TEA Project Bi-Weekly Report –January 17, 2022

Talks Started for New Funding Round

Talks are underway to secure the TEA Project’s next funding round. We’ve talked to 7 funds so far in January 2022, with more meetings scheduled. The funds will help the team hire more developers and a marketing team to help publicize our project. The TEA Project has a longer-term time horizon than most crypto projects. We are creating the infrastructure for Web3, which is no small undertaking. We’re therefore looking for VCs that can provide publicity and make introductions to related projects in addition to fundraising and generally share our same long-term perspective. We’re not only looking to raise funds, but we want to do so with a team that’s aligned with our vision and timeline for success.

Layer-1 Logic Migration to Layer-2

The dev team continues to move logic from layer-1 to layer-2, resulting in a number of benefits for the TEA Project.

  • Having less logic in layer-1 will result in smaller block sizes. A smaller block size will make sync times quicker for new nodes joining the network.
  • Layer-2 nodes are already trustable by the validation certificates kept on layer-1. Layer-2 doesn’t require new nodes to validate the entire chain state starting from time zero. When syncing the layer-2 state, the new nodes only need to sync the most recent state and can then add new transactions beginning from that point on. Our goal is to allow new nodes to jump into layer-2 and jump in without any long sync-up time. They would then only rely on their GPS module to sync up with the latest layer-2 state.
  • Moving more logic to layer-2 will also help the team implement Cumulus within the layer-1 chain. Adopting Cumulus is an important and necessary step in our 2022 goal of going for a parachain slot in the Polkadot ecosystem.

Updating the Blockchain Heading Towards Epoch 8

A bug was discovered where C CML mining machines weren’t getting any rewards that required us to upgrade the blockchain. Major updates like this require miners to update their nodes or risk being offline after 24 hours. We’re happy to report that most nodes are now online, indicating the upgrade went smoothly.

As mentioned earlier, one of the ways we’re looking to improve the efficiency of our blockchain is to move more logic from layer-1 to layer-2. We’ll also reduce the tipping frequency for TApps to speed up syncing of new nodes. This and other under the hood improvements for the blockchain will lead up to a restart of our blockchain as we usher in epoch 8 on Friday night PST, January 21.

A snapshot of all wallets will be taken right before the epoch 8 launch and will include the following:

  • All users will have their TApp tokens liquidated for their underlying value according to the bonding curve (a fair distribution will be used where all owners will sell at the same price).
  • All TEA will carry over from epoch 7.1 to epoch 8.
  • Unused frozen CML seeds will be reissued as CML coupons.
  • Currently running CML mining nodes, no matter how much time they have left, will also be reissued as CML coupons.

We will announce the exact time epoch 8 starts once updates are complete and we’re closer to the relaunch time.

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