Smart layer development update
We are fast approaching the end of 2022 and it is time to share our development update! Most of the work from the second half of 2022 has been about Smart-EP, the Smartchain development of XEP.
This is a huge development process for a team of volunteers like us, but it wont stop us from achieving our goal!
We have spent a lot of time on brainstorming and testing to find out which technology would be the best and how to integrate it into the Electra Protocol blockchain.
We have also worked on how best to integrate the EVM (Ethereum Virtual Machine) and manage it in a very secure and extremely efficient way. We performed several tests, some have failed, but others have succeeded.
Now we have some excellent news for our community;
As of today, we can proudly share our current proof of concept with a successfully running layer 2 Smartchain on top of the Electra Protocol blockchain! We can create tokens and NFT’s with this version.
SEP token is the native token of the layer 2 Smartchain and is created only by burning XEP coin. It is used as gas only and has no particular financial value as a tradable asset. SEP token is burned to pay for the Smartchain transactions, along with XEP coin to integrate the smart transaction in the XEP blockchain. To clarify, SEP tokens will be created by burning XEP coins, users won’t have to buy SEP.
It will be generated by the system as an internal process only.
Please note this important information; the first phase won’t have the EVM layer. EVM capabilities will come in a second phase, and further increase the possibilities of the Electra Protocol blockchain.
Here are some screenshots of our running proof of concept (development purpose), we did generate native SEP tokens by burning XEP coins and minted new tokens, the generated new tokens were sent and received:
The end of December will be a calm time due to Christmas and New Year’s Eve. We will be back to work at the beginning of January to continue the ongoing development and move this proof of concept into a public testnet as soon as possible.
The second phase with the EVM integration will start at the release of the smartchain main net, which will achieve the first phase. We shall furnish more details at that time about the second phase development process.
Please keep in mind that all our team members are volunteers and work within their respective available time, but we will do all that we can to make the public release available as soon as possible.
Additionally, we welcome other developers to please join and contribute to our project, this will speed up our process and increase our presence in this wild wild west market!
We wish you all a very happy festive season!!!