EGEM September Update
This September update is packed with a lot of news. Team EGEM has been extremely busy the past couple of months. Here are a list of the updates that the team has been working on
- Two members attended the blockchain conference in Atlantic City in mid July.
- Quarry Node testing is live and working
- A meeting in person from a lot of the team to go over future Development of EGEM
- Custom beta Explorer is live
- Lots of development into the integrated subchain
Team Members Osoese and TBates76 went to the Blockchain World Conference hosted in Harrah’s casino. Of the people attending EGEM was the only coin which was live. Having this already gave EGEM a leg up over other attendees. The feedback was incredible. It was in this conference where the term “integrated subchain” was created. Osoese along with TBates76 made many network connections to help promote the EtherGem name and brand. One of these connections even yielded a meeting in NYC with a potential ICO. The experience of that was invaluable and will be used in future endeavors.
QUARRY NODE TESTING
This is our custom system using discord as a base and to reward participants for hosting a node. We have successfully performed two sets of testing with these Quarry nodes and have received some good results. The current round of testing just opened back up. Since the system is utilizing discord you will need a discord account in order to sign up for a quarry node. This node system will help be the foundation for the sponsors that we discussed above. If you are interested in setting up a Quarry node please check out the guide here.
Most of the team was able to meet up the last week of July in person. This is something that is unique in the crypto world. Not very many teams make the effort to meet in person. We went over many topics that have been voiced by the community and were able to come up with a lot of great enhancements for EGEM. At the dinner table was a banker that Osoese has been talking with who interviewed the EGEM team with the hopes that a company he is affiliated with can set up FIAT to EGEM for anyone. Later that week this same banker met with Osoese again and introduced him to a private equity fund that was interested in what EGEM is working on and turns out he was an early investor in ATM technology. Osoese explained that we could probably put together an EGEM ATM with merchant services interface for merchants…and he was excited. This resulted in another scheduled meeting with the group. The intention is the financial services (licensed) company will handle the fiat to EGEM while the private equity fund will handle the ATM construction and deployment. This is the 4th meeting with the financial services and the 2nd meeting with the ATM group. It would be a fantastic industry partnership if it works out and they said after an agreement is struck they have no problem publicly advertising that they are using EGEM as the core transaction product (and our subchain coin which would mean any coin listed on our subchain DEX)
The “banker” meeting details:
Osoese met with the financial services company and they have agreed to work with us — and publicly promote — a relationship using EGEM and the coming Sapphire DEX for financial solutions. So initially this will include 3 ways to buy crypto with FIAT: wire transfer (yes international is great), ACH, and debit card using EGEM as a base currency. This will be a reputable relationship that is not some shady business, but a real brick and mortar financial services company that has retail locations and registered in the US banking community licensed even for securities. They know how to handle the volume and reporting to the federal government without issue (having been in a similar role at top 10 banks before branching out in this nature). We will advertise this relationship on TV and radio and have some type of a public launch party where we will take pictures. Obviously this is a third party provider of standard financial services using EGEM decentralized blockchain as a platform. However the liability and the implementation will be upon this company to facilitate — with an interface organization that protects EGEM.
Custom beta Explorer:
Over the last couple of months Jal3inc has been hard a work on our own customer explorer. This explorer uses the in house API and is still in beta. The undertaking of this explorer was a pretty big task. The goal is to have this be a one stop shop for everything EGEM. You will notice that the rich list is live and will be updated every 24 hours. In the center of the screen you can see the tokens that will be on the chain. We also have an area that will list all pools at a glance. This will help promote distributed hash and display all our pools. The contracts tab will have Remix available inside the browser and we are planning to be able to have contracts visible as well. I would recommend you check out the site and also check out the API section. You can pull some great info and get tons of information through it.
We are in the process of developing Sapphire(SPHR) the subchain below EGEM. SPHR will have enhanced functionalities built on to the subchain that will extend to EGEM and ERC20 tokens on the EGEM chain. The initial benefit to SPHR is a DEX and it is dual mineable with EGEM(like mining with claymore for ETH and DCR). The plan is to release airdrop 2:1 SPHR to each EGEM in every wallet. Also due note that SPHR will be its own coin not not subservient to EGEM, but will be related with the quarry nodes. The Quarry nodes will get paid bonuses when coins list on the Sapphire DEX. Sapphire will create node enhancements that we are calling sponsors. In order to have the enhancement sponsors will have to stake some SPHR( current amount is not finalized). This enhancement will allow node owners to get paid in sapphire from mining rewards and fees generated by trades using the DEX.
Updates from Osoese 9–6–2018 6:50 AM CST
Just want to drop a quick note on the status of Sapphire. galimba, sehidcan, and jal3inc have been running multiple nodes across the globe with me every day or so and we test the chain mining, syncing, transfers of funds and orders. Every day we are adding tested functionality to the code base and then calling it up again. Most things have worked great out of the box. As with anything we have found a few glitches — but that is why we do unit testing. When we find these little issues, they get fixed and another test run to verify. Usually, the fix is the next module that was not present in the last tested version. The chain grows and is really fun to watch because of the multi-currency wallet, the fact that it also is pulling EGEM chain blocks into the sequence, and that we also wrote every piece of the code that is running in the EGEM labs. In fact the peer chain sync process (pulls the historical chain off other peers if a new peer comes in later) was added and not expected to work with multiple peers and at the time a party had left their node up from the previous nights testing. It actually worked multi peer before it was supposed to and we all smiled. So, I’m just tossing this update here so you know that fairly soon the base version will be up for a stable test net and we can add new miners and nodes to the mix for scaling. Don’t feel left out if you really wanted to help and haven’t been offered a chance yet. Testing a new chain involves a lit of controlled coordination or you have to change the code base to eliminate nodes that get left on from the previous round. In this case we have a little internal system that is working. When moon? I am not sure, friends, but I can tell you the integrated subchain DEX test net will be sooner than we thought.
Then the “ATM guy” (I told him I call him that on the channels) and the financial services team are meeting with me on Friday to discuss the implementation plan. That is coming and will be a part of the DEX also (multi currency being a key part of that). I have some options on how to work this, but have a question. Previously I asked if a few people wanted ATMs or could market them and got positive replies from the business minded folks on here. Here is a 2nd question: what if we allowed an ICO type offering of a token that backed this and allowed everyone to participate in the ATM/Financial services plan? Would that be exciting or a bad idea? What would you want it to look like? If such a thing came together the tokens would have to be utility on the EGEM chain and would get the fees for the crypto side and the per ATM build out, most likely will hold some property. I have not veted this with the market attorneys for security purposes and this is not an offering. But, since most of you are heavy into EGEM and looking long it makes sense to partner with you, our biggest partner, in such a trustless way that the entire EGEM gets the benefit.
There will be some capital needed to build out the first round of ATMs and get them into the stores. To register the company that interfaces with the Financial Services outfit on the crypto side. And probably some other activities which would be outlined further before anything goes forward. So, as I go into this meeting on Friday I’d like to know EGEM thoughts on if you want to participate in this or not before I strike a deal that does not allow this kind of thing (like the private equity paying for it and getting these rewards). This ICO would allow people like yourselves to buy crypto for cash and collect the fees back in your own pocket, while also collecting some kind of fee at every ATM ever deployed and would be a simple token on the EGEM chain. This will also help me scale without having to wear too many hats. Let me know your thoughts and every thought is okay even if you say bad idea.
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This concludes the September update. Please feel free to join us!
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