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Equibit Group August 2018 State of the Union

August 24, 2018

This year has been both challenging and exhilarating so far. We're not done yet but are still aligned for a successful release of Equibit Mainnet 0.1 by year-end. That said, it’s no secret that we've been plagued with delays this year. I want to address everything I can in this message and subsequent communications.

To provide context, we’re currently on the third iteration of the Equibit codebase. With the first iteration, launched on an internal Testnet, we discovered critical flaws in our trading passport architecture. These were re-engineered and a host of important features (adaptive block size, logistic reward function, complete SHA-3, and more) were added based on our learnings to-date and events that played out in the blockchain sphere. With each step we learned about improvements to the protocol, to the implementation, to the communication network, passport design, etc. In this last iteration, as we launched Testnet 0.1 in June, we learned about the need for commercial quality software and development practices.

We were a good startup that had produced good startup-quality code. But it was messy. Bitcoin's code is messy, and that's what we forked. Could we release Equibit with all that mess? To really succeed we needed to grow from a small crypto dev shop hacking a new blockchain together, to a software development shop that could promote and support a high quality open-source reference application for a reliable, public crypto-securities protocol. Our goal isn’t simply in getting EQB listed on exchanges, it’s in Equibit becoming the backbone of an industry moving many quadrillions of dollars of assets annually.

Why are we doing this? Why are we imposing these standards on ourselves? We’re doing this because of the importance of the protocol we’re developing. To attract sophisticated entrepreneurs, exchanges, and crypto-investors to our network, we need to provide a world-class, enterprise-ready crypto-securities protocol, reference client, support services, partner integration, etc. We need the whole enchilada. Already there’s been a number of very high-profile failures in some projects, the kind of stuff that would forever turn away the industry that makes up our primary user base. With so much at stake, the last thing you want to do is rush an unfinished product to market.

Equibit is no small task. Not just technically, but operationally, logistically, etc. As we prepare for Mainnet release we’ve been making investments that will build its credibility internationally. Our move to Switzerland and receipt of a no-action letter are just some of the steps we’ve made visible on that front. We may not be the most entertaining project out there, but we work in an industry that demands discretion, credibility and trust. We honor that by upholding our commitment to quality and releasing code that we can be proud of.

In the interest of total transparency, I would like to share our internal road map that our development team has committed to and will continue to work towards. I have also included our long-term 2019 goals to show you what we are striving for in the next 12-18 months. 

Stage 0: Q4 2018 – Testnet 0.2 Launch with new codebase

Stage 1: Q4 2018 – Mainnet  0.1 Launch with minable codebase

Stage 2: Q1 2019 – MVP Portfolio Launch with EQB wallet

Stage 3: TBD 2019 – Mainnet 0.2  Technical upgrade release

Stage 4: TBD 2019 – Mainnet 0.3  Feature upgrade with communications and issuance

Stage 5: TBD 2019 – Mainnet 1.0  Launch with full-featured Portfolio

Progress is being made every day of every week on every front. We’ve built a company that has managed to cross all boundaries into the heart of the global financial system, and we’re only just getting started.

Regards,

Chris Horlacher
Chief Executive Officer

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