NewEconoLabs (NEL), a Chinese development community for NEO, has released its first bi-weekly report for July. In the report, NEL highlights the development of its recently announced FutureDAO project, support for Python in NeoRay, and updates to NELswap.

FutureDAO

Following the recent release of a whitepaper for FutureDAO, an equity crowdfunding platform, NEL has shared the first insights into the development process. Currently, the team is focusing on the contract that acts as the foundation for the project.

The current FutureDAO contract has undergone three iterations. In the first version, the contract successfully implemented two key functions for the project. These functions are responsible for allowing proposals to be published and voted on, and for minting/burning tokens according to the price following a dual bonding curve model.

In the second iteration, NEL added support for pre-minting tokens and provided a secondary crowdfunding method that allows for fixing the buying price during a set crowdfunding period. If the crowdfunding succeeds, the contract will make the market. Otherwise, investors will be refunded. NEL also attached refund functionality to a proposal that can be voted on by users.

For the third edition, a fee mechanism was added that will be charged for proposals. Shareholders may be rewarded for processing the proposal. Moreover, this iteration includes another general proposal focused on contract calls.

Aside from contract development, NEL completed the first round of product prototyping and began work on the UI design. A forum has also been created to facilitate discussion on FutureDAO.

NELswap

According to NEL, the basic features required for NELswap to operate have been completed, and the system is currently undergoing testing. Testing includes all the typical functions necessary for the exchange of tokens, and additional features required by the system. The exchange contract was also updated to use NNC as its base token for exchanges.

Further development efforts were spent on the server-side of NELswap, including data warehousing for foreign and crypto exchanges. These are used to provide up to date pricing information for fiat currencies such as USD and CNY, and other tokens such as USDT and GAS.

Lastly, assorted functionality that required implementation on the back-end has been added. This includes query functions for retrieving token balances, funds pool fees, asset lists, and other data.

NeoRay

NeoRay is a web-based debugging tool for NEO contracts that initially launched with support for C# contracts. In the first half of July, NEL completed its Python language compiler, allowing NeoRay to support Python contracts in the next version.

The full report may be read at the link below:
https://medium.com/neweconolab/nel-first-bi-weekly-report-of-july-10b01c6c4c2

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