This week the Radix public network continues to see around $1Bn of XRD staked to secure the network. This is a huge security milestone and lays a fantastic foundation for a future DeFi ecosystem on Radix. It is something that everyone in the team and the community should rightly be feeling incredibly proud of achieving.
When we set out to launch the first version of the Radix public network, our primary goal was to achieve a minimum starting network security bound for each subsequent release of technology and functionality. We have smashed through the first ones, and now we move onto the next milestone: how to build on Radix.
For those of you joining us in New York this Friday for APE Radix, I cannot wait to meet you - for those that cannot make it, you can watch virtually on Friday on the Radix YouTube Channel.
Sometimes it is possible to create something that might be truly game-changing. Scrypto is coming. It will not be an instant win: nothing truly game-changing ever is. But I believe it will be an enduring one: be the first to see why this Friday.
Lastly, I wanted to personally thank all the members of the Radix community who came and said hello and helped out at Web Summit, which was also a resounding success for us (more on that from Adam below).
A special thank you to Florian, Ian, Riccardo, and Paulo who helped us at the stand each day, answering questions, convincing skeptics, and igniting a fire in a new wave of Radix supporters. It was a huge help.
An extra thank you is due to Riccardo for arranging the community meet-up in Lisbon. The food was amazing and the event run flawlessly, it was fantastic to see 40+ Radix supporters together, and particularly special was to see James do his CerbyMask web browser extension presentation - cannot wait to play with it - you can check out more information here: https://cerbymask.io/!
And lastly, here are three more awesome Radix community projects that are all worth a look, including an awesome little tool to make it super easy to make any token you want to on the Radix network without needing to know a single line of code!
It never ceases to amaze me the difference two weeks can make. The last two have definitely been a testament to the momentum building behind Radix, and it is starting to deliver some impressive results. So much has been going on, this Radix Report update is going to have to be a quick-fire flurry of fun!
Well, last week was certainly a big one for the XRD token! Although in general, the price of XRD doesn’t affect our work in the development team at all, there is one area where it matters to us: network fees! The Radix protocol calculates transactions on the Radix network according to a fee schedule based on the transaction’s contents. The schedule is (and must be) set in XRD, but obviously, as the price of XRD goes up (against, say, USD) they can become higher than intended. And that’s what happened this last week!
As stated in our economics paper, our intention, for now, is to propose small updates to the Radix protocol to change the fee schedule to keep fees from getting too far from a USD range. These updates, however small, are “hard fork” updates. This means that compatibility is broken from the old version of the protocol, and we want most validators switching to the new one around the same time.
This brings us to the development team item! Since before mainnet launch, we have been working on an addition to the Radix Node that we call “coordinated forking”. With it, each new Radix node will include both the new protocol and the previous one, and the node will let other nodes know “hey guys, I’m running v.OLD, but I’m ready to go to v.NEW when y’all are.” Once enough node-runners have upgraded in their own time, the network can then automatically switch to the new protocol seamlessly.
So long story short (Ed: too late) this coordinated forking capability is planned to be implemented just after the big API update that everyone is eagerly waiting for - and once we have that, updates to the fee schedule will become easy and safe, so we want to wait until then for the first one. It will take a little time to get implemented and tested, but we hope that Radix’s starting TX fees were low enough that it won’t be too painful until we can bring fees back down closer to their USD level around mainnet launch.
Nb: The fee model will have a much larger overhaul in Babylon.
A few other bits of work:
Some of you probably noticed a very small update to the Radix Desktop Wallet. The purpose here was a couple of tweaks to Ledger hardware wallet user experience that were requested by Ledger HQ as they review our Ledger app submission to be included in their Manager. We continue to be in discussion with the Ledger HQ team and will let everybody know when we know more!
Last weekend, some people (particularly in the Asia region) noticed some wallet slow downs or unavailability. This was entirely caused by the hugely increased load on our archive nodes due to the surge in interest in Radix with the price movement. We increased our archive node coverage temporarily which has resolved things for now – but a much more permanent fix is on the way. One of the huge benefits of the new API we’re working on is that we will have vastly more ability to dynamically deal with increases in load like this so users never encounter such wallet issues.
Of course, the Alexandria Preview Event (APE) is this Friday! Our Scrypto team is gearing up for a great keynote and workshop session there, with lots of Scrypto example code to show you what the “asset-oriented” way of building smart contracts really looks like. See you there!
*Updates provided by members of the Radix community. It may contain inaccuracies.