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Tech Update, June 6th

Development status, release date, airdrop and deflationary bomb

Hi guys,

Tech team here. Long time no hear, eh?

We’ve been heavily busy with development for the past month, and good news, that we are releasing the first App version in the coming week. I’ll get straight to the point.

Upcoming release will include the following features:

  • Registration and waitlist for the certain functions of the site which are in development
  • Full KYC process (automated, with post manual check if needed)
  • Ability to broadcast your proof-of-KYC into the mainnet (only if you want; only for ETH addresses you choose)
  • Compliant DeFi process: 1inch integration (ability to swap ERC20 tokens via all existing DEX pools in compliant way)

Next features which we are currently working on are:

  • Compliant DeFi process: AAVE/COMP integration (lend USDT/USDC to get dynamic APY in compliant way)
  • Ability to open IBAN account with us
  • Non ERC20 custody on site (through our partners)

Speaking of the image in the header, this is the current UI of the main application, and yes, there is the ability to post your proof-of-KYC, linked to your ETH wallet in the app. This record will post only ETH address, KYC chain ID and KYC status, and will allow other DeFi apps to utilize this information in their decision process.

It is not mandatory to publish proof-of-KYC (POK) and you will still be able to use our platform without publishing your ETH address into the mainnet; just that we expect that over time other dApps will start adopting our mechanism and it will be beneficial for you to post your POK there. For those, who want to understand better how our POK works, you can check our previous update.

Now, on the timeline of the future developments:

There were some delays compared to our original plans, mostly caused by KYC process and some adjustments in the smart contracts/hyperledger on the way.

We also had to postpone fiat on-ramp using our KYC (ability to buy crypto for cash) mostly because these on-ramp providers are not ready to integrate with 3rd parties with their KYC, they always require users to pass extra KYC regardless.

And this, in turn, stopped development of our another “surprise” project, which some of you might have already guessed - Bitclout integration. One of the key abilities we plan to introduce is to buy/sell core Bitclout and creator coins, but we need to have that fiat on-ramp first.

No worries on that, we would have fiat on-ramp ability regardless, as soon as we integrate with the Bank - and we are on on schedule for July.

When is the launch date exactly?

We do not have a crystal clear launch date for the app right now, technically we are ready, but we are in the process of signing off UAT and enabling Live queries for the KYC process. This might take several days to finish, that's why we can’t say the exact date for the launch.

Airdrop and bombs.

If you have missed the announcement, there is a chance to participate in the 85M CRD airdrop.
And on top of it, if the airdrop will gather enough attention, CRD Network is pledged to trigger a  “deflationary bomb” to basically burn up to 26% of CRD supply on the 20th of September.

You can read more about it here.

That’s it for update, feel free to contact us directly in the Telegram in case you have any questions.

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