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2018-12-11 00:00:00 A brief report to the community on stages of work on the project BMCHAIN

The development team has prepared a brief report for the project community. First of all let's take a look back at our roadmap describing what the development team has already been able to achieve from what is described in this document.

Public test network.

In December 2017 the public test network BMCHAIN launched even earlier it was planned. This version still required improvements, but even with that one we were able to see how the blockchain will work with real people and start testing the interaction with real users.

Economic model

The development of a model of interaction between the platform participants was started on the BM platform, where it was also possible to get a discount on BM courses when paying in BMT tokens to stimulate users. With this we've received a high level of user activity and were able to find several critical shortcomings on the economical scheme,corrected them and implemented in the BMCHAIN test platform. Of course this work isn't finished yet. The interaction between users and the system will cause the need to change the existing model more than once in the future, but now the preparation has been completed.

Block explorer

Also the BMCHAIN Block Explorer is ready. Now we need to make a comfortable interface for it so it will be convenient not only for technicians but also for ordinary users. Our users may find it by the link.

The next item RPC-interface is currently also implemented. The link for access is https://ws.bmchain.io:7654/

HitBTC delisting

Delisting from the HitBTC exchange is an expected stage of work on the project, preceding the launch of its own blockchain and token. The token listing on trading platforms was made due to the need to provide an opportunity to exit the project before its completion or enter it for new users. However, the current situation shows the volume of trading on the exchanges has significantly decreased since the start meaning the preliminary goal has been successfully achieved. Thus there is no longer need to invest from 8 to 40 BTC depending on the extension period or a new listing on the exchange before the completion of the project. At the moment, BMT is offered on the Yobit.net exchange and it is able to meet the demand of trading on the token BMT. And we plan to complete testing of our own network in 3-6 months and the next step should be the listing of a new token on trading platforms.

At the same time the initial listing on HitBTC also cost a significant amount which we can confirm through transactions in the network at a meeting with active participants of the project. We can also provide the detailed report on payments for development and marketing there most of them are confirmed by correspondence with advertising platforms, exchanges and partners

Summary

Thus to date the main technical problems have already been solved. There is still a need to make them more convenient and better described but everyone can try them now..

What remains? According to the plans, by the end of the year it is necessary to provide an api for integration with BM services and other partners, this functionality is now being tested and refined, and then in 2019 to transfer all erc20 tokens to the platform. As you can see, according to the plans, there is not much work left.

But we need to say we have extended our work from the preliminary plans. Among the additional services we are working on the possibility of storing files in the blockchain, creating user's own tokens etc.

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