Updates

[28/5/18] Exciting New Updates

I am now on the plane to Manila, Philipines. It is time on the plane that I can quiet down to pen an update to all the beloved supporters of Katalyst.

Especially in the earlier days when Katalyst does not have much of a prototype to show. We now do, and things are currently moving very fast.

Executive Summary

We stopped our private round on 15 Feb 2018.

At that time, I announced that we would proceed on to build the prototype that would realize the mission and vision of Katalyst. Namely, the prototype achieves the following;

1) Token Listing on Decentralized Crypto Exchanges – ICO projects’ major problem is the lack of an exchange that gives their tokens the liquidity for their tokens to be bought and sold. This factor when unaddressed, would kill off promising ICO projects. We solved that problem.

2) Savings of USD 50,000 or above for all other Ethereum tokens – Successful ethereum blockchain platforms incur USD 50,000 or more transaction fees if left unchecked. We solved that problem.

3) Mining capabilities for all tokens – ICO tokens are predominantly pre-mined. As such, much of the mining that makes crypto miners so financially rewarding is absent from most tokens. We solved that problem.

4) Universal compatibility of all tokens – Ethereum of course still remains a dominant ICO and smart contract platform. It does not by itself talks to other platforms, thus limiting its use case and economic value. We solved that problem.

Detailed Technical Update

This part of the update is for people who want to know the details. Generally for people who have some technological background, or for someone who wants to know how is it technologically implemented.

Token Listing on Decentralized Crypto Exchange

We have forked from a major blockchain – Waves – and implemented KatalystDEX.

It allows any ICO project on any other platform to be able to self administer their tokens to be listed on the KatalystDEX.

Functionally we removed the barrier of getting listed on a big exchange which for now would charge hefty fees for listing. At the same time, listing on a big exchange is more than just paying for the fees – reputable exchanges now look at tokenomics and community before listing.

Our gateway also allows any token to be immediately listed on 2 more exchanges. One of the exchange is WavesDEX, although a relatively small exchange it has about 200k users. The other exchange would be one on Stellar Lumens blockchain, it has about 400k users.

Listing on a smaller exchange also allows resources like cryptoassets or fiat currencies to be earned from more people. It also allows them the capabilities to buy and resell at will – conditioned upon willing buyers and sellers.

It allows also the step by step building of community that is crucial for big exchanges like Binance. It is a crucial step for all cryptoassets to step on before graduating to larger exchanges.

For more information of our implementation you may refer to the following resources;

Savings of USD 50,000 or above for all other Ethereum tokens

Cryptokitties when launched was one of the most successful cryptographic application of the ethereum blockchain. Unfortunately, it also exposes the gap of all Ethereum tokens.

During the infancy weeks of cryptokitties, it took up 30% of all transactions on the ethereum blockchain. What it means that cryptokitties users probably incur up to a total transactional cost of 300,000 transactions of USD 0.20 everyday – a whopping total of USD 60,000 transaction fees per day.

Yet all Ethereum tokens and in fact all tokens on any platform (like NEO, Stellar Lumens, TRON, etc) all have to face this dilemma. Either your project is unused and therefore transaction fees are not an issue or that your project is wildly successful that transactions fees would be an issue.

What the world needs is a sidechain that alleviates the need to incur gas for the transactions. It is often implemented in Ethereum platform in the form of a centralized sidechain or via the Plasma protocol on Ethereum. Regularly, this sidechain would update the hash of the sidechain algorithm on the blockchain to ensure immutability.

This however poses 2 main problems;

  • Sidechain is often centralized, and that defeats the grandiose purposes of implementing a blockchain solution for the purpose of decentralization.
  • Sidechain removes the concept of fees, which mean that the sidechain is still susceptible to spam. At the same time, not having fees in the tokenomics also destroys one of the most basic and important use case of tokenomics – billions of dollars in market cap could be potentially obliterated.

KatalystDEX solves this problem.

It has been forked from the Waves blockchain, and the blockchain protocol already incorporates the features of token as a fee. Something that surprisingly that Ethereum does not have yet. In fact, many of the blockchain platforms do not have as well.

The benefits of using KatalystDEX as a sidechain are as follows;

  • Protocol wise, since KatalystDEX is forked from a major blockchain platform it also means that it is capable of being decentralized itself. Thus it offers to the world the best of both worlds – decentralized sidechain that resolves the excessive gas problem when successful and also ensure that it is decentralized and does not have the flaws of centralized sidechains.
  • Implementation of token as a fee, also meant to control the spam problems. Most importantly, it endows upon the token an additional use case, that it can be used as a fee token. Just merely by this feature alone, it may already create for the token additional market caps. If handled well, the value creation can be in the order of millions.
  • KatalystDEX contains an API that talks to the blockchain, that API accepts software routine calls from all major programming platforms. Including but not limited to Python, Java & Scala. This opens up the programmer talent base from just merely blockchain developers to including other developers beyond just Solidity.

The project owner just has to convince the node operators in the KatalystDEX network to accept their token as a fee.

For more information of our implementation you may refer to the following resources;

Mining of all tokens

ICO tokens are generally premined and that removes one of the major mechanism that makes cryptoassets like Bitcoin successful in the first place.

For more information of our implementation you may refer to the following resources;

https://client.katalystcoin.com – Online wallet for KatalystDEX
https://github.com/katalystcoin – Github to Katalystcoin / KatalystDEX.

 

The Plans For June ’18 And Beyond

Things are moving fast. Moving forward, we have formed exciting partnerships with many business entities and the community.

In June, supporters of Katalyst can expect MOUs signed between Katalyst and its partners. We have also planned upcoming roadshows for Katalyst’s incubatees.

Once again, we thank you for the strongest support and wish to take this opportunity to reassure you once again that Katalyst is moving ahead strongly.

Join us in creating a frictionless world!

Leave a Reply