The last 5 months have been quite the wild ride, new exchanges, new influencers, adding and losing partners, exchange hacks, and technical difficulties etc. To some it looks like the last two months have been a bit dead from the team’s side which couldn’t be further from the truth the teams has been very busy and at the same time dealing with heavy handed lockdowns etc, but not fully free to discuss all current issues.
As everyone is aware we had some severe technical issues:
1) Problem with MN lists following incorrect update code in 13.03 it was still possible to add 2500 Pyrk collateral to the MN despite assurances to the contrary.
2) We brought in a new developer who produced an update that stopped the 2500 collateral MN from being added however it is still unable to remove the old 2500 collateral MN.
3) The same developer who plugged the hole for us produced an update to a mostly newer Dash codebase however several concerns regarding this work arose.
4) We commissioned an audit and worked with the auditor on testing a multitude of issues. This uncovered one additional serious issue which will be disclosed fully after the unavoidable swap.
5) The team had not yet given up but worked with the auditor on a possible highly innovative solution for the audit issue. However during this work it became clear that a lot of work on unit tests for our code had been rather badly neglected.
So, in light of the above we were faced with either sinking 30-40k on top of the 20k on audit and repair in development into Pyrk in its current form or to move to a wholly new codebase with different perspectives while maintaining the overall values that have driven Pyrk so far.
What is going to happen?
1) Mining till we have 22 million circulating supply (23.2mil on explorer following Altilly hack)
2) MN rewards turned off on the 26th of July till then as there is no need for the leeches to leech more. The team currently operate the majority of nodes.
3) Swapped @ 1:1 ratio to a code fork of particl
4) Swap on Altfenix other exchanges swapped a week or two later.
5) Premint for Swap 23.2 million.
6) 2.5 mil + any unswapped allocated to funding first coldstaking pool that pays for some development infrastructure and marketing.
7) 2-4% inflation annually from staking
8) Hard cap 50 million
Why?:
As previously mentioned we would have to build a complete new testing framework just to be able to move development forward which would amount to throwing good money after bad.
Just to remind anyone in any kind of doubt, all development has so far been 100% team funded so this is us salvaging what good was left after trusting several fairly reputable developers.
The codebase available from Particl offers the latest BTC codebase combined with cutting edge nonexploitable staking and extremely highlevel privacy features.
Additionally Particl offers easy marketplace integration for codeforks as well as tiered wallets the tiered wallets make developing dapps easy for it as they only need integration into one layer as opposed to the full suite.
23rd of July 2021
Michael O’Sullivan
Lead Developer
David Owen Morris
Project Steward