Elix — Full Speed Ahead
Another week, another batch of updates! We’ve been so amazed by our designer’s recent work that we wanted to show it off to start this week’s update. We look forward to sharing the finished product in the near future.
For this week’s application development, we focused on creating the necessary infrastructure to support Elix and Ether payments. Part of our goal in developing ELIX is to streamline these payment tasks and make them as painless and easy as possible. Sending payments will be a simple and quick process where users go to the “Send Money” page and select which currency they’d like to process a payment with. A history of user payment transfers will be shown in the wallet page, below current Elix and Ether balances. Finally, tapping on an individual payment will bring up additional information on the payment, such as when it was made, the amount paid, the number of confirmations, and the transaction hash as well.
This week, we also tested our smart contracts using the following scenarios:
1. Single payment with mining.
2. Single late payment with mining.
3. Multiple payments with mining.
4. Multiple payments with interest and mining.
5. Single payment with interest and mining.
6. Single payment with mining and an attempt to break holding.
When testing these scenarios, we asked the following questions:
1. Do rewards vary directly (linearly) with both the size of the loan and the loan length? If you extrapolate the reward received to a one year timespan, do you get an identical result to running the simulation over a one year period?
2. Do the smart contracts correctly identify the state of the loan, and correctly track the amount paid back so far?
3. Do the contracts correctly track the amount in holding for each loan, and revert movements of tokens that break holding?
4. Are 65% of rewards given to the lender, and 35% to the borrower?
5. Do the contracts correctly track the mineable amount?
6. Do the contracts reject nonsensical inputs, like loan amounts above the theoretical maximum supply?
All of the above tests gave the expected results. Over the next week, we will be continuing rigorous testing of these new contracts. We’ll keep the community updated if we make any additions or changes. We’re also simultaneously getting our documentation ready for our testnet demo.
