The State of Catalyst Coin August 26th, 2019

Photo by: William White

Hello everyone, it’s time for another Catalyst weekly digest, to be honest working on these reviews has been very encouraging lately, because by doing so, we can look at our work in perspective, and it makes us very proud, considering all the hard work and dedication we contribute towards turning Catalyst into a viable part of a new world economy.

Like always, let’s start with a quick overview of the latest news and events, so you’ll be updated. Also, in case you are not following our Discord channel, and even if you do, it’s very easy to get lost inside all the action that’s going on there, so, this article will give you the latest picture of the project’s life.

Discussion about a cute name for CX units.

As all of you probably know, the term coin or currency is not exactly technically correct in regard to blockchain generated utility tokens. So we were thinking about an appropriate handle for CX units.

Long story short, currently we are evaluating an option suggested by dirtybits, which is Catalyst “cules”, short for molecules as 1 CX is equal to 10000000 atomic units, the idea is quite original, so we want your opinion about it, and as always, open for suggestions.

Discussion about incorporating decentralized chat into the GUI wallet.

In Catalyst, we consider @Lithy as an integral part of our community, and we are very grateful for all the help he is constantly giving us. Looking at his latest creation, the DecentraChat, decentralized p2p chat, we were thinking about integrating it into our GUI wallet.

One good benefit of this would be that you would have a secure p2p chat to possibly connect with other people who have the GUI open. Currently, it’s just all about putting it all together, so it’s on our road map now, and we’ll do our best to make it happen.

Discussion about decentralized password storage Dapp on Catalyst blockchain.

Most of the Crypto experts are agreed on the fact that the future of the tech industry will be built on decentralized applications.

Decentralized application (Dapp) is a program that runs via p2p network and provides some services for its users. Like blockchain is a distributed data storage, dapp is a distributedly ran digital application. Dapps share a lot of the advantages that are mostly attributed to blockchain like resistance to censorship, robustness, reliability and immutability. It is mostly achieved with an implementation of dapps on top of blockchain-based networks.

when you use Dapps, you’re not handing data over to a company that could abuse it. The whole thing works autonomously once it’s launched. Users vote on any changes to the software using a consensus mechanism.

At Catalyst, we want our community to enjoy the benefits of Dapps on top of our blockchain, and as a step towards it, we discussed a Password Storage app which will run as an addition to the GUI wallet, allowing you to generate and store your passwords and data in a more secure fashion, I won’t dive into details because this is currently just a concept, and we’ll have yet to discuss the technical specifications of implementing it with our community.

Discussion about calculating useful scientific data instead of hashes.

We were thinking about this from early 2018. Although it will require a significant change in our current codebase and add extra computation time to scanning the blockchain, it will also allow us to solve difficult scientific problems, which will increase the “cules” value in a way we couldn’t ever imagine.

Funding system launch. (funding.cryptocatalyst.net)

Over the last week, n8tb1t have been working on implementing the funding system, although it was initially forked from WoWnero, we had to put a lot of work, redesigning and refactoring it for our wallet API.

funding

Right now, it’s still a work in progress, though you can access and test it yourself, and tell us your opinion. Feel free to create your own proposals, and contribute to the active ones.

You are probably asking yourself why, a small project, would ever need such a system? Let me explain!

The Catalyst Funding System was put into action in order to our community members fund each other and help Catalyst grow. It gives an excellent opportunity to independent developers and artists to contribute and to express themselves, and get their work appreciated in CX.

The platform already has a bunch of successfully funded projects, and we hope, that as time goes by more and more will follow.

Listing on SpookyPool.nl web wallet.

The proposal has been successfully funded, by our community.

SpookyPool

You can use this wallet to store various cryptonote based coins, also it’s possible to mine directly into it. In the future “Spooky” is planning to add some major cryptocurrencies into it, and turn it into a full-fledged exchange. CX listing is currently in progress, and we'll inform you once it’s done.

TradeCX update. (tradecx.io/markets/cxbtc)

tradecx

The TradeCX exchange had a major overhaul recently, they improved the site UI, and added more trading assets. We worked together with TradeCX tech stuff to integrate Catalyst on their platform, and now you can deposit your CX there, and start trading. Although there is not much liquidity right now, as TradeCX is a relatively new market, it will hopefully change, once more traders will start using it.

Algorithm Change.

The algorithm change to Argon2 codename Chukwa was initially scheduled around 2 months ago, though we had to postpone, in order to run more tests and prepare the infrastructure.

Argon2 is designed to maximize resistance against GPU cracking attacks. It is a memory hard algorithm distributed under open source GPL-3.0 licence and is easily integrated into the core code, pools, etc.

Now we are happy to announce, that we are almost there.

Last week we launched a testnet, to allow the miners to evaluate the new algo, and prepare their hardware for the upcoming change.

The testnet is running on the latest blockchain snapshot allowing us to see how the thing will go when we deploy it to production.

Market Analysis.

Market

Catalyst is a new asset, and only recently have been listed on trading platforms, though, it’s too early for any kind of serious TA and price assumptions.

The information in this overview is strictly our own opinion, it is not financial advice or by no means a call to action.

But, what is important, is that last week was sort of turning point in this regard, the trading volume grew significantly which is a positive sign, and we can see relatively strong support, between 3–4 satoshi, a breakout of this level could indicate a significant rally to the upside, there might be a mid-term resistance at 30–60 satoshi range, due to some profits taking, though we shouldn't rule out the fact, that currently, CX is extremely undervalued from the fundamental standpoint, and once we have a parabolic run it could drive the price all the way up to 100sat.

We should also consider a possibility, that during the accumulation stage which is currently happening, some major players will try to push the price down, in that case, we should wait and see until CX finds the next support.

The gradual hash rate growth indicates that Catalyst starting to draw miners' attention, considering its low total supply and outstanding development progress. So we can conclude that the trading volume will rise significantly once it’s listed on at least one major exchange. It will also, make us liable to CoinMarketCap and CoinGeco listing.

We also want to emphasize that Catalyst was created not as a speculative instrument, but rather a tool that can be used by creative and independent people around the world, to ensure their future, and take back control of their privacy.

Community.

Our community is constantly getting bigger, this week we are welcoming 2 new members WicheR and TheGoldenSparrow, we want to thank you guys for taking active participation in Catalyst's life!

Misc.

As many of you probably noticed, n8tb1t joined the Catalyst dev. team about a month ago as an open-source developer, and since then, he is working full-time (10–12) hours a day including weekends on contributing to the project infrastructure and support. He strongly believes in Catalyst’s future and trying to do the best he can in order to make it better. Considering this, any support will be much appreciated.

Donations:

Although your support is very important to us, we only encourage you to donate if the overall amount won’t hurt your budget in any possible way.

n8tb1t wallets:

  • CX: cat18x93ufCQWaX4f8f2c2fZ8Ku2A4VTcgEoSpweiDbgEBF9i7YA2XGX1dSR7UbguQU5UKYEXyjfaTfnJBmRhHju26n8Y9AAFx
  • BTC: 36VwDGtowfkNQtyxBMyFUjN2wt2sxu2RGv
  • LTC: MQRfMkxgYZ9egfyKt7qKfZjdHyQd2YpKxP
  • ETH: 0xa2f66d4ab76c4ce740321dd72cde48866219b35c

dirtybits wallets:

  • CX: cat1Az2Xwt4byGrYeiKwxacV2pMahz7JaFPqW7eLbFPDP9kKT4rYMMq428KsZMbv8xK44j3dKBvaZW1VGzX4WVvb4R8ndN6WnD
  • BTC: 163EWRkXkFa22Q7Xv51gumcDKYK5ymLKeG
  • LTC: LdEzvruDTcANXYcQmXmTpUSKiWWfpaP3Ar

Sincerely yours,
The Catalyst Dev. Team.