YEMChain V2 Implementation Roadmap
Our strategic plan for the next generation of YEMChain
No action is required from the members. It is only for informational purposes to keep members up-to-date with progress happening behind the scenes.
Dates are subject to change based on project progress and unforeseen circumstances.
Phase 1: Preparation (May 1, 2025 - May 16, 2025)
Goals:
- To set up the infrastructure and prepare for migration.
- To finalize the data migration strategy.
- To develop essential APIs for YEMChain V2.
- To prepare revaluation of YEM.
Key Milestones:
Infrastructure Setup (May 1, 2025 - May 4, 2025)
- Deploy Ubuntu server with Apache2 for yemscan.com.
- Secure the server with proper firewalls and security measures.
- Install and configure Hyperledger Besu nodes.
- Set up Redis caching for performance
Data Migration Strategy (May 5, 2025 - May 8, 2025)
- Deploy the custom ERC20 smart contract, with an additional Batch Transfer function for increased transaction efficiency.
- Decide between on-demand initialization or pre-creation of balances.
API Development (May 9, 2025 - May 9, 2025)
- Update API mechanisms to reflect V1 suspension during migration.
Static Price Transition Plan (May 10, 2025 - May 16, 2025)
- Prepare to revalue YEM from 25,000 CHF to 1 CHF per YEM and adjust balances accordingly.
Phase 2: Migration (May 17, 2025 - May 27, 2025)
Goals:
- To execute the migration from YEMChain V1 to V2.
- To suspend transactions on V1 and initialize the new blockchain.
Key Milestones:
Cut-Off Implementation (May 17, 2025 - May 18, 2025)
- Suspend all transactions on V1.
- Disable YEM-related functionality on Unicorn Network sites.
Blockchain Initialization (May 19, 2025 - May 22, 2025)
- Extract balances from YEMChain V1.
- Populate Hyperledger Besu blockchain with migrated balances.
- Verify accuracy of migrated balances and test the batchTransferFrom function extensively.
Testing and Validation (May 23, 2025 - May 27, 2025)
- Conduct end-to-end testing of APIs and transaction functionalities.
- Validate seamless integration with Unicorn Network sites.
Phase 3: Launch YEMChain V2 (May 28, 2025 - June 4, 2025)
Goals:
- To enable full functionality of YEMChain V2.
- To activate dynamic pricing for YEM.
Key Milestones:
Go-Live (May 28, 2025 - May 28, 2025)
- Enable V2 APIs and resume transaction functionality.
- Ensure seamless interaction between yemscan.com and YEMChain.com.
Dynamic Pricing Activation (May 29, 2025 - June 4, 2025)
- Replace static price API with an algorithm-based dynamic pricing system updated daily or per minute based on market factors.
Phase 4: Develop YEMPAY.com (June 5, 2025 - August 4, 2025)
Goals:
- To build a payment gateway for businesses accepting YEM.
- To provide tools for customer payments, refunds, invoices, and reports.
Key Milestones:
Core Development (June 5, 2025 - August 4, 2025)
- Create functionalities like QR code payments, refunds, invoicing, and reporting tools.
- Add KYC verification for business users.