Ever since the previous update was posted little over a month ago, things have gone awfully quiet in the world of Utilitycoin. In fact, things were getting so dire, UTIL is facing a potential delisting from the Bittrex exchange due to insufficient trading volume over the past weeks. A new developer is currently at the helm, in order to prove the code is still being worked on.
The original Ultilitycoin thread on BitcoinTalk has seen several tumbleweeds pass by in the past fe weeks, and there is very little to no progress to show. As is the case with digital currencies, this causes a lot of unrest among the community, and leads to potential exchange delisting as no one is trading any UTIL.
While Utilitycoin is under management of Dan Metcalf, according to this update at least, no news has been posted ever since. This is where the (temporary?) developer Ruleland comes into the picture, as he created a new moderated UTIL thread to keep users informed about the development progress.
So far, Ruleland has gone through the available UTIL code on BitBucket, and started implementing a node system which was announced by the original Utilitycoin developers. This node system is not yet finished, but at least some progress is being made with the Bittrex delisting looming overhead.
For those of you who have may have not heard what the point in having such a node system is, let me briefly explain. The node system currently in development will allow any Utilitycoin wallet to start as either a control node, a service node or a normal node.
A control node can have multiple service node entries which are all linked to different Utilitycoin wallet addresses , each with a transaction of exactly 2,500 UTIL. As long as such a transaction is present in the wallet, the user can start a service node for that address.
As the name would suggest, a service node’s job is servicing the Utilitycoin network. This could lead to several features being used in the future, such as funds anonymization, functioning as a VPN node or any other network function you can possibly think of.
Normal nodes are probably the least exciting nodes of the bunch to be honest. However, normal nodes will be able to actually use the service nodes in order to execute network functions. More details are expected to be announced as this feature enters the testing phase in the near future.
If you are interested to find out which codebase this feature is based on, there is an interesting answer to that question. The initial node system’s code is based on Darkcoin’s masternode system developed by Evan Duffield.