This week, the Covid-19 pandemic has spread globally. Amidst the spreading panic, global stock markets continued to fall, and the plunge of stock markets in multiple countries triggered the circuit breaker mechanism numerous times. The global financial market downturn was manifested by the stock market’s sharp decline, and the crypto market has also fallen into systemic risk. On the surface, the decline in global markets stems from a lack of liquidity. At a time when liquidity shortage is extremely serious, money will naturally be drawn from Bitcoin, as a high-risk alternative investment asset with potentially high volatility, and instead kept in safer, more liquid assets, leading to plummeting Bitcoin prices.
In fact, as a product of the previous economic cycle, Bitcoin has not yet experienced a new economic cycle after its birth. As the “digital gold” fluctuates artificially, it is doomed to not be a safe-haven asset. Satoshi Nakamoto’s ideals need to be better realised in the next ten years. The spirit of the blockchain from the bottom up also needs to be reflected in the leadership of each country. The geopolitical community of human destiny should be united to deal with the existential crisis brought about by human development.
SmartMesh is committed to the basic connection of human beings and the interconnection of all things with blockchain technology. The Space Ground Integration Network, with which SmartMesh will interoperate, will also be critical to promote global consensus. This week we devoted ourselves to various preparations for project compliance development and conducted several preparatory meetings on obtaining a Singapore payment license. The beginning of 2020 witnessed a disaster, but we believe that the global consensus based on blockchain will definitely help humans to mitigate such disasters.
Here is the specific work for this week:
1.Photon optimisation related work.
1.1 Preliminary refinement of the Photon third-party commissioned cash withdrawal scheme, discussion of the commissioning interaction process and security, and provide references for further improving the user cash withdrawal experience.
1.2 Repeated review of the Photon test code, and consideration of issues such as tests cases, underlying data storage, and query interfaces to prepare for further improvement of test efficiency.
1.3 Testing message transmission and reception using the Whisper broadcast protocol, comparing the efficiency and security of the workflow of message sorting to the upper layer processing in online and offline environments and provide a reference for the subsequent expansion of Photon transaction types.
- Atmosphere interoperability and preparation for Living Lab.
1.1 Review the mainstream cross-chain technology protocols and consensus, compare and consider asynchronous Byzantine fault tolerance, Galaxy Proof of Stake (PoS) consensus and other mechanisms to provide a reference for subsequent cross-chain technology improvement.
1.2 Make a preliminary understanding of the current industry blockchain business scenarios, including; banking applications, SMS applications, hedge funds, voting and other industries to migrate to the blockchain, to provide support for subsequent cross-chain expansion into multiple fields.
1.3 Continue to analyse the introduction of the payment model of Tahoe-LAFS, a participating project of the Blockchain Living Labs at Singapore University of Social Sciences (SUSS), and reorganize the storage payment and download payment cut-in processes and methods to provide a reference for the interoperability of subsequent projects.
- DAPP design and support preparation for the Singapore University Innovation and Entrepreneurship Challenge.
1.1 Research and analyze the XMPP centralized IM communication mechanism so that it can quickly support DAPP’s requirements for centralized and decentralized communication.
1.2 Set about optimizing the UI transfer display and messages in the SmartMesh Tango App.
- This week, SmartMesh founder Henry Wang, advisor Dr Peter Yan and marketing staff Fiona conducted intensive communication with Singapore consultants about applying for a MAS payment license. Fiona had a face-to-face meeting with a license application partner in Singapore.
- SmartMesh marketing staff Fiona met with Veronica from the Philippines and Darryl from South Africa in Singapore to learn more about the new projects that Veronica and Darryl are working on. Veronica and Darryl’s ongoing inclusive education program has attracted attention and has established multiple partnerships in the Philippines and South Africa. As its inclusive education business goals are in line with that of SmartMesh and MeshBox, the two sides met in Singapore following our conference call last week. As Manila closed the city today due to the epidemic, the two parties planned to visit some Philippines universities, where Veronica has established a collaborative relationship, after the epidemic measures are lifted, and to develop a deployment plan for SmartMesh and MeshBox.
- Chia Hock Lai, Board Director of SmartMesh and Chairman of Singapore Fintech Association, was invited to join the IEEE Computer Association Blockchain and Distributed Ledger Standards Committee as an advisor this week. When Chairman Chia received an invitation from IEEE last month, he sought the opinions of Henry, who is also a Board Director of SmartMesh. Henry said that being an advisor of the IEEE Computer Association Blockchain and Distributed Ledger Standards Committee will help SmartMesh participate in the future standards work.