Alchemint has published its progress report for June, which highlights various development and project updates. Alchemint is a stable coin project under development on the NEO blockchain. The coin will be pegged to fiat currency and seeks to create an easy-to-use bridge between digital assets and traditional finance.
The SAR-C module, a stablecoin issuance platform based on the cryptocurrency mortgage model for individual users, now includes enhanced security for calls between contracts. By improving the processes of locking assets, the collateral function has been made more secure. Additionally, the SAR-C closing logic has been further optimized to ensure closing SAR-C transactions won’t exceed the NEO free limit of 10 GAS. The optimization has attempted to simplify the clearing function, and shorten the code execution.
The SAR-B module, a stablecoin issuance platform based on the real-life asset mortgage model for institutional users, was also updated. A new non-NEP-5 token standard was created “to support institutional users [so they can] release assets without new contracts, [further decentralizing the platform].” Using this new non NEP-5 standard, “institutional users can issue tokens that [are] pegged to any type of real assets, either pegging the legal currency or pegging 1g of gold, silver, and other commodities.” Now, institutional users “can issue stablecoins by locking SDT in SAR as a deposit, [and] stablecoins from different institutions [can be] classified into different asset types.” Lastly, Alchemint users are now able to see the issue amount and deposit rate of various stablecoins issued by various institutions.
With regards to its web based console, Alchemint has completed account management, private key management, and login and logout functions of the wallet module. Additionally, the first version of both the console of the SAR-B issuing user, and the ordinary user’s wallet iteration have been completed.
The Alchemint Oracle’s mechanism design has been finalized, which will help develop market price data for Alchemint products. A node will collect market price data from various price collection channels, through various collection methods. With this information, the node will create the market price for the blockchain-based Oracle. Through decentralized voting mechanisms, community members will be able to vote on which node’s data shall be adopted. The Oracle will then weigh the data compiled from the user-voted, trusted nodes to decide the final market price data.
Lastly, the Alchemint team has finalized its whitepaper, which is currently under proofreading and review prior to its official release in the near future.
Whitelisting and public token sale
Alchemint’s Early Bird campaign, which involved two limited timeframes for completing Know Your Customer (KYC)/Anti-Money Laundering (AML) requirements, whitelisted a total of 4,195 registrants.
Alchemint concluded its public token sale in June through the LeekICO token sale platform. However, LeekICO made an error that allowed users in restricted areas to participate, as well as certain users the ability to over contribute beyond their personal cap. NEO News Today covered the story in June and can be seen here. Due to these issues, the public token sale ended before Alchemint was able to reach its hardcap, and the unsold SDT tokens will be burnt. More than 9,000 individuals participated in the token sale, with the majority of participants from Russia and Korea.
Marketing and community-building efforts
Alchemint’s community grew by 8,000 new followers on Telegram and Twitter, of which more than 80% of community members are based outside of China.
The Alchemint GitHub repository was launched, and the team has received feedback form NEO core developers, as well as the author of the NEP-10 standard. Alchemint has received four suggestions to improve its code, and issued $1,500 in SDT tokens to reward developers who contributed to the discussion.
Alchemint held its first international meetup in the UK, hosted by Jonathan Quali, Alchemint’s Leader of European Communities. Around 200 individuals attended the meetup.
Lastly, Alchemint is planning to host a meetup in China, where the project will reveal further information and details about its upcoming “Alchemint League.”
For more information about Alchemint visit the links below.
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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