Three Vault Protocol Updates — Triton Tuesday 6/11/19 — Triton
Welcome Back Everyone!
Triton Tuesday was a blog we used to run all the way back when we were an esports project. Each week we will release an article containing development updates and team updates, so make sure you check back every Tuesday! Let’s get started.
Here’s what happened last week:
- Website Changes
- Gen 1 Service Nodes Release
- Sneak Peak of Delphi
- Sneak Peak of Ribbon
- Triton iOS Wallet Beta
- Triton Merch Sneak Peak
We kicked this week off with some updates! We only made a few changes but nonetheless, they are all important! The most notable change was our additional info added about Service Nodes, Delphi, and Ribbon. Each of these are important for making our Vault Protocol work. We will be releasing more information soon, leading up to the Technical Paper 2.0 release.
Gen 1 Service Nodes
- Framework for Oracle Nodes
- Issuers of SAO/XTRI
- 40,000 XTRI Stake Requirement
Triton Service Nodes are extremely important for the Vault Protocol and are what allow the Sao Dollar to become decentralized. Service Node holders will split 50% of the Triton block reward; the remaining 50% will be paid to miners. Gen 1 service nodes will monitor transactions on the Triton blockchain and help us gather data for the price-monitoring ‘Gen 2’ Oracle Nodes. These Gen 2 Oracle Nodes will monitor exchange data and serve as the decentralized price oracle for Vault Protocol and the eventual SAO stablecoin.
The starting stake for a service node will be 40,000 XTRI at hard fork height(106,750 or June 13th, 2019). Coins staked as Service Nodes will be “locked (not spendable)” for ~6 weeks ( 20,160 Blocks).
Service Node Setup Tutorial (Coming soon, currently in review)
Sneak Peak of Delphi
- The Human Secondary layer
- Karma Reputation System
- Increase Price Accuracy
- 3,000 XTRI Stake
Delphi is a secondary reputation oversight layer of the vault protocol. You will be able to stake a small amount of XTRI to be authorized for inputting prices to create a network price trust factor. Each time you participate in Delphi by inputting the current price on various exchanges, you will be given karma.
More info on Delphi will be released in an upcoming article and Technical Paper V2.0.
Sneak Peak of Ribbon
- Multi-Layered Price Aggregation Model
- Spot price Manipulation Mitigation
- Spot-Convergence-Weighted Average Liquidity
Ribbon is a multi-layered price aggregation system that harnesses multiple moving averages to create a stable equilibrium exchange rate.
All Triton Oracle Nodes (Gen 2 Service Nodes) store price data and then create ribbons. Each ribbon’s moving average has a different time period (details in Technical Paper 2.0). All ribbon’s are averaged and are then used to create the mint and burn exchange rate between XTRI and SAO.
All of Ribbon’s data will be stored directly on the Triton blockchain, allowing for an extremely robust and decentralized system. By using multiple moving averages as well as a weighted liquidity average, the Vault Protocol will be extremely difficult to manipulate.
More info on Ribbon will be released in an upcoming article and Technical Paper V2.0.
Triton iOS Wallet Beta
Lead Developer, Harrison Hesslink, spent the last few days working on the Triton iOS Wallet. In less than a week, he managed to get a beta version out for testing and we currently have over 30 beta testers. We want to make sure it is as easy as possible to store your Triton and a lot of people have really enjoyed the work that has been put in it so far. If you would like to test it out, click here.
Triton Merch Sneak Peak
Bizdev, Thomas, has been working on a few simple designs for some Triton merch. We want to give our community members an opportunity to rock the Triton brand, so we will be setting up a store on our website in the next couple of weeks. If you would like to submit any designs or have any ideas for some merch, please let Thomas know. He would love to work with you on getting some cool stuff out!
Have a great week everyone, and we will update you next Tuesday! If you haven’t already, make sure you check out our Discord and Twitter to keep up with the team and our community. On top of Triton Tuesday, we will be publishing many other articles that will cover the Vault Protocol and relevant industry research, so stay tuned and see you next week!
- Thomas D. Parker
Bizdev for Triton
Originally published at https://xtri.network on June 10, 2019.