Smart State Advices Relictum Pro
Relictum Pro is an advanced blockchain platform operating both in public and private terms, where each device is a node, with the ability to conduct instant and cheap transactions. The project is not a fork.
Its key features are expressed in:
- Blockchain architecture;
- Smart-contracts system;
- Cross-chain interoperability;
- User-friendly orientation — they are the most understandable and convenient for people, both for beginners and professionals.
The project is almost 3 years old, having started in 2019. The mainnet was launched a year ago.
In addition to technical innovations, there are interesting economical solutions — two economical units are implemented within the platform:
Genesis Token — the staking of the governance token, which allows you to receive rewards from the transactions within the network, and the USDR token, a completely transparent, secured stable coin, issued by our special emission center Relictum Finance, with the possibility of buying it both for fiat and other cryptocurrencies.
Smart State advices Relictum Pro on next steps forward
The project is very ambitious in its scope and Smart State was asked for professional advice on how to go ahead to make this project a reality and what is the best way forward. Smart State wasn’t so much as auditing their work as we were helping them figure out how to implement what they want to do.
The major discussion was around using the Delphi ecosystem to create the platform. We believe that having one’s own blockchain using Delphi is a big plus. And it is also necessary to create a community of projects which are comfortable to write in Delphi. This can happen by attracting developers who like to work in Delphi.
We at Smart State felt that at the moment, the opportunities offered by the project are not enough to create dApps on it, since there is no possibility of self-hosting smart contracts, and those provided by the system require centralized logic for integration into business processes.
In such a scenario, we feel that the most viable solution would be to develop a transparent process for developing and deploying smart contracts in Delphi and Solidity. But this also brings with it a few challenges that need to be addressed and solved. These may include reworking the current version of the explorer with the possibility of validating contracts, and so on.
Being a hub for Delphi projects, a sort of an incubator, can be the way forward and may also help enhance the inherent value of the project token to grow, considering the project will be creating an engaged community of highly involved Delphi users. This coin itself has to be multi-chain: on Ethereum and BSC — and must be listed on good exchanges.
Smart State’s Recommendations for Relictum Pro
Our recommendations can be summarized as follows:
- Creation of a dynamic commission structure;
- Introducing the functionality of custom smart contracts with a clear and transparent way to add them;
- Creation of a public repository and knowledge bases;
- Social media marketing — primarily marketing in developer communities;
- Creation of a connection with other chains to simplify the scenarios for buying a coin and its circulation in various markets;
- Simplify purchases by launching wrapped coins on Ethereum and Binance;
- Listing it on good exchanges, but only after creating a link between the wrapped coin and the platform token (coin).
The Relictum Pro project is very ambitious and has interesting prospects, but technological challenges are present. Many times, it is necessary to pivot and not be blinded by preconceived notions or plans that have been chalked out months earlier. Because the technological space is always evolving and it is always worthwhile to keep an open mind to include these technological advancements to give shape to the ultimate vision of the project.
We hope that with our guidance, the Relictum Pro team can make the best use of the technological tools available and create what they intend to. We are excited to see how they go about with future development and we wish the team to do well.
About Smart State
Launched in 2019, Smart State is a leading DeFi security auditing firm based in Dubai. The team validates the security of the code core, smart contracts and blockchain for logical and business process vulnerabilities.
Although Smart State kickstarted operations with smart contract auditing of DLT-projects, from the very beginning, they made sure that their services went beyond the classic purview of smart contract audit and security review. Smart State security audit assesses a project’s git in detail and provides guidelines for its further advancement. The security audit reports delve into the threats and vulnerabilities the codebases might be prone to in the future as the network achieves scalability and expands to accommodate more use cases and functionalities.
To know more about our services, visit our website — www.smartstate.tech.