Saturn Network was established in August 2017 with the goal of creating a community of cryptocurrency investors and entrepreneurs who are eager to learn more about trading and who are keen on using the latest and greatest technology in order to profit from this new booming market. You can read our opening post about our mission statement here.
Since then, we've conducted a token pre-sale in order to raise funds for developing the tools outlined in our original whitepaper. While working on the pre-sale we were astonished to find out the hype and the valuations in this space are far ahead of the technology and the infrastructure.
Back in September, one month after we started, we fixed two bugs in official ethereum.org documentation. For a project that well-funded you'd think they'd have the documentation at least on their main page be correct. Alas, that wasn't the case. Sometimes bright minds focus on the future so much that they forget about the present. This is precisely the attitude that got us Solidity, a smart contract language that makes it so easy to shoot oneself in the foot. Even the creator of the language and the author of the original Ethereum codebase, Gavin Wood, demonstrated that he is incapable of writing critical software without bugs in this language, and lost $90 million from the funds he raised for his new project, PolkaDot.
In fact, even the officially endorsed ERC20 token standard has a design bug in it. One can send ERC20 tokens to a smart contract that does not support them and such tokens will be forever lost. In EOS alone, people have destroyed more than $1.2 million in their savings by accidentally sending their tokens to EOS smart contract. Total amount of destroyed value most likely exceeds tens of millions of dollars across different tokens and smart contracts, and these losses are on developer's shoulders. We, the developers, should protect and guide our customers and investors.
This is why we feel like we have to get involved with products that are more fundamental than short-term price analysis. Ultimately, we're participating in the cryptocurrency movement together and we will all benefit from better standards and better tools.
Saturn Network 2017 Recap
We started by officially endorsing ERC223 token standard. We have contributed code to the standard's specification and participated in the discussion. Our implementation of the token standard is compatible with most of the existing apps, including Etherscan, MyEtherWallet, Mist wallet and MetaMask.
However it is, by design, incompatible with existing DApps that work with ERC20 standard, such as decentralized exchanges. In fact, nobody was even working on one, making it impractical for new businesses to choose the better standard due to the network effects. So we made Radex - the first decentralized exchange for ERC223 tokens.
To make things even better, since the infrastructure for the exchange lives completely on-chain, we are not charging any fees to use it. We want to turn Radex into the most simple, user friendly, and most profitable exchange. To that end, we have to support the existing ERC20 tokens on the exchange. Our research on this topic has resulted in a protocol for upgrading existing ERC20 tokens to ERC223 standard. We have already listed the first ERC20 token and more will be listed shortly.
Saturn Network 2018 Roadmap
Today, we would like to announce that we will be conducting an ICO this spring, tentatively scheduled for Q2 2018.
The goal of the ICO is to raise funds to improve Radex, develop new products that integrate with more blockchains than just Ethereum, connect professional traders with blockchain enthusiasts and to establish an open and welcoming community for those who are just joining the decentralized revolution.
The ICO will distribute a new token with the ticker SATURN among our backers. The token that we used during our Pre-ICO, STN, will be used alongside ETH for purchasing the new SATURN token. STN is currently being traded on Radex.
In order to honor our early backers we will keep STN pegged to ETH in our ICO smart contract. This means that you'll be able to buy as many SATURN with one ETH as with one STN.
Up until the start of the ICO we will be devoting our efforts to the following projects:
- API for Radex. If you want to build trading bots for Radex, or would like to display current price on your website, you'll need to get the data from somewhere. You could, theoretically, parse this data yourself from the blockchain but that's harder to do than it sounds. We will do the hard work and will set up an easy to use API.
- List Radex on CoinMarketCap. Once the API is built we will proceed with listing our exchange in the markets section on the most visited cryptocurrency website.
- Market Making and Arbitrage Bots. The beauty of decentralized exchanges is that liquidity on one exchange can be transferred to another via trading bots. In order to provide liquidity for Radex traders we will develop and test such bots. Once we are confident in the bot's performance we will allocate a portion of the funds raised during the ICO to further boost liquidity for all of Radex's trading pairs.
- Finalize the whitepaper. The new whitepaper will be focused on Radex and the ecosystem around it. We have already started publishing whitepaper previews - select parts of the whitepaper that highlight the direction in which we're taking the project. Stay tuned for more exciting announcements!
- Prepare legal and marketing materials and update Saturn Network. Cryptocurrency projects benefit from a strong community. These days there are so many projects that it's hard to allocate time to read each and every one's whitepaper. We will create high-quality marketing materials to get our viewers interested in reading our whitepaper - and when they do we are sure they'll like what they see.
- Translate the whitepaper and Saturn Network to other languages. If you'd like to volunteer yourself to help us translate the materials please reserve your spot in this thread on our forum. We will allocate a portion of SATURN tokens for community and development bounty.
- Write, audit, and launch the ICO smart contract. Connect the smart contract to the ICO website, announce our existence to various ICO trackers, and launch the ICO!
Our roadmap for the rest of the year will be announced in our whitepaper.
We are very grateful for your support and we will continue working hard for the benefit of our community and the broader cryptocurrency ecosystem. Thank you very much, stay tuned to our updates, and happy trading!