Update — New Road Ahead

One of the benefits of building on Bitcoin at this stage with a proof of concept rather than a sound business use case is that it allows us to test new boundaries without the risks associated with more critical applications.

As the transaction landscape evolves miners have potential of new business models and we are excited to have the opportunity to participate in these new processes. We envisage this will benefit the wider ecosystem in assisting the development of new ways applications engage with miners.

We will soon implement changes to how we transact data. We will no longer broadcast to the network, instead we will send our transactions directly to a miner that will broadcast them to the network. The methods on how we send the transactions is a work in progress and will evolve over the near future.

We have entered into an agreement with Mempool to accept our transactions at .2 sats per byte. This fee may change over time based on the dollar value of BSV. This is a first step in opening a more competitive environment among miners for data transactions.

The new fees will allow us to reduce our new channel activation price to $3 AUD yet lock in more future updates. All currently funded channels will see a fivefold increase in the days remaining. Thanks to some donations channels in need will be funded after the transition.

These are new systems and although we hope it goes smoothly we may experience a few bumps in the road. Current weather conditions will update as normal but the chart will be slow to update and we may drop off real time transaction analysers until sorted.