Bitcoin Incognito General Update #01

Considering that a lot of time has passed since our last Medium update, and in an effort to better streamline the most recent happenings from behind the scenes and inside the XBI Team and keep our community in the loop, we have decided to regularly publish periodic updates on this Medium. We realize our social media presence hasn’t been as strong lately and although we take full responsibility, we are determined to change that, effective immediately. That being said, here is the first Bitcoin Incognito General Update:

We will start the update with HR and Team changes. We are very proud to announce we have hired a new Operations Manager - Savo, a businessman and investor who is perhaps best known in the crypto sphere for his vast experience and involvement with many prominent privacy coins such as Bitcoin Private (BTCP) and ANON. Savo has been an integral part of all projects he worked for, and has a very positive track record clearly showing how vital his contributions were to all accomplishments of these projects, and his work input can be seen in everything these projects have ever put out. We are certain that he will help put XBI back on track and solve all problems the lack of an Operations Management professional has caused so far. He has started working immediately after assuming his position, and has already held meetings with the team to be briefed on the current undertakings, establish short and medium term strategy and action plan and set tasks and objectives to the XBI staff, the dev team, and the task force.

Next up, we have promised a public Q&A session and our community members have been submitting questions for the team to answer during the past two weeks, and we are pleased to announce that we will post the answers to selected answers on Wednesday, in another Medium article. While there has been an enormous volume of questions coming in, you are still allowed and invited to submit questions for the Q&A by either posting them in our public Telegram, or tweeting your questions at us or using #AskXBI on Twitter. We are looking forward to answering your questions on Wednesday!

Now, let’s touch on some upcoming developments and improvements to the XBI ecosystem. The mobile and web wallets that we promised some time ago are being actively worked on by our developers and designers, who are staying overtime hours to bring the new wallets to life as soon as possible. We are confident the wallets will be done and released by very early Q2 2019, and although no exact release date has been set so far, the team is very confident that the wallets will be released before the 15th of April. We will be ready to show off some work in progress with a couple sneak peek screenshots as early as by the end of next week!

We know this is a bit overdue but we assure you the news is good as to why our developers were so busy and couldn’t accomplish everything on time! The first reason is probably well known — The Coin Burn that happened recently was very time consuming due to the fact that the entire code for the burn was custom written and unique, this is a very thing to do from a coding perspective and to our knowledge only two or three projects have been able to do it so far. But all is well that ends well, and after the coin burn we can be 100% sure the pre-mined coins were completely removed and the old team DO NOT HAVE ANY COINS from the pre-mine. Apart from that, our dev teams were busy with some other stuff you might not know as much about and we are proud to have some small but nevertheless very important announcements to make:

The one use case Bitcoin Incognito was centered about — a private / anonymous network which would work in a way very similar to Tor, has not been abandoned. Our developers are actively working to bring this network to life, but not only that — We are actually building an entire ecosystem around out. The first part of that ecosystem will be the Bitcoin Anonymizer. This service will allow people to completely Anonymize their Bitcoins (for a small fee)by shuffling them with other Bitcoins and therefore making them impossible to track by any de-anonymizer company such as Bitfury. We believe as this is extremely important as even Bitcoin Maximalists will be able to enjoy completely anonymous transactions. The entire ecosystem will be built on a pay-to-play basis and while using the private network itself will be free (just like Tor), the user will have to use and oay with XBI to use any of the services of the network and XBI will be the default currency of the entire ecosystem. This is not just a concept, our devs are already working hard and coding all of this into reality. After the Private Network and the Anonymizer, we will be adding to the ecosystem by making other privacy oriented services, such as, for example, Encrypted Email. This will make XBI a much more prominent project, and create revenue stream that will allow us to invest into expanding the ecosystem, marketing, and more. Our Managing Partners and the new Operations Manager are having conference calls and meeting every day to work on the ecosystem and brainstorm new ideas on how to improve it. We want to stress that all of this will be done while working very close with Legal Advisers and Legal Counsels to ensure that the ecosystem we are building is 100% legal and regulation compliant, and while we technically can’t stop people from doing anything they want on our platform and in our private network, the network itself will be 100% in accordance to the law and regulations, much like Tor. We will be publishing separate Medium articles regarding this soon, so stay tuned.

We are re-writing our Whitepaper to include these use-cases and apart from publishing a v2 (version 2) of our Whitepaper (which is already in the works), we will also publish Lightpapers first and then Whitepapers for these products themselves (the Anonymizer and the Private Tor-like Network). Apart from this, we will also be publish a new detailed Roadmap on our website.

And last, but not the least: We are proud to announce that Bitcoin Incognito will soon get a Masternode-based governance system! This will be accompanied by the introduction of a Dash-like feature known as “Superblocks” (our version of this will not be the same as with Dash, we are just calling them superblocks here for convenience as it will give those familiar with Dash a rough idea about what we’re talking about here. We might come up with our own name for these budget allocating blocks triggered by passing proposals), and how it will work is — the Masternodes will be able to make proposals and vote on current proposals. Masternode holders will be able to propose literally anything, from budget allocations to buying Lambos for the entire team. If a sufficient number of Masternodes support for proposal and express their support by voting “Yes” on a proposal, it will go to review before the Core Team who will decide if it is possible to be turned into reality and possibly work it into the code or do as the proposal says. This will directly allow our Masternode holders and our community to participate in the decision making process and help shape the future of our project. The budget for the proposals will be allocated from the superblocks accompanying each passed proposal. We will soon make separate Medium articles on this as well.

SUMMARY:

• We have hired two new team members, Savo — Our new Operations Manager and Youngtect — Our new Managing Partner
• The Q&A will be published on Wednesday in another Media article
• The mobile and web wallets will be released before the 15th of April 2019
• Coin Burn was 100% successful
• We are working very hard on the Private Tor-like Network, the Anonymizer, and the entire ecosystem surrounding them
• We will publish the v2 of our Whitepaper very soon
• The Private Network and the Anonymizer will have their own Light and Whitepapers
• We are implementing a Masternode governance system with a super-block like feature

This was it for our first General Update. Please let us know what you think. This has been a lengthy update, but in the future we may post smaller updates such as recaps from our weekly team meetings and conference calls hosted by Sys, Savo and Youngtect.

We are ready for the bull run. Are you?