We have recently done second ‘questions & answers’ session in our official Telegram group on 15th of August. This post is a summary of the Q&A.
Q: Your team is small and the project and whitepaper stuff is all hidden, at least I think you guys need to present something official liquidity as well as trusty over the team. Do you have any plan on this near future?
A: It’s been well-known for a long period of time that we are not rushing to release things that are not ready or may get stolen from us, that is the main reason why our development is private. We have plans and preparations around this subject, but we are looking for a better moment (that depends on various factors, such as market conditions, funding, development progress, partnerships and etc.) to release some information.
Q: What makes EXRN relevant when there are multiple other Interoperability projects?
A: There is nothing that stops multiple projects from co-existing, especially when we are talking about such that are with many ways of usage. As of this moment, there are still no active crosschain tech that is live on the market and widely adopted. And even if we had a finalized deliverable, it’s not about who delivers first, second, third or 12th, there is always a place in market for different technology and applications. It’s about who’s solution is most secure, practical and provides best user experience. We are never pitching people to stay and believe in our vision and depreciate other projects and solutions, it is your choice at the end of the day. We believe though that our solution is one of the few unique ideas on the market, we were one of the first who came up with the dual token (liquidity/fees) setup and we already have an active Testnet running based on those ideas!
Q: Will there be strategic partnerships with other projects within the crypto space in the near future?
A: There are no strategic partnerships in the works or currently planned for the near future, We are always open to communication with any project and we are actively seeking partners in many spheres (such as legal and compliance aspects, funding opportunities, development resources and marketing opportunities).
Q: Why are there no new developers to help the project finish faster?
A: We are not in rush to finish faster than our current projections. We want to ensure we are delivering a high quality, easy to use, secure and responsive solution in this space. These activities take time and adding more people is not always the most ideal solution as it can add to gaps in responsibility and accountability. At this time we haven’t added on additional full-time developers because there are only particular skills sets we are looking at this time that fit our needs and because these skills are very specific they are often associated with significant salary demands which we have the skills to handle these tasks and have chosen to handle them in house at this time.
Q: There were delays about mainnet launch, it was expect sooner now its late 2021…will there again delays about the roadmap?
A: As we mentioned during last Q&A: “The roadmap goals after testnet are now adjusted according to our current estimated plans of development progress and may be subjected to change later”. So yes, it may be delayed later again depending on different set of circumstances (including market conditions, funding, development progress, partnerships and etc.) however our intention is to follow the roadmap as closely as possible and communicate when there appear to be changes to those timelines.
Q: The Unites States and in particular the SEC is cracking down on crypto, will this affect the project and are there any plans to work with them?
A: It may affect anyone in the sphere, we can’t know for sure. What I can tell for sure is that we will not work with conforming to solution limited ideas including KYC and other rigid compliance policies that limited the ability to be a decentralized DEX. Doing so would bring us to the “other DEX situation” or something similar, where we have to follow the rules/policies that benefit only one organization and not the decentralized vision of cryptocurrency. We are looking to build a real DEX based on our crosschain solution, that will be free, decentralized and open for anyone to develop and expand, so at the end of our work there should be no entry point or centralized entity of operation at all.
Q: Will website be updated? Looks like the website and EXRT distribution info is outdated.
A: We have a full website update on our checklist of upcoming tasks.
Q: How will the project code be tested? Will there be a third party to test for hacks?
A: Firstly, huge amount of the effort will occur during our private testing during Alphanet. The following stage, Betanet will open up ability for other testers to test and validate items as well and report issues. From that stage, we will go leverage a few third-party auditors to make sure our code is safe, secure and meets industry standards for security.
Q: Is there info available to us regarding new exchanges? Have applications for these exchanges been made and/or any open dialogues with exchanges?
A: We’ve made plenty of applications of the course of this year and a significant number last year. What I can tell you is that even during a bear market like this exchanges are asking for enormous amounts of funds to get listed. These numbers are just not rational (at least for the project that hasn’t done a traditional ICO raising significant amounts of funds). Once a good opportunity presents itself, we will definitely look to make it happen it and expand the range of available exchanges. For now, it’s not the largest priority, considering we are building an exchange ourselves — EXRNex.
Q: At what point does EXRN use the ETH supply for the project?
A: When ETH reaches bigger price point, we may be liquidating some of it to lock in exact USD amounts. Overall, we are planning to use these funds for audits, building an infrastructure around EXRN/EXRT networks & for marketing purposes.
Q: What will happen after EXRT Distribution #8, will EXRN team be selling EXRT? How much? How much will they keep?
A: The EXRN team is not planning any sellouts after 8th EXRT distribution, we are open for any investors now and will be open to investors in the future. We may be liquidating some portions of team tokens at the prices that we believe rational to do so for security, but not in a way of “dumping” tokens and not “once 8th distribution ends”.
Q: Will there ever be a swap because I am sure many tokens have been lost, we do not know the real total supply and without a swap we will never know?
A: Yes, there will be a swap of EXRT ERC20 tokens on Ethereum network to EXRT native Mainnet coins on EXRT network after Mainnet launches.
Q: Most projects success depends on solving a day-to-day problem in unique and/or user-friendly way which leads to mass adoption. EXRN is expected to provide a user-friendly interface for its use cases. As per the vision, what features/capabilities of EXRN project would you think lead to mass adaption and why?
A: Convenience is paramount. Convenience of doing a hard task (such as a crosschain swap, or taking out a loan on an interconnected multichain DApp) is the thing that will bring mass adoption to the project. We will focus our efforts around building our system and UI/UX with that as a central goal.
Q: Are all the four developers working full time on EXRN project or is this a part time along with other job to do?
A: At this moment all developers are working full-time solely on EXRNchain project. Only our dev. volunteers are part-time workers.
Q: Are any of the devs working on other projects outside of EXRN?
A: Our co-founder Zhuan Wen is working on TAI technology as his additional project. What’s important is that TAI will be used in EXRNchain crosschain route, so it benefits the whole crosschain ecosystem we are building and if any separate TAI-based project emerges, it will be closely connected to EXRN\EXRT ecosystem and you will get to know about it one of the first.
Q: Looking a bit further down the road. Once EXRN Mainnet is released, and if it embraces mass adoption, there could also be several issues, bugs reported on daily basis, which needs high level of coordination from all Devs. With all Devs being from different Geo location without a common office, how this is going to addressed?
A: Not being in the office doesn’t change much, any emerging issues can be fixed the same way as they are worked on right now. Considering that code will become open source, there can be unlimited amount of developers helping, expanding functionality and fixing issues. We will go through plenty of audits to make sure every error is fixed before going live.
Q: Marketing? At what point will the devs say “Ok, it is time to market this project”? How will it be marketed?
A: Marketing will come at the point of mainnet, at the point of EXRNswaps & EXRNex release. We do not have biggest budget for marketing activities prior to the product delivery, but we are looking to market into crypto-aware people to expand our community, who then will promote our apps themselves after seeing and trying them.
Q: We are going into a global recession how will the devs handle this will it again delay things or business as usual?
A: If the global or just cryptocurrency market meltdown occurs, it surely can affect our roadmap timings and potentially cause delays. Even if we are ready for a full launch, we don’t want to have our release being unnoticed because everyone is just scared of the ominous market conditions. We already have some things to share, but are just waiting on better timing to do so.
Q: Are all devs happy in the project will we know if anybody is leaving or has left? Or will it be a secret?
A: No has indicated any plans on leaving and no one has left the project to this point, everyone is happily and consistently doing their parts of the work required to be successful. If anyone ever leaves or joins, we will surely make sure to communicate it and let you know.
Q: According to info from the website: “EXRN might become the token on EXRT network” If EXRN leaves Ethereum network, doesn’t that take away liquidity? Or will EXRN co-exist on both chains? I guess I’m just wondering the benefits and effects of keeping EXRN on Ethereum vs switching to EXRT main net after launch.
A: Switching EXRN to the mainnet chain has its own pro’s and con’s, but we are leaning towards leaving it on ETH chain to not have both tokens on the same chain. So that “might” is actually just in case Ethereum not scales or becomes obsolete.
Q: Is just one part of the project being worked on at this time or do we have multiple operations going on?
A: We are working step by step. So yes, part of the project is being worked on by all developers doing their own part. Once that’s done: test, check, move to the next part.
Q: Is there something in development (which you can’t share) that is a game changer?
A: We believe our whole system and the way it will look & feel is a game changer for a current crypto ecosystem.
Q: Who structures the work load? Does Yon tell everybody what to do, who is really in charge?
A: The workload is collectively structured evenly each month considering different circumstances team members can have.
Q: What has been the biggest obstacle that the team has overcome since launch of Testnet?
A: From the latest update: “We have found 12 possible threats and issues within the previous system of bilateral crosschain and fully fixed them.” Since that update we fixed 3 more threats. These small issues that can arise from time to time we’d say were the biggest obstacle for now.
Q: How will the team get other to adopt and use the network? Beyond just marketing, is the team considering partnerships that might advance more widespread adoption once complete?
A: Beyond marketing, we are always open to communication with any project and are actively seeking partners in many spheres to expand adoption of the product once it goes live. We already have some dev. teams that plan to build projects on EXRT network.
Q: Will we know more about staking EXRT and how much is needed to stake? Even though it is early on it needs to be talked about and thought of.
A: If we’ll go PoA route, then there will be limited number of ‘validators’, they’ll need bigger stake or will be chosen by community (they’ll get stakes for securing the EXRT & EXRN networks from block rewards).
The second way of staking: EXRNchain fees will be distributed fairly between all stakers on EXRT network (with no exact minimum amount required). The way you will stake is undefined yet though, so it might be by locking tokens in a contract or just running your wallet online, there are plenty ideas around this.
Q: Yon, you said that you want your devs to make millions from this project. Do you expect the same for the early investors?
A: To clarify on what exactly I said last year: “Others projects already raised millions, so they have no economic incentive. We’re hungry to deliver the product and then get the valuation from the market and ‘millions’ for the team. “And yes, I absolutely want and wish our early supporters to earn those ‘millions’ too.
Q: Will team recruit technical writer to document some the economics and perhaps market development initiatives?
A: We surely will.
Thanks to everyone who asked their questions and to everyone who took time to read this post. Make sure to join our Telegram chat:
https://t.me/joinchat/G9VCdRBHfrLMp9EpG7kWRQ
