Quarterly Report- Q4 2019
First off, we want to wish everyone a happy New Year and hope that everyone stayed safe and enjoyed the holiday season. As we close out 2019 and move into the new year, we would like to take the time to thank everyone who continues to support our project, which has allowed us to get to where we currently are today.
Work continues to progress. Our goal is to make sure to avoid any significant issues with the implementation of the new consensus mechanism. Understandably, many eagerly are awaiting the update. As much as we would like to finalize a release, we do not want to jeopardize the blockchain or the foundation of our project.
The Dimecoin® blockchain is fundamental to our success. It is what separates us from a majority of projects within the crypto-sphere. The blockchain is going on its 7th year of existence and offers a highly distributed asset among its holders.
Additionally, Dimecoin Network did not perform any ICO or fundraiser. Nor did it have any control of the distribution of assets upon its inception. Our blockchain is wholly separated from the core team and is decentralized. This must remain as such. For this reason, we do not want to risk anything that would change the latter.
That said, we are confident that upgrading our consensus mechanism will offer us greater network security and will position us to remain competitive with our technology.
For those users who were previously using the Dimecoin iOS wallet, we have started to deploy some fixes to address the issues that were present regarding how the wallet handled change addresses. The team is asking for anyone who previously used the app to please reach out to us so we can gather some additional feedback. You can do so by joining our support channel on Telegram or sending an email to firstname.lastname@example.org. Click here to access our dedicated support channel or follow the link included at the end of this article.
‼️ Warning ‼️
If you utilize Telegram, watch out for scammers posing as Dimecoin Admins trying to obtain information about your exchange accounts, wallet information, or private keys.
- Dimecoin Admins will never ask you for any login information regarding exchange accounts, private keys or other personal information through Telegram.
- As a general rule of thumb, Dimecoin Admins we will never direct message you first!
- Dimecoin Admins will never ask you to send cryptocurrency to solve any support related issues.
- Report any suspicious users asking for information in the main Dimecoin group as a warning to other users.
In our previous quarterly update, we explained the reasoning behind the creation of a new iOS wallet and the decision behind phasing out the current iteration of the application.
The development of the new app is underway and continues to progress. Our first step will be to finish a functional prototype of the improved application. The first version of this app will allow us to do some pre-alpha testing and receive some feedback on any GUI modifications that may be required.
Once that phase is complete, we will release an alpha version followed by a beta version. As each stage becomes ready for the public, we will be asking for additional feedback from the community, so stay tuned.
Grant Thornton has been very transparent with the liquidation process of Cryptopia. There is an extremely important court date forthcoming that will help pave the road for how the rest of the liquidation process will be carried out. Two councils have been appointed to provide the clarification Grant Thornton is seeking from New Zealand courts regarding the liquidation settlement of the Cryptopia. Primarily they are seeking clarification on the following, are the coins held in trust and divorced from company assets? Or are the coins assets of the company and can form part of the liquidation?
Additionally, Grant Thornton has requested guidance on the roughly 500k accounts that hold less than $20 as the cost to administrate those accounts will exceed those accounts value.
The court dates were initially set for February 3rd and 4th. There was a continuance issued, and a new court date has been set for February 11th. Additionally, instead of a 2-day session, the court session will now last 4 days.
The next liquidator’s report is set to be released shortly after in the middle of February. For anyone following the case closely, you can read the latest, or any past reports, directly from Grant Thornton’s website linked here.
Toward the latter part of 2019, Dimecoin saw the closing of two exchanges it was traded on, Coinexchange and Nova Exchange. Additionally, Satowallet and Exchange closed unexpectedly.
We feel it is important to remind everyone that it is not safe to leave your assets on any exchange where you do not have direct control of your funds. Please, if you plan to hold your assets’ long-term, remove them from your exchange account and use one of our native wallets. As always, make sure to properly backup your wallets and keep your private keys safe! You are solely responsible for securing your assets!
Here is a link to our available native wallets.
Coin Market Cap
The Dimecoin team has applied and submitted the necessary information to be considered in the top 200 ranking coins on CoinMarketCap. Additionally, CMC is planning to create a direct access portal for the team to update information regarding the project sometime soon.
Lately, it has been a regular occurrence for a couple of our trading pairs to drop from being reported on CMC, mainly from Livecoin. We have yet to discover the reasoning behind this, but it does impact our reported volume and trading pairs.
As a reminder, individuals can look at our current markets and trading pairs via the Cryptoid block explorer and Coingecko.
The Dimecoin team has submitted an application for integration into the SWFT platform and is awaiting a response.
What is SWFT?
SWFT is a platform that offers instant cross-chain swaps and payments.
2020 and Beyond
During the first two years of Dimecoin Network’s existence, the team has learned a tremendous amount of information regarding the industry from engaging the community and observing other projects from within. During this time, the industry has seen many breakthroughs. There also has been a much-needed push for creating industry standards, which for the most part, did not exist before 2017.
One breakthrough we are thankful for is the increased amount of transparency that individuals are demanding from projects. The days of just having a website and whitepaper to be successful are long gone. We are starting to witness projects needing to have actual use cases and business models to sustain any level of credibility and success.
Over the last few months, we have spent a lot of time expressing the need to focus on obtaining the necessary capital required to allow us to operate and achieve our fullest potential. Therefore, our primary focus for this year will be securing the funding we will need to take our products and vision from concept to reality.
The team is very much aware of the importance marketing plays into the success of any project. Along with refining our business model and focusing on securing capital in 2020, we will begin phase I of our marketing strategy. We have been crafting an in-depth marketing plan which we will be utilizing to maximize exposure to the Dimecoin Network, our product offerings, and vision.
The marketing plan is multi-faceted and consists of multiple phases. As we reach certain milestones, we will progress to the next stage of our plan. The balance between paid, shared, owned, and earned media will be essential to Dimecoin’s success. We are mapping out a plan of action that will maximize these efforts through quality community engagement and the use of digital advertising, media buys, affiliate strategies, etc.
One of the most effective methods to grow the project is through word of mouth. The first phase of marketing will center around this strategy and primarily focus on maximizing engagement through the use of our social media channels.
What can you, as a community member, do to help?
We have always maintained a community mindset. We won’t be successful without a strong following. We will be able to spread our vision more effectively and reach more people with the help of everyone here! Tell everyone you know about Dimecoin! Every time you see a post of ours on social media, hammer the like button, share, and reply with a comment. The more engagement we drive, the more buzz we create! Please help us — help you!
To obtain the capital we are seeking, we have been forced to refine our business model and narrow in on our goals. The biggest asset to the company is the Dimecoin blockchain. The need to create services centered around Dimecoin remains paramount. That said, we have cleaned up our vision and have started to outline in detail the products and services the company will be offering.
Over the last few months, the team has spent countless hours contemplating the exact direction we will ultimately be taking. To provide a product that stands out, the team has decided we need to create not just a point-of-sale service but an entire payment ecosystem.
The suite of services we offer will encompass the entirety of our payment ecosystem and include merchant/vendor point-of-sale applications (both web and in-store), peer-to-peer transfer, and remittance based solutions.
Together, the ecosystem will create a friction-less user experience that allows the user to transact and send money, at an instant, anywhere in the world.
Keep in mind, the concept of our product suite is still being finalized and subject to change. Here is a sneak peek of some of the features which we are looking to provide:
- Integration into existing point-of-sale software for vendor/merchant services
- Remittance solutions
- Peer-to-peer transactions
- In app Fiat to crypto conversion
- Merchant record keeping
- Exchange services
We look forward to 2020 and what the year has to offer. Not only are we thrilled to continue bringing to light our vision, but we are also excited about the opportunity to take this project to the next level. Thank you for the continued support, together we will make a difference!
CoinGecko Beam: https://www.coingecko.com/en/coins/dimecoin