We have recently done a ‘questions & answers’ session in our official Telegram group at the end of November. This post is a summary of the Q&A.
Q: What sort of considerations are now in place that could influence EXRNex product considering other DEX’s like ForkDelta having to pay a fine to the SEC and other DEX potentially implementing KYC need to be considered for EXRNex?
A: We are currently looking into legal aspect of things. Even though we don’t think authrorities need to have that impact on DEX’s — we need to be prepared behind the scenes. We will be working to understand and study current legal ground of decentralized exchanges and to find partners to help us in that field.
Whatever we will need to do, it will not be a KYC or any limitation for users as we think DEX has to be free and open for everyone.
Q: “Liquidity is partly going to be provided by different cross chain orders fulfilling each other.” Where will the rest of the liquidity come from?
A: Liquidity pools. Website has that little mention of ‘liquidity pool’, but no other information has been shared for now, so we’re still keeping it secret. It’s thought out and will be shared at the right time!
Q: When EXRT tokens switches to EXRT mainnet coins, will we be able to stake with this? And if yes, is this something an average investor with limited IT skills will be able to do?
A: EXRT (after swap to mainnet) will have two types of staking:
a) validating — securing EXRT & EXRN networks (block rewards)
b) regular staking (EXRNchain fees will be distributed fairly between all stakers)
Option B should be easy for any newbie in blockchains. It will most likely work by just holding tokens in your wallet.
Q: What do you mean by “roadmap can be subjected to change later”
A: It means that depending on various factors (such as market conditions, funding, development progress, partnerships and etc.) the new roadmap timeline can be adjusted (releasing earlier or later).
Q: I understand you cant give us too much details about your partnerships due to NDA however, would you mind giving us a number of how many projects are planning to team up with EXRNchain or planning to build on top of EXRN/EXRT network? Many thanks
A: There are a few that we know are already planning their projects, and we had numerous other discussions with groups that want to create their projects with EXRNchain after it goes live.
Q: There have been project *some-chain* that have tried some hybrid approaches to dPoS, what are your general thoughts on those approaches and traditional DPoS in general? Versus something like Casper? Have any of those experiences influenced what you thing will be the final few algorithms you consider for EXRT?
*some-chain* — changed to not claim names with our personal opinions.
A: I’d say the first thing that is important to note here is that *some-chain* DPOS really differs from other DPOS chains, in a worse way imo.
Regular DPOS is not bad, for sure. It’s party centralized and has some serious attack vectors, but if you want to achieve ultra-scalability, then it’s your route to go. As many of you know, we are considering DPOS consensus for EXRT Network.
*some-chain* DPOS model is ‘pretty weird’ and hard for end user. I don’t think it will ever have real usage. You always need to have some coins staked in order to make transactions. To generate new wallet you have to fund it with some coins, which means you need another *some-chain* wallet already. If you don’t have one, you need to ask your friend who has one or find supplier etc. So it’s really model that is unlikely to be adopted. UX is bad here, while with EXRNchain\EXRT Network we will focus on UX.
I still find Casper FFG POS a more interesting consensus model than DPOS, as it’s actually more decentralized, but as I already noted once (and nothing seems to have changed since) it’s is going to be tech savvy and there’s just no full picture of it yet (so we can’t plan for it being EXRT consensus).
Q: How do you keep the team together? I understand all of you are in very different places, but what are some of the ways you build/support/keep the team morale?
A: While developing and testing — everyone usually does his parts, so we’re not too connected at those moments. But even though we have different time-zones, we are trying to actively chat and discuss everything about the project, ideas and plans almost daily.
Q: When will the swap of EXRT token happen?
A: Estimated to Q3-Q4 2020.
Q: What are you most excited about working on in the coming goals for development?
A (Yon): Currently for the testnet, and after it I’m excited for the further development and improvement of Trustless Asset Identification, backend and Bilateral connection. I’m excited to see what this year brings us.
Q: What are your thoughts on Ethereum in the short term and longer term? This ties to EXRN being ERC20 and is it being potentially weighed down by ETH’s price in the maketplace currently.
A (Yon): I find Ethereum one of the most promising ‘big’ crypto-assets out there currently. In my opinion in long term it will have positive future with Sharding, Plasma, Casper on the way. Short term future — I’m not sure.
Q: What are your feelings on the current market conditions , do you think this is good for the blockchain space as a whole innovation wise?
A (Yon): I don’t think the market being down so much is a positive thing for anything\anyone in our current sphere. Major effects are:
a) regular people losing alot of money, that will exit at a big loss and will never want to return to learning about blockchains and what they can bring;
b) projects having less funds, which results in development issues.
I also think most of the innovation is stuck\freezed due to current market conditions.
A (Zhuan): I think, although it’s unfortunate, the current market will bring good effects in a form of getting rid of people that are here just for the quick money, that are not interested in tech and future at all
Q: Does seller have to support EXRNpay in order for buyer to use it? Or the seller may have any wallet and the buyer will simply pay in desired cryptocurrency using EXRNpay ?
A: If we are talking basic EXRNpay usage — yes.
Seller has to have EXRNpay app that will have his wallets connected and will allow him to request payment from you (showing the QR code to scan to pay).
If seller doesn’t have the EXRNpay, it is still possible to have great experience using EXRNswaps. Example: seller accepts BTC only, but you have ETH — you do a crosschain swap using the app [ETH → BTC] and then pay with BTC directly to him. It’s a bit longer, but still portable and simple way :)
Q: What’s the difference between testnet, alphanet and betanet from end user perspective?
A: Testnet is a usable prototype of EXRT Network consensus, where end users can try sending transactions, validating, running contracts, launching DApps. Users report issues that they have while using the system.
Alphanet is a stage with another private testnet (based on the one we have public) that will have alpha protocol of EXRNchain (crosschain ability) connected to it. Once we launch it, it will be our main backbone for testing crosschain and audition of issues.
Betanet is basically addition of our alphanet accomplishments to the public testnet, so it’s beta version of EXRNchain that will be connected to public testnets of other assets for the purpose of testing the crosschain.
Q: One of the big obstacles for people is on and especially off ramps to fiat. Will exrnchain involve this process at any point? I think it would streamline the process for merchants a big deal, and make more people open to use of crypto!
A: I’d say we are really interested in this and exploring all possibilities that are there, but we are not going to be those who bring fiat support to the EXRNchain. Some partners or 3rd party projects that will use EXRNchain tech will build a fiat gateway. It is possible to be done, but it has to be done by a company with license and etc. Swapping with stablecoins should be available from day one though.
Q: As you are Korean (to Yon), are you planning on a big marketing campaign in Korea for EXRN?
A: We are rather planning a worldwide marketing campaign (except US & China) when time comes, not limited to a specific region.
Q: What is your opinion on potential manipulation and fake volumes etc etc in Crypto?
A (Yon): I think there is clearly manipulation happening from some dev. teams, exchanges, big players. It is unfortunate and unhealthy behaviour, but I don’t think (while many other do) that we need to bring in regulations and governments in order to fix it.
Q: What do you think about implementing masternodes?
A: As answered earlier, EXRT will have two types of staking:
a) validating — securing the EXRT & EXRN networks (block rewards)
b) regular staking (EXRNchain fees will be distributed fairly between all stakers)
So there is no need for masternodes.
Q: From a usability standpoint, the EXRT Distribution form is perfect. Is the team putting as much emphasis on the backend stuff as much as they are on the front facing items? For example, developer documentation.
A: Yes, we do. Though not yet working on documentation, but we will be putting as much effort in it.
Q: Will the team provide a user guide for testnet and further for mainnet both EXRT staking modes?
A: We will provide a simple guide on usage of testnet, and surely we will have good explanation guides\documentation for usage of mainnet, EXRT, staking, validating.
Q: Until the marketing, white paper, and main net are released — what are some of the things that you believe might boost and/or solidfy investor confidence in EXRN?
A: We think it will be testnet, communication and few other things that are planned for 2019!
Thanks to everyone who asked their questions and to everyone who took time to read this post. Make sure to join our Telegram chat:
