New Journey: The SAO Stablecoin
The team is excited to announce that we have been working on a stablecoin mint and burn protocol called the Sao Dollar (SAO), which is minted from our established volatile coin Triton (XTRI). In preparation for this, the team will be releasing a bulletproof testnet in a few weeks. As a sign of good faith, we have locked 540,000 XTRI from the pre-mine for 3 months in order to ensure the team will not benefit until after public delivery of our open source mint and burn code. Hashes here.
SAO differs from the protocol proposed by Haven (XHV) via a lengthy moving average for the consensus exchange rate, a decentralized oracle made of distributed service nodes, and our decision to limit SAO to a single stable currency peg: the US dollar.
By minting and burning, 1 SAO = $1 USD of XTRI based on a consensus moving average price established via service node oracles. At the time of this writing, the price of 1 Triton is $0.00598. To get the amount of SAO you will get we can use the equation x SAO = y XTRI / (1 / consensus price). So if a user burned 1000 XTRI it would give 5.98 SAO. Let’s say the price drops 50% you burn 5.98 which in return would give you 2000 XTRI. As 1 dollar worth of Triton is now doubled.
For complete details — please read our technical whitepaper below:
Technical Paper v1 here.
Service Node Oracles and Price
The team is leaning to incorporate service nodes, an idea created by the LOKI team, to help create security for the consensus price. To create a service node, a user would commit to stake Triton for a set period of time. During this time, the user would be required to run an oracle validating service node and would not be able to burn their Triton for SAO. In exchange for this, service nodes would receive a reward from mint and burn fees and earn voting rights in certain protocol decisions.
In this mint and burn proposal, prices are monitored and each block price consists of every trade between the last block and the block being found. Prices are stored in oracle blocks which are linked to regular blocks by an oracle hash (See Figure 1). This price is not directly used for the mint and burn price. Instead, this value will be used as part of a 480 block moving average to determine the mint and burn exchange rate. We hope this lengthy 480 block average will make an attack on manipulating the exchange rate prohibitively expensive. While we have not decided the amount of staked Triton required for service nodes, we expect that the amount will be around $2,000 USD worth of Triton at that time of main-net release.
Open Source and Open Discussion
The team would like this protocol to be open sourced and have multiple contributors. We will be using the pre-mine to create bounties and contribution rewards. We are still working on the details.
Please understand that the SAO protocol is still theoretical and no one has officially put this out onto a mainnet. Lots of testing will be needed, and we are looking for community participation.
This protocol will be helpful for making sure users of Project Triton platforms can retain their earned Triton and it will be directly integrated with Neptune when launched. Additionally, we expect the SAO stablecoin to find additional uses within the broader cryptocurrency community.
Business Director Thomas has been working hard on creating an ESports organization, Neso ESports. This will not only allow us to get people using Neptune but also to put ourselves into the ESports scene. Over the past month we have already gained 50 members. Most are all streamers who will be using Neptune. The organization has also formed a Pro Overwatch team, and they will begin competing within the next two weeks.
Roadmap could change based on addition of team members. Priority Key: Bold and Italic= Top, Bold = Medium, and Italic = Low
Proteus has been set aside. This is to better refine and focus on Neptune. Krakn can only do so much. However if we pick up more developers Proteus will be put back into development.
- Project Triton Office Space
- Neptune Stage 4
- Neptune Extension Firefox
- Neptune MIXER and Youtube
- Neptune Twitch Tip Bot
- SAO research and development
- Bring on more team members
- Neptune Full Release
- Testnet SAO v1
— Triton Team