Project Radium Update #16 — Thanksgiving Update
It has been longer than I had hoped since our last update, but I wanted to wait until we have a few more things finished to tell you about.
Thanksgiving weekend in the USA is a major holiday where we stay home from work, and celebrate the good things that have happened over the past year. It also gives us more time to code and write updates!
As I’m sure many know, we are in the process of alpha testing 3.0, but what exactly does that mean? Over the past 2 weeks or so, other users have been testing, finding bugs, and providing feedback on the look and feel of the software. The alpha builds are finally fully functional and run smoothly on the testnet. Every time a new bug is found, we fix it, make a new build, and send it back out for more testing. We have been through 3 rounds of this process so far, and the bugs are getting much fewer and farther between. This is an important yet tedious process, because as developers, we become so accustomed to our code that we overlook things that are a problem to end users. Anyone interested in testing and providing feedback should pop into our Slack channel, and request the latest build.
SmartChain Improvements Completed
Based on feedback from alpha testing, we have added the following improvements to the SmartChain:
- Streamlined the auto refill system, eliminating the need to wait for coins to be moved from one address to another before performing an operation.
- Fixed scaling on all windows, so maximization and shrinking works without distorting contained elements.
- Added more informative error messages.
- Reduced CPU usage by 89%.
SmartChain Pricing Changes
After a lot of debate, math, and dull pencils, we have decided that the fees for the SmartChain were too high to sustain any significant amount of growth. The price of recording hashes or notes has been adjusted downward, and is now also based on the block reward. As the block reward decreases over the next year and a half, the prices will decrease accordingly.
The minimum price for registering an identity has been reduced from a minimum registration price of 5 Radium, to a minimum of 4x the block reward. “Minimum” price for registration means that this is the lowest amount someone would have to pay when creating an identity. Someone will have to pay more than the minimum, in the event that their account contains a lot of unusual characters, which requires additional space in the blockchain. This means that at the current block reward of 1 Radium, the minimum price to register an identity is 4 Radium. At the next decrease, the minimum price to register will be 3 Radium. By the end of the reward reduction cycle around Winter 2017, the minimum fee will be 1 Radium.
The price for recording hashes and notes has been reduced from 1 Radium per data address, to 1/10th of the block reward per data address. This drop allows the SmartChain to remain competitive for proof-of-existence and as a data verification solution.
We had a few more things we wanted to include in this update, but unfortunately are not quite ready. Half of the next update is already typed, we just need to finish testing and finalize a few minor details.
Until next time,
— The Project Radium Team