Past, Present, Future – This is Signatum
Signatum’s final 100k PoW block was mined as of Friday the 29th September. In this article we explore where Signatum is currently at, where it is going as well as deep dive into some of the obstacles that Signatum has had to overcome in its just three months young life. This is a complete overview of Signatum.
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Why is Signatum Unique?
Signatum was launched in July, with the unique value proposition of no premine, ICO or any crowdfunding. The founders of the coin started mining the coin along with all other miners on launch. They believed firmly in giving the community a fair launch with high and frequent block rewards. This combined with the limited coin supply of 137 million coins, meant that the community instantly fell in love with the project. It clearly showed in the mining hashrate in the following weeks and the growing number of people on Telegram, Discord and Twitter.
What has made Signatum unique has enabled it to grow a large follower base and a strong contributing community, something that most other coin founders look upon with envy, as Signatum’s community does not have direct financial gains such as bounties and air drops to drive it. Community members contribute because they love the Signatum’s core concept and the thriving community. They are simply keen to see Signatum succeed.
Since its conception, Signatum has always taken pride in being a community driven concept and as a result has focused on taking the suggestions from the community on board for consideration for the future direction of the project. Therefore, going forward the community will be able to vote on major changes on new deliverables on the Discord channel in the Polls section.
Looking at the future, this is of course not enough to ensure that Signatum will thrive in the long term, therefore this post looks to explore in greater detail where Signatum is currently at, what it has achieved thus far and what the future holds. It also seeks to shed light on some of the past problems that Signatum has had to overcome, that are still resurfacing from time to time on Bitcointalk, as people do not understand the full picture.
The founder Signatumd and the core developer and voice of Signatum the Doctor, has been active since launch. While the Doctor is more outspoken than Signatumd, in my dealings with them I can attest to both of them to being hard workers, highly reliable, ethical and empathetic in their business approach and dealings. For them their goal is clearly not to simply get rich through this project, but rather to build a sustainable economy, with a bright future and real world application. Both are active and available on the official Discord channel of Signatum, although Doctor is the more outspoken one of the two. Many today see him as the voice of Signatum. The Doctor can also be found on Twitter here, but if you are interested in having a chat with him, I would strongly recommend you reach out to him on Discord, where he is frequently available, as he is not the most active Tweeter. Kasper, eikcam and SunnysDaytona are the most recent additions to the development team. Like the Doctor, Kasper can be found on Twitter, although again he is easier to get in contact with via the official Discord channel.
In total there are five developers tied to the project to date and as this is a community driven project, anyone that would like to contribute can do so. Be that development, marketing, idea generation, translation or anything else that they may have that they think would help Signatum. Simply join Discord and get in touch.
Continuous Progress on Roadmap Deliverables
A list of roadmap items have been provided below along with their updated status. Six out of the eleven Roadmap V1 items have already been delivered or are being worked on. Signatum Marketplace was launched in Beta mode a few weeks back and is currently working out a few quirks and will therefore remain in Beta for a while still. The most recent addition to the marketplace include Escrow payments in order to protect both the buyer and seller. A list of deliverables promised for Beta V2 has been listed on the ANN thread on Bitcointalk here.
- Project dedicated explorer – STATUS: Completed 24th July 2017
- Whitepaper – task assigned to community members – STATUS: Completed 2nd August 2017
- Update Website – STATUS: Completed 2nd August 2017
- Signatum Marketplace where people can trade goods and services using SIGT currency – STATUS: Still in Beta and under development but has been launched in Beta.
- Better Anonymity network with more Tor nodes – STATUS: Completed 24th August 2017
- Signatum Web Wallet in NodeJS – STATUS: Completed 3rd September 2017 for web wallet
The items next on the Roadmap are much larger in scope and will require more time to plan, develop, launch, optimise and complete. It may therefore still be some time before these are delivered. More information on the items will be made public when they get closer to being released. As always Signatum’s core belief is not to create hype, but rather steadily deliver on the promised roadmap items. Therefore, information is typically distributed much later than other projects, that do most of their work simply to short term inflate their price.
- More Exchanges. STATUS: YoBit was in September and was made possible through community donations.
- Signatum Crowdfunding platform.
- Plan & Build a Signatum Foundation.
- Signatum Exchange.
As always Signatum’s core belief is not to create hype
Raw Community Numbers
- Twitter Followers: 3,049
- Reddit Followers: 1,021
- Telegram Members: 1,644
- Discord: 2500+
One of the core beliefs of Signatum is that it should be community driven. A coin for the people by the people. It was the spirit in which it was started and it is also the spirit in which it will continue throughout its lifecycle.
On one of the more recent Q&A sessions with the developers on Discord, a community member raised the suggestion for major deliverables to be voted on going forward. As the first step in executing that plan a room for “Polls” was created on Discord, where your voice will count towards the major decisions going forward.
In an attempt to make this even easier for all coin holders, it was also discussed that this could become part of the qt wallet, so that anyone holding at least $1 worth of Signatum in their wallet would be able to have their voice heard on major decisions going forward. This is intended to be as fair as possible, so that anyone, regardless of the number of coins they have, will have an equal share of the voice. This suggestion has been taken on board and will be evaluated just like all other suggestions and ideas will be.
One of the core beliefs of Signatum is that it should be community driven
What is the deal with Masternodes?
Many community members have been suggesting that Masternodes should be added to Signatum. To better understand what the general consensus among members of the community really was, a poll was set up on the “Polls” channel on Discord to vote on whether or not people wanted Masternodes. There is an overwhelming support for MNs implementation; 86.87% (397) is for its implementation, while just 13.13% are against (60).
Taking the community feedback into consideration and the fact that this is a community driven concept where members’ voices actually matter, there is a high probability that Masternodes will be implemented. Doctor goes on to elaborate “We have to keep it really simple and fair and it has to be based on community consensus.”.
We have to keep it really simple and fair and it has to be based on community consensus. (Doctor)
What is the Maximum Coin Supply?
There is currently no cap on the total coin supply, but the developers are working on adding a cap to the supply so that PoS won’t continue into infinity. I reckon that this will be implemented around the same time as Masternodes. As of today there are approximately 136,500,000 coins in circulation. This is expected to increase by 5% over the next year – providing Masternodes and a cap is not added in the meantime.
When will Signatum be listed on Bittrex?
Not a day goes by without someone asking about this somewhere. Looking at Bittrex platform, they have not listed a coin under their Bitcoin market since they listed Bitcoincash on the 1st of August 2017 and in September just 1 coin was added to the BTC market – a full two months since its last coin was added on August 1st. Prior to BitcoinCash they appeared to have been adding new coins frequently to their BTC market. To better understand the current speed at which they are adding coins against their previous trend, I have listed the most recent month’s’ activities on Bittrex BTC market below.
- September: 1
- August: 1
- July: 12
- June: 12
- May: 5
- April: 13
When or if Signatum will be added to Bittrex is therefore not possible to say yet. There is no formal application process and no way of speeding up the process either. On many exchange sites there is an option to pay X BTC and the coin would then be listed. Bittrex does not operate in this manner, but rather look at the coin, community and potential volume. Judging by Signatum’s ATH (all-time-high) trading volume on Cryptopia, where it was the most traded coin for a long period of time (well over 100 BTC 24 hour volume), there is a reasonable chance that Signatum would be considered for Bittrex. Bittrex are certainly aware of the project, as they are already following Signatum on Twitter, but again, the speed at which they are adding coins right now, has slowed down significantly.
the speed at which they are adding coins right now, has slowed down significantly.
Developers Commit Regular Updates
Besides the Roadmap deliverables, the core items are still being worked on and updated. Recently the LevelDB version of Signatum was updated – this was not a mandatory requirement, but was added to prove that the earlier issue claimed by Cryptopia had nothing to do with Signatum. It also ensures that no exchange in the future can claim an issue with the LevelDB version being outdated going forward – as it previously provided them with an easy exit in case of issues on their own side in implementing and managing their own wallet connections.
The Marketplace is seeing regular updates being pushed and the developers expect V2 to be around the corner. Eventually it will move out of Beta, but even when it does, it will still see regular improvements and optimization as required over time for it to keep being as competitive and user-friendly as possible.
A new version of the web-wallet is currently underway, although a date of release has not been communicated publicly. This is due to the fact that all developers have real-life jobs outside of Signatum, which does make it difficult to commit to precise dates. Over time this is of course something that they hope to improve upon. But you cannot both have full time employees on a coin and no premine, ICO or crowdfunding – something has got to give. This was the conscious trade-off that was made when Signatum’s core concept was envisioned.
developers have real-life jobs outside of Signatum, which does make it difficult to commit to precise dates
Why did Crowetic as a core member leave Signatum?
This question is frequently raised on the official Bitcointalk thread, although often worded very differently (I toned it down). Let me just re-emphasise what I regularly do on the BTC ANN forum thread; Crowetic was never a core member of the project and he was never a developer on the project either. Crowetic offered his marketing services to help move Signatum along. He was never involved to a deeper level than that, although he on several occasions on his own accord tried to make himself the face and voice of Signatum. He had large investments in Signatum, both from his own mining farm and from having bought SIGTs. He made this clear on numerous occasions to community members, whenever his own personal stake in Signatum was questioned (Even offered them to see on a private Skype call). Clearly as a result of that, he had great motives to try and impact the market both ways, depending on whether or not he was selling or buying coins. This occurred around the time when Crowetic and EatBatterys attempted a takeover of the project, by taking control of the Discord channel and re-naming the Twitter account. They never had full access to Github, the Website or Reddit.
Crowetic was never a core member of the project and he was never a developer on the project
Why did the development team split?
They never did. This forms part of the Crowetic and EatBattery’s attempted take-over and is generally just a misunderstanding that people have because they thought these two were developers of the Signatum project as well.
What happened to Cryptopia?
New people still appear on Discord, Telegram and Twitter asking what happened. They still seem surprised at Signatum being delisted from Cryptopia. The core team of Signatum has since the dispute been quiet in the hope that they would be able to resolve the issue with Cryptopia for the coin to be re-listed again. Despite of what one may think of Cryptopia, one cannot deny the trading volume that they provide.
In August the wallet was made unavailable for all in and outgoing wallet transfers for Signatum on Cryptopia. This had an immediate impact on trading volume and as a result the price of Signatum dropped from the 3K sat range to approximately 1K sat over the following weeks, while this issue continued to drag out. The core team of Signatum worked closely with the Cryptopia team to try and resolve the issue and provide what help they could on their end. Cryptopia highlighted that they were having issues with their wallet being overwhelmed with the number of transactions and as a result had 18,000 keys that had built up that they had to manually attend to. This was clearly a very time consuming task. The Signatum developers had at all times been in close contact with Cryptopia and it appeared the issue was being resolved and that the wallet would exit maintenance mode.
On the 18th September out of the blue, Cryptopia announced on the Signatum market that customers had to withdraw their coins by the 19th of October, as the coin would be delisted and the market would cease to operate. Cryptopia made no attempt to notify the developers prior to their public announcement. Rather, they had until then indicated towards the Signatum development team that everything was being resolved.
During the weeks in which the coin’s wallet was unavailable on their exchange, Cryptopia was publicly quiet (except to the developers), and made no attempt to inform their consumers on their blog section of their site, through emails to customers that had SIGT on the site or through Twitter. Clearly, for any site that deals with financial services, communication with affected customers is of outmost importance along with an expected resolution time and an overview of the problem. No such communication was however given until they weeks after the issue first occurred and the wallet became unavailable, suddenly decided that the coin would be delisted.
It is worth taking into account that this is not the first nor only time that Cryptopia has delisted coins due to similar issues. Most recently the well-established VISIO and Siacoins were delisted from Cryptopia due to similar issues and communication with developers and the general community appear just as poor.
The Doctor runs regular planned live voice Q&A sessions on Discord. Anyone is invited to join in with any question, both via voice or chat. Whatever they prefer. The recordings are published on the official news site http://signatum.news/ along with brief summary of the main point(s) that was discussed or brought up. More information regarding the upcoming Q&As will be distributed on my personal Twitter channel and on the official Signatum Twitter channel, so make sure to follow both.
More information soon to be shared.