November 2020 - The wind of change
The cryptocurrency market has had its ups and down since we launched Dimensions Network and we learnt a lot on the way. For the past couple of months, we have been working on a new direction for Dimensions Network and are excited to share it with you all.
For the past few years, we have been working on a massively scalable centralized cryptocurrency exchange. We successfully released the Alpha of our platform in 2018 and been working tirelessly to complete everything.
From our previous development diaries you will have noticed that we have spent a lot of time packaging up the exchange software to make it secure and easy to install. Firstly we created a 1-click installer, and then migrated everything into a state of the art Kubernetes container orchestration. Just a couple of commands to install our exchange on a blank system.
We are in the process of finalising our core exchange system and packaging up the software. We do not feel that the prevailing market conditions are favourable to launch a new centralized cryptocurrency exchange, and the regulatory environment is becoming more complex. The UK recently announced a ban of crypto derivative products to UK retail customers. (https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers). Traversing constantly changing and complex regulations is expensive and a significant barrier for all but the most established companies.
Going forward our intention is to license out the technology we have written for Dimensions Network for both the crypto and traditional markets. We have some amazing building blocks that would enable companies to get an exchange up and running in no time. There are many other applications for our technology and we are working to generalise the system to open it up for other markets.
With this change of direction we have not forgotten our DST holders. We plan to distribute 15% of license fees to DST token holders, which is fully in line with the original vision of Dimensions Network. The DST token contract will remain locked for time being, but token trading will be activated once we announce the first distribution of license fees to DST token holders.
We recently started work on our latest DeFi project: Vaults Network. Some of you may know that crypto vaults are decentralised investment vehicles, which currently hold billions in dollars already, and Vaults Network will be both a directory which allows any user to quickly join one and to create one with ease.
We made this pivot because, besides the huge cost of making an impact in the flooded crypto trading market, we believe that the DeFi industry has the potential in time to outshine the traditional crypto trading market.
To recognise the support and patience of the Dimensions Network community, all DST token holders will receive a corresponding "airdrop" of VST tokens, free of charge. You do not need to do anything, as soon as the VST token contract is launched, these tokens will be appear in your account. We will make an announcement nearer the time and share the exact details once it is complete.
BRINGING EVERYONE ALONG
So that no one misses out on our latest move, we will migrate all of our social channels from Dimensions Network to Vaults Network. You will notice some changes but do not be alarmed, our team will be around to answer any questions you have.
Lots of change is underway and we would love to have everyone onboard for this new direction.
Thanks for being a part of our community!