The Discreet Contract Upgrade
The Discreet Project is getting even better starting April 30th.
Discreet launched its original contract in the summer of 2021. Since that time, the team has been developing at a blistering pace, and it’s become clear that there are some features that would benefit the project, but which require a new contract in order to implement.
We’ve been working on this project and the ideas behind it for a long time. We have always wanted a contract that supports that vision the best way possible. We are excited to announce that now we have one!
The Discreet team concluded that we ought to launch this new contract sooner than later, and make it as simple as possible for our current supporters to transfer their tokens 1:1 over to the new contract. Nothing will change for DIS holders. Your wallet address will stay the same, and you’ll retain every DIS token you currently own. Only the improved contract will be different.
Our vision and mission remain the same. Our contract just got better!
The new-and-improved Discreet contract features include:
An extended lock on the development wallet
We initially locked the development wallet for six months as a demonstration of commitment, and we want to extend this trust through Phase 2 of the IDO. A new contract will allow us to do so. The new contract extends the lock on the development wallet by an additional seven months (January 20th, 2023 is the unlock date).
What does this mean for me?
On the 30th of April, a new token address will be announced. The amount of Discreet you purchased will be automatically transferred over, the only thing you have to do, is enter in a new contract address for the token. We will also have a button on the website to automatically do this for you.
A wallet address whitelist baked into the contract allows the Discreet team to distribute token management between team members and servers, including tasks like updating the IDO rate, and it also facilitates functions like employee payroll. It also allows us to do community and marketing promotions like Airdrops more efficiently, whenever those occur.
Anti-fraud send limits
Send limits are an anti-fraud feature to prevent mass sending of the token prior to the launch of Discreet mainnet. (Listing on an exchange will occur after the launch of Mainnet.) This feature will cause an error if anyone tries to transfer more than one million tokens. The send limits are exclusive to this contract, and will not carry over into Discreet mainnet. (Wallet addresses can be whitelisted to circumvent this limit if necessary but would need to be approved by the Discreet team.)
The $DIST ticker
Discreet is currently being sold as $DIS on the Binance Smart Chain (BSC) network. This will not be the final ticker for mainnet, due to naming conflicts with a popular stock named $DIS and a desire to forge a clear distinction between the BSC contract and the mainnet coin.
- $BDIS is a token on BSC. It functions as an I.O.U. for $DIST.
- $DIST is the ticker for the main currency of the Discreet Network upon launch.
- $TDIST is the testnet currency. This currency is worthless and should never be used outside of testing the network, or for development testing.
Once mainnet is ready, there will be an applet on discreet.net for converting your $BDIS (on BSC) to mainnet $DIST.
Our tokenomics largely look the same, the total cap for the sales are still 90 million Discreet tokens. They are designated as follows:
- 20 million $BDIS designated for the pre-seed sale.
- 20 million $BDIS designated for the seed round.
- 30 million $BDIS designated for the public round.
- 10 million for the development fund (5 million of which are locked for 7 months, 5 unlocked)
- 10 million $BDIS for community and project improvements, events and proposals.
Trading after a stable testnet
A significant amount of work has been put into the technology that will allow for easy-as-possible exchange listings. Our upgraded contract now supports standard protocols, so that Discreet will be ready out-of-the-box to be listed on major and minor exchanges. Trading of Discreet on a CEX or DEX will not occur until after a stable testnet has been established. We anticipate this will occur in Q4 2022 or Q1 2023.
We know this new trading forecast is later than our initial Q2 2022 estimate, but this slight delay will ensure trading can occur with the native Discreet coin, rather than its current BNB placeholder token. We anticipate launching Discreet first on a CEX when that time comes. In the recent weeks, we have had multiple meetings with some of the largest CEXs that has shown eager interest in listing Discreet.
Fixed price for remainder of pre-seed phase
Once the price of Discreet reaches 50 cents, it will remain locked at that price until it reaches the open market. Under the new contract, any tokens that remain unsold during the pre-seed phase will not become part of the liquidity pool as originally planned, but will instead be used as liquidity for CEX exchange listings.
The reason for this is economic. We’re grateful for the community participating in the pre-seed round, but further funding is required in order to finance the novel technology the project is developing for Discreet. Rest assured, the unsold tokens allocated for our seed round will be set in vesting schedules, so current holders of Discreet will not have to worry about coins being immediately sold once these rounds have been completed. As is customary at Discreet, we will release transparency reports when these funds are delegated to exchanges, seed rounds, and other purposes that benefit the project and its holders.
Staking as a Network Feature
As a means of selecting network validators, a staking method has several distinct advantages:
- The community has a say in who gets to be a validator in the network.
- Staking Discreet in your wallet means that you can earn rewards and support the network.
- Does NOT mean whoever holds more tokens has any more power or vote than anyone else for consensus.
Note: We are 100% committed to fair mining! Every validator has an equal chance of generating the head block in the Discreet DAG, and this process is fully randomized. Discreet mining exists as a means of generating new coins in the network and functions exactly as specified in our technical paper.
Novel Private Proof-of-Stake Consensus
In a change that is both technologically and ideologically compatible with Discreet, we are differentiating our approach from that of Aleph by implementing a novel (and exciting) “Private Proof-of-Stake” consensus method, based on cutting-edge research from Århus University. This is not like the Proof-of-Stake you’re used to, and we’re very excited about it!
- Staking will be completely anonymous using a mechanism called “reserve proofs”. There is still a fair coin-minting lottery for block rewards, but lottery winners are obfuscated, even if the same candidate wins multiple times in a row. (Aleph, by contrast, would deanonymize participating miners to make payouts public.)
- It’s blisteringly fast, with finality times in the single-digit seconds.
Other Benefits of the Improved Contract
Discreet undertook our initial pre-sale in order to raise funds to support the growth of our unique product. These funds are being used to hire more front-end and back-end developers, acquire and run servers to support a robust network, pay for corporate legal filings, etc. As our costs increase incrementally commensurate with our ongoing development, we are taking the opportunity provided by launching this upgraded contract to direct the funds raised-to-date in order to use them for the purpose they were intended. This will also permit us to finance our long anticipated marketing push!
Whenever the team makes a decision, whether it be financial, technical or otherwise, those decisions will always be in support of whatever solution is best for widespread adoption of the coin. It’s no secret that developers on the team take salaries and are heavily invested in Discreet. Our motives are always aligned with our pre-seed backers.
One of the things we are proudest of is the community we’ve built of people who share our belief that a fast, programmable, and completely anonymous cryptocurrency is crucial. We remain committed to building that cryptocurrency, and we are thrilled to be on this journey with you!
Thank you for your continued trust and support; we hope we have shown ourselves worthy of it through our rapid progress in development in both 2021 and 2022, and we will continue not to let you down!