Approaches and Technical Decisions
Development 31 December 2017
Given the current state of global blockchain development, it seems that most people have totally forgotten that behind every project there are actual people working [or not]. So a stylish website with a promising, geeky video, featuring Bitcoin or Ethereum addresses, gets people more attracted to invest than a hardworking community with respect-worthy leaders. People just send money blindly to a smart contract, without researching who’s working on the concept, code, marketing, etc. True KYC or due diligence should be performed on both sides, otherwise you’re just rolling the dice!
MDL takes a slightly different approach, at least at the time of the PRE-ITO. Instead of doing formal KYC, we want to know our investors directly, and we think it’s important to let them understand us better too. During January’s PRE-ITO, we will be ready to answer questions and be available for you as much as physically possible.
Why did we choose the WAVES platform for PRE-ITO?
Frankly, none of our team members were ever active in the Waves community. As experienced investors in a number of Ethereum based ERC20 projects, we have a deep knowledge of Ethereum and the ERC20 standard. The problem is, the ETH user experience is still far from what people expect from it. There are no signs of this changing any time soon, and the current state of congestion of the Ethereum network prevents useful apps (ICOs + crypto kitties) from showing their potential to the world. Simply said, putting the entire world into one single database [which blockchains de-facto are] is probably not the best idea. Vitalik and his team dida great job, they helped the crypto community grow and opened the eyes of many, but they underestimated the impact it was about to have on the world. Instead of fighting congestion wars with all those ERC20s while letting our investors waste tons of money on transaction fees, we have been happy users of Sasha’s creation. It will allow the MDL team achieve our initial crowdfunding goals and focus on what’s important - building a great product. MDL is NOT surfing the blockchain crypto hype, we’re riding the industrial revolution 4.0 vibes.
Why did we choose Skycoin tech / Skyledger?
MDL is [currently] not a dapp or a bunch of smart contracts. We see blockchain as an important part of evolution of technology. Most importantly - all blockchain in our eyes are databases. Yes, databases, but with the peculiarly attractive properties of being distributed and immutable. Ethereum is trying to put the entire world into one database, but for us as a startup it’s important to make sure that the technologies we’re using are solid and well tested. As it was very well put on Skycoin’s github, Skycoin improves on Bitcoin [and hence most of its forks] in too many ways to be addressed here. Instead we suggest that you have a look at their blog and maybe even take a glance at their whitepapers.
How will the transition to the MDL mainnet happen?
Through a gateway. The MDL mainnet will be based on Sky’s codebase, therefore inheriting its precious qualities. Skycoin’s OTC have proven to its team and the community that it works well. Anyone can inspect and and analyze the code at github.com/skycoin/teller. We’re simply adding support for WAVES node, work which has already started.
Why shouldn’t you worry?
We are not the first project using a gateway to the Sky-code-based blockchain and previous cases were smooth. The transition from Pre-MDL [MDL.life token on Waves] to MDL [mainnet, Skycoin’s code fork - don’t mistake it with Bitcoin forks] will have full informational support and our team will help to solve any confusion. The period of transition will be open long enough for everyone to make the exchange. We do care that everyone is happy while cooperating with MDL.
Why are we happy?
Well, you still should be cautious and never invest more than than you can afford to lose in the case of global emergency. Nobody in the MDL project is insured against an earthquake or sudden tsunami. The thing will be workable according to our roadmap in any case.
Happy 2018, Ladies and Gentlemen!