COSS.IO update April 3rd 2018
Dear community members, here are the latest updates from COSS.IO. The bullet points serves as quick reads, but please do read on for further details :
- Dashboard and UI still undergoing intensive testing.
- KYC modules due for testing within 24 hours.
- Fiat will be implemented once KYC is complete. It will be in April.
- Architecture change options are under consideration to speed up the site.
- Setting up of test environments currently in progress.
- Official stance on wash trading and token issues during ERC 223 upgrade
- Miscalculation of trading fees is under investigation
- Marketing and Support updates
- New staff coming on board,some pending permit approvals.
- Misc details
Our testers group are doing a great job in testing the new dashboard and website UI. Progress is intense and on-going, but they are done with most of the testing and the frontend dev team is working hard to complete the list of issues that were submitted as a result of testing.
Some features from the dashboard UI, like deposit/withdrawal and fee split require extra testing, and will be happening soon.
KYC modules are due for testing within 24 hrs. Results of the tests will determine the timelines for KYC. This will also decide the timelines/implementation for FIAT trading, deposits and withdrawals. The team knows that the original timeline has already passed and are working hard on implementing as fast as possible without compromising security and careful testing before pushing anything live on site.
FIAT will be implemented once KYC is completed. It WILL BE IN APRIL. We are finally seeing the light at the end of the tunnel. We had to set up legal entities in various countries because of the different operational jurisdictions. This allows us to work directly with the local banks, but has also resulted in tedious due diligence procedures from the payment gateways and banks.
But we do have progress. We have been vetted and approved and have received the incorporation documents for the entities needed.
Last two steps for FIAT : testing and implementation once KYC is done. As stated in earlier updates, we will start with USD, EUR and GBP, with more currencies coming at a later time.
Smart contract wallet implementation for ERC20 tokens is also on-going. The team is currently looking at multiple architecture change options to speed up the site.
New test environments are being set up for the dashboard,website and exchange. This will speed up the testing of new development work; which is already evident in the improved speed of the entire site in various aspects.
We do understand that we are not providing exact dates and we are being very careful in providing timelines. This might be frustrating to some, but the importance of careful testing cannot be overstated. Some of the features we are working on, such as KYC and FIAT depends a lot on test results, and as such, exact dates are very hard to pin down.
Regarding Wash trading. It is hard for us to detect all trades that are not done from the same accounts, and with our limited manpower, this task is also a matter of allocating manpower to police such trades.
Wash trading from own account ( the buying and selling of crypto using your own account ) will be auto detected, but the detection of constant trading between two accounts is harder to detect. We cannot guarantee that we will catch all, but we will at our own discretion delete volume that clearly violates our policies and procedures.
ERC 223 COSS fork issues. For users who stored their tokens on IDEX during the fork, we are looking into this. We need to clarify that we were never informed that we were listed on IDEX. However, we will still investigate and see what can be done.
We also have to ensure that already replaced tokens are not double paid, so this process will be closely monitored. Clarification : We are NOT guaranteeing any additional swaps.
Some users were experiencing miscalculated % of fees despite having traded a substantial amount. This is still being looked into and under investigation.
We also want to clarify on the mechanics of the trading fees.This basically works on a rolling 30-day period, so it is not calculated in bulk of 30 days, but each day leads into a new circle. Day 1 to 30 is your first 30 days, day 31 counts back to day 2–31 and 3–32 etc… so it is a rolling calculation.
There will be an added fee for ALT’s that wants to trade against FIAT. The exact amount has not been defined yet. We will start with ETH, BTC and COSS vs FIAT.
Marketing updates : We were once again visible in the English Premiere League and were also displayed in the chosen highlights of the match between WBA and Burnley last weekend. More matches are upcoming, and hopefully more goals will be scored while the COSS logo is visible.
For ongoing events we would like to remind everyone that we are entering the final days of the PGT token sale as well as the LALA trading promo.
Do note that the BITTWATT ICO is still running with nice bonuses and the fight for top spots in the ongoing COSS promo is very much on.
In our last medium we promised you more details regarding the COSS summer party. We are still hashing out the final details, but here is a teaser :
Support updates :
1.) Support Emails are running at 3 days turn around for the last 2 weeks.
2.) Razak will be on board on 9th April (Originally 22nd April)
3.) Ron will be on board on 9th April (Originally 1st May)
4.) With the 2 on board full time, we can see better dialogues with the community, especially telegram.
5.) Gary will be working with Ron to clean up the various communications channels.
We’ve had some queries on team structure. We do run most operations out of Singapore HQ, but with multiple outsourced/oversea players involved.
IT/DEV is lead from Singapore but with additional work provided by Dan’s team in Romania regarding backend and Appendier’s team in Amsterdam/Tanzania for the frontend/UI.
Staff updates : Next week we will see a few new faces in the office with our new Community Manager Razzner on-boarding as well as Ron, who will take on multiple roles in the company, such as doing these medium updates, assisting with design/UX and in general multitasking across the board here at the Singapore office.
We are also waiting for multiple new arrivals in the IT/Dev department and it is now in the hands of permit approvals before we can officially welcome them to the office. To be more specific, we have 1 serving out his notice period, and 2 more awaiting work permits.
Lastly, some more additional details. New and updated team sections is coming with the new UI, along with the updated roadmap.
That’s all for this week’s updates. We are in the midst of a bear market, but Rune thinks that the BEAR will grow some horns and start acting like a BULL towards the end of APRIL, so lets hope his predictions turns true.
About Us : COSS stands for Crypto-One-Stop-Solution and represents a platform, which encompasses all features of a digital economical system based on cryptocurrency. The COSS system consists of a payment gateway / POS, an exchange, a merchant list, market cap rankings, a marketplace, an e-wallet, various coin facilities and a mobile platform. The COSS platform unifies all transactional aspects that are usually managed by means of FIAT money, and offers multiple cryptocurrency-related services in one place. The list of potential features of the platform can be infinitely extended, and will continue growing as the platform evolves.
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