Vali December 2018 Update
On December 10th, 2018 - just a mere 2 weeks after his last appearance - RED’s CTO, Vali Malinoiu, provided a very informative and enlightening update on the progress of the RED Platform and the direction it will take moving forward.
Hi! How’s everyone doing?
I wanted to share some great news with you and I didn’t want to spoil it if everything wouldn’t work according to plan.
Last week, we had an idea - to use the capacity of SWAZM in terms of infrastructure (storage + compute) and try to use the EVM as a language inside SWAZM. What it really means, is that we wanted to support the Ethereum language on SWAZM. As you guys already know, Ethereum is slow and transactions have a cost. We wanted to do this in order to supercharge technology already existent on Ethereum itself; in other words, the plan was to supercharge Ethereum EVM on SWAZM.
Well guys, we kind of succeeded. We have a 10x bigger gas limit than Ethereum and we can push it to 50x - transactions are mined instantly.
What does this mean?
Well, it means that we are speeding things up a bit in the long-term plan, by transforming every pair that MWAT is going to have into its own token — so we will have ETH/MWAT, BTC/MWAT, KWT/MWAT, EUR/MWAT, USD/MWAT, and RON/MWAT working like regular tokens that you are used to.
So now I want to introduce 3 new products to you:
- A network status where you can see the status of the network live, just remember it’s all tests for now (as we are preparing to go live soon): https://stats-dev.SWAZM.com
2. A blockchain explorer :) where you can watch EVERYTHING! From the trades in the order book to the live exchanges that are going on in the platform: https://explorer-dev.SWAZM.com/#/ . Transactions are mined instantly on the blockchain without a need for confirmation and things like that.
And 3? :) You guys asked - we listened. We have a fully featured exchange/market platform that has blown all the tests that we have put it through out of the water! This was finished today in terms of logic; unfortunately, we don’t have it up and running somewhere - but I can give you some screenshots:
We are continuously working on improving the order book strategy of the exchange, but we are seeing awesome results. RED will have its own mechanism for trading and exchange that will be as promised (fast, consistent, transparent, and… with 0 fees).
When trading inside RED there will be no fees; also, we are investigating a proof that will allow us to give you miners a lot faster than anticipated :D , so that anyone who wants to hold a piece of the RED network will be more than invited to do so.
We are moving forward with the applications - we finished the wallet development that will be a part of RED, so that you can send MWAT or any other token using a phone number or an email.
Also, we want to roll out a short circle program, where we intend to invite people to a specific testnet in order to trade and discover bugs/improvements a lot faster. I would like you to PM Emma for that one.
RED Community: Is the iPhone version ready atm.?
Vali: There’s no iPhone/Android version for us; we are using react-native. We are writing code once and deploying on both platforms, we are preparing the next release, we are waiting for the smart meters at the moment to be plugged into a real consumption/production place.
RED Community: Nice! Do you have existing clients willing to test the meter/product?
Vali: Yes, we have a big consumer who will have his smart meters installed tomorrow. The team and I can’t wait to play with real data!
We spoke to many of our big consumers and they are absolutely delighted about installing RED meters and using the platform. We also need to get feedback from them, because they are a big part of our product.
I know everyone is pushing towards a new version, but the thing is that we are trying to make something worthwhile, not something that crumbles when in a real-life scenario.
If you have any other questions, I would be more than happy to answer them.
RED Community: Just seems like you’re thinking of every angle which is great! Speed & usability, transparency, interoperability. How is security coming? We saw the hardware wallet prototypes — any news there?
Vali: The software on the wallets works. The hardware is slow.
RED Community: How many members of the dev team are currently working on the platform?
Vali: 8 people and we’re actively recruiting. Devs are pretty lazy in the winter though and not looking for opportunities; they smell the vacation.
RED Community: I’m curious about staking too. Will our MWAT need to leave our hard wallets?
Vali: No. The staking will take place in a smart contract.
We want to launch a lot of features in the next period, but we have constraints when it comes to 3rd party integrations.
RED Community: Is SWAZM an Ethereum fork?
Vali: I want to make something clear - we took the EVM and made it run on top of SWAZM. It’s not a fork.
RED Community: Looks a lot like this.
Vali: It’s an open source UI designed for EVM.
MWAT will be the main token and the rest will be mintable. For example, if you deposit from the ETH chain 1 ETH into the RED smart contract, you will see a minting action when on the SWAZM blockchain.
RED Community: Will there be multiple trading pairs with KWT? USD, BTC, and ETH?
Vali: Yes, multiple.
RED Community: It will easily take at least 6 more months.
Vali: Well, I don’t believe in taking 6 more months. But I believe in knowing what you need to deliver. There are many things that you need to be sure that work as expected; you cannot just play with people’s money and hopes.
*Update*
We would like to share with you images from the very first installation of the RED Meters by our meter dev and energy efficiency engineers (pictured) at one of our clients - the biggest sportswear manufacturer in Western Romania: Cottontex.
RED — Send and receive energy, worldwide.
