Deluge- Progress Week 7
So this week has been a development week for deluge and most important one also. Got into a couple of typical development challenges but overall a good solid week for deluge. Here’s a brief of it,
The major task which needed to be done this week is to push for the MVP and to do that Smart contracts needed to be build on top of PoC Nearbay’s Smart Contracts. So, i started with designing a kind of specification document just listing what is super essential in the MVP products and scrapping everything else for later details. For storage of many things, we will be using IPFS as the main storage system as it is stable and reliable as well as cheap and distributed. So as of now Base contract for deluge is almost ready and what’s left is to add storage mechanisms for storage staking from the other users or in specific sellers for deluge. So, storage staking is needed by near in order to keep the data on the ledger (that’s the gist of it), and since we will be having many sellers (hopefully in order of thousands or millions), it will be a good solution to ask sellers to pay for their storage staking and redeem then back their staking once the delete their store or anything like that.
Next the biggest thing which needed to be clarified for deluge it it’s profit streams and risks associated with it, as i got feedback that in order to grow a enterprise we need to first be clear and specific on the revenue streams fo the enterprise and the risks associated with it which can hamper those profits, so just created a doc to clear those things in my head also.
For next week the main motivation is to complete and test on supporting contracts for deluge, which are a rating smart contract and a NFT Marketplace contract. The need for this is that rating and NFT marketplace for the Orders can be detached from base contract and create new opportunities for better use of it as NFT Marketplace can be a place for more liquidity to Deluge (By releasing exclusive NFT for Auction Based raising.) and many more. That’s all for this week and working my way through to the next week.