On 20th August, Nano posted their weekly Developer Report on their official Twitter handle. The post included Nano’s version 15/15.1, stress testing and more.
On 19th August the Nano team added nano:V15.0 to the docker file. Post its release, the team found that the code needed some bug fixing. The team is currently busy finalizing the version 15/15.1 for release. They said:
“After version 15.0 was added to the dockerfile last night, we discovered additional debugging was required. Users who already downloaded version 15.0 have nanocurrency/nano:V15.0 locally, which would need to be manually cleared. To avoid confusion, we have changed the version number of the release to 15.1.”
The blog post also reveals that an additional feature called ‘Vote by Hash’ will be added to Nano on September 1st, 2018 at 00:00 UTC. The Vote by Hash feature will drastically reduce the network bandwidth usage the team claims.
The team is also focusing on their upcoming developments which include:
- Vote Stapling feature which is ready to undergo testing.
- Lazy Bootstrapping
The team also mentions that the upcoming changes will further continue to reduce network bandwidth and other bottlenecks such as disk Input/Output [I/O].
The outcome of community stress test
On 18th August, the Nano users came together to stress test the beta network. After the test, it was revealed that most of the participants reported average transactions per second [TPS] of 70–90 over a thirty-minute period.
The Nano community tweeted the success of the stress test, thanking all the participants:
“A big THANK YOU to everyone who participated in the beta network stress test. Users reported an average sustained TPS of 75 over 30 minutes with a reported peak of 756 blocks/second.”
On 19th August, Nano released a weekly recap podcast featuring Troy Retzer and Roy Keene. During the discussion, Troy explained that the community stress test went as planned. Adding to this point, Roy also mentioned that since Nano was asynchronous, every user would observe network growth at different rates.
Furthermore adding to Roy’s point, Troy speaks about how they would like to eliminate certain drawbacks the stress test revealed. He said:
“I think that’s really important when people understand because it’s not like there’s just a base like the network doesn’t have a cap at how many transactions per second so that’s why when we say it’s you know infinitely scalable it’s because it’s depending on what each user is running their nodes on so people are just going to view the network differently. “
He further mentioned:
“So we did have a lot of problems with the kind of like the network viewing programs which is one of the things that we want to work on so we can get it kind of better accurate readout and so the community can kind of follow around all along better and that’s what these stress tests are for though to kind of show where bottlenecks are.”
Last week Nano saw a dramatic hike of 43% in its value. The hike was in positive correlation after Bitcoin Superstore, the giant crypto store announced that it will be accepting NANO tokens in its store.
devparadox, a Twitter user commented:
“Nano is very consistent”
bundss, a Redditor says:
“Awesome as always guys! Loving theses weekly updates! Keep’em coming!”
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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.
Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.
Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.
On the recent developments surrounding the case, Stephen Palley stated,
“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.
Even so, court says there’s a time problem — claims for unregistered sale of securities have to be brought within a year after the violation on which they are based, under federal law. Because this isn’t pleaded, these claims are dismissed with leave to refile. 4/4
— Palley (@stephendpalley) May 20, 2019
The lawyer concluded by tweeting,
“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”
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