The following is the first installment of the CryptoBridge quarterly reports. Below you will find a summarized account of the previous three months’ development activity, which was documented in greater detail via our weekly development updates.
One of the areas which has seen the most significant improvement over the last three months has been effective and timely support response. With round-the-clock operations and hundreds of available trading assets, the scope of issues encountered has been vast. Fortunately we’ve learned to apply specific solutions which provide increased efficacy. Among these, automation and development of the support agents have been the two major themes. While continued scaling and growth will no doubt continue to present new challenges, support measures now better positioned to manage them. Everything from resolving basic support tickets to listing new assets have been streamlined.
Functionality & Security
Many improvements have been secured behind the scenes to support a high-quality trading experience during this quarter. After some vulnerability issues were identified, a comprehensive audit of the proof-of-work hash rate for each listed coin was conducted. Dynamic adjustment of deposit confirmation time is now our standard practice to find the best balance between security and speed. More database nodes have been added as well, and DNS switching has been enabled to provide improved connectivity and responsiveness.
An unexpected interruption in the functioning of the BitShares blockchain also led to improvement of our node structure as well as our personal connectivity to the overall ecosystem. This event has forced us to take a hard look at the cost-effectiveness of operations in this regard. While we had also already taken proactive steps to improve the gateway performance and encryption of sensitive data, a notable pattern simultaneously emerged: one of turning potential catastrophes into learning experiences which improved our functioning overall.
With the long-awaited announcement of Ethereum becoming implemented during this most recent quarter, we were able to add several more in quick succession. Monero, Zcash and Ripple were all announced to close 2018 out on a high note. These milestones mark a new focus on increasing the number of available assets which lie at the higher end of the market capitalization spectrum. Progress in this regard allows traders greater choice in which assets they use to move value to CryptoBridge for trading, provide additional options for profitable volatility, and widens the palate of options for new listings through accommodation of fork families.
The year-long market downturn became most impactful during December and has spurred the consideration of diversifying our revenue stream. One commonality among listing applicants was identified and proofreading and editing services are now offered to assist new projects with improving their informational materials. While the results of these efforts remain largely unseen by traders, we are looking to expand them significantly to raise the level of professionalism among projects associated with CryptoBridge and create additional value and incentive for choosing to list with us.
This quarter saw a tremendous amount of change with regard to BridgeCoin (BCO). First, there was the announcement of the blockchain’s deprecation as BCO becomes a BitShares asset exclusively. Later, a re-branding was revealed alongside an increase in the staking incentives to acknowledge the earliest supporters of CryptoBridge. We feel that BridgeCoin performed well despite the unforgiving market conditions which characterized this final portion of 2018, and that this is a reassuring indicator of sentiment for the future.
During the last months of 2018, we finally brought our mobile app to a beta-testing phase after a significant amount of effort was put forward completing phase one. While we are still exceptionally proud of this achievement, we decided to halt progress at this convenient stopping point. We are satisfied that the basic groundwork is now in place. Development will resume when conditions become favorable again.
Although the details have remained unspecified, the team has spent considerable time and resources in preparation for regulatory compliance as the cryptocurrency and blockchain industry matures and becomes more integrated with the traditional financial system. Although certain unavoidable aspects in this arena will likely be cause for making difficult choices, CryptoBridge has never been positioned so well to confront, negotiate and surpass the jurisdictional and legal hurdles which lie ahead. While a bumpy ride may well be in store for us all, the team believes it has recognized the challenges adequately and may continue to operate without threat from outside forces.
Efforts to engage and solidify community support have been successful despite intervals of uncertainty. Regardless, much remains to be done. A high emphasis was placed on educating users on how best to protect themselves from bad actors (such as with this short post) and many undetectable safeguards were implemented to keep the Discord as free from malicious activity as possible.
Other steps such as scaling the Telegram group back to an announcement-only channel, renewing our commitment to maintaining the CryptoBridge subReddit and identifying stewards of the BridgeCoin value proposition have hinted at the direction we’re heading. Additionally, we were able to invite a small contingent of our users to beta-test the fledgling mobile app mentioned above. We want to stress that these are only the beginning, and that we have many much larger things to integrate before we may reach the high level of cohesion and camaraderie that we envision for 2019.
The CryptoBridge team sincerely believes that despite the trials we’ve faced in this final quarter of 2018, we have been able to consistently demonstrate a willingness to recognize our shortcomings, exercise an inherent resilience, and develop higher levels of competence in both new and familiar areas. We’d like to once again acknowledge our users, BridgeCoin holders and the BitShares community for supporting us – none of this would have been possible otherwise. Thank you for joining us in this quick backward glance as we step away from this difficult (but instructional) bear market environment and forward into a brighter horizon.