Investing In Bitcoin (BTC) - Everything You Need to Know ...
How to invest in bitcoin using ATMs (part 1) - Bitcoin ATM Map
Find a Bitcoin ATM Near You - Bitcoin Market Journal
Unexpected Ways To Spend Crypto
Cryptocurrencies are confusing for the average and many of those who might have thought about having a cryptocurrency faced a question – “What am I to do with it?”. In fact, the answer is easy enough to come up with, as the cryptocurrencies are gradually being implemented into many areas of our life – you can buy goods with it, pay for your college, support charities, send to friends and family or even travel into space! by StealthEX Yes, most of the places where you can trade crypto coins are online but anyway it’s good to know that your cryptocurrency is not just an investment with the potential increase in value, it is an actual currency you can spend. Today let’s map out a bunch of peculiar use cases:
Get a new passport.
Venezuela recently introduced the option of getting your passport purchased in Bitcoin. The decision was made in order to mitigate the effects of the sanctions that the US government has imposed against Venezuela. The option is temporarily available for the citizens who reside outside the country. The government of Venezuela hasn’t yet passed the law on making it official, but the opportunity of getting your documents paid in decentralized currency sounds like a good scenario for the future.
Invest in startups
Innovative startups always crave for seed-capital, and good news is that with the formation and growth of digital fundraising the opportunity of becoming a startup investor has grown much for those who simply have an internet connection. Initial coin offerings (ICOs) are a new form of fundraising that provides startups with the opportunity to raise capital by selling hot and fresh digital tokens to early project sponsors in exchange for “old school” cryptocurrencies. In some cases, new tokens could increase in price by several thousand percent! In the past, such transactions were made only by experienced venture capitalists, but the advent of cryptocurrency has opened up these opportunities to a much broader array of investors.
Get paid for posting content
The social platform Steemit gives bloggers financial rewards (in cryptocurrency STEEM) for them posting and upvoting quality content. Developers assure that Steemit doesn’t collect and sell data of its users as Facebook does, that is why Steemit has become highly popular in emerging markets. Today there are more than 1 million registered users.
Travel giants such as CheapAir and Destinia travel accept bitcoin (BTC) as a means of payment to book flights, hotels and car rents. If you like to book an accommodation on your trip, then you better do it on CryptoCribs, they accept BTC and ETH. Moreover, the number of crypto ATMs is growing – for the time being, there are more than 8700 ATMs around the world. As for the transport, bitcoin-friendly cabs are available in Argentina and Hungary, in 2014 the first airline accepting cryptocurrency payments became airBaltic with its flights to Europe and the Middle East. Since then, the Lithuanian airline Air Lituanica, the Polish LOT, the organizer of business flights Star Jets International and many other European, American, Canadian and Mexican companies have begun to offer such services. Aggregators of hotels, tours and tickets, such as Travelforcoins and Cheapair, also accept cryptocurrencies for payment.
Buy a Lambo
If you have enough coins in your crypto wallet and you love sports cars, luxury marketplace De Louvois is the place where you can buy status symbols, for example, buy a Lamborghini (in Bitcoin of course). Other upper-class items such as art pieces, wines, and real estate are also available.
In case a crypto-owner wants to dip their toes into less volatile assets, they would probably choose gold or silver. At different metal dealers and advisors like GoldSilver, BitPanda Metals, Vaultoro, JM Bullion, etc. you can use cryptocurrency to buy gold coins and other precious metals. In fact, you can use crypto to buy currency. Sadly, such platforms and marketplaces are available far not everywhere in the world, but as the adoption of crypto goes fast, there is a reason to hope that things will change soon. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example BTC to ETH. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected]. The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/08/18/unexpected-ways-to-spend-your-crypto/
i think this topic was repeated a lot but i am just sharing my experience about the 3 days of playing labs none-stop i was stuck on few quests requiring defibrillator , virtex rfed reader , vpx which mostly spawned in the lab so i decided to play it even with the current cheaters invasion surprisingly the amount of hackers i saw on the map were lower than reserve and interchange must be because the ping limit isnt allowing them to play on my server , but the issue is even without the cheaters i could barely get out with the amount of rubles i invested before the raid which around 700k-900k per raid after playing the map for almost 30 hour i manged to get out with only 3 ledx and 1 gpu 3 virtex 9 intelligence folder a handfull of opthalmoscopes and stims, and it is nothing compared to what i lost which is 13m ruble and the issue isnt about surviving i was surviving 3 of each 5 raids the ledx and other valuable spawns are way too nerfed making it almost impossible to make profit out of the map i am not against the new FIR changes but the spawn rate is awful atm also the traders arent paying enough for some valuable items like ledx for 300k gpu 40k green keycard 130k intelligence folder 30k etc .. on the other hand ammunition prices sky rocketing lab keycard went up to 190k magazine prices getting more expensive each day the situation is ridiculous !!!! if you want to get rid of hatchlings/pistoling force them to use a primary weapon and armor by not letting them to get in the lobby without proper gear or prevent them of bringing the pouch without gear the new FIR changes are not doing any harms to cheaters/ or RMTing first of all they are not dying in the first place to lose the FIR status actually it is helping them because what ever they find in raid they make more profit out of it due to the low supply on flea market also it is pretty easy to liquidize money in the game again also with the new FIR changes just fill the kappa/gamma with sicc cases filled of bitcoins or just remove the whole flea market that garbage is the reason of all EFT issues
Hi Bitcoiners! I’m back with the 32nd monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you an overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in August 2019 Adoption
Hi All, I decided to build an Unofficial F.A.Q by the community, and for the community. Please note, that I am not a part of the Request team, and most of the answers to the questions have been taken from Whitepaper's/AMA from the Request Team. If there is anything erroneous in the FAQ please let me know. Also if you have any additional Questions and Answers you wish to add let me know and I will add it.
What real life solutions is Request trying to solve? "Request is a decentralized network that allows anyone to request a payment (a Request Invoice)for which the recipient can pay in a secure way. All of the information is stored in a decentralized authentic ledger. This results in cheaper, easier, and more secure payments, and it allows for a wide range of automation possibilities. To become the backbone of world trade, Request integrates a general ledger (in the accounting sense of the term), which is: - Universal because it is designed to support 100% of global transactions, regardless of currency, legislation or language. Request is built to last. - Smart because unlike an existing standard accounting book, Request is at the origin of the exchanges and integrates a computerized trade code, as well as the management of a multitude of payment terms. Today, their absence makes the whole system inefficient and absolutely unready for the digital and IoT (Internet Of Things) revolution that is taking place. Request can be seen as a layer on top of Ethereum , which allows requests for payments that satisfy a legal framework.It is also possible to see currencies as tools to complete Request transactions. In this sense, Request is more global than any currency" https://request.network/assets/pdf/request_whitepaper.pdf Also, here is a list of third parties involved or impacted by Request and the reasons why: Companies: Request brings an instant payment solution for suppliers, it facilitates payments (no need to send the invoice and payment conditions by email or by post). It also brings the traceability of payment (payment-related billing). Request brings a simplified payment solution for customers (known payment information), a cheaper system, and a more secure system. Individuals: they can do simplified payments (payment information known, no need to initiate a payment anymore but only to validate a Request), a secure payment (unshared banking information), a cheaper payment (no need to go through a third party like Paypal, Stripe, Bitpay that takes between 1% and 7% charge) Billing software: payment management, interoperability (common database used). Accounting software: simplicity (automation), immutability (common database), accuracy, authenticity (a decrease in human errors), traceability of invoices and payments (reconciliation), triple-entry system. Audit firms: a better support for audit, elimination or improvement of certain tests. States and Governments: accuracy of tax declarations, reduction of fraud, money laundering, possibility of taxes collection in real time, transparency and legitimacy. Associations and NGOs: transparency of their expenditure, legitimacy and trust. Citizens: knowledge of government budgets and expenditures, transparency of institutions. Employees: knowledge of financial health of a company. IoT: Request provides a framework for inter-machines payment https://request.network/assets/pdf/request_yellowpaper_smart_audits.pdf
What is the Utility of the Request Token? Why Can't Request just use Ethereum for fee's? "While it is built on the blockchain ledger of Ethereum, Request aims to be independent from other currencies, monetary policies, or technological choices so that we build the most robust system possible. We believe this is the key to evolve through time with a growing community and develop an ecosystem around our framework where more DAPP (Decentralized applications) are created. REQ tokens are ERC20 tokens which are necessary to participate in the network, create advanced Requests and reward various parties who will help build the request ecosystem. When using the network, the participants will need to pay a network fee in REQ which will be burned." In addition to fee's, there will also be use case for Governance: "Request will have to remain flexible and scalable, this being one of the major challenges of decentralized systems (as we can see with Bitcoin Segwit, or the Ethereum management of Ice age ...). We wish to separate the governance of our community from the one of Ethereum and avoid a sub-governance that would allow every Ethereum token holders to decide on the future of this community. . The REQ token will bring the community together and allow for discussions and votes on future decisions. The community will be a board and we will create the necessary tools for this administration: A voting system, but also probably a chat system restricted to only members of this board" https://request.network/assets/pdf/request_whitepaper.pdf
When Bittrex?!?!?!?! This is a commonly asked question, I know that everyone hopes that REQ lands on Bittrex soon. Here was the response by the team: "The confidentiality policies we have with exchanges are important to us and we want to respect them. We know how important exchanges are to the Request ecosystem and we will keep paying attention to them for the long-term vision of the project." https://blog.request.network/request-network-project-update-november-10th-2017-a57193780ddf
What is the purpose of the Token Burn? Think of REQ tokens like Gas for the Etheruem network. For each action that is conducted on the Ethereum Platform, gas is used for the fee's. This helps to keep the platform remain stable and prevent congestion. The same can be said for Request Network. "The Request Network requires the burning of tokens as part of the verification that a transaction has occurred." http://spec-rationality.com/request-network/#8Nov The token burn will also adjust overtime and also reduce the circulating supply of tokens over time, making this very lucrative to early investors.
Won't Request eventually run out of Tokens if they are burned? REQ has 18 decimals so in theory if the price was incredibly high the fees could be as low as 0.00000000000000001 REQ per transaction which is incredibly low. It would take an extraordinarily long time (even with mass adoption) to be worrying about a lack of REQ tokens, even then a fork can happen.
When will Request Network Go Live? Q1 2018, the first iteration of Request working with Ethereum on Main Net will be live.
Who is Request Network's competition? What advantages does Request have over them? Paypal - One of the largest worldwide online payments system, supporting online money transfers to anyone. OmiseGo - Plasma decentralized exchange, hosting an open-source digital wallet platform from Omise, connecting mainstream payments, cross-border remittances, and much more. Fiat & crypto-friendly, cross-chain compatible, Ethereum-powered, and built on plasma.io) : MarketCap - 868 million Populous(Invoice Discounting platform) : MarketCap - 467 million MetalPay(Aims to be a Paypal for crypto): MarketCap - 93 million Ten-X (Cryptocurrency payment platform that consists of a wallet, physical debit card, bank account, ATM access, and more). Marketcap - 250 million Monetha(Mix of Paypal and TrustPilot) : Market Cap had went up to 80 million, but has dropped significantly to 14 million. Paypie(Credit risk assement/Blockchain Accounting) : MarketCap - 66 million What makes Request different? Request is platform that developers can build decentralized apps for salary management, financial, invoicing and auditing services, to name a few. A 'decentralized Paypal' is only one of it's many use cases. A employer using 'Continuous Payments' to pay their employees every day, instead of every two weeks is another use case. Crowdfunding, donations, loans, are more use cases. Request has provided a mind map for all of the developments possible on top of Request once the Core protocol is finished by the team. It can be viewed here: https://blog.request.network/request-network-project-update-november-24th-2017-tech-ecosystem-request-core-kyber-network-b760637eba9b Several of the competitors are limited to only one or a few use cases. Also most of the competition is not an open platform like Request, and won't allow third parties to build app's on the platform. Think of Request as 'Ethereum' but for financial applications. In regards to Paypal, the fee's will be very minimal, and if Request is integrated into sites like Amazon, Overstock, etc, this will make Request a huge threat to Paypal. Also, you may have heard Paypal was compromised. Request will protect the end user by keeping their payment details private and secure.http://www.foxbusiness.com/markets/2017/12/01/paypal-says-personal-data-may-be-compromised-for-1-6-million-tio-users.amp.html
What is Colossus and why is it important? Colossus is the first deliverable of the Request Network. Prior to Colossus, there has not been a release. This release will seperate Request from other hyped ico's with no product. This will also give developers access to the Request API's allowing them to build decentralized applications on top of the platform.
Why has the team stopped working on Moneytis? The team has 'pivoted' from Moneytis, to focus on Request. "A pivot is healthy in the life of a startup and shows that you can stay focused on what is really needed by the customers. In our case, the real need of people who transferred money internationally was always to pay an invoice (or a request) and we had to solve the problem at the root." https://blog.request.network/request-network-project-update-november-10th-2017-a57193780ddf
What is Y-Combinator, and why is Request being backed by them a good thing? Y-Combinator is the top accelerator in the world. They have backed Reddit, Coinbase, Dropbox, Airbnb, Docker and several more successful startups. Y-Combinator has an acceptance rate that is lower than Harvard, so investors in Request can rest assured that the team is competent and this is not a 'scam'. Also being backed by YC makes Request Network a part of strong network of over 1000 startups. Request Network can be found in the list of YC backed companies here: http://yclist.com/
Why is the partnership with Kyber Network a Big Deal? "The partnership with Kyber allows the Request Network to never require the Requestor or the Payer to hold any Request tokens or participate in manual cryptocurrency conversions, as this is all automated by the Request Contract. This is very important as Request’s focus has always been to ensure that they are expanding on their ability to reach the widest possible userbase. Eliminating the requirement to ever hold Request tokens for both the Requestor and the Payer, the Request Network becomes more accessible" http://spec-rationality.com/request-network/#29Nov
Why should I invest in Request? What makes this a better option than other Cryptocurrencies? The way investors typically make a lot of money in cryptocurrecy is by investing in "undervalued cryptocurrencies". What is meant by undervalued? Undervalued typically means a crypto with a small to medium Marketcap (Request at the time of this writing is around 45 million, most of Request's competition is valued over 100 million) with a great team, great idea and clear roadmap. Request meets the criteria of having a medium market cap with a great team and vision. Request will probably be in the 100's of million marketcap by next year if the team can deliver and form partnerships. This makes Request an excellent crypto to invest in for the next few months.
Does Request have it's own blockchain? Request is an ERC20 token built on the Ethereum blockchain, it doesn't use it's own blockchain.
Why should I hold request network tokens? Do i need them to utilize the tech? If you are a developer planning build a Gateway, yes you will need tokens to cover the fee's. From an End User perspective, you will not have to worry about purchasing Request tokens. From an Investor perspective, holding tokens may be very lucrative if Request Network grows, which will cause a higher demand for the tokens, which will in turn cause the value of the tokens to increase.
Below are some ideas I have been working on to allow direct off-blockchain transfer of Bitcoin Private Keys while preventing Double-Spend and Counterfeiting . There is a reference to tamper-proof Physical Bitcoin as DA BOMB- Directly Available Bitcoin On Metal Banknotes. These Physical Bitcoins and their digitally encrypted representations are the basis for off-blockchain exchange of value. Off-Blockchain exchanges are completely private and as fast as sending an email. FAST BITCOIN
DA BOMB bitcoin pools
Bitcoin Cash blockchain data storage
Daily settlement between corporations, instant settlement on trading or funded shopping channels, physical bitcoin possession for investors . Each platform which offers FAST BITCOIN will purchase a large amount of DA BOMB to power their digital envelope re-sale network. All networks will be compatible and fungible assets composed of. When a customer places an order for DA BOMB I load a certain amount of BTC in various denominations onto a selection of bitcoin wallets, which are then manufactured as physical bitcoin. This amount of BTC is the amount this customer can spend on the FAST BITCOIN network. The Bitcoin the customer spends never moves on the BTC Blockchain. The envelope containing the customer’s BTC is credited or debited a certain combination of addresses that contain a known amount of BTC, adding up to the exact amount of the transaction. Transactions can only be made in ROUND NUMBERS of a certain resolution, such as 0.0001 BTC , and the resolution will be finer at a later date to account for the rise of value of BTC in the future. The contents of a customer’s envelope will be maintained to allow for making change and to account for his spending or funding of his account. The main issuer of FAST BITCOIN will be Satoshi Bitcoin Incorporated, with other platforms buying enough DA BOMB to issue their own FAST BITCOIN on their own shopping platforms. Customers can always write to the platform and request that their remaining envelope balance be mailed to their physical address. The envelope contents are tracked on a separate blockchain, the FAST BITCOIN blockchain. Customers can use their physical bitcoin like paper money, or break the hologram seal and view the private key to use as regular bitcoin on the bitcoin blockchain. Only TRUSTED NODES are on the FAST BITCOIN Blockchain. The Network is composed of the corporate members who offer FAST BITCOIN shopping at their websites, and join by invitation only. Large networks can fuel their own branded shopping tokens with FAST BITCOIN after paying a co-branding fee, or simply use FAST BITCOIN without re-branding to their own token name. Software can equate all prices at a website to the token value of choice on the platform, so that the shopper may make purchases via FAST BITCOIN while referring to prices in stable fiat equivalent tokens, or re-branded token values. The customer’s purchasing power varies with the price of Bitcoin, but the visible prices remain stable. The customer may buy a StableCoin (not Tethers) to fund all or part of their account, or switch from BTC to StableCoin at will; or let the system do this for him. BTC going up, funding remains in BTC, BTC going down, Funding switches too StableCoin. A purely electronic version of FAST BITCOIN will rely on a hardware device to store the private keys offline and always in encrypted form when connected to the internet. There is object “A” : the FAST BITCOIN Wallet There is object “B” : the individual private keys The system works with a combination of Master System Key Encryption and Asymmetrical Key Encryption. The Hardware device is called a SPLIT WALLET. It is a combination of a HOT WALLET and a COLD WALLET. The two halves of the split wallet can only communicate with each other when the device is unplugged from the device being used to access the Internet. The Master System Key resides on the Cold Wallet and can’t be viewed without destroying the function of the Hardware Wallet. To send bitcoin to a person on the network, the hardware wallet takes the addresses needed to add up to the desired amount and encrypts them with the PUBLIC KEY of the receiving device. The BITCOIN CASH BLOCKCHAIN is used as a KEY SERVER to store the PUBLIC KEY of every device manufactured, linked to its registration number and owner identity. The OWNER IDENTITY is an EMAIL ADDRESS which is [[email protected]_BITCOIN.COM](mailto:[email protected]_bitcoin.com) . The addresses are encrypted by the SYSTEM MASTER KEY , then by the RECIPIENT PUBLIC KEY and emailed to the above email address. The whole network is sustained by a peer-to-peer email remailer network. Software on the machine used by the hardware device to connect to the INTERNET is designed to run a peer-to-peer email remailer node. As well as sending the recipient an email via the re-mailer network, an entry is made on the BITCOIN CASH BLOCKCHAIN containing the double encrypted bitcoin private keys, recipient email address, and transaction identifier . This also contains the device registration number as part of the owner email address. Thus even if the domain is blocked from sending email the information needed to use the bitcoin is available from the data stored on the BITCOIN CASH BLOCKCHAIN. The value of Bitcoin Cash does not impact the cost of sending bitcoin, since the transaction sizes to record data on its blockchain are very small. When FAST BITCOIN is sent to a recipient, he must plug his hardware device into a laptop, phone, or other internet device to download the keys to the device. At this time while the hardware device is still connected to the internet the just received FAST BITCOIN will not yet be available to spend. It will show on the device as STILL ENCRYPTED. The user unplugs the device from the internet and then transfers the amount from the COLD SIDE to the HOT SIDE of his wallet while offline. If he wishes he may leave this amount on the COLD SIDE or transfer up to the entire contents of the SPLIT WALLET to the HOT SIDE to enable immediate spending as soon as connected to the internet. The COLD SIDE contains the SYSTEM MASTER KEY and decrypts the PRIVATE BITCOIN KEYS in order to enable spending. The hardware device checks the bitcoin blockchain to verify the amount of bitcoin held by each bitcoin private key, and also checks that the private keys it contains map properly to the public bitcoin keys used to view the balance on the device when it is connected to the internet. DA Bomb Directly Available Bitcoin On Metal Banknote (Da Bomb) Bitcoin Metal Wallet Cold Storage on BTC Blockchain. A Crypto-Currency version of money, which may be exchanged for fiat currency. Other major cryptos such as Ethereum , LiteCoin, and Bitcoin Cash may be substituted for bitcoin without affecting the usefulness of this offering. These versions will come out later, using the same physical format. (hopefully patented) The design of the card should be modified enough from any existing patents to be patentable itself. The manufacturing, loading and documenting of the card should be done by proprietary and open-source software. This process should be patented as well or be part of the same patent. These are physical BTC coins, in the form of a metal card the size and shape of a credit card. The Bitcoin Wallet is composed of two sets of engraved alpha-numeric and QR codes highlighted by black ink. One set is public and is on the outside of the card. A pull-tab almost exactly like the kind on a soup can is removed from the front of the card to reveal the inner contents . This is the engraving of the private key which is required to spend the BTC. Viewing it or detecting the exact nature of this code is equivalent to ownership of the associated BTC. The public key on the outside of the card is used to deposit to or send to the card. In normal operations the card would come loaded with a certain amount of BTC. The cards will be protected by security features and the quality control process during their manufacture. The cards will be dipped in a coating of compounds to indicate a unique identity for each card, with short lengths of coloured fibres and paint floating on the surface of the clear lacquer compound and creating a unique visual identity. Each card is photographed and the image file uploaded to a database with the blockchain address and item id from manufacture all associated together. A label is created and affixed to the outside of the card. On it are the blockchain address, photo of the untampered card, and amount of BTC deposited to card. The private keys are not retained in file form at the manufacturer’s facility, or recorded in any way. Before the key is deleted from memory and fully erased from all data storage devices, the photo of the engraving of it is compared to the key via character recognition software. When photo verifies as true then key is deleted from memory. Now the card is tracked by my own “in-house” item id, linked in the database to the blockchain address which displays the public key, and the photo file of the card. The card is photographed twice, the photo of the private key is deleted just after verifying the engraving matches the private key. The photo of the exterior of the card showing the paint lines and fibre positions on the card is kept on file. The offline computer takes the photo of the private key, the online computer takes the photo of the card after dipping. The card is meant to circumvent the horribly high fees associated with using BTC as a payment method. Possession of the card is deemed to be legally equivalent to the ability to spend the associated BTC available via the private key. The nature of the tamper proof and hack proof aspects of the card manufacture lends credence to the continued value of the card as it is passed through consecutive transactions. The fees which would have been normally paid to enable these transactions on the Blockchain, will now have been saved by the people utilizing the physical Bitcoin cards. The Bitcoin transactions on the Blockchain are enabled by paying fees to “bitcoin miners”, who use large amounts of energy and computing power to solve complicated mathematical problems in order to process transactions and also to earn newly created bitcoins, of which there will only ever be 21,000,000. The fees for bitcoin transactions have become so high that paying for an item with bitcoin wouldn’t make sense for anything under $280 or so; and you had better be rich enough not to care about the $30 to $75 fee to buy just about any size purchase. Instead of this, cold wallets containing small denominations of BTC can be exchanged via strong encryption and sending password and wallet via different delivery modes; or by physical bitcoin wallets. At any time one may pull the tab on the metal card and reveal the private key, in order to obtain control of the BTC for use in a different cold wallet, or an online wallet. You will now have to pay transaction fees as per your new wallet details. There is an instant financial advantage as soon as a group of people trust the value of physical bitcoin in transactions. All the miner fees for each transaction done with physical bitcoin are saved by the group. These transactions are valued in BTC, worth real dollars if exchanged for dollars; but with the dollar value always changing. Volatility is a fact of life with Bitcoin (BTC), but the market has always trended upwards if you wait long enough. And the value has often nose-dived as well, in an unpredictable manner. A lot of people are holding (or “hodling”) BTC as a very risky and speculative investment, hoping the price will go up. There is a great demand for bitcoin and that demand is going to increase in the near future. How will I pay to load the BTC on to the cards? The cards will be loaded on an “on-demand” order process. The cards can be made up to a certain stage, where they have been dipped in tamper-proofing but not yet labeled. Up to this point they can be any denomination (amount) of BTC. When the payment for the order is taken at the online website then the card is loaded, labeled and shipped to the customer. Besides the metal coin wallets denominated in various amounts of BTC; there will be “piggy-bank” versions of the card available. The BTC is loaded onto the card via the visible wallet public key engraved on the front of the card. The card owner can be paid debts owed to him via the public key. The card owner can send any amount of BTC to this receive address and it will become associated via the blockchain with the private key hidden inside the card. To spend the BTC loaded onto the card he will have to view the private key and send it to the hot wallet he uses online. Technical advice about fees, security, hacking and safety will be available at the company website, as well as many other helpful resources. The denominated versions of the card are identical to the piggy-bank versions except for the label. The label covers the “receive” address on the denominated versions, as no further deposits to the blockchain are needed. The label on the piggy-bank version doesn’t cover the public key address, has a photo of the card and the manufacturer’s ID number. It also has a link to the Blockchain.info webpage associated with the public key address. Anyone with this address can see how much BTC is associated with the Public Key shown here. Thus the intact tamper-proof BTC Card can be used with confidence, as the public key can be viewed on the Blockchain by anyone. As long as the amount on the card label matches the amount shown on the Blockchain.info webpage then the card’s private key can be trusted. This renders the card a form of “trust-less” currency equivalent to legal tender in value and usefulness . The card format and manufacturing process is tested to obtain a hack proof product. The private key is not detectable by examination or any technical means without opening the pull-tab. This is essential to prevent theft and fraud. The card can not be opened, viewed , and sealed again. A card without a label would be suspect, a card which had been opened and re-sealed obvious. Checking the blockchain address reveals the status of the BTC in question in any event. The manufacturing process is outlined below:
A small computer runs software offline to generate unique Blockchain Key Pairs (bitcoin addresses). It is used to control a CNC router which engraves the keys onto thick enough metal strip to prevent x-ray detection after folding.
a press folds the strip over and makes the pull tab closure
a shear cuts the strip at end
robot welder heats perimeter of cut strip to weld shut
wallet has been hacked if it is bent or split open in any way
wallet is dipped in lacquer , photographed, BTC loaded and labeled.
BTC metal card is shipped to customer
during the “load” process a computer reads the “receive” address with a camera and automatically adds a transaction amount to send to that address , generating a cue of transactions from a wallet with miner fees adjusted to be very low, just barely confirming after paying the least amount possible. Transactions confirm in one or two days.
For loading customer requested bitcoin card wallets the option to pay higher fees is presented to the customer last time of purchase. This speeds up the loading and delivery process.
a machine prints the label and places it on strip over address.
The engraving is deep enough to be permanent but still not detected while wallet card is in closed position. The alpha-numeric and QR code versions of the keys are engraved and inked. After the engraving, the private key is deleted from memory of the engraving controlling computer. This computer is never connected to the internet. Only verified software is used on this computer. A separate computer controls the camera, label maker, and database connection to the internet.
The private key is replaced by an item number linked to the receive address.
a computer program makes a file which goes onto a new thumb drive
this thumb drive is loaded on the offline computer
thumb drive is passed to online computer hosting desktop wallet, set to low miner fees.
file is used to send BTC to wallet addresses
The same file is used to generate the labels. Addresses are checked for BTC before coin Cards are offered for sale. A second stamp is placed on label when transaction confirms. Coin is offered for sale at Amazon.com if allowed. Coins can be exchanged as if fiat currency, with full confidence in BTC amount displayed on seal. Sale price on Amazon will reflect BTC amount cost when loaded- possibly a great deal if BTC has gone up since loading, or actual cost of production plus 2%, plus miner fee and distribution fee. Savings could be significant if BTC surges in value after coins are minted. coins are bought at time of minting by purchases of BTC at market price. “Would you like to buy some free money?” Demand for product is assured, as the value once for sale at Amazon increases over time. You will not be able to find cheaper bitcoin anywhere, sometimes. A small portion of my stock at Amazon will remain on sale at a very low price when the Bitcoin price rises. I plan on adjusting the price of my stock to reflect the current price of Bitcoin at the time; but not all of it, and not immediately. Every time the price of BTC increases by 10%, I will reset the price of my cards to initial values. The initial values are the current price of BTC plus 2% , miner fees and distribution costs. As the market price increases after loading the cards, they are more and more of a deal for the customer. This forms the basis of a great promotional value to sell the metal card coin wallets. The profit. Profit is calculated to be 2% of the BTC value when minted. Values from 0.001 BTC to 1 BTC are minted. This generates from $0.18 Cad to $180 CAD per card depending on value. I will focus on minting in the 0.01 to 0.11 BTC range, with profits of $1.80 to $19.80 a card. customer pays: Cost of BTC when minted miner fees, distribution fees, 2% over cost fee, Cost of manufacture. I estimate all costs not BTC or profit to be about $11 Cad per card. Price of card is: BTC cost + 2% + $11.00 . After purchase the card can be traded for cash, items or value of services. Miner fees are saved by every person after the initial purchaser of the card. I want to mint around 1000 cards a day. This averages out to $18,000 profit per day. The plan is to produce only lower value coin wallets until cash reserves are big enough to pay for larger denominations. Customers can order from the lower denominations in stock or special order cards of any amount that they pay for at the time, shipped after production on demand. This involves simply loading the customer’s purchase of BTC onto the card address and attaching the label. As the price of BTC rises then stock available and loaded previously will be a special discount offer until the price resets after a ten percent increase in the BTC market value. When selling the BTC coin metal cards at Amazon.com :
customer satisfaction assured
charge-back possible upon return unopened and intact, blockchain must show BTC available , BTC must be recovered to separate address
product legitimate and not forged or hacked
sell BTC coins from private website as well
website certified by CA
credit cards accepted
product return possible
Build reliable reputation
sell coins at vending machines
accept coins for cash at vending machines
make coins cheaper and better than BTC ATMs or Localbitcoin.com dealer purchases.
encourage retailers to accept physical coins, to avoid the transaction fees
Physical coins can be checked for valid BTC amounts on Blockchain before being accepted for purchase
Merchant can scan private key to cash conversion Bitcoin wallet “receive” address at a bitcoin exchange to obtain the current value of the BTC in cash without having to worry about the coin being hacked already or of losing money should the price of BTC fall immediately after payment.
Card is dipped in clear sealer with paint filaments floating in dip tank. Also small lengths of coloured fibre are floating in the resin coating. The unique pattern formed is photographed and printed on label stored in database with item number. Private key is not stored. Sell in vending machines in Japan, Airports,New York Subway System, Pizza Hut, etc. On the Directly Available Bitcoin On Metal Banknote (Da Bomb), the blockchain webpage address of the public key is displayed. To check that BTC are in the account, just go to that page. Unless tampered with, BTC amount will match that shown on label. Full label is artwork, denomination in BTC, photo and blockchain.info webpage address associated with public key. This idea is patentable due to the unique packaging of the cold bitcoin wallet in a pull-tab metal card. In this writing read “coin” as “card” as well. The card is evolved out of a sardine can with a pull tab lid closure, with very short sides and pressed flat all around the edge. The goal is to have a design where the pull tab can easily be removed by an adult. It should be hard for a child to open without being shown how. The card should be only slightly thicker than a regular credit card, and not open while in a leather wallet’s card holder.The pull tab should not open accidentally while being carried in a wallet. The pull tab will be manufactured so that it must be rotated by 180 degrees before opening. A small screwdriver, nail file or fingernail must be placed into a small slot to twist the pull tab into the correct position to open, before this it is restrained by a shallow metal lip on the top of the card. Research and development are required for this idea to be a success. The manufacturing process, security features and bitcoin loading and labeling must all be tested and verified as hack and tamper-proof. The customer must never receive a hacked or empty or unloaded card after purchase and delivery. Attempts at fraud by the customer will be obvious. Only Intact cards will be accepted for refund. Product must always ship in perfect condition, as customer can only return intact card for full refund, no opened, missing or tampered with cards will be credited to customer for refund, and this will be part of the agreement with the customer at time of purchase. Before refund the balance of the card must match the denomination on the label. Notes on manufacturing process:
I want to use a modified can forming machine to make the cards. They range in price from $25,000 to $400,000 .
there is a need to research the pull tab forming process.
the card “lid” must come off easy enough so that the tab will never break off first
the card must be made of very thin metal, but must not have sharp edges, be bent easily, or be readable on the inside while closed and sealed.
the goal is a card that is the same size and shape as any other bank card. The card should not be much thicker than 2mm at the most.
the patent development should focus on the card itself, the way the pull tab is tucked under the top before being twisted into position before pulling open, and second on the loading BTC process.
the process of generating the Private/Public alpha-numeric key pair, conversion to QR codes, engraving ,photographing and verifying codes; must be established in such a way as to prevent errors, fraud and unsaleable cards. no one should ever have the ability or opportunity to obtain the private keys or interfere with the engraving or photo process.
note that in photos of mock-up below: QR code and alpha-numeric public key versions would be covered by the label indicating the amount, and if a “piggy-bank” version no amount would appear on label. Only the public and private keys are engraved on the metal, the label has all the other information on it. Some artwork is engraved inside the card. If card design is not impervious to examination, lead or gold foil layers could be incorporated.
In the above I refer to not recording the private keys and deleting the server records as soon as the cards have been manufactured and checked for accuracy. please note that the recording of the private key for a certain amount of DA BOMB is required to power the FAST BITCOIN encrypted private key network. thank-you
Slack log for Ark token's value proposition discussion 16-07-18
Please find below a log of the discussion we had in slack regarding the ark token's value proposition. Some of the community members who happen to be long term holders of ark feel that the ark token's value proposition isn't clearly communicated by the team so they asked about it. I'm posting the entire discussion it here to make a permanent record since slack wipes messages after a while. -------------------------------------------------------------------------------------------- arigard [7:21 PM] Hey team, so I'm curious. Is there any update on a new white paper at all that was being mentioned? I've been holding Ark since it hit Bittrex and I personally don't really have a clear idea about how the token is going to work in the overall picture, or what really the direction is for the project once v2 is out. It feels like things have gone a bit flat recently, are there any updates on direction and what the plan is once V2 is live? Is there any idea about when it might go live? Or how the Ark token will fit into the economy (will it be a gas?). I see a lot of other projects i'm invested in coming up with very clear roadmaps/dates and direction about what they want to be and I still personally feel Ark's message is a little confused and hard to read especially for people who are not coders/developers. rob [ Ark Labs ] [7:22 PM] the roadmap is on the site, arkdirectory.com/kits has nice presentations and other goodies roks0n (deadlock) [7:23 PM] @Matthew_DC mentioned a couple of days ago that he’s preparing several blog posts which should explain most of these @arigard rob [ Ark Labs ] [7:23 PM] the Blog also goes into lots of v2 details Djenny Floro (Ark Tribe) [7:24 PM] Hi everyone. rob [ Ark Labs ] [7:24 PM] Ark is Ark, not like Eth with gas, hence no gas. Hey @Djenny Floro (Ark Tribe) welcome back Djenny Floro (Ark Tribe) [7:24 PM] Hey rob, hi Rok :slightly_smiling_face: roks0n (deadlock) [7:25 PM] Rob, I think he means how everything will be connected with ArkVM etc. similar conversation as the one few days ago (edited) Djenny Floro (Ark Tribe) [7:25 PM] It's been a while, but I was head on in the project, sorry for not showing more often. arigard [7:25 PM] Yeah my main question is really I still don't know what will give the actual Ark token value . goldenpepe [7:25 PM] we dont know how the arkvm will work All we can do is wait Doubled1c3 (ArkStickers.com) [7:26 PM] uploaded and commented on this image: bucket.jpg @Djenny Floro (Ark Tribe) goldenpepe [7:26 PM] We can make assumptions but that's all they'll be roks0n (deadlock) [7:26 PM] @arigard this was the discussion: https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531422791000216 roks0n (deadlock) definitely, I’m not blaming anyone :slightly_smiling_face: Was just curious if there were any developments in terms of the updated whitepaper because I was reading one of the threads on reddit from 6 months ago where it was mentioned you’re looking to hire someone write it up. Posted in #generalJul 12th arigard [7:26 PM] And I kind of feel this is such a big elephant in the room for people in the long run. roks0n (deadlock) [7:26 PM] click on the link and read from that post on (edited) arigard [7:26 PM] ok Djenny Floro (Ark Tribe) [7:27 PM] I saw that there has been some drawbacks with the V2 ? (Not sure if it's exact, I only came a few times and seemed to understand it was so) goldenpepe [7:28 PM] There are just some incompatibilities between v1 and v2 in devnet which is why devnet is currently down rob [ Ark Labs ] [7:28 PM] ArkVM may be unnecessary as more modern approaches to handling contracts are available, one of the main issue is having them be distributed just like the tokens. goldenpepe [7:28 PM] There's a community run v2-only devnet though #devnet_unofficial rob [ Ark Labs ] [7:28 PM] it's more like drawback with v1 arigard [7:30 PM] I mean I've seen a lot of stuff in that discussion discussed over the past year and there still seems to be no concrete answers coming out and that is a bit of worry to me personally. It makes it look like the team doesn't even know. I think most that know of Ark understand it wants to create an easy way to deploy blockchains and work as a platform and have some inoperability options. But the fundamentals of how that work right now seems to be up in the air. In other projects I know what gives those tokens value, but in Ark I don't, so it's hard for me as an investor to really sell to someone else the benefits of the token when there is a big question mark still on it. rob [ Ark Labs ] [7:33 PM] do you know that Ark Deployer has been available for quite some time? arigard [7:34 PM] Yes, that doesn't really answer any questions though. mak [7:34 PM] Ark deployer helps the main chain's business case somehow? arigard [7:35 PM] What gives Ark token actual value? Like what is the reason people need to buy and hold the Ark token? That is my question. Djenny Floro (Ark Tribe) [7:36 PM] @mak what you're saying is kinda like answering you can use a hammer when asked what a nail do. arigard [7:36 PM] You don't need to buy the Ark token to deploy a chain. You can just do it. Djenny Floro (Ark Tribe) [7:36 PM] I mean, the Ark Deployer doesn't answer what's the Ark. mak [7:36 PM] @Djenny Floro (Ark Tribe) my point was directed towards rob's comment. I think you misunderstood it. Djenny Floro (Ark Tribe) [7:37 PM] @mak My bad then. I apologize. Blockhunter [7:38 PM] :boogieark9: rob [ Ark Labs ] [7:38 PM] " I think most that know of Ark understand it wants to create an easy way to deploy blockchains and work as a platform and have some inoperability options. But the fundamentals of how that work right now seems to be up in the air." This is why I wrote that.. there is no mystery of how that works. You are mistaken or uninformed. arkenstone [7:38 PM] That's the problem here because team is programming orientated but there hasn't been alot done on business aspect of the token and marketing investor point big view mak [7:38 PM] That only explains the value of the ark codebase not the blockchain though arigard [7:38 PM] I think you seem to be trying to turn the argument in a seperate direction. It's a simple question. What gives the Ark token value. rob [ Ark Labs ] [7:39 PM] The market does. It's on 19 different exchanges. arigard [7:39 PM] Seems like you are being unhelpfully obtuse. I'll rephrase. roks0n (deadlock) [7:39 PM] so one thing that is clear to me is interoperability using ACES, where ARK is used as a “middleman” between two different chains, so if there’s high volume between those chains, it means the volume of ark increases as well .. what I’d like to know is how things will work with arkvm and how it will all work with sidechains (on eth, all the side chains will basically link back to the main chain which will be the one responsible for security afaik?) arigard [7:39 PM] What gives the Ark token value in the Ark ecosystem. Blockhunter [7:40 PM] Vote for Pedro he will make all your dreams come true arigard [7:40 PM] Eth is a gas, Waves is a gas. Ark is... what? mak [7:40 PM] ACES can work with any chains though. Doesn't have to be ark main chain. So I guess tomorrow persona can become the settlement layer for the Ark ecosystem and there's no incentive to stop it from happening. arigard [7:40 PM] ^ roks0n (deadlock) [7:41 PM] Mak, correct but if there are already lots of chains connected between ARK, it will be more appealing to link it through ARK directly Djenny Floro (Ark Tribe) [7:41 PM] As I understand it, ACES could be using any given blockchain as the middle man... roks0n (deadlock) [7:41 PM] it doesn’t mean that it can’t be copied tho arigard [7:41 PM] But there are no chains connected through Ark atm That have any real value anyway roks0n (deadlock) [7:41 PM] eth and btc are arigard [7:41 PM] And they can be connected through any Ark clone. bangomatic [7:41 PM] I'd love to hear the Ark team chime in on this discussion arigard [7:42 PM] So anyone can come along and make another chain that can instantly overtake Ark at this present time if there isn't a failsafe reason for Ark to be the defacto currency. rob [ Ark Labs ] [7:42 PM] https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422 you can't keep saying things like this as if they are true. arigard That have any real value anyway Posted in #generalToday at 7:41 PM Blockhunter [7:42 PM] Interoperability to the moon mak [7:42 PM] "it will be more appealing to link it through ARK directly" Currently Ark is the only mature chain because it's been around longer but the moment persona or some other bridge chain gets listed on an exchange that dynamic is no longer there. So why would you prefer Ark over persona when that happens. That's the question as far as I understand it. (edited) rob [ Ark Labs ] [7:43 PM] Persona has other goals, not duplicating Ark goals Djenny Floro (Ark Tribe) [7:43 PM] @bangomatic Hi! arigard [7:43 PM] What current sidechain of Ark has real value/position in the crypto market? Persona? bangomatic [7:43 PM] hey @Djenny Floro (Ark Tribe)! mak [7:43 PM] The blockchain as a transaction medium doesn't care about secondary goals. It still has all the capabilities that Ark has. Colby [7:43 PM] What has value right now? :thinking_face: rob [ Ark Labs ] https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422 you can't keep saying things like this as if they are true. https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422 Posted in #generalToday at 7:42 PM arigard [7:43 PM] Ark's ecosystem at present is not big enough to be a reason not to just take the tech and start your own. To think otherwise is ludicrous. rob [ Ark Labs ] [7:44 PM] that's a fine opinion Jarunik [7:44 PM] it is harder than you think :slightly_smiling_face: arigard [7:44 PM] We aren't Eth with multi $100mn + start ups and even if we were, what's currently to stop one of those just overtaking Ark and leaving it behind? Jarunik [7:45 PM] i hope some ark clones get really sucessful to be honest :slightly_smiling_face: Colby [7:45 PM] Same here! Jarunik i hope some ark clones get really sucessful to be honest :slightly_smiling_face: Posted in #generalToday at 7:45 PM Blockhunter [7:45 PM] HODL ROCKET TECHNOLOGY mak [7:45 PM] Same here but then there's no reason to hold Ark over something else arigard [7:45 PM] i hope so too if there is some reason for Ark to always be there at the top considering it's the Ark platform. Colby [7:45 PM] But the thing is that I am wondering, if ark clones get successful, what benefits does it give back to ark Djenny Floro (Ark Tribe) [7:45 PM] @Jarunik to create an ecosystem? mak [7:45 PM] Right now we have to consider Ark's value not the other bridge chains arigard [7:45 PM] But if there isn't a reason for Ark to exist at the top, why are we all holding it? Colby [7:45 PM] Haha I think we are all thinking the same :slightly_smiling_face: arigard [7:45 PM] It's a terrible business plan rob [ Ark Labs ] [7:46 PM] the point of BridgeChains is to allow new projects with no access the market a path to them through Ark, and hence gain value. Other blockchains connections are through ACES, such as BTC, LTC, ETH, and more coming.. Persona has a way to trade Ark <> Prs arigard [7:47 PM] What is to stop them from getting their own exchanges in the future and just using Ark as a stepping stone to becoming their own platform operator? mak [7:47 PM] Sure rob, but there's now 10 different projects doing the same and they are faster in development than the ark team is arigard [7:47 PM] ^ Blockhunter [7:47 PM] Ark is the Yoda of blockchain and they need a better catchphrase. Better than ark gives no dates or point click blockchain arigard [7:48 PM] This attitude seems horribly naive if this is the value proposition. mak [7:48 PM] All of us believe in the vision that Ark brought us but I personally am not sure if Ark is the best option to execute that vision in time arigard [7:48 PM] The issue is, we don't know what the value proposition is. mak [7:48 PM] Other projects seem much faster rob [ Ark Labs ] [7:48 PM] if you are into speculation, which it seems you are, then on paper all of your projects with no code are better and have more value than Ark arigard [7:48 PM] That's not true at all. lol. Matthew_DC [7:49 PM] At the most base level, ARK is a common currency token that is essentially automatically compatible with every bridge chain that is built based on ARK and is optimized for transaction volume and throughput to avoid bloat of other mechanisms introduced by the other chains. That is at the most basic level. By holding the ARK token itself, you will be able to enact the functions of multiple bridged chains both issued by our team and others. You will also be able to utilize the ARK chain as a pegged token to many bridged chains but that process will be transparent to users as it will be done behind the scenes without the user needing to do any functions. To think that someone will fork the code and generate a more effective ARK main chain means you have no confidence in the ARK team as the primary developer of the technology itself. In this case, if we are not and someone pushes a better version of the network, then I would argue maybe they SHOULD be chosen. That is the point of a free and open market. Not to mention the potential for registering and providing snapshot hashes to the main ARK blockchain to provide added security measures to a bridge chain with lower security due to lower market share etc, those are just baseline reasons. As I mentioned the other day, at face value, consider this. What brings value to Litecoin or Bitcoin or Doge? In essence, ARK is a more effective currency and base network than all of these aforementioned networks with all of the added benefits being added for additional use cases. roks0n (deadlock) [7:50 PM] will ark based chains be bridged via arkvm? goldenpepe [7:50 PM] They cant be You'd need the VM on both sides Matthew_DC [7:50 PM] I am currently on a conference call and have a lot going on so I can't respond too much. goldenpepe [7:50 PM] You can use AIP11's new tx types to do a sort of escrow between chains though i think mak [7:50 PM] @Matthew_DC Are you saying that the bridgechains deployed by ark-deployer don't have the same features? rob [ Ark Labs ] [7:50 PM] ArkVM is not for bridging chains goldenpepe [7:51 PM] It can be Coinme [7:51 PM] And ICO's that will join Ark in the future will use it for buying their token. goldenpepe [7:51 PM] But both chains will need to be running the VM Matthew_DC [7:51 PM] The ARK main chain will have specific methods of allowing token transfer and utilization between chains to include quasi-centralized methods through aces, decentralized aces based intermediary networks, Time locked transfers, among custom built smart contract like logic built into the core technology itself that doesn't make the network susceptible to the bloat and mis-utilization an vulnerabilities of full VM use. goldenpepe [7:51 PM] (which the main ark chain wont be) mak [7:51 PM] "ICO's that will join Ark in the future will use it for buying their token" Or any other bridgechain that's listed on exchanges @Matthew_DC So will all of the bridgechains, no? I could start an ACES node today for persona and it will have no difference from what you describe. Matthew_DC [7:52 PM] @mak no, we promised ARK would be open source and everything we build for the core ARK blockchain will be open source. arigard [7:53 PM] You can be open source and still protect your value.. Matthew_DC [7:54 PM] The point of ARK from day 1 has been to create a better base layer blockchain technology and protocol for everyone everywhere to be able to use to create anything they can dream up. The ARK token is a core payment layer for the ecosystem including any applications we build ourselves, sponsor, partner with, or support. mak [7:54 PM] It seems like the team's vision for Ark is as a software product only and there's no business plan for the main chain. Which is fine but it's not explained as such. (edited) Blockhunter [7:55 PM] Great to see such active discussions goldenpepe [7:55 PM] I think what Matt is trying to portray is this: A single universal Ark Ecosystem wallet holding ARK that has a nice UI with a list of dapps in the ecosystem You select a dapp You send a tx from the wallet using Ark ----------------Everything below this line is transparent to the user----------------- The Ark transaction has instructions in the smartbridge field The Ark gets converted to dappCoin via an intermediary like ACES (trustful) or a trustless escrow smart contract The intermediary received Ark and uses the dappCoin on the dapp chain to do whatever it is the user wanted to do using the instructions in the smartbridge field The dappchain responds to the request to the intermediary Intermediary sends an Ark tx with the results of the dapp computation/action in the smartbridge field ---------------Everything above this line is transparent to the user------------------- After 8+ seconds, user's wallet shows them the result of their interaction with the dapp bridgechain That's where the value of Ark will come from The Ark coin will be a universal "omni-coin" Matthew_DC [7:56 PM] :this: This goldenpepe [7:56 PM] That will instantly shapeshift into bridgechain coins to interact with the bridgechain dapp mak [7:58 PM] I understand what your point is and I agree it will work but only as long as none of the bridge chains are on an exchange when for example persona gets listed on binance the scenario changes and now either chain can become the backbone of the ark ecosystem arigard [7:58 PM] Yes. We see that. But hypothetically what is to stop a bridged Ark chain from becoming bigger than Ark and then going on to become that gateway? At this point it just seems to be hopium that the Ark network will always be the one people look to. But in one year, or two, or five, it might not be the case. What is to stop Ark being just sidelined if another team come along with develop on what Ark has built and propel it forward and take the mantle? goldenpepe [7:58 PM] What you say will be a problem only if the utility of the dapp coin is greater than the utility of the ark omnicoin Would you rather hold a coin that can do one thing and is forever tied to a single chain arigard [7:59 PM] But in other crypto's an app becoming sucessfull is a benefit. In Ark's network it could be a negative. goldenpepe [7:59 PM] Or would you rather hold a coin that can interact with that single chain and 3232523432 others arigard [7:59 PM] But why can't another coin become an omnicoin? If there are no limitations against it goldenpepe [7:59 PM] Why can't another coin become ethereum? mak [7:59 PM] "What you say will be a problem only if the utility of the dapp coin is greater than the utility of the ark omnicoin" Or if it gives out better staking returns etc like persona because of higher inflation rate goldenpepe [7:59 PM] if there are no limitations against it You can literally go on AWS right now and deploy an ethereum clone chain arigard [7:59 PM] It can, but an ETH token can't oust ETH That's the difference. We are giving people an easy route here. rob [ Ark Labs ] [7:59 PM] do you often think your children should not surpass you? Or is that the hope? Matthew_DC [8:00 PM] Well it's about security, trust, potential vulnerabilities due to added functionality, the ability of the bridgechain team to create interactions and focus on use cases for their token outside of their core use, etc. But that's the point of open and free markets goldenpepe [8:00 PM] There is a solution to your concern @arigard Matthew_DC [8:00 PM] What is to stop someone from being better than Bitcoin? arigard [8:01 PM] I think all these strawman arguments are fun, but they still aren't adressing the issuel goldenpepe [8:01 PM] Instead of having Ark Deployer literally cloning the ark codebase, have it be a turnkey solution to run a layer 2 chain Matthew_DC [8:01 PM] You could go fork Ethereum right now and have an exact copy of the capability of the main Eth chain. goldenpepe [8:01 PM] bridgechain dapps can be "colored coins" that are forever tied to the main chain arigard [8:01 PM] Yeah but you wouldn't have those businesses on the chain. goldenpepe [8:01 PM] but that would introduce bloat Matthew_DC [8:01 PM] So you are saying the utility of Ethereum is adoption. arigard [8:01 PM] And those businesses won't have the potential to become the main ETH. Matthew_DC [8:01 PM] Which is the case for the value of any token. goldenpepe [8:01 PM] @arigard It sounds like you want ark to become Ethereum Plasma arigard [8:02 PM] I just want an answer. Matthew_DC [8:02 PM] How many companies are pulling their ERC20 tokens off of Ethereum because of the issues? Colby [8:02 PM] Yeah but correct me if im wrong goldenpepe [8:02 PM] There is no answer that will satisfy what you are asking arigard [8:02 PM] And i keep getting strawmanned. Colby [8:02 PM] Ethereum projects NEED eth for gas Matthew_DC [8:02 PM] We talk to people almost every day that are looking to leave Ethereum. Colby [8:02 PM] Ark is needed for? arigard [8:02 PM] ^ Colby [8:02 PM] This is all I am wondering, where does the ark coin fit into it I love the idea goldenpepe [8:02 PM] @arigard You want ark-based coins to rely on Ark The team wants the Ark chain to not be bloated The solution to this is unironically ethereum plasma and sharding Colby [8:02 PM] but have been waiting for a while to know how the Ark coin will actually be used goldenpepe [8:03 PM] Shards in ethereum are basically "bridgechains" arigard [8:03 PM] Ok, and those teams might be big enough and clued up enough to eventually knock Ark from being the de facto omni coin. That's the worry. If this is in fact the possibility. Then it should be clear. mak [8:03 PM] "You could go fork Ethereum right now and have an exact copy of the capability of the main Eth chain." @Matthew_DC Ethereum has value because all the dapps live on it which is not true for ark arigard [8:03 PM] Because as an investor it worries me, a lot. I don't know where the value of Ark as an investment is 100% right now. Jarunik [8:03 PM] Ark is basically the inverse approach to Ethereum. Eth goes for big one-fits all first and tries to shard ... Ark is creating shards and then combines them goldenpepe [8:03 PM] There is no solution to what @arigard and @mak are saying right now Literally no existing solution Only proposals like sharding arigard [8:04 PM] And all this noise about defensiveness doesn't help. These are legit concerns. Matthew_DC [8:04 PM] When was it not clear that if a company comes along and builds a better more used product it could potentially take over market share? That's how all free markets work. You can't believe in open source and build and open source product without that risk. arigard [8:04 PM] But that isn't the same thing. Ark is literally building THE tools for people to then do that. mak [8:04 PM] @Matthew_DC Just to clarify I appreciate the work you guys are doing but I want to make an informed investment decision about holding the ark token arigard [8:04 PM] As a platform. Jarunik [8:04 PM] yes ... that is the idea how to grow arigard [8:04 PM] if you cloned Bitcoin back in the day you were a seperate currency. Jarunik [8:04 PM] provide good tools for others to create chains arigard [8:04 PM] This is a platform, its totally different. And what we are discuswsing here is who runs that platform. Matthew_DC [8:05 PM] If someone launched an Ethereum chain right now and gained adoption there is a huge potential that all tokens decide to move their ERC20 tokens to the new chain and it becomes the new Ethereum and you have in essence lost all value because Ethereum is not capable of being used on the bridge chain as a currency. ARK maintains it's value if for no other reason than the pegged value to any chain we personally create to include VM chain, token issuance chain, etc. arigard [8:05 PM] If it's built by Ark, does Ark always retain control? if not, why? What happens if Ark ends up building tools for a subsidary project that propels itself above them. Investors will just move to that coin. Matthew_DC [8:05 PM] Because it's an open decentralized system. The problem is people don't actually believe in decentralization if it possibly harms their potential for monetary gain. rob [ Ark Labs ] [8:06 PM] we hope bridgechains get popular because that also means more for Ark in many ways. arigard [8:06 PM] You can be decentralized without being 100% altruistic. It's not mutually exclusive. mak [8:06 PM] @goldenpepe Since you guys claim that there's no solution for this how about I present one which @Matthew_DC can decide if it's useful or not. Make delegate voting for the ArkVM happen on the main chain. So anyone who wants to become a delegate for the VM needs to hold money on the main chain. arigard [8:07 PM] It just seems people are being dogmatic about this. And if this isn't about investment. Why have an ICO? Matthew_DC [8:07 PM] Ethereum being the core chain for all ERC20 token based businesses centralizes the industry in a massive way. Not only is Ethereum itself centralized in the way it's mining structure was developed, but it also is centralized in that if the Ethereum network is compromised, thousands of companies assets and business are now compromised. We don't believe that is the future. mak [8:07 PM] I'm not saying that this should be done for all sidechains. Just for the VM and it will be a special case. Matthew_DC [8:07 PM] We believe in a different business model. That has been at the core of every description and explanation I have given from day 1. arigard [8:07 PM] Ok and that's fine, but my point is this should be made very clear if it's the case. From the team officially. goldenpepe [8:07 PM] @mak now you're strawmanning me Matthew_DC [8:07 PM] Where is it not clear? goldenpepe [8:08 PM] I was addressing the fact that the idea that bridgechains shouldnt be independent and should be tied to Ark being in conflict with the Ark team's idea that the main chain should not be bloated with dapps The only plausible solution to that right now is Ethereum Plasma Sharding yokoama (thefoundry Delegate) [8:09 PM] Sharting mak [8:09 PM] "We believe in a different business model." I respect that. But it changes the ark's value proposition to just being a source of funding to the ark team and a means of speculation. goldenpepe [8:09 PM] Shards in ethereum are like bridgechains but the coins are all erc20s that rely on ethereum Matthew_DC [8:09 PM] People said ARK's DPoS mechanism would be a failure when we changed the voting structure because they said it wouldn't be secure enough. It has turned out to be massively secure compared to the centralized cartel run solutions of other DPoS chains. This is another fundamental issue where we believe we have a model that will work and will create value and thousands of use cases for the ARK token in a seamless way for the average user. goldenpepe [8:09 PM] and the shard blocks dont interfere or bloat up the "main" eth chain mak [8:09 PM] @goldenpepe I'm not suggesting deploying dapps on main chain. Just that the voting should take place there so there is always incentive to keep money on the main chain. Matthew_DC [8:10 PM] At no point did we say ARK was gas and have constantly made sure to outline the differences between ARK and Ethereum. I believe the Eth model is flawed. goldenpepe [8:11 PM] The current ethereum model is flawed If sharding works then it's going to solve a lot of its issues (i dont hold any ethereum btw) arigard [8:12 PM] At no point have we actually had an updated white paper discussing this question in detail, clearly. It's not on the website and if it is it's buried somewhere in a blog post. The fact these discussions keep cropping up is proof of this. nukacolaplease [8:12 PM] I think we don't understand clearly what makes Ark important after the launch of the sidechains, Ark will be only an "exchange token"? The sidechain doesn't need Ark for operating goldenpepe [8:12 PM] +1 on needing a new whitepaper Matthew_DC [8:12 PM] replied to a thread: This is a means of centralization of the network. Instead, by utilizing a form of pegged bridge chains, we can maintain a similar effect without creating centralization and reliance on 1 chain for others to properly function. arkenstone [8:12 PM] I think these things should be clearly written in a new WB and officially made public and promoted goldenpepe [8:12 PM] A new whitepaper would clear up so much FUD pieface [8:13 PM] Yeah I think a new WP is needed for sure arigard [8:13 PM] So don't start going "Oh everybody knows this, it's clear" Show me where on the front page of the website it tells you how the token mechanics will work in the ecosystem? It's not good it being on some powerpoint on a google drive, or hidden in comments in the slack. mak [8:13 PM] I though there wasn't going to be a new whitepaper. arigard [8:13 PM] It needs to be clear to investors how it works, exactly. goldenpepe [8:13 PM] I agree with arigard here I only know what I know because I live on slack Matthew_DC [8:13 PM] The solutions are still in development and there are always opportunities to continue to adapt the model, that's why I have these conversations and ask for feedback regularly, but the core fundamental belief of how open and free decentralized markets should work most likely won't change. arkenstone [8:13 PM] Same here goldenpepe [8:14 PM] The vast majority of ark holders have no idea they just bought bc of the cool red triangle arigard [8:14 PM] Stop playing cute, this is people's money you are asking for. So at least give them the benefit of being honest that there is no inherent business model reason why Ark will be necessary in the future. And let them make their decisions. roks0n (deadlock) [8:14 PM] I agree, it took me months of following discussion on slack and digging around reddit to get information arigard [8:14 PM] With proper information. mak [8:14 PM] replied to a thread: It's centralizing value onto one chain but doesn't bottleneck the ecosystem so I don't see anything being wrong with that. Matthew_DC [8:15 PM] replied to a thread: I'm not arguing with you and I made a clear post here within the last 2 days that our website messaging is shit and needs completely redone. If the ARK network is compromised or the consensus mechanism of the ARK main net is compromised then all subsequent networks reliant on that consensus would be compromised as well. mad4thrash [8:15 PM] In my opinion Ark's value come from (in the future) the fact that by holding one coin I can interact with every bridgechain plus any ACES services Matthew_DC [8:16 PM] So what I am saying is that we have to be cautious of these kinds of decisions and ensure that we aren't inadvertently creating attack vectors to take down partners, businesses, and other industries using the technology. I'm sorry guys, I have to go, but I would love to continue this conversation on Reddit or here at a later time. mak [8:16 PM] "all subsequent networks reliant on that consensus would be compromised as well" ^ Correction: only the VM chain will be compromised since I'm not advocating that all bridgechains should vote on the main chain. Matthew_DC [8:19 PM] In an isolated case, if we can map it out and vet the concept, I'm more than happy to hear it out and have the conversation. Solowatch [8:19 PM] So I think we can all agree an updated Whitepaper is due Matthew_DC [8:20 PM] This is a community project and we are shaping pieces of it together as we continue to build. We have already made changes based on community feedback on many occasions. So I would love to see someone post a proposal to reddit or even as an AIP at some point that we could discuss. Jarunik [8:20 PM] If you write a white paper it will be outdated soon :smile: Solowatch [8:21 PM] Well a V2 whitepaper shouldn’t be outdated soon I don’t care about a V1 or V1.5 whitepaper lol I want a whitepaper for V2 that’s clearly explaining all these concerns that the community has arkenstone [8:22 PM] :this: Solowatch [8:23 PM] I wrote a few questions down that I’ll post in here later today that @rob [ Ark Labs ] asked for. Please add to it if I missed anything once I do. arkenstone [8:23 PM] And I think now it's the time do it. Present it with full package on mainet launch.. (edited) Solowatch [8:23 PM] Or PM and I’ll add them before posting mak [8:25 PM] Anyways thanks for listening and responding @Matthew_DC. Some of us have been trying to discuss this with the ark team but didn't get much feedback until today. arigard [8:25 PM] Yeah +1 arkenstone [8:28 PM] Alot of early investors are getting worried
Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter. The winner of the Q2 AMA Contest is: Shenbatu Q: Why does your blockchain exist and what makes it unique? A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Q: What is the Colossus Grid? A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. Q: When will zerocoin be fully integrated? A: Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition. Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else? A: Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story. Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon. A: The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018. Q: When will your github be open to the public? A: The GitHub has been open to the public for a few months now. You can view the GitHub here: https://github.com/ColossusCoinXT The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master Q: Why should I use COLX instead of Monero? A: ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector. Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd? A: You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed. Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂 A: ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing. Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid? A: What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing. Security: https://wiki.ncsa.illinois.edu/display/cybersec/Projects+and+Software Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base? A: As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend. Q: Can you compare CollossusXT and Golem? A: Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections. Q: How do you guys want to achieve to be one of the leaders as a privacy coin? A: Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology. Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned? A: The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available. Q: Has colossus grid had the best come up out of all crypto coins? A: Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network. Q: How far have Colossus gone in the ATM integration A: ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement. Q: How does COLX intend to disrupt the computing industry through Grid Computing? A: Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income. Q: What kind of partnerships do you have planned and can you share any of them? :) A: The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid. Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future? A: ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet. Q: How innovative is the Colossus Grid in the privacy coin space? A: Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy. Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it! A: ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space. Q: What is the reward system for the master node owners? A: From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information. Q: What other marketplaces has the COLX team been in contact with? Thanks guys! Love the coin and staff A: ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements. Q:What do you think about the new rules that will soon govern crypto interactions in the EU?they are against anonymous payments A: Blockchain technology is just now starting to become clear to different governments. ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites. Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology. While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world. Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace! A: Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface. Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect? A: ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question. Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution? A: The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications. Q: Why should I choose Colossus instead of another 100,000 altcoins? A: Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper! Q: Will there be an option (in the future) to choose between an anonymous or public transaction? A: Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions. Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ? A: Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally. Q: What is the TPS speed that colx blockchain achieves? A: ColossusXT achieves between 65-67 TPS depending on network conditions currently. Q: Plans on expanding the dev team? A: As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it. Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ? A: Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid. Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap? A: There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development. The roadmap can be found here: https://colossusxt.io/roadmap/ Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL. A: ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore. Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project? A**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply. Q: what is the next big exchange for colx to be listed ? A: There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
Q: How will Colx compete with other privacy coins which claim to be better like Privacy? A: ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics. Q: Does COLX have a finite number of coins like bitcoin? A: No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake Q: What are the advantages of COLX over other competitor coins (eg. ECA)? A: The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks. Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?) A: The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom. Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now? A: Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work. Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it? A: ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question. Q: When do you plan to list your coin on other "bigger" exchanges? A: ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding. Q: What was the rationale behind naming your coin ColossusXT? A:Colossus was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin. Q: Can you give any details about the E Commerce Marketplace, and its progress? A: The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development. Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage? A: The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for. Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions. A: ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng Q: What are the usp's of colx in comparing to other privacy coins? A: Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain. Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3? A: ColossusXT intends to be listed on all major exchanges globally. :) Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)? A: The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs. Q: Will ColossusXT join more exchanges soon?? A: Yes. :) Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc. A: As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019. Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues? A: One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018. Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues? A: Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases. For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward. Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future? A: The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners. Our goal is to make this process as easy and accessible as possible to our community. Q: Will there be an article explaining the significance of each partnership formed thus far? A: Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt Q: What potential output from the Grid is expected and what would it's use be? For example, x teraflops which could process y solutions to protein folding in z time. A: There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models. The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX. All individuals will not have access to infinite grid resources. Q: Is there a paper wallet available? A: Yes, see https://mycolxwallet.org Q: Is there a possibility of implementing quantum computer measures in the future? A: This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers use, a quantum computer uses quantum bits—known as qubits. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values. Q: Do you plan to do a coin burn? A: No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed. Q: Can I check the exact number of current COLX master node and COLX staking node? A: Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer. Block explorer: https://chainz.cryptoid.info/colx/#!extraction Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)? A: We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand. The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project. Disclaimer: This is not all YouTubers, but many. Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks! A: The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :) A: The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone. Q: Does COLX have master nodes? A: Yes. ColossusXT has masternodes. Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption???? A: There is already this option.https://mycryptocheckout.com/coins/ Q: What do you think your community progress till now? A: The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday. Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work. A: Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC). Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap? Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail. A: Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter. Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture? A: The Colossus Grid. Which has been explained within this AMA in a few different ways. Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day! A: Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
Pundi X ecosystem handled a total of 26,380 crypto transactions valued at 3.9 million in USD during the 1st quarter of 2019. Registered XWallet users have increased to 179,982 as of April 10. XPOS has been shipped to 30 countries.
By integrating a collection feature, we are making XWallet a virtual mini-XPOS. Users can be part of the XPOS merchant network by becoming verified merchants from the XWallet app. Staking and conversion are also integrated into XWallet app and available for KYC verified users.
XPOS Handy, a more affordable version of XPOS, is now in production. 2,000 units will be produced. The team is also looking into expanding XPOS into traditional POS units platforms and has started working on one of the top two POS brands for integration. Product Development Overview
Due to the conversion, the token removal in 2019 will reflect the result of both NPXS / NPXSXEM utilization and NPXS / NPXSXEM conversion to FX. For example, the amount of Q1 token removal will be announced in the first week of May 2019 and the execution will take place in the second week of May.
Below is a summary of the Q&A with community members.
Q: How many live working XPOS are there in the world right now? Understand the plan was 100,000 in 2021. But recent news is only talking about someone maybe buying 1000 in 2021.
Is the delay in scaling XPOS because of the licenses which Pundi X doesn’t have yet? If yes, when can we expect it to be approved or denied?
Zac: The pick up rate during Q1 isn’t moving as fast partly due to the bear market. Another contributing factor of which some of you may be aware, is that we have been working on obtaining the relevant FCC and CE certifications for the XPOS as it’s a requirement by most governments. We are pleased to announce that the XPOS has been officially certified. It’s in fact the first blockchain based POS device that has been given the CE certificate. And with this, we will begin to accelerate to get the XPOS compliant with the different markets and increase the activation rate of the XPOS. For example, in Dubai, we are working with the local credit bureau to apply for an approval with the local regulators using our CE Certificate as the base document. The same goes for Korea’s KC certification. So yes, a lot of things have been moving behind the scenes and one thing that is clear is whatever we do, it is to play the long-term game. Hence, we had to make sure that we have all the relevant required certification for the XPOS before we take it to the next level of deployment.
Q: How many XPOS transactions (by coins) have been done so far (since the start)?
Zac: The XPOS and XWallet have handled a total of $3.9M USD in Q1 outbound transaction.
Q: Will there be a major partnership such as with Uber or Amazon to use the XPOS? Any strong partnerships in the works for the XPOS?Any upcoming big deals for the xpos ? Like Starbucks, etc? And did Pundi X ever get in contact with Kroger?
Zac: As always, similar to other business deals, due to confidentiality agreements, we do not comment on major partnerships until it’s firmed up or announced first by our counterparties. One thing for sure, we are working hard to engage established global enterprises (especially those) with a large distribution network and footprint. In addition to that, we are exploring the expansion of our XPOS solution footprint by integrating the XPOS into one of the Top 2 point-of-sale manufacturers. We will share the process and details once we have completed the testing.
Q: Any updates on a Pundi X collaboration with Dubai government?
Zac: We are in the process of getting the XPOS certified with the local government authorities. And now that the XPOS has the CE certificate, it will accelerate the approval process in Dubai.
Q: When is the XPOS capable of handling credit card payments?
Zac: We have reached out to various parties that can provide and activate these services and that includes meeting the CEO of MasterCard, Mr Ajay, in person. He has seen our XPOS and from what I could tell, he was impressed.
Q: When will you add XRP to XPOS?
Zac: The XPOS is a digital currency-neutral device. When there’s enough demand and a real need from an organization or company, we would not hesitate to add it to our XPOS ecosystem.
Q: When will the XPOS have WePay, AliPay, Samsung and Apple pay?
Zac: XPOS itself is hardware-ready for these payment methods. To activate these services, we will be required to comply with the local regulations in different jurisdictions and work with the providers of payment gateways.
Q: Can we get a merchant map, similar to bitcoin ATMs?
Zac: The team is working on this. In the first phase, we will have a list of the featured merchants. We are targeting to have a “lite” version of this “featured merchant” map ready by end-May. We are finalizing the name but you can call it the X-MAP where you can locate your favourite XPOS merchants or X-Merchants.
Q: Does Pundi X have plans to support stable coins?
Zac: Our XPOS merchants already have access to the stable coin feature, but for regular consumers, the option to have stable coin is not available yet. However we foresee turning on this feature soon.
Q: China and Thailand should be supplied with XPOS via some partner. The news was big but that was over a year ago. What’s the status in these two key markets?
Zac: China’s stance against Cryptocurrency is still a no-go. The news that was mentioned a year ago refers to our license distributor called XPOT (they had a kick off event a year ago where Mr. Prachuab Chaiyasan, Former Minister of Foreign Affairs of Thailand was one of the attendees). XPOT is our licensed distributor and I believe they are still in discussion with the local governments and pending the environment to change. Regarding Thailand, we are in talks; with possible partnerships in this market. Please stay tuned.
Q: What are the current legal issues Pundi X is facing in USA, Germany and Canada?
Zac: Regulatory bodies are still ambiguous about their policies toward cryptocurrencies. As previously mentioned, we will continue to monitor the situation in the different markets and be compliant so that as soon as there is clarity in the market, we will be in a prime position to move in.
Q: When is Pundi X expanding to India? I was at your Mumbai Meetup but we are still waiting
Zac: We are awaiting RBI’s permission too, as crypto is still frowned upon by the local authorities.
Q: A long time before the public token sale, at the pre-sale stage, Pundi X said they have a working product and simply needs the funding to pay for a huge production and then give out XPOS devices for free. The cost per device is somehow USD 200–300, depending on order volume and a USD 3,000 investment would yield a minimum of 10 XPOS Devices. After enough funds raised, the token sale got capped and more funds raised. Then the XPOS got remodeled and went for sale. What happened with the initial idea of giving 10,000+ devices out for free?
Zac: As previously mentioned, pre-public token sale participants who purchased > 30 ETH are entitled to a free XPOS. If you haven’t claimed yours, please reach out to us. Also in the pipeline, we are working with some non-profit organizations to provide free XPOS for their usage.
On the XWallet
Q: Will you add a stable coin to XWallet?
Zac: Yes, we will. Someone has asked the same thing about XPOS. It will likely be added around the same time for XPOS, XWallet and XPASS.
Q: Can we add the bank transfers to XWallet? Basically to liquidate on the XWallet for sending money to my bank account?
Zac: This is my personal favorite feature to have and it’s on my wishlist. In order to support fiat, we need to have a Payment Service License / E-Money License / Stored-value license in a jurisdiction that supports a particular fiat. For example, if it’s EURO, we will need to apply for a license or lease it via a partner for this to work. We are definitely exploring the different possibilities but we are unable to elaborate more on when, or if it is happening, as this also requires more talks with the different local jurisdictions. Q: Turkish holders would like to ask when can we partner with master / visa and integrate with XWallet? Zac: As mentioned earlier, we have reached out to various parties that might be able to activate these services.
On Q3 to Q4 Plans
Q: What’s the plan for Q3 and Q4 for this year?
Zac: There are tons of things we are working on for Q3 and Q4.I will broadly separate it into: Developer ecosystem — The developer ecosystem allows traditional and tech companies to onboard themselves into the XPOS and XWallet ecosystem, such as listing of their custom tokens, advertising etc. These services will all require the usage of NPXS and NPXSXEM tokens. Partnerships — We are likely to partner with incumbent retail chain stores payment companies, incumbent POS companies that have deep distribution network to help expand the reach of XPOS, XWallet, XPASS, etc. Governmental level efforts — We started off with Dubai and since then, several other governments have shown interest. We see this as an opportune time to engage forward-thinking governments to build a blockchain ecosystem in their city and country. Our Team: we will continue to invest and grow our R&D team capabilities as they represent the heart of Pundi X. If any engineer or developer is keen to help us to scale, please get in touch with us. We are actually looking for engineers as I speak.
On NPXS and Token Removal
Q: What is the quarterly token removal from the NPXS usage of the XPOS and the burned amount for Q1 2019.
Zac: Good question. Some holders may be aware that token removal includes the result from the conversion. The amount of Q1 token removal will be announced in the 1st week of May and we will execute the removal in the 2ndweek of May.
Q: Pundi X has mentioned a monthly coin burn and a monthly buy back. Why hasn’t this happened yet?
Zac: It is not monthly. We are doing a quarterly token removal.
Q: People feel that the current token burn isn’t as transparent as many wish. What can be done to improve this process and make it more transparent? The biggest upset was after the ULTRA festival where Pundi X just wrote “we ain’t allowed to talk numbers.”Could there be a daily or weekly ticker? Is that possible?
Zac: That’s a good suggestion. While a daily ticker might be challenging, we certainly can try exploring incorporating a ticker update towards all token removal or scheduled for the next one.
Q: Zac, you have mentioned previously that someone was trading against NPXS. What did you guys do about this problem?
Zac: There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market and it’s not something that is unique to NPXS. In fact, the traditional stock markets have similar challenges as well. We have taken the “the best defense is a good offense” strategy which is to continue to strengthen our tokens; such as create more use cases, drive more adoption and more distribution to ensure our tokens are well positioned and stronger than ever.
Q: Why do you not do any great marketing and generate publicity for NPXS, e.g., advertise on television stations in major and in different countries? I generally see marketing as very important to the company’s success. And I hope to see real partnerships, not just with small shops or restaurants.
Zac: We rarely engage in paid partnerships as it doesn’t necessarily produce the best ROI in terms of investment and in this market condition, we believe in being financially prudent. Being in a decentralized environment, we consider ourselves as a community-driven company.The impact of organic press coverage driven by our community is always stronger. We do want to be seen on all major news channels and we will do that via “thought leadership brand building.” As a testament to our growing reputation, recently, we were invited to speak at the Fintech Ideas Festival event and be on the same stage as the senior executives and CEOs of Wells Fargo, COO and CTO of Bank of America and other large institutions. We see this as the right step forward in growing our brand appeal to the masses.
On the QEX Fund
Q: Any update on the QEX fund?
Zac: The QEX fund is led by Vic Tham,CEO and Fen Chao Yong, COO, at Quantum Energy Asset Management, also known as QEAM. Other than being the CEO of QEAM, Vic is also Pundi X’s Chief Investment Officer. From what we know, they are in the midst of raising funds, book building, analyzing potential projects & companies and strengthening the portfolio for QEX. It’s an ongoing effort for this year and a very exciting one. We are extremely excited to see potential breakthrough projects that could benefit our ecosystem. And if anyone has questions or interests, please do reach out to Vic Tham and his team at QEAM.
On Function X
Q: What is the update on devs program for the Function X ecosystem?
Zac: Many keen developers are eagerly waiting for it, and I know Billy who has posted this question is one of them. We are working on it right now, we can’t commit on the dates yet but developer support is a big part of our ecosystem. We are working tirelessly, and sometimes “sleeplessly” to get this out.
Q: Did you use “investors”/ token holders funds to develop Function X? And instead of giving the 65% FX tokens to NPXS and NPXSXEM holders, you are getting them to choose between NPXS/NPXSXEM and FX token?
Zac: 65% of the FX tokens from Token Generation Event (TGE) is already allocated for NPXS / NPXSXEM token holders, via staking and/or conversion. There are two separate projects with teams working on it. For the XPOS ecosystem to flourish, it requires a more scalable platform/solution which is the Function X ecosystem. The Function X foundation will be announced in Q3 and hopefully it will be a pleasant surprise. We will have a solid team to grow the Function X ecosystem.
Q: Will Pundi X be less focused on NPXS once FX goes live?
Zac: No, we think it’s mutually beneficial. If I may use an analogy, it’s like Google Search and Android, one product will lift the other up. The other example would be salt and pepper. When used in combination, it will drastically improve the taste of any particular dish.
Q: What is the relationship between the future f(x) coin and the future NPXSFX token? Is the former used in the FX ecosystem (XPhones) and the latter used in the XPOS ecosystem? If so, would buying something using the XPhone going to burn FX coins, NPXSFX tokens, both or none?
Zac: Think of the role of f(x) coin like how ETH is. Everything or any service that’s taking place in the Function X ecosystem will require the f(x) coin. For NPXS which will be ported over to the Function X blockchain once the Function X mainnet is up and running, its utility will remain the same. Any payment-relevant services or activities on the Function X blockchain will require NPXS, which on the Function X mainnet will be tentatively called NPXSFX.
Q: For FX Tokens, the lock up of 1 year is too long for us to wait. Can we change the option to shorten the duration?
Zac: The mechanism in place has been designed for the long term, so unfortunately, we can’t change the option. Users have the choice whether to convert his NPXS and NPXSXEM, or not, into f(x) coin, if a user chooses to convert he will receive 12% immediately and 8% each month for the next 11 months.
Q: Will F(x) be available to those who couldn’t stake or convert? Will it be before the staking period end or after? When will F(x) be available to purchase on an exchange for those in countries who were not allowed to stake? Will it be during the staking period or after?
Zac: Soon we hope. As per our policy, we are unable to comment on listing dates, but with our established relationships with exchanges, we do hope it will be quick.
Q: We were all impressed by the Uber Dapp demos running on F(x), but these days Tron and EOS are getting a lot of press about Dapps too. What advantages will F(x) have over those platforms?
Zac: Each platform will have its own advantages, we welcome the competition and hope that more popular apps such as the decentralized Uber app can be conceived from Function X.
Q: Why is there no cap on f(x) tokens? When will you explain how the tokenomics will work?
Zac: I would encourage all to have a look at our concept paper on functionx.io and the Medium blog post as the details are explained thoroughly there.
Q: Have you already secured deals with other companies like Sony, Samsung, etc with the Function X OS to build other blockchain phones? Or do you plan to keep the Function X software to just the 5000 phone you already made?
Zac: The 5,000 XPhones serves as a proof-of-concept, for manufacturers and developers to have a test drive. We want to partner with hardware/smartphone companies and telcos to build their own version of the blockchain phones with Function X. And we are still working hard to engage with the companies to push for future blockchain phones and strengthen our Function X ecosystem.
Q: Will the XPhone work as a mobile point-of-sale (mPOS) device like the XPOS Handy?
Zac: The XPhone comes preinstalled with the XWallet and with that, it can double up as a lite version of the XPOS with QR code and NFC Support.
Q: When will XPOS Handy be ready?
Zac: XPOS Handy will be available in the coming weeks.
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