News Digest (S2E31)

Serge: [00:00:01] Hello. It's Enecuum News today Serge and Mike here and we glad to see a lot of people not so glad about KuCoin use but let's start with R&D. So this week we initiated an update in Test Network. And the update brings the last piece of decentralization track that we tried made quick adjustment to fully. Lose the control we had. But now we had partial control over POW nodes and some control over my microblocks generation. So last two months we spent adjusting TRINITY protocol to make quick changes because to make to make everything in a thoughtful and planned way, it would require much more time. So now we changed some changes described. If someone is interested, welcome to any dev Reddit. I will answer technical questions. So now the update is successful. But now we are testing new Docker images images that will allow uh POS. Miners to connect POS. So. And applications will receive an option to choose what POS connect to. So. We're testing this new Docker images and next week I hope if everything goes fine, it will be available in beta and everyone could test it and give feedback and so on. So also last week we made a presentation on Cyber Security conference in San Antonio, Texas in USA with support of Tripoli Consortium. So it went great. Now we are waiting of proceedings published and let's see if it helps us with some. New funding of the project. So the. This conference we presented. Yes. So that's all on R&D. And Mike please continue.

Mike: [00:03:17] Yeah. Thanks. Thanks, Serge. Uh, yeah. So, um. I would like to talk first regarding the situation current situation with cocaine placing. So. We already published the information which we received from the KuCoin site just this week. So we will wait for two months, try to contact them many times and with no answers for a couple of weeks. And I saw the speculation that someone contact the support of KuCoin and the answer very quickly. So for your understanding, we not communicate with. Support. Customer support. Communicate with the manager who work with our project for the last few years. We are communicate with management team and it was take two months. So the team internally discussed with the risk management team and management team like what they have to do with the MQ because after we we post the proposal, they received a lot of complaints from community members. They start receiving them in telegram chats, in Twitter, official email. So they decide to stop deposit without informing us. They didn't ask us what's happened. They're like what's. Are you are planning to manage with this proposal and so on. So after the voicing was done, we we are again contact the KuCoin. So they told us that they will need more time to discuss it internally with the risk management team and management team.

Serge: [00:05:16] And didn't answer to us for a couple of weeks more. So we was waiting two weeks more and then two weeks more. And after two months, they inform us that they decide to put in queue under special treatment and the list in the few coming days. So actually what happened? They explained that its decision of risk management team because the low trading volume daily and. A lot of complaints and concerns from the community. So it was his decision to make that happen. So also saw a lot of speculation regarding that 2 or 3 were five. Doesn't matter how much community members can, um, community members can manage that token can be unlisted from exchange. So yes and no. So from my perspective of you, from my point of view, so what was happened? And because the KuCoin cert completely changed the management system and KYC system since last this summer. So they decided to not have any relationships with the project, who can potentially bring some kind of risk to them instead of. But like most of his reputation because we did reputation.

Serge: [00:06:52] Not a bad preservative.

Mike: [00:06:59] Yeah. So they they did. Sorry. So they did a profit from the commission from traders. So it's a less trading volume. Not so many business to them but a lot of communication. And again the risk management team decide. And the same time the community members start sending them the concerns. So they decide. And so everything happened within just a few days. So they decided to put it under special treatment. And I believe they will release the interview in the next few days or maybe week. But for from my point of view, it will happen for 99% because like for these two months, they twice or two times or three times tell us that they are probably looking for the list, but it was not happen. So we explained them that it's not good idea to the list. So. Uh, and we cannot control this situation. And we cannot. We don't have a market making funds, and we don't have even the, uh, we don't have a tokens which we can use for market making, and but it's, uh. So those reason doesn't care to KuCoin. So probably I believe it will happen like next week. And the good point is like if community members will try to send them the message like ask them to not delete the info, like maybe 1% that it will help, but I'm not sure. So. So as already post the message we didn't know. Did the KuCoin cover the queue which was lost where back in 2020, but just to be more safety like it's better idea to withdraw the funds. But it's always up to you guys. Uh, this is the first.

Mike: [00:09:19] Secondly, the Dao token distribution. So we didn't distribute the Dao because the situation was with KuCoin was unclear. So and the idea was to distribute to all, uh, equivalent to all holders of MQ. And the fact that KuCoin right now on like one week ago, it was more almost 200 million of MQ was on the wallets of KuCoin. So in this case, the Dao distribution can be like an unfair way distributed. So we was wait for decision from KuCoin side. So let's see next week we will see what happens. So it will be the list where they will change his mind and Inc will be. Not listed. Uh. And we will announce the token distribution of the output. So from the Tito token, we are, as we mentioned before, that we are planning to. Distribute this now talking to you in folders to make a voice. And our plan for the next very next, a very near future. It's a finalized the decentralization. Publish the source code. Make a distribution of Dao and. Integrated operating model to manage the protocol in the future. So this is like our plan for the nearest future. Uh, once. One more thing. I saw that someone send a message that, uh, someone person from UAE propose us to buy the project. So I don't really understand. What does it mean to buy a project? Because the project has have, uh, the link token. So it's it was always on the secondary market, so anyone can. By the token on the secondary market or by some tokens through what you see. And I believe that we have some community members who can manage that.

Mike: [00:11:58] But from perspective of selling the project, it doesn't make sense because we are planning. So it doesn't make sense. I really don't understand the proposition of the selling the project because we're planning to open source the code. The token Utility Token Inc will already on the secondary market for 100%. And the third the token will be distributed between holders. So we are always was and always open for any kind of cooperation with the blockchains, with the DeFi, with the real world activities, assets and so on to work together. This is always we was always open and we will be always open for that. But from my understanding, it's not clear. What does it mean? This where is that someone would like to buy the project. So if you guys have some. Proposal to us. You always can contact me or Serge to discuss the future preparation and discuss the points where we can achieve the goals together with someone, with some project or with some business project, etcetera, etcetera. So I think this is so what else? I would like to tell that from the perspective of the funds which we need for continued develop, we already published that that we are now have funds for future research and upgrades on new features like DVF, which Serge just mentioned at the beginning of this meeting. So, but we are planning to continue support the existing code and existing products, which was already published and developed in the past. So I think that's it. It's if you have someone have the question. So maybe we can see the question.

Serge: [00:14:19] May I add some? Yeah. Sure. Points. So about tokens. We still have security deposit. And we suggested KuCoin to use to, to use this deposit to support uh volumes to make to use it for market making or for additional listing. But we didn't receive a clear response. Am I remember this correct? So it was kind of know, but without. Clear statement about how we may use this deposit. Uh, also about why it is important to understand what what what is happening with KuCoin before distribution, because we believe there are investors, big holders of ENQ, which might even not have a wallet in any network. So slowly, people who bought ENQ solely on KuCoin and holding on KuCoin. So if we made distribution on. Uh, current accounts. We might leave those investors without doubt. It wouldn't be fair because they spend their money as other community members. So, um. And that's true.

Mike: [00:16:03] Yeah, yeah. Uh, like I mentioned before, it can be, uh, like an unfair distribution. So the more than 50% located on the KuCoin and those, uh, owners of bank will not. Received the title token and it will be like unfair because the only way where those guys can have it is by boat it in the secondary market. Yeah. That's true. So Serge. Yeah.

Serge: [00:16:35] Yeah. In the last one about open source. So we already have the most of our nodes as open source. And parts of nodes that are closed are connected with those parts of protocol that were centralized. And that we are changing now that you already can see in network and next week it will be finalized. So it's like a bit of code that is closed. It's not like some huge work in terms of open source. You already have a lot of a lot of open opened code. Yeah. Because this question is sometimes is discussed. So just to recap this part, uh, yeah. I think that's all. Thank you.

Mike: [00:17:37] Yeah I think. Yeah. That's helpful. Regarding the security deposit. Yeah. Sorry. It's around nine. Point 5 million plus we have on the KuCoin 750 K in Q marketing budget. So the KuCoin told us that those funds, those in Q will be sent to us after one month of delisting. Uh, so this is the question how we will distribute those in Q maybe for new listings or for support the project. So we will wait for those if it will happen for 90%, which I believe, uh, so we will wait for those in Q distribution in the future by the Dao token on the space governance. So I think that's it for today.

Serge: [00:18:42] Yeah. So we didn't receive the receive questions in the Google form, but we have some in the chat. So let's go through them. What will happen to the project in the short term? Will development continue? Marketing. So everything depends on. Funding if we manage to find more. The more funding we have, the more marketing and development we will be able to present. Because now we are limited and our short term goal is to release full decentralization in my network and open this code. So to allow any anyone to participate in the development, if there will be such interested persons. Um, and this is in terms of development and in terms of the economics. So as Mike said about distribution, but we, we, we are waiting for KuCoin finally to, to start the listing procedure. So people to move in to the main to the, the their accounts wallets from the exchange.

Mike: [00:20:31] Yeah. See, the tailor already propose how we will. How we can spend the entire from security deposit for the future. So. Yeah, guys, let's discuss it. And we, we will collect all proposal and we will publish it, and we will wait for you will wait as a convenience for the future. So, um. Yeah, one more thing. It's a little bit, maybe a little bit funny, but, uh, I just remember, like for the last couple of years, it was a lot of discussion and community that, uh, the three main point was the lot of the super hot topics on the community chat. So first, it's KuCoin. So too much, uh, the, uh, KuCoin on the huge part of the mission. And it was a speculation like KuCoin can control the price and KuCoin can dump or KuCoin can pump, and we have to find some new exchanges, and we're trying to find the exchanges with the less price for listing fee and so on. And I believe we was use 1 or 2 of them. One was for for free. It was leaky. And second was, uh, let's trade with which was like a completely shit. And it was a mistake, but it was super cheap price. But anyway.

Speaker2: [00:22:04] And the second concern was that, uh, uh. Jim have ENQ Jim sell and ENQ because he has, as I told always, the team was selling in queue to pay the salary. It was not a secret and I don't know really the reason of the lot of speculation so many times told that we we don't sell at the high, so we actually selling in queue. Uh. Small amount every month. So that's it. And the third thing it's decentralization. So team control the nodes and the project not looks like a. Really through death into life. So. The. Those three concerns, which was hot discussed for the last couple of years, can be finalized in a couple of weeks. So team already doesn't have the ink. The team work to publish decentralized. Protocol finally, and that the project have a risk to be delisted from KuCoin. So those three things. Can be solved in the next couple of weeks. I don't believe that all community members will be happy. But. The situation is like that. So this two thing can be managed in the super near future. So it means that everything in the control of the community in the time period for this 2 or 3 weeks.

Speaker4: [00:24:03] All right.

Speaker2: [00:24:04] So that's it from my side.

Speaker5: [00:24:09] Yeah.

Serge: [00:24:10] Thank you Mike. Thanks to everyone here in the chat. And, um, let's meet Taylor.

Mike: [00:24:22] Would want to ask something. Yeah, but. And you guys have to understand that you read a lot of, uh. Uh. Concerns. Which was directed mostly to me for the last couple of months. That did a lot of mistakes that I always like and I like to community. I was lying to team members, and the team members is a slave and like a super bad guy and so on and so on. So sometimes I'm reading that and. I'm a little bit angry. Sometimes I'm loud, so. But you have to understand that from the first day which was started working on this project, I believe Serge You was one of the first team member six years ago, and I personally myself. I'm the fighter from the nature by the nature. So I'm not, uh, never lose my hands. I was always trying to solve any kind of problems. Which project was, uh, uh, needed on his way. So it was few times when we think that everything is. Uh, finished. At least it was three times, but never for those six years. Uh. Uh, I don't, uh, I always was with the team and always was with the project. So right now, me personally and all team members do all the best what we can do.

Speaker4: [00:26:21] Uh, to.

Mike: [00:26:23] Finalize at least make decentralization and decentralization, because in the way where the we cannot find any funds for the future development, at least we have to make everything. That project can be supported and developed by the community in the future. So this is like a minimum, uh, goal, which we have to achieve for the next couple of weeks. Okay, so why wasn't people paid in N2 instead of EDT? Oh, you name the salary so we can discuss it in the future. Think it's not a discussion for now because we don't prepare anything for the boulevard. Yeah. So everyone expecting the bull run and bull run believe the bull run will happen. So, guys, right now, everything in your hand. So the chip, the price is super cheap. And the, uh, the team will not have any control of the network since next couple of weeks, so. We will do all the best that how we can support. So of course it will be great that we will list. In queue at least the one tier two exchange like Max sea gate bit. It will be great. But as you know, as I mentioned before, the cost of those listing can cost. The price of this can cost 100 USD. It's a quite big money, especially when the market cap is 101 mil. So it's more than 10% of the market cap just paying for listing. So from this perspective, it doesn't make sense, but from perspective of the. Explore the new markets and the new users. It can be very useful. Okay. That's it. Finally third time for now. Thank you so much for. Your time. And next week I think we will make the. Please prepare your question and we will meet one week later. Thank you.

Serge: [00:29:05] Thank you. Goodbye. Bye bye.