April was a momentous month for Cyber Republic, as the Elastic Consensus integrated the new Consensus mechanism – Bonded Proof of Stake (BPoS). This was made possible thanks to a Proposal by Yipeng Su, a longstanding contributor to CR and former Council member. BPoS offers a more equitable, decentralized, and efficient system for both voters and node validators.
The Elastos Foundation took the initiative to kickstart BPoS by dedicating 1 million ELA, which had been repurchased in 2022, towards voting for nodes to achieve full activation via their BPoS Validator Incentive Program. Meanwhile, Team Elavation has played a pivotal role in forging partnerships, including a noteworthy collaboration with Alibaba, further enhancing the project’s profile.
Another major development was the release of the first version of Carrier 2.0. This release is expected to have a far-reaching impact, as Carrier’s capabilities go beyond Elastos dApps, providing a robust platform for decentralized peer-to-peer communication and transactions, as well as efficient traffic management.
In April, Team Elavation, the Growth and BD team for Cyber Republic, submitted a Proposal to extend their services towards advancing the overall ecosystem. The Elk Finance Proposal underwent a comprehensive review to evaluate its bridging and liquidity plans. Kairon Labs, the Marketing Making Agency, provided an update on their progress with ELA coin on a monthly basis. Additionally, a Proposal that was drafted last year to implement Stand-by Nodes to stabilize the main chain was recently put into effect.
Proposal #89- ElkNet Bridge Liquidity Bootstrapping- Improving Access to ESC from Other Blockchains
In September of 2022 a Proposal was passed to strengthen the liquidity of the ELA/ELK trading pair on ElkDEX. This exchange an integral part of the ElkNet cross-chain bridge. By requesting support from the Cyber Republic (CR), the Proposal suggests a partnership to ensure deeper liquidity on Elastos Smart Chain (ESC) and facilitate easier cross-chain transfers between 19 networks. The ultimate goal of this Proposal was to attract more users to Elastos by providing smoother and faster cross-chain transfers through the ElkNet bridge.
Following the 6-month review, Elk Finance has made significant progress in its development of technology that integrates with the Circle CCTP bridging. Currently, the bridge is operational for Ethereum and Avalanche chains. However, there are promising opportunities for Elk Finance to expand this bridging technology to other chains as well. The Council members unanimously agreed to retain the liquidity in the LPs, indicating their confidence in the project and its potential for further growth.
Proposal #80- Contract Kairon Labs to Perform Market Making Services for Elastos
In May 2022, Elation Studios joined forces with Kairon Labs, a leading Market Making Agency, to enhance liquidity for the ELA coin on multiple exchanges. Kairon Labs committed to securing ELA’s listing on more prominent exchanges as well.
Kairon Labs submitted a monthly report to the CR Secretariat detailing the ELA coin’s performance in various markets. In April, ELA exceeded market expectations. Kairon Labs continues to prioritize ensuring strong liquidity, tight spreads, and consistent price alignment on exchanges to maintain a resilient and efficient market for the ELA coin.
Proposal #83- Business Continuity Plan for DPoS nodes (Stand-By CR Nodes)
In July of 2022, current Council members MButcho and Nency passed a Proposal to ensure the Elastos Mainchain is always operational. This Proposal suggested a plan to ensure the continuous operation of the Elastos Mainchain by adding Stand-By (SB) CR nodes when the number of community nodes drops below the critical level of 25. The plan involves ordering services from a service provider to provide up to 12 SB nodes, which would be activated when needed to maintain the required number of active DPoS nodes.
In the previous month, a bug in the code caused the number of DPoS 1.0 nodes to drop below a critical threshold, resulting in the Mainchain transitioning to POW and restricting transactions to only basic ones. This led to a halt in block production for both ESC and EID. To address this, three SB nodes were launched to support DPoS 1.0 consensus and ensure the necessary stability until 36 BPoS nodes achieved over 80k voting rights.
Proposal #83 proved to be a crucial factor in maintaining the seamless operation of the Mainchain by implementing Stand-By nodes. However, this Proposal is not necessary for BPoS consensus. A proposed termination Suggestion has emerged, supported by a consensus reached within the Cyber Republic Consensus (CRC). Consequently, the excess ELA of this Proposal has been duly returned to the CR Treasury under the supervision of the Secretariat.
Proposal #113- Elavation Team: Phase 3 Approval
Team Elavation recently came out with a Proposal to approve the third phase of their original Proposal passed in 2022. The Elavation team has delivered exceptional results during the initial execution phase, exceeding set expectations in marketing, partnerships, and fundraising. As summarized in this Proposal, they have successfully increased impressions on various social media platforms, identified over 1500 new business development targets, and participated in over 100 project meetings.
The Council has granted their request for Phase 3 funding, signifying a positive outcome for their Proposal. Additionally, the Secretariat has successfully concluded the financial audit related to Phase 2 funding. As a result, they are now poised to proceed towards Phase 3 with the necessary resources and support.
The month of April proved to be a significant milestone for the Cyber Republic. The long-awaited BPoS Consensus mechanism has finally been incorporated into the Elastic Consensus. Through a collective effort, community members successfully bonded over 36 nodes, resulting in over 80,000 voting power, paving the way for the full activation of BPoS and transitioning away from Delegated Proof of Stake (DPoS).
The Elavation Team is well on its way to fulfilling its objective of establishing a Marketing and Business Development (BD) division for the Elastos project. Their collaborative ventures, initiatives, and promotional strategies have been crucial in elevating Elastos’ profile and attracting attention from the wider crypto community..
The next phase of the Cyber Republic (CR) has commenced with the CR Council Election, which began on April 30th. Interested candidates can register themselves to compete for a seat on the Council. All activities related to the CR Election can be carried out on the Essentials Wallet. Please review the Voting and Registration Guide to learn how to register as a node or vote in the Election. It’s time to exercise your right to vote and have a say in the formation of the next Council. Don’t miss this opportunity to make a difference!
You must log in to post a comment.