We launched a new testnet, AMAs are coming, we published two blog posts, and more!

Hello Meterians!

We hope that you’re staying safe and sane! It looks like the lockdown and social distancing measures are working, and hopefully we’ll be back to (the new) normal soon.

We’ve got some HUGE updates regarding both testnet development and community.

Check out below for everything that’s been happening!

Meter Monthly Image

Testnet and Development Updates

We launched a new testnet on April 23!

This is the fully-featured mainnet release candidate that includes final consensus implementations with committee formation and stability improvements.

We’ll be rolling out the new testnet gradually, with more updates over the next two weeks. If you are currently running a validator node on the testnet, please pay attention, as you may see more frequent Warring Stakes testnet resets.

Here are the major changes we’ve made.

First, we are enabling the MTRG on-chain auction and associated reward distribution mechanism. Please note that is not an ICO or token sale. Rather, this is the internal economics game that runs continuously on the Meter Blockchain to achieve decentralization.

MTRG on-chain auction

The on-chain auctions will be held every 24 epochs and rewards will be distributed every epoch.

The rewards, denominated in MTR, will be distributed as such:

  • 40% of the proceeds will be distributed to the validators as block rewards.
  • The remaining 60% will be retained in the system for future use by DeFi applications.

We’ve also changed the epoch period to every 4 PoW blocks (~every 4 minutes) instead of every 60 blocks (~1 hour). The purpose of this change is to stress test the system as it undergoes consensus group reconfiguration.

However, a side effect is that the on-chain auctions will take place more frequently on the testnet — once every 96 minutes, instead of every 24 hours. We will return to the normal 24-hour frequency on the mainnet.

Finally, we incorporated the initial slashing and jail implementations to prevent troublesome nodes from slowing down the entire network.

Our validator and miner networks are coming together nicely. Before we restarted the testnet with the mainnet release candidate, there were 117 validator nodes. The peak hash rate of the mining network reached a high of 16 PH/s and averaged 1 PH/s.

Thanks to all of our validators and miners who have helped us test our network!

Next stop — mainnet!

Community Updates

AMA Sessions Coming Soon!

With mainnet launch approaching, we’ll be scheduling some Ask Me Anything (AMA) sessions on different social media platforms to grow, educate, and update the Meter community on everything we’re building.

Make sure you don’t miss out on these! Get notified on when the AMAs will happen by subscribing to our email list, following us on Twitter, or joining our Telegram or Discord groups.

Blog post — Why the FSB’s Recommended Stablecoin Ban is Wrong and Won’t Work

On April 14, the Financial Stability Board (FSB) released a document that outlined the risks posed by stablecoins and provided 10 high-level recommendations that central banks should consider to regulate and, in some cases, prohibit them.

We analyzed the findings and came to the conclusion that the FSB is wrong and these bans won’t work. Check out our analysis here.

Blog post — Stablecoins: Everything You Need to Know in 2020

We created THE ultimate resource for you to learn everything you need to know about stablecoins in 2020. Find out more about the history of stablecoins, how they can be used, the various categories, and their pros and cons.

Read the 3400-word blog post here.

Interesting Reads

Here are some interesting articles we’ve read this month. Check them out and let us know what you think!

Uphold Announces Expansion of its Stablecoin Portfolio

Stablecoins are so hot right now.

Due to the increased popularity of stablecoins, digital money platform Uphold announced the expansion of its stablecoin offerings alongside the launch of a “Stablecoin Center.”

The Stablecoin Center, which will allow people to transfer value between stablecoins, traditional banking networks and crypto markets, will offer access to six stablecoins, including Tether, TrueUSD, USDC, DAI, and Universal Protocol coins UPUSD and UPEUR.

Read more here.

Tether prints $1 billion in a month: Bitcoin price up 20%

The Tether money printer is going BRRRRRRRR again. They’ve printed $1 billion USDT this month alone, and $2.7 billion in 2020.

Is there a correlation between Tether circulation and the price of bitcoin?

Read more here.

2020 Q1 Dapp Market Report by DappReview

DeFi projects continue to be the largest driver of the growth of Ethereum transaction volume, TRON Dapp transaction volume tanks, exchange Dapps drive growth of EOS transactions, and more.

Check out the excellent Dapp market report here.

We hope you liked this article! If you did, please share it with the share buttons on your left so others can discover it. 

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