Hello Meterians!

We’re living in crazy times right now. We hope that you, your family, and your friends are all safe and healthy and coping well with this Coronavirus madness.

Despite the crisis, we’ve continued building, testing, and growing our community. Check out all of the progress we’ve made and some interesting content we’ve been reading below. 

And of course, please share Meter with others who may be interested!

To jump directly to a specific section, click on one of the links below:

Testnet and Development Updates

There are two big technical developments that we’re working on right now. 

First, we are performing a major overhaul of the BLS signature scheme to improve the stability and reliability of consensus group formation. 

We used to change the BLS signature group for every committee. However, we discovered edge cases where some of the qualified validators were not able to join the committee, which causes a reduction in the security margin of the committee. So we’re fixing this. This new BLS signature scheme will be permanent in the next release of the testnet. 

We have also completed the implementation of the MTRG on-chain auction, which will be released into testnet soon. See the image below for how it works.

MTRG Dutch Auction Workflow

We’ve faced some delays due to the unforeseen Coronavirus circumstances, which may cause us to push the mainnet release back to May. Of course, we will keep you updated on our development and testing progress. 

Community Updates

Meter Grant Program

Register for our Grant Program and earn MTR by helping us grow the Meter ecosystem! 

There are plenty of ways you can contribute and earn MTR:

  1. Create content for the Meter website
  2. Share content about Meter to your social networks
  3. Invite Proof-of-Stake validators or Proof-of-Work miners to join the network
  4. Connect us to wallets and payments companies so they can integrate Meter
  5. Help us develop new tools and improve the network

Visit the Grant Program page to learn more. 

Blog Post: What Happened to MakerDAO on March 12?

“Black Thursday” was not a good day for MakerDAO. 

The plummeting price of Ether on March 12 had a massive detrimental impact on the MakerDAO ecosystem. Vaults were liquidated and the process to stabilize the system broke, leaving the protocol in a $4 million deficit.

What led to these issues? Check out our blog post titled “What led to MakerDAO's loss of $4.5 million after ETH's price crashed?” to find out what made MakerDAO susceptible to this crash. 

Insane gas prices and long transaction times were not good for MakerDAO. Image courtesy of Etherscan.

Interesting Reads

Here are a few interesting articles we’ve read this month.

The US Should Use Stablecoins for Emergency Coronavirus Payments

Binance US CEO Catherine Coley wrote an article for CoinDesk laying out why the US should use stablecoins to provide the stimulus payments to US citizens. She cited speed of delivery, prevention of counterfeit checks, and reduction of human interaction as primary advantages. 

We agree! And so does our community, according to a Twitter poll we ran.

Click here to read the article

Contrary To Popular Belief, Bitcoin Isn't Consistently Correlated To Anything

Is Bitcoin correlated to the traditional stock markets? Or is it a decoupled, safe haven asset?

The Meter community believes Bitcoin is correlated to the markets.

No one can say for sure, but read this Forbes article to hear what some of the top minds of the space are saying.

Stablecoins Gain Market Share Amid Crypto Bloodbath

As other cryptocurrencies have been getting wiped out, the market cap rankings of stablecoins have been shooting up the charts. 

Tether, USDC, and Paxos are among the stablecoins making big leaps up the rankings. 

Read more on Cointelegraph

Until next time!

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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