Project Update
Greetings Dimers! First and foremost, we want to wish everyone a happy and healthy New Year! We hope that everyone was able to enjoy the holiday season with family and friends. We think most would agree that 2020 was not the best year, and one we are sure many will wish to soon forget.
Not only in terms of Dimecoin® but life, in general, has not been easy. Just on our relatively small team, we have seen an impact that has made everyone’s life more difficult over the better part of the last year. So, we can only imagine how everyone was impacted across our community — each in your own set of circumstances. We hope that not too long into 2021, a sense of normalcy will start to come back into everyone’s lives.
While we have not published an official update for some time, we have been hard at work. Without further ado, let us see where everything stands in terms of development, the project, and any news about Dimecoin.
Blockchain Development
Since our last official update, we have remained focused on completing the blockchain consensus upgrade. This upgrade will be introducing staking (proof of stake) and masternodes. There has been tremendous progress in terms of its development. Currently, we are in an internal testnet phase with the help of some of our community members. We have had success in running all facets of the new consensus in conjunction with one another.
A few minor bugs were reported that need to be addressed with the latest test binaries which were released on 01/19/2021. If all goes well with testing these new binaries, we will be moving on to the next development phase, which entails opening up testing to the public.
Here is a peak at some of the recent commits which have been made to our internal GitHub repository.
From here, we will make the necessary changes to finalize the package and address any issues which may arise from further testing. Once testing is complete and all the required adjustments finalized, we will set a date to roll out the upgraded blockchain consensus.
Details will follow on how to update your current nodes (wallets), when it needs to be updated, and any other pertinent information that will be necessary.
App Development
Development updates for the current SPV Android wallet (v1.1.1) have also been underway. This update aims to address the recent syncing issues some users are facing with their wallets. When we introduced LWMA3 to the blockchain, it changed how difficulty adjustments occur between block-creation. Ultimately, this has caused some issues with some newer versions of Android OS.
The issue stems from exceeding the memory stack allotment for tasks defined on some Android OS versions and its inability to process the new difficulty adjustments introduced by LWMA3. Once all applicable changes are finalized, and testing is complete, we will deploy the update through the Play Store.
Exchanges
Cryptopia
Most users who previously utilized Cryptopia should have received an email to the claims portal which Grant Thornton has recently set up. If you haven’t, be sure to check your spam folders.
They are still sending out batches of emails and are aware that not everyone has received one yet, so do not panic if you haven’t seen an email to date.
Here is a link to some common issues people are facing when filling out the claims portal that has been provided.
For additional information, please go here for continued updates from the Liquidator.
Altilly
On December 25th, Altilly suffered a hack with the loss of several assets and their databases. They are committed to repaying their user-base. By now, users should have submitted their claims forms. If you utilized the exchange and had assets there, please go to their website. Altilly’s website outlines what happened and answers many frequently asked questions.
Livecoin
Just before the Altilly hack, Livecoin allegedly suffered a hack of their own. There is not much news regarding the incident that is verifiable. Supposedly, the Livecoin team lost access to all their accounts, social media, and databases during the breach.
Recently the website, http://livecoin.news/ is claiming it is the new domain under which Livecoin is operating. This website claims to be an avenue to file a claim to recover assets which were left on the exchange at time of the attack.
There seems to be a lot of missing information, however. We urge former users to wait until more information comes to the surface regarding the hacking before proceeding with any claims procedure outlined on this website.
Under no circumstances do we recommend sending any personal information and documentation to an unverified source. Please be cautious.
The Dimecoin team has made numerous attempts to try and get a response from our known Livecoin contacts. At time of this publication, we have not received any response. We will update as necessary upon receiving any additional information.
FreiExchange
FreiExchange is an exchange that Dimecoin has traded on for a long time. However, up until now, FreiExchange only supported eight decimal place pricing and has not been conducive for sub-sat coins like Dimecoin. With that said, after speaking with their developers, they will soon be introducing the ability to extend trading pairs to 10 decimal places, which allows Dimecoin to trade at the sub-sat levels seen recently.
While FreiExchange is lesser-known, it has several positive features. Most importantly, they own and maintain the servers it operates through. Typically speaking, most exchanges utilize cloud-based servers. Cloud-based servers are much less secure and are more vulnerable to attacks like we recently have seen with Cryptopia, Sato Wallet and Exchange, Livecoin, and Altilly.
Additionally, they also manually approve all withdrawals for added security.
Here is a link to the exchange for more information.
Mercatox
Mercatox has recently had the Dimecoin wallet in maintenance. The team has been in communication with the exchange to figure out the issue. Based on correspondences, it is related to the node, and they will be doing maintenance on it to resolve everything shortly.
New Exchanges and Markets
Initially, we planned to list on new exchanges once the consensus upgrade was complete. It did not make much sense to list elsewhere while the upgrade is ongoing due to the pending updates all node operators will need to perform.
However, in light of recent events and as a direct result of the hacking of two of our recent most utilized exchanges, we are now open to exploring new exchange listing possibilities. We will also look to expand some of our markets on our existing exchanges. Here is a shortlist of exchanges we are currently vetting.
The grades of the corresponding exchanges are based on internal research that has been conducted. Grading is subject to change over time and is updated frequently. These grades also do not reflect any sort of preferential order which will determine where we choose to list next.
It is also important to note, this list does not indicate where we will list next. There are many factors that will go into determining where we choose to list. Some of those factors include; the cost to list, exchange location, regulatory oversight, access to developer support, trading volumes and wash trading percentages.
Also, keep in mind that many exchanges have a 60–90 day review period. This review period is where they check into our project, interview our team members, and perform their due diligence. It is also typically the period in which listing fees and the terms associated with listing are negotiated.
We will update as necessary regarding any new listings. We are also open to any suggestions that the community may have regarding where to list Dimecoin. If you want to provide any feedback or have any exchange connections, please email developer@dimecoinnetwork.com.
Future Developments and A Look Ahead
Once the blockchain consensus upgrade and Android wallet updates are released, we will next be focusing on a few critical areas of software development, third-party integrations, and partnerships.
Most importantly, our goal will be to expand our native wallet options and introduce additional clients to store your Dimecoin safely. These solutions will include a lightweight Electrum client and an app for iOS users.
Simultaneously, we will also be looking to expand our list of third-party integrations and partnerships. These include hardware wallets, exchanges, pay services, and more. If you would like to see Dimecoin integrated into a particular third-party application, service you use or seek a partnership with a specific platform, please feel free to message us your thoughts to developer@dimecoinnetwork.com.
Important Links
Web: https://www.dimecoinnetwork.com
Twitter: https://twitter.com/Dimecoin_
Telegram: t.me/Dimecoinofficialpublic
Telegram support:t.me/dimeofficialsupport
Discord: discord.gg/JqcKF4v
Facbook: https://www.facebook.com/dimecoincommunity/
Instagram: https://www.instagram.com/dimecoinnetwork/
CoinGecko Beam: https://www.coingecko.com/en/coins/dimecoin
Blockfolio: https://blockfolio.com/coin/DIME
