Update on the project

It's has been two months that our chain is live with almost 350k of blocks produced.
Hash rate grow shows nice support and distribution continues to be fair on participants.
We would like to thank you for that in advance.

In these two months, we have been doing a lot of work behind the scenes on the p2p trading and escrow platform named "Olympus", a lot of testing of the contracts and especially against the steam API.

As we started testing we soon realized that ethereum codebase is very limited in handling the complex contracts in mass. While the handling is flawless, if demand is present the network gets congested fast.
In simple words, the codebase right now can only handle a small number of functioning contracts.
As you all know promethium is based on the ethereum codebase with some heavy modification on the algorithm and consensus level.
We have stated numerous times that the plan and cause of this project is not to create another coin without a purpose or goal, there is plenty of that already out there, but to create a platform that will handle a specific topic of interest.

So the decision was made to switch to another codebase.
We have been working on a custom chain for some time now and we are close to releasing a test net for our new codebase.
Promethium v2

The new codebase is based on rust and the substrate framework that includes the web assembly(wasm) implementation.
The codebase supports also smart contracts.
We strongly believe that the rust codebase can and will be the base to develop a safe and scalable architecture for our application.
What is new on promethium v2:

First of all the web assembly ensures that we don't need to fork anymore if we want to introduce updates on the chain or introduce new features or even consensus changes. This a massive future for the stability of the chain and the future development on it.

 Secondly, we are going to move to a new proof of stake system.
We took that decision even if PLHash is working nicely and fair because we are going always to be depended on the hash power and miner participation, also the time we spend talking to GPU miner developers or the bounties we offered didn't bring anything.
In fear that some miners can go rouge and develop secretly a GPU miner and use it, the decision was made that we need to change the direction.
To have a network that is that fast to serve the needs of a p2p escrow trading system we have to be real about it and move to a pos system and consensus model that reflects that.

Since the system target group is non-crypto customers the need for a flawless working system is more than essential.
Just imagine having a congested chain and trying to explain to costumers with 0 knowledge about blockchain, why they can't withdraw holdings.
Thirdly we are going to have the chance to implement numerous systems on our chain and side chains with more ease as stable coin sidechains, registration of files and governance on-chain and many more.

Transition to the new system will happen at the start of the new year.
All mined funds will be available in the new chain.
Staking will be available to everyone.

We are open to discussion on any point.
A proper announcement will be available with the test net node.

The Promethium Chain Team 2019