25-09-18 Project Status Update |

Hey, there. Lova with you!

From the SCRIV launch, our team has been working on the SCRIV project as well as other projects that have improved the masternode space. We have already introduced our premier services: StackOfStake and Universal Miner. If you missed it – read our 19-09-18 Project Status Update. Now, it is time to present our plans for the main product – the SCRIV NETWORK.

Community Governance

Initially, our team did not consider a Governance feature to be crucial. However, over the last few months, we have examined the masternode sphere and have come to the conclusion that this mechanism is essential. We believe that Community Governance is something that provides unique value to masternode coins and sets them apart from other coins in the crypto space. Community Governance gives more freedom of action to the community, it increases engagement, reduces uncontrolled emission, and provides financing for the projects needs.

The current block reward distribution ratio (70% to miner, 30% to masternode) will be changed to 60%/30%/10% to miner/masternode/governance respectively. This update will not heavily affect the coin profitability but will provide additional funds for marketing or any other community initiatives. As for the present block reward (32.4 SCRIV), the Governance will take away 276 480 SCRIV per month (which cost only about $150 atm. xD )

The date of Community Governance activation is not yet determined. Some infrastructure development needs to be done to make the submitting and voting process nice and easy.

Whitepaper rework

Every business faces difficulties at certain stages, and the following principle comes into force: “be flexible or die.” Our team cheers for flexibility!

Our initial plans have proven to be beyond that which we could accomplish in a bear market and with other currently insurmountable factors. After the project release, and in keeping with community feedback we first changed the coin economy with a hard fork. Then, we reworked the development plan. This allowed us to discover a new direction of growth – the cryptocurrency infrastructure service development.

For the last 6 months, our roadmap became outdated and the whitepaper is no longer reflective of the new essential statements of our project. The SCRIV team has decided to develop a new whitepaper (version 2.0) which will contain updated information. The new whitepaper will also be extended with information about StackOfStake, Universal Miner, and other upcoming services. The roadmap will be revamped and outlined with new items and realistic timeframes.

Overview of the masternode market

The masternode market is young, even by the standards of the cryptocurrency world. It is full of myths and underdogs, which make a lot of the investors misinformed. Our team is engaged in complex research of different market aspects and acting to remove the shroud of misunderstanding.

This work will contain an overview of the masternodes market, the current economic infrastructure, community situation, and problems that masternode coin developers, investors, and users are facing. Also, the difficulties of operating a blockchain with PoW and PoS types of consensus will be covered.

The state of the current masternode market definitely needs clarification, and we will provide it!

This topic will probably be included in the set of official documents of the SCRIV NETWORK and the StackOfStake Service.

Reviewed and supplemented by Blocktrasher.