PolySwarm Announcements pinned «See below for our latest Mainnet progress update»
We have successfully accomplished every milestone prior to the Mainnet Release (Sidechain), with the exception of the Wallet management system.
The wallet management system will enable engine owners to transfer NCT between mainnet and their PolySwarm account. For this, we are dependent on a third party, a very well-known US-based exchange that offers custody services. This milestone is a critical milestone, because it is a prerequisite for the subsequent Mainnet and NCT-related milestones.
Why do we rely on a third party for this Wallet management service? We want to avoid reinventing the wheel by recreating all of the functionality that a custody service provides, including development, maintenance and regulation compliance efforts, which are quite extensive. We want to focus our resources and time on building the best Threat Intelligence Marketplace our customers deserve.
This third party provider we are working with is taking longer than expected to review and onboard our project, due to the high volume of new project requests they are experiencing. We will revise the full transition date as soon as we have updated estimates, but bare in mind we are doing everything we can within our control.
The wallet management system will enable engine owners to transfer NCT between mainnet and their PolySwarm account. For this, we are dependent on a third party, a very well-known US-based exchange that offers custody services. This milestone is a critical milestone, because it is a prerequisite for the subsequent Mainnet and NCT-related milestones.
Why do we rely on a third party for this Wallet management service? We want to avoid reinventing the wheel by recreating all of the functionality that a custody service provides, including development, maintenance and regulation compliance efforts, which are quite extensive. We want to focus our resources and time on building the best Threat Intelligence Marketplace our customers deserve.
This third party provider we are working with is taking longer than expected to review and onboard our project, due to the high volume of new project requests they are experiencing. We will revise the full transition date as soon as we have updated estimates, but bare in mind we are doing everything we can within our control.
On a side note, within the next few weeks, we will be deploying a sidechain activity dashboard that will be visible on our website. We are calling it “Marketplace Stats”, because it will include key stats related to both the volume and type of artifacts analyzed inside our marketplace. Here is a mockup.
Thank you all here for your continued support. Exciting things ahead!
Onward!
Onward!
We are approaching mainnet, which means that our real token Nectar (NCT) will soon be flowing inside the PolySwarm Marketplace. It will be used for creating bounties, asserting malicious verdicts, and providing performance-based rewards to engines. By introducing Nectar we expect to incentivize healthy competition, gamify, and improve the overall quality of threat detection.
As part of this transition, we had a goal to make it easier for Engine developers to join the PolySwarm Marketplace. To achieve that goal, we redesigned the architecture for Engine developers to build, configure and test an engine and then join the PolySwarm Marketplace. We reduced the complexity and level of effort of the whole lifecycle of an Engine and enabled the use of common technologies.
In order to complete this transition, all engines must be converted to the new webhook architecture. For all engines hosted by PolySwarm, we will do this conversion on behalf of the engine owner during the next 4-6 weeks. For all other engines, the engine owners will need to do this conversion before August 31st, 2021. This deadline is strictly for engines to transition and will not impede the flow of NCT flowing through the marketplace prior to this date.
You can read more about this transition in our blog post.
https://blog.polyswarm.io/why-a-new-engine-creation-and-management-architecture
As part of this transition, we had a goal to make it easier for Engine developers to join the PolySwarm Marketplace. To achieve that goal, we redesigned the architecture for Engine developers to build, configure and test an engine and then join the PolySwarm Marketplace. We reduced the complexity and level of effort of the whole lifecycle of an Engine and enabled the use of common technologies.
In order to complete this transition, all engines must be converted to the new webhook architecture. For all engines hosted by PolySwarm, we will do this conversion on behalf of the engine owner during the next 4-6 weeks. For all other engines, the engine owners will need to do this conversion before August 31st, 2021. This deadline is strictly for engines to transition and will not impede the flow of NCT flowing through the marketplace prior to this date.
You can read more about this transition in our blog post.
https://blog.polyswarm.io/why-a-new-engine-creation-and-management-architecture
blog.polyswarm.io
Why a New Engine Creation and Management Architecture?
We’ve completely redesigned our architecture to simplify how Engine owners build, configure, and test an engine when joining the PolySwarm Marketplace.
As we mentioned last week, the third-party custodian services company we applied to (BitGo) was finally able to confirm that our application is moving forward and is now under review. Upon approving our application, they need to add our token into their system and onboard us (KYC, Account, Setup, Q&A, etc).
After BitGo has added our token NCT into their system, we can start developing the hot wallet management, which will allow engines to load on NCT, convert it to fiat, and vice versa. After that, the second (and final) portion of the mainnet release (Etherscan) will enable NCT to flow from the sidechain back to the public Mainnet. This will represent the full transition to mainnet, two months and one week after BitGo has added our token. This is what we can commit to publicly, based on what we can control.
How long will it take for Bitgo to do their part?
We can speculate on BitGo's deliverables timing, but we can not control them or influence them much. This part now fully depends on them and their competing priorities.
Is there something you can do -mainnet related- in the meantime?
Yes, the first mainnet milestone (sidechain) is not dependent on BitGo or any other third party. This involves visualizing NCT flows through our marketplace. The 'stats dashboard' is a public deliverable that reflects the accomplishment of this first milestone, and it is dependent on engines transitioning to a new architecture (in progress). This dashboard is expected to be live on the website by the end of July / first week of August on our website.
We will provide you an update as soon as BitGo confirms their final approval or provides better visibility on their timeline. In parallel, we are looking forward to completing the first mainnet milestone within the next 30 days!
Onward
After BitGo has added our token NCT into their system, we can start developing the hot wallet management, which will allow engines to load on NCT, convert it to fiat, and vice versa. After that, the second (and final) portion of the mainnet release (Etherscan) will enable NCT to flow from the sidechain back to the public Mainnet. This will represent the full transition to mainnet, two months and one week after BitGo has added our token. This is what we can commit to publicly, based on what we can control.
How long will it take for Bitgo to do their part?
We can speculate on BitGo's deliverables timing, but we can not control them or influence them much. This part now fully depends on them and their competing priorities.
Is there something you can do -mainnet related- in the meantime?
Yes, the first mainnet milestone (sidechain) is not dependent on BitGo or any other third party. This involves visualizing NCT flows through our marketplace. The 'stats dashboard' is a public deliverable that reflects the accomplishment of this first milestone, and it is dependent on engines transitioning to a new architecture (in progress). This dashboard is expected to be live on the website by the end of July / first week of August on our website.
We will provide you an update as soon as BitGo confirms their final approval or provides better visibility on their timeline. In parallel, we are looking forward to completing the first mainnet milestone within the next 30 days!
Onward
Important Mainnet Update
We are making great progress on the biggest development bottleneck. BitGo, the third-party custodian that we are outsourcing the custody and wallet management piece, has approved our application, completed the integration, and finalized the onboarding process with us! The remaining last step on their end is to include NCT within their system within this or the following week. We will keep you updated. This step will enable engine owners to transfer NCT between mainnet and their PolySwarm account, and it's a critical milestone due to the number of development dependencies it has.
- Within the next 1 or 2 weeks, we expect to make the performance stats page live.
- We will test our mainnet with 5 selected engines first to ensure no issues occur and our implementation is scalable. This will allow us to iterate quickly and fix any issues more efficiently than if we transition all engines at once.
- We are on track for full mainnet release within Q4.
On a separate note, we have been selected to present at the security conference Defcon in Las Vegas. Our VP of threat intel will be giving a live talk at the Blockchain village on better detecting and responding to ransomware using our platform in front of our target audience. Btw, this is not a sponsored talk 🙂
We are making great progress on the biggest development bottleneck. BitGo, the third-party custodian that we are outsourcing the custody and wallet management piece, has approved our application, completed the integration, and finalized the onboarding process with us! The remaining last step on their end is to include NCT within their system within this or the following week. We will keep you updated. This step will enable engine owners to transfer NCT between mainnet and their PolySwarm account, and it's a critical milestone due to the number of development dependencies it has.
- Within the next 1 or 2 weeks, we expect to make the performance stats page live.
- We will test our mainnet with 5 selected engines first to ensure no issues occur and our implementation is scalable. This will allow us to iterate quickly and fix any issues more efficiently than if we transition all engines at once.
- We are on track for full mainnet release within Q4.
On a separate note, we have been selected to present at the security conference Defcon in Las Vegas. Our VP of threat intel will be giving a live talk at the Blockchain village on better detecting and responding to ransomware using our platform in front of our target audience. Btw, this is not a sponsored talk 🙂
We are happy to announce that Bitgo successfully added our token NCT into their system! This was a necessary step prior to the development of the hot wallet management system, which will allow engines to load on NCT, convert it to fiat, and vice versa.
https://twitter.com/PolySwarm/status/1422306756135432194
https://twitter.com/PolySwarm/status/1422306756135432194
PolySwarm Announcements pinned «https://twitter.com/PolySwarm/status/1427710252624011271»