TEA Project Monthly Report — September 1, 2022
Epoch 10.1 Begins
Our latest Epoch 10.1 started on August 31, 2022 at 6pm PDT. This is the next stage in our Epoch 10 transitional period that’s allowed our dev team to add new features and tweak existing ones.
- Token economy: contestants will notice a new 1T temporary gas fee charge for layer2 transactions. This will be used to simulate consume actions into the TAppStore, in turn paying out to the memory tax (which is the revenue pool for state maintainer seat holders) and the TAppStore’s Global token.
- The Harberger Tax paid by state maintainers will increase from 1 to 7%. Together with a decrease in the number of seats available, we hope to see an increase in seat transfers as the seat license market becomes more competitive in the face of a rise in both revenue (memory tax) and expenses (Harberger Tax).
- Leaderboard: we’re now tracking the net increase in assets for each contestant starting with Epoch 10.1. This will allow newcomers to compete on a level playing field with other contestants rolling over assets from previous epochs. The #1 finisher at the end of Epoch 10.1 will receive a 100 COFFEE reward (equivalent to 100 USDT).
- Layer2: Contestants can now transfer TEA to each other through our layer2. This represents another milestone as we continue to move more business logic from our current Substrate-based layer1 to our layer2.
- Registration: we’re now requiring contestants to provide their ETH addresses when signing up for the leaderboard. This is so we can associate ETH addresses with Polkadot addresses for when we finally rollover assets to Ethereum. This movement to the Ethereum blockchain will be a huge milestone and is coming soon with Epoch 11 just around the corner.
We Welcome a New Programmer to the Team
The TEA Project had two big personnel needs to start the summer: business development and programming talent. We’ve already hired for the biz dev role by bringing on board Roy Yin. We’re now happy to report that we’ve hired a talented young developer to join the TEA Project, Alsein Xiang.
Alsein most recently worked for iVolution Capital as a system engineer optimizing their high-frequency trading system. Prior to that, he was engaged in Rust development as a member of the Lark Video Conference team at Bytedance. We welcome Alsein and look forward to his contributions to the TEA Project.