Welcome Fellow Evonians! ( does that sound good to you too? Let me know!)
Today it’s me, Tech that will be going into a few topics that are more on the backend of the service, rather then the frontend like normal. I am not a wordsmith like Smokey, so please forgive the more “serious” tone of it all :D.
First of all I wanted to start out with the following announcement:
Due to developer inactivity, we are going to Delist Olympic ( OLMP). The coin and the structure of the coin forced us to spend 40–100x more on TX fees than any other coins, and we had to spend 30 minutes up to 2 hours clicking 13K individual inputs to send coins out for withdraws. We addressed these concerns with the developer, which now hasn’t responded to our messages for 6 weeks.
The delisting date of OLMP is 14–08–2019. Please withdraw your coins prior to this date.
Now to the core of my talking points!
Today I wanted to take the time to discuss the industry as a whole. The crypto space has been very volatile last few years, with big all time high’s in Bitcoin, and a massive altcoin cycle with it. This gave birth to a lot of coins. This also showed that it is really easy to start a coin and run it without much development knowledge. Naturally a lot of coins faded away, because their use case, or their development towards the use case was lacking the foundation.
Now at this stage of the cycle it becomes very clear which coin has the chops to develop their coin, and which don’t. As you all know I am first and foremost a businessman, so everything I do is converted into money. This is my personal guidance to see if something is worth it, or not.
I will take this OLMP example, not to pick on it, but this is a prime example on how different a coin developer, and a business (has to) think.
One day I had to send a withdraw consisting of 1 mil OLMP. I opened up the wallet and like any other coin/wallet, I select which inputs I want to send to keep Proof of Stake inputs alive as much as possible.
I opened up the coin control features, and was greeted with 16000 ( yes 16K ) inputs from 1 single Masternode, all consisting of 30 coins each. Now I am not sure how deep you guys know the wallets/coins, but every coin has a block size and most have a blocksize of 1MB ( 100.000 bytes to be precise ). Every input takes up a small amount of bytes to put into the transaction. So the more inputs, the bigger the blocksize required. Now combine that with the 30 coin inputs, on a coin who’s collateral is 1/2/3 million per MN, and you can see where a problem arises. We had to individually click 16000 times to get a masternode up. This took me well over 1.5 hours, and moved my “sanity” bar a bit closer to insane.
1.5 hours, per withdraw/masternode setup. Let that sink in a bit. A minimum wage employee will cost a company +-$25 ( in the Netherlands with work related social security and healthcare paid by the company ). Thus a single OLMP withdraw can costs us up to $37,50. This is a losing deal on our end that we simply cannot ignore. Even if you calculate how much we have in revenue on REDEN, we still make some money on the $0,02 per Masternode that we receive from those nodes. We do sometimes run into this issue with some other coins, but only once 100+ Masternodes are live and running.
This shows how different running a company and running a providing party like a coin.
Now before you think that we rushed this, we always start up the conversation with a developer, and we even proposed a solution to this, that would not influence the coin itself. Alas with this message we got the silence treatment, which now resulted in the decision that we deem the development of the coin non-active.
Anyway, I can talk about these situations for hours on end, I mean this is what I love to figure out and make it fit in a business. But lets move on to our next topic.
Gincoin (GIN) is closing it’s doors. This has the Masternode world a bit shaken. GIN being one of the biggest MN providers in the space, and a lot of coins will look for a new place to stay. We have discussed this briefly, but because of the holiday season ( both Smokey and Shark being out till next week ) this has not reached a decision yet. We want to make sure that any decision we make is thought through completely. The idea is to list GIN to give those Masternodes a home, but we are current not sure if the coin itself will stay. We are also looking into some other coins to list if the interest is high enough.
Last point of today is the issue we ran into earlier this week. One of my breakers inside my breaker box was not in good condition anymore, thus it was feeding back a little bit of current over the whole electrical in my office. I had to replace this and a little bit of wire to fix this problem. This could not have come at a worse time, because of the time constraints we already have, and that all of Smokey’s work fell back onto me as well.
The issue has since been fixed but I am struggling to find the time to get everything back up and running as it should. I am almost up to speed with Masternode setup right now, and the POS machine is up next to be brought back online fully. We will keep you guys posted when that is back up again as well.
Hope you guys enjoyed a bit more backend decisions that are being made, and what keeps us up at night thinking about 😊