Sorry for letting you wait, but before that we had to clear previous items.
The implementation/design started on 2015-07-22 with this commit and the first release candidate has been tagged on 2015-09-21 (0.3.2-RC1) .
Considering holidays august in the middle, that's more or less one month + of part-time development
You made a very good question and also have a good comprehension of how it works. This week we should be done with testing and I will spend decent amount of time explaining how it works and what's next, so you'll get a better understanding how we will go towards (G)