You wanted an update, so we've got a big one for you.
First up, we have been hard at work on the mobile wallets.
After much development, we are pleased to announce that we have not just made a few updates to our existing mobile wallets, have completely recreated the iOS and Android wallets from the ground up.
Please take them for a spin and let us know what you think.
Here's a quick summary of changes:
- Improved and simplified onboarding process
- Streamlined backup process with only one seed for all wallets
- Purchase of any supported currency in the wallet, including TENT
- Improved UI for better usability
- Faster support by creating support ticket directly in app
- Improved swap support
- Multiple security choices with addition of biometrics and pin.
- Staking for rewards directly from the wallet
Please make sure to create a backup of your seeds from each wallet in the old app. You need to do this before updating the wallet, as you all know we are still in beta and things can behave unexpectedly. Seriously, back up your seeds to make sure you don't lose anything!
Secondly, we need to take some action over our direction. Our environment is changing. For the last two quarters, debates have occurred in the team about our core goals.
There’s an increasing incompatibility between our goal of mass adoption and the requirements of KYC and custodial transparency. Our goal is and always has been mass adoption- to create a crypto for everyone. Our legacy as a zcash fork is now at odds with this goal.
We waited as long as we could, but the time has come to drop zaddr support. This will not only give us access to better liquidity through top-quality exchange listings, it is also a prerequisite of achieving our goal of TENT-branded international debit cards integrated directly into the platform. These two things are considered central to our plan for mass adoption.
TENT will be forked via hard fork on May 10th. Please ensure you have transferred all shielded coins to a transparent address before that date.
After this, all mining rewards will also go to transparent addresses. We have decided to allow one week to pass from the fork block where sending from the privacy addresses will be possible until they are not available for use.
Please be aware that all coins that are left in the privacy addresses will be lost forever and unable to be claimed.
During the course of Q1, we were approved for listing by a top-10 exchange. This approval resulted in our payment-in-full of the listing fee, on the order of six figures USD. The privacy features of TENT were mentioned many times during the onboarding process and we were assured that it would not be a problem.
Nevertheless, this exchange has changed direction and informed us that we will be required to drop zaddr support before they will proceed with the listing.
Furthermore, we have decided to keep the listing active as opposed to cancelling it, in return for a guarantee of no further barriers to listing once zaddr support is dropped from TENT.
While this has been going on we have guaranteed and paid for another exchange listing that will be ready within a couple of days. Although this exchange is not in the top 10 it is a well known exchange and will expose the TENT name to a large number of new users.
This means that we should have one new exchange up in a few days, as well as the previously-mentioned top exchange sometime in mid-May. While this will be welcome news for many of our users, rest assured that we will continue pursuing high quality listings as time goes on.
One of the most interesting upcoming features of the new wallet is direct staking. This will make it possible for users to stake TENT coin and earn proportional rewards directly from the mobile wallet. Users who do not have the full amount to start a Masternode can use our wallet to stake their TENT coins from inside the mobile wallet and earn a part of the rewards proportionate to the amount they stake. In-wallet staking should be available in Q2.
After the upcoming hardfork we will change our reward distribution scheme to accommodate these new in-wallet features.
The post-fork reward distribution will be as follows:
The reward scheme is changing during this hard fork to accommodate the new in-wallet staking options.
This new reward scheme will also make it possible for us to offer cashback and other incentives with our upcoming debit cards, which will attract more users to the TENT ecosystem.
We will be updating the roadmap for 2021 as well as putting some aspirational milestones in place for 2022, so keep your eyes open for more information on the following:
- TENT SLP (simple ledger protocol) which allows you to create your own tokens on-chain (both FT’s and NFT’s)
- Tokens creatable from inside the mobile wallet
- EURTENT stable coin
- Improved Masternode solutions
- Launch a new hosted Masternode from inside the mobile wallet
- Much better outreach tools for new users, video how-to’s, etc.
- Trezor hardware integration for both mobile wallet and Masternode operations.
A final message from the TENT Core Team: It's been a busy start to 2021. We've undertaken some ambitious updates to the TENT platform, made great steps toward improving liquidity, and initiated our marketing plan to make TENT a household name. We could not do this without the help, feedback, and ideas from our community. We appreciate your continued support as we work to fulfill our mission of making TENT the crypto for everyone.