This blog post will describe the progress on the MemeChain so far, as well as planned upgrades to the Kekcoin core protocol. We recently made public two code repositories; memechain-api (which constitutes MemeChain state machine, IPFS integration, and the API), and kekcoin-segwit.
Note: these are working repositories which are not yet ready for use!
The MemeChain will be comprised of multiple parts. As illustrated on the roadmap these parts are; the MemeChain state machine, IPFS integration, API, and the user interface. See the github repository for a detailed view on the architecture of the MemeChain. Note that the user interface will remain closed-sourced.
We have attempted to adhere to the timeline set out in the roadmap, but once development began it became clear that the parts would need to be implemented in reverse order. Each of the parts has received some attention, but here are estimations on the progress so far:
- User Interface: Mostly complete (initial version ready for user testing)
- API: 50% complete (dependent on the library tools being developed in MemeChain state machine)
- IPFS integration: Complete (apart from final product testing)
- MemeChain state machine: 10% complete (the files sync.py, memechain.py, OP_RETURN.py, and kekcoin.py constitute this part)
The main reason for progressing with the development in the reverse order is that the MemeChain state machine will be dependent on the underlying code-base of Kekcoin, and this code-base will be upgraded significantly in the future. Planning ahead, we hope to mitigate any issues that may arise in migrating the MemeChain from an old Kekcoin code-base to a new one. This led us to consider how to best upgrade the protocol and take advantage of the most recent developments in the open- blockchain space. Once this is clear, we can be confident in continuing with implementing the tools required by the MemeChain to interact with the Kekcoin blockchain.
On the whole, development is on track and we hope to finish the platform by the initially proposed release date (end of Jan, 2018).
A core protocol upgrade would bring to Kekcoin many new features, security enhancements, and a new GUI wallet. There are a few ways to upgrade the core protocol, including through soft-forks, hard-forks, and wholly new implementations. Our current best approach is to upgrade the core-protocol to Bitcoin 0.13. This will modernize the code-base while keeping proof-of-stake and all the chain parameters that make Kekcoin unique. In particular, the upgrade will incorporate the following Bitcoin Improvement Proposals (BIPs):
- BIP 68: Relative lock-time using consensus-enforced sequence numbers .
- BIP 112: New Op-code CHECKSEQUENCEVERIFY.
- BIP 113: Ensure reliable behaviour in lock-time calculations.
- BIP 141: Segregated Witness (Consensus layer).
- BIP 143: Transaction signature verification for version 0 witness program.
The first three of these BIPs enable reliable development of bi-directional payment channels and routed payment channels (such as Lightning Network). BIP 141 (the notorious ‘segwit’) has a variety of benefits, the first of which directly improves payment channel technologies. Specifically, segregated witness is an architectural change to the transaction which removes the possibility for transaction malleability attacks, simplifying implementations of payment channels. Moreover, segregated witness enables; script versioning for upgrading the scripting language in a backward-compatible way, network and storage scaling, and in combination with BIP 143 improves offline signing and optimizes signature verification.
Technicalities aside, suffice it to say that with the addition of segregated witness and related improvements, Kekcoin will be one of the most advanced proof-of-stake cryptocurrencies. Kekcoin will also benefit from interoperability with other ‘segwit-aware’ applications and cryptocurrencies.
As there are many technical challenges in implementing this upgrade, it is difficult to estimate a release date. This is part of the reason why we have made the code repository open-source. Now anyone can contribute or follow our progress.
In the coming weeks our development focus will be split between MemeChain and Kekcoin-Segwit. We hope that this will not affect the previously scheduled release date of MemeChain, but first and foremost we wish to build a robust platform that will withstand the test of time as cryptocurrencies continue to develop at a rapid pace. If you have any questions, join our telegram chat.
May Kek’s wisdom guide our actions towards a truly prosperous and meme-rich future. Sincerely,
The Kekcoin Team.