet A new version of testnet is running, work is being done on v2 network tokenomics and will be updated in testnet as things solidify and as updates come via testing those will be applied and made available to the public as well.

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 Savie, Pedro Gutierrez, and Flora Fang.

The exchange strategy and action plan has been solidified and next two week’s focus is on:

  • Developing exchanges communication strategy
  • Drafting high-level migration guide
  • Getting feedback from exchanges on how is the best integration process looks like from their side
  • Drafting a plan of joint marketing activities
  • Reaching out Japanese exchanges in order of needed support
  • Further deepening communication with top exchanges that are currently listing XEM

Brand Strategy and Go-To-Market

Brand Strategy

Branding updates can be found in the NEM Forums (here).

Tokenomics

Various members of the community, migration committee, and supernode holders group have expressed ideas/preferences. This information and various modelling has now been completed and compiled into a concrete proposal which has been reviewed by the Migration Committee and Core Team. It is broadly accepted with some minor suggestions and has now been shared with the SuperNode holders group prior to being shared more widely by 9th Dec 2019. It has been shared with the SN group first because the SN Reward Program will undergo some substantial changes and their input is required to ensure it is well understood and agreed prior to becoming a formal public proposal. Early feedback is positive and the proposal will be shared publicly before the 9th Dec if practical.

As a snippet of the general direction - the approach is:

  • 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 as below but feedback from the wider community, supernode holders, core team and migration committee all combine around these points.

Process

  • COMPLETE: 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
  • COMPLETE documented approach will be shared with Core Team and Migration Committee for review
  • 04 Dec 2019 documented approach will be shared with the community, initially with the Super Node holders groups for a few days (04 Dec), then with the wider community (09 Dec). Several areas of the tokenomics impact Super Node holders differently 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
  • Assuming no major opposition, it will be included into the Migration Proposal; target is the by mid Dec.

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


About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.

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