Dear community,
With this posting we would like to briefly introduce you to the current state of affairs and the next steps of the Artiqox team. We understand that this document will lead to a huge number of questions and you are welcome to ask all of them. The document is giving you all an update about what is happening within the project. We have to work out some details, but this is the big picture for now.
What's next with Artiqox?As you might have heard, the current implementation for Artiqox misses some major features as well as it has some serious issues regarding supply and future stability. After a thorough research and
consultation with the team, we decided to develop a new Artiqox blockchain ecosystem. This ecosystem will be developed with the Cosmos SDK, which is a software development kit to build Application
Blockchains utilising Tendermint’s BFT PoS consensus algorithm and a native support for inter blockchain communication. This new Artiqox blockchain, together with the ecosystem around it, will
replace the current blockchain as the main infrastructure.
The new Artiqox ecosystem will therefore be solving multiple issues at once, as well as providing a new way of blockchain compatibility for all blockchains within the ecosystem. Another, less technical explanation, of the Cosmos SDK can be found here:
https://medium.com/coinmonks/cosmos-tendermint-explained-for-real-idiots-ab4305cbb41These problems will be solved by developing the new ecosystem:● Total supply / Reward scheme
● Algorithm (no high energy costs anymore, fairer for everyone, no special hardware is needed
anymore etc.)
● Potential for future upgrades
● All funds will be able to move onto the new ecosystem without any losses.
After many discussions, we decided to move away from AuxPoW in order to get a more recent state of
the art algorithm, The Cosmos SDK is based on the Tendermint BFT PoS algorithm.
The advantages of Tendermint’s PoS are multiple:● Almost instant block finality. Meaning that blocks are final after 3-5 seconds.
● We are no longer dependent on high hashrates from the miners and our project is thus much fairer and more environmentally friendly.
● We can guarantee PoS Rewards for years
● The network is secured by validators. 67% of all validators are operated by the team or a trusted third party.
● Transactions are faster
We also assessed our total supply in the course of this and will increase it to ensure PoS Rewards and proper project funding. Numbers will be released when the ongoing economic analysis is done.
This has the following reasons:In order to be more attractive on the job market, it is necessary to guarantee compensation to team members. This compensation is based on assigning each team member a wallet with a fixed amount of AIQ. The amount is not freely available but will be released gradually with reaching various goals. This ensures that compensation is performance-based and team members can not easily disappear with financial resources without delivering the goal. The exact numbers of this budget will be released after the mentioned economic analysis is finished. The planned budget consists of costs for PR, HR, possible payments to third-party companies
(Exchanges, Services etc), establish a GmbH (Limited Liability Company) with company headquarters in Germany in order to have a legal address and consultations with third parties. Delta between new total supply and coins already acquired with PoW consensus will cover these costs as well as planned PoS Rewards.
IncorporationSince we will have liquid funds through the refactoring, it is necessary to establish an official point of contact in the world. This gives us confidence in the responsible use of these funds, as the business owners can be held liable in the event of abuse. One of the most established legal forms worldwide is the german GmbH . At the start of refactoring, we will set up a German UG (entrepreneurial community) which can be automatically converted into a limited liability company by reaching a capital contribution of € 25,000. Many exchanges now require a legal form from the project. In addition, by establishing a legal form, we are prepared for expansion with regard to future goals. An example would be the renting of offices, salaries and other contractors.
The future new Artiqox ecosystemWe will stick to the vision for A.I. to offer startups and tech companies an attractive ecosystem, to hold on to it and realize it with the Cosmos SDK.
Advantages of Cosmos:● An AIQ peq zone will provide a convenient way to move the current coin into the cosmos network onto the new Artiqox blockchain.
● Open source
● Instant block finality
● Cross blockchain communication and interoperability
● Full Ledger support
● Latest generation Wallet
● Latest security technologies
● Ready for eventual future self-developed decentralized exchanges
● Great community
● Innovations are implemented quickly and new partners and projects can be quickly integrated.
How long will it take for the ecosystem to become operational?The team will publish a detailed roadmap to follow along as soon as all prerequisites are decided internally. Due to the restructure and repositioning of Artiqox. Some initial decisions have to be made before targeting the priority and scope of the upcoming projects. Afterwards the roadmap will be updated continuously and will show the progress for reaching the launch of the new ecosystem. One of the most important points for us is the communication with the community. Unfortunately, this is also a negative point of criticism that we have to admit, also due to the past rather undynamic internal approach.
We will promptly launch Q & A (tbd) with the future ecosystem developers, as well as publish and maintain all source code and advances in the official Artiqox Github. In addition, we will ensure that future partnerships and events that are essential to the project are communicated much faster to the community.
Project PersonalThe entire framework is geared towards realizing projects like Personal and many others. With the new framework, it will be possible to realize projects such as personal faster and more up-to-date than was possible in the past.
XMN and benchmark progressSteve Rodrigue is working tirelessly on his platform on his own. At this time AIQ is focussing on various projects such as the new algorithm and Steve is focussing his efforts on his personal projects. Steve is no longer part of the official team in order to focus his time on XMN. We won't be using XMN or any of steve's technology for building the new Artiqox ecosystem. Active projects will be lead by Markus and Roland. These two will be more involved with the restructure of Artiqox's new ecosystem and will help us move forward faster.
Team membersDue to inactivity and other private reasons we have had to make some changes regarding some of our relationship with our team members. This does not affect our activities. You can see the team on the updated team page on
www.artiqox.com.
Marketing and recruitmentThe founders and marketing team will immediately take care of marketing and recruiting new team members with performance-based compensation.
More details will be announced.