It's a special day for Crypti, exactly 1 year ago the Crypti IPO at BTER ended. It was an interesting year with ups and downs. A huge influx of new users at the beginning and decreasing user adoption rate over the year, which is going up greatly in the last weeks again.
The launch team had 5 members; Boris, Arman, Stas, Matthew and Mike. Over the year others joined; Pavel, Vera, Eric, Sebastian, William, Olivier and me (Max). At our Foundation page you can see our roles within the Crypti team.
With some problems in the beginning, we are very consistent since a longer time now. Our team is working together like never before, every day we make great progress. We are working very hard right now on our biggest update yet, which supports the game changing decentralized applications.
Early Problems and Pivot
Crypti planned to combine three consensus mechanisms (Proof-of-Time, Proof-of-Activity, Proof-of-Identity), but sadly encountered scaling issues. In the first months everything worked well, but after our community put hundreds of clients online the network collapsed. We asked a professional cryptographer and many respectable developers of the Bitcoin community, all said that it's not possible to implement our system without the risk of users gaming it. We came to the same conclusions.
Therefore after a long time of reconsiderations we collectively came to the conclusion, that the proof-of-time algorithm can't work how we imagined it. Therefore we took pivot and decided for another consensus mechanism, namely delegated proof-of-stake (DPoS). We changed it to our needs and released it in our first major v0.2.0 update. In this time we also released our new website. Things were starting to look bright again for Crypti.
Crypti v0.2.0 alias Chronos
We released our first major update since the IPO on April 9th, 2015 (just 3 months ago!). It featured the huge DPoS functionality we worked for months on and an uncountable number of speed improvements. A short time after that we also released our all-new Lite Client, which removes the necessarity of downloading the blockchain.
Crypti v0.3.0 alias Aphrodite
With Chronos we had the basis, with Aphrodite our beautiful design and great user-experience followed. We hired a professional UI/UX designer for this and we love the result!
We published many information rich blog posts with great insights about the design. We recommend to read them.
After we made the design public we received many positive reactions, and finally on May 29th, 2015 we released the first open beta of the new version. Followed by a few iterations we released the final client on June 19th, 2015.
Alongside the new design v0.3.0 also delivered new features, like usernames and contacts, and further speed improvements. Read our announcement post Crypti v0.3.0 - Aphrodite.
Even more new stuff
After the second major update we didn't stop. We continued working hard for Crypti (maybe harder than ever).
Shortly after the Aphrodite release we finished our multi-signature implementation, which will be included in the next major release alongside the decentralized applications (dapps) and the dapp store. To read more about our multi-signature implementation check out our blog post An Introduction to our Multi Signature Implementation.
We know that the mobile sector is a huge market, therefore we will release a mobile client in the future. There are still quite a few things to do, beside the approvement of the Apple App Store and Google Play Store, but we are quite optimistic about it. Read more about it on our blog post Access your Crypti Account on every device.
White Paper v2.0
If you are interested into the coming Crypti technology, then I heavily recommend you our new white paper! We completely revamped it to represent our current and ongoing developments. It explains our different clients, Crypti's core features, its consensus mechanisms and the soon-to-come decentralized applications (dapps).
You can read it in different languages. Others will come soon!
If you can still not fully comprehend how our dapps will work you should definitely read our Crypti's Dapp Platform Explained article.
.. and much more
You see that we are very active and right on track. We are coming closer to the dapps every day and will have great things to announce in the near future! Our vision is crystal clear and from now on there is only one way for Crypti - forward!
If you are interested in further blog posts, you should read our status reports to get a complete view of our work.
- Status Report - 5th June, 2015
- Status Report - 18th June, 2015
- Status Report - 26th June, 2015
- Status Report - 9th July, 2015
The Crypti Foundation says to every loyal Crypti community member THANK YOU for staying with us for so long. And another THANK YOU for every new member for believing in us.
See you next week and at our forums!