BusyDAO — 2022 Recap
Dear Busy Community,
We would like to take a few minutes to reflect on BusyDAO’s 2022.
Much was achieved this year that we could not be done without you. We can not thank you enough for your continuous support of our roadmap. We overcame many obstacles, and at the end of the year, it was clear that the next step is the mainnet. Read more about our 2022 achievements and what to look forward to in 2023.
The topic of the year: Diversification
Definitely, the most discussed and controversial topic has been diversification. BusyDAO started as a low-cap, e-commerce market use case bringing DAO and governance to the freelance platform. The project was clearly defined. As time went on, our amazing developers kept getting more excellent ideas that exceeded the initial BusyDAO concept. However, it has still been implemented and realized as part of the BusyDAO. In Q3 2022, BusyDAO started to become a “bubble” full of brilliant ideas and functions, but these ideas were not relevant to the core BusyDAO concept. In order to keep the original BusyDAO concept in place, stayed focused and unleash its full potential, it was decided that the additional functionalities would be separated into the new, standalone project, BusyXChain. This is the nature of any emerging technology; it’s essential to remain dynamic in order to adapt to advances within the industry. Thus the company Busy Technology diversified into two branches: BusyDAO and BusyXChain. Diversification allows us to separate teams and hire new experts primarily focused on each particular project.
The concept of BusyDAO
BusyDAO has separate functions and applications based on the initial whitepaper, but still highly improved. Many excellent implementations will be active on both projects. The BusyDAO original, improved engine functions are:
- BusyDAO mainnet chaincode — ready to launch on the BusyXChain network as Layer 1 blockchain.
- BusyDAO governance — governance and voting functions were exclusively developed for BusyDAO. They will be part of the freelance platform and chaincode.
- Phases and slots mechanism — the functionality is dedicated and developed only for BusyDAO. The freelance platform will tether and implement both chaincode functionalities.
- Utility staking 33% p.a.
- Desktop and mobile wallet — the desktop wallet is ready with its mandatory functionality. The Token Creator function was an overkill that did not fit the original BusyDAO concept and thus is no longer part of the BusyDAO chaincode.
- NFT protection — special NFT types of tokens are reserved for BusyDAO. The freelance platform users will use it to assign/create NFT to their deliveries (projects, files, images, etc.).
- Freelance Platform — The core product of BusyDAO is about to be finalized for alpha testing.
- Antispam messaging — unique concept to eliminate spam on the BusyDAO chaincode. Two wallets/users will simply exchange their coins that behave like a message carrier. It will be costly only for a spammer, but legitimate users in conversation will be able to use this feature without any fees.
- Smart contract-based contract creation and dispute — Tethered chaincode functions will be implemented in the platform’s users’ decision-making process to fully decentralized functionality without a central authority. Users will decide the final verdict.
Highlights of the year per each part
- Chaincode code has been refactored many times by separating a few internal functions into individual packages. The separation leads to a more modular schema that leads to increased security, clearance of the code, and network response.
- An additional element was implemented to protect staking addresses during the phase transition. During the period of phase transitions and whilst recalculating the staking parameters, the claim function will be temporarily rejected. This will guarantee that staking reward will always have the correct balance for the user.
- We worked on documentation for solving emergency situations. We have simulated various attacks on the chaincode, recorded individual results, and then applied enhancements to ensure the highest possible functions functionality during such events.
- We have tested and successfully simulated multiple disaster scenarios. Recovery tools for blocks, transactions, and balances have been finalized.
- We put the chaincode under extreme load to obtain data on the parts’ speed, delay and performance and the entire solution. We focused on fixing possible bottlenecks and millisecond delays in the network. We have enhanced blockchain indexing for faster querying of the data. Block time was set to 300 milliseconds.
- Over a few days an average of 50 transactions per second was processed (in one block). During this period, blockchain processed millions of transactions. The final data from the latest test (running for only seven days) counts 261 473 blocks, 1 367 119 transactions and 27 210 addresses (including wallets and staking addresses).
- BusyDAO network infrastructure that can work fully independently has been completed. There is an option for adding peers to the network. Each user can support the decentralization of the entire network.
- Additional encryption has been implemented across all functions and data storage.
- We analyzed the need for the monitoring and configured alerts and monitoring. We have implemented internal monitoring policies (Prometheus, Grafana, Benchmark, …) in the Kubernetes network. The BusyDAO Team is aware of any event or unwanted activity 24/7.
- BusyDAO chaincode audit has been performed. Two low key vulnerabilities were found and received a few suggestions. All vulnerabilities, including suggestions, were implemented, re-validated and audit-confirmed.
- Penetration test of the BusyDAO chaincode has been completed with no vulnerability found.
- Data Explorer is ready for BusyDAO mainnet.
- Data Explorer is available for Testnet: https://www.explorer.testnet.busydao.io/
- Desktop Wallet integrated with BusyDAO chaincode.
- Desktop Wallet Testnet released for the users to test.
- The wallet passed two rounds of community testing and bug-hunty events.
- It is ready to be released, together with the BusyDAO mainnet. https://youtu.be/peWFYsxcqkQ
- Busy Freelance Platform achieved the initial vision and is ready for BusyDAO chaincode integration through API.
- The user’s profile and admin section are finalized, alongside smart contract creation between both parties and messaging.
- Alpha testing will be released soon.
- BusyDAO Mobile App prototype has been released. https://youtu.be/bJMxi5j-zA0
- It will be mandatory to have the MobileApp for confirming transactions, smart contracts and votes on the Freelance Platform.
- The swap page is ready for the mainnet. It will provide an option for the users to connect their Metamask wallets and swap ERC-20 BUSY tokens to the BUSY coins at a ratio of 1:1. It is fully ready to be integrated with the mainnet network.
- BusyDAO Knowledge Base has been released with many useful articles from regular users to experts and developers. https://documentation.busydao.io/
Summary of 2022
To conclude, the year 2022, for us, has been highly successful. Despite the market conditions and crypto situation, the Busy Team focused on the product and moved the BusyDAO solution to the mainnet version.
What is next?
The main parts of the product are ready to go. We are heading to the mainnet in 2023. We are looking forward to seeing better market conditions and circumstances to be safe to release the BusyDAO mainnet on the BusyXChain Layer 1+ network.
Mainnet is not the end line for us. There are many features that we have identified further to our roadmap. You can look forward to testing the alpha version of the freelance platform, alpha versions of the BusyDAO mobile app, new listings and partnerships, a solid marketing boost and much more.
Thank you again for your trust and support; we will see you in 2023!