Transaction Fees and The Edge Lottery.
Updates
Last Updated:
April 2023
Good evening @everyone 👋
Two weeks ago we submitted a proposal seeking agreement for the implementation of a small transaction fee into the XE Blockchain. The transaction fee is designed to help mitigate the potential for high frequency transactional attacks, with some additional benefits by the way of increasing deflationary pressure on XE.
You can find the proposal here:
And you can discuss it here:
https://discord.com/channels/371989135172567051/1086431445620371468
There is still a week to go so if you haven’t voted yet, please do, we want to hear from you.
This week we’ve been primarily focused on continued multi-Stargate support. Phase 1 went ahead earlier in the week, and preparation and testing phase 2 is now under way. Phase one consisted of a few releases:
Stargate v2.16.1-289, Gateway v2.11.14-188, and Host v2.6.1-91 were deployed to mainnet. These updates were focused on stability and they significantly improve networking robustness, particularly during software updates. This is ahead of phase 2 of multi-Stargate support.
Stargate v2.16.2-292 then followed, fixing a minor bug initialising session metrics.
And tonight, Gateway v2.11.15-192 was deployed to mainnet, adding some additional controls for the network stability release earlier this week. Thanks to everyone who reported a few anomalies in explorer data for their nodes. We’ve investigated and think we’ve found the issue (in an open source package we use for arm builds) and will continue to work on a fix next week.
Also this week, we saw:
Explorer v1.25.3 deployed to mainnet, fixing a bug with displaying the wallet of migrated stakes.
Account API v1.11.2 deployed to mainnet, fixing a save bug when deploying multiple servers in rapid succession.
And finally, was deployed to mainnet. This followed a proposal by @Max and @Pod to introduce a monthly lottery, which you can read more about on the Governance website:
Each month, every wallet that has received node earnings (as payment for running a Host and contributing to the network) is eligible to win a prize. Winners are determined based on the highest transaction hashes over the month.
"Highest" is defined as the hash closest to all zeroes - for example, 0f... is higher than 10... - similarly to golf scoring. And the more node earnings transactions you have received, the better your odds of having a winning transaction. This provides transparency, as all transactions are visible on the XE blockchain at: https://xe.network/
For even more transparency, we have also open sourced the Lottery repository on GitHub so you can verify the code for yourself - and contribute changes if you discover an issue.
The Lottery app simplifies the work to determine each month's winners and allows us to release payments at the touch of a button. On 14th April, Edge will carry out the first lottery 'draw' and pay winners a first prize of 10,000 XE and ten second prizes of 1,000 XE. Do you feel lucky?
A big thank you to everyone that’s continuing to push hard on social promotion for Edge. You can feel this fuelling the progress of the project and you can see it in the charts too. Edge is a collective mission, and the positive outreach is making a real difference.
The team continues to support several projects that are building on top of Edge, and will provide further updates as and when we can.
CoinGecko (https://ed.ge/coingecko) has been updated and is now showing the correct figures, and we continue to work with CoinMarketCap to bring that information up to date as well. We expect this to be completed within the next week or so.
Next weekend has two bank holidays next to it here in the UK as we celebrate Easter, and/or chocolate, and some members of the team will be taking well deserved breaks, but development will continue apace and we look forward to seeing you here next week.
And that’s all for this week!
Enjoy your weekend 🍻
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