UPDATE — 10 July 2019

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COSS Updates & Announcements

7 min readJul 10, 2019

Hello, everyone. It has been an exciting past two weeks and we are here to share what we have been working on lately. In today’s update, we discuss the following:

Negative maker fees
SPIKE listing
COS Swap Update
Delisting of projects
Optimisation of pairs
COSS Wallet app updates
Node fixes
FSA structure & dust conversion
Bug fixes and improved operations
Exchange liquidity and developments around it
Listing new and popular projects
The mobile app

Before we go into today’s updates, we want to take a moment to go into some of the events that happened since our last Medium update.

- Negative maker fees was promised and is being implemented tomorrow, 11th July at 11.30 am GMT +8. For more information, please read the full Negative Fees announcement.

Clarification: The levels are to be considered as ranges like 0–500,000, 500,001–1,000,000 and so on. The numbers you see in the table are the higher threshold number in each level.

A counter to track the volume on your individual accounts will be implemented in August.

Spiking’s SPIKE has been listed on our exchange. There was a joint announcement on the 6th of July as well as a facebook video between Clemen and Rune, and we are now into the 3rd day of the listing and trading promo. 5 million SPIKE is up for grabs!

- COS token withdrawals have been successfully implemented. If you prefer to store your COS tokens on an external wallet and still receive your daily FSA, please refer to our guide. The swap has been going smooth and we have been watching very closely. At the point of writing, there are about 175 million COS tokens in circulation. Do take note that CMC has not updated our circulating supply; their site still shows up as 119 million.

If you had transferred your COS to the same wallet as you used for COSS and had setup the identifier, you do not need to do anything. The external identifier needs to be setup for wallets not previously mapped with the same.

- We are delisting the following projects on our exchange. Trading was stopped on 28th June for all the following tokens:

FYN — FundYourselfNow

SENC — Sentinel Chain

STX — Stox

CAN — Canyacoin

OPQ — Opacity

TRAK — Trakinvest

ITT — Intelligent Trading Foundation

NOX — Nitro

PIX — Lampix

VZT — Vezt

Withdrawals of these coins and tokens from COSS will continue to be supported until 11.59PM GMT+8, 28th July 2019. Please make sure that any above tokens that you are holding in ANY of your COSS accounts, are transferred or withdrawn, including your FSA accounts.

- As mentioned earlier, we have taken steps to delist non-performing pairs. Pairs optimisation is next on the agenda and goes hand in hand with liquidity and volumes. We will be cleaning up the trading pairs on the exchange, and this is scheduled to be done after negative maker fees implementation. This process will be undertaken by the token review team, and it will be a continual review process from now on.

Concurrently, our token review team has also reached out to some of the listed projects on our exchange to maintain minimum volumes, while we also discuss possible promotions with them to bring in their respective communities.

- Our multi-sig warm wallets have been updated on 28th June. This is not a visible change for you, but it is an important part of our ongoing upgrade process. We are continuously working on enhancing the security of these wallets by putting proper policies, rules and structures in place.

- We published the first letter by our CEO, Sankalp, addressing the joint community. This will be the first of his monthly updates, and Sankalp will be outlining our plans, vision and mission for COSS in these letters. If you are interested in the direction of COSS post-merger, this is a letter you will find informative.

- Arax wallet has been rebranded to COSS Wallet. This marks another step towards the merging of our products into a unified ecosystem. You can find the updated apps on your preferred app stores. Again, this takes a significant marketing and development time to implement but it was an important step towards a unified brand and goal.

Android Play Store (v.1.1.4): http://bit.ly/cosswalletplaystore
iOS App Store (v.1.1.7): http://bit.ly/cosswalletappstore

- In the latest update, COSS Wallet is upgraded with the following features:

COSS Rating: It is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile. For example, the second star unlocks mobile credit top-up services. All you need to do is create a COSS ID and verify your mobile number. We intend to implement the features on the exchange as well while designing the mobile experience, in time to come. No timelines yet, don’t run ahead of y/ourselves. :)
Address books: COSS Wallet now lets you save crypto wallet addresses just like contacts. No need to copy and paste the wallet address of people every time you want to transact cryptocurrencies. This is to make the transfer experience easy. Download the wallet and try out some of the features! While you are at it, don’t forget to use the Nearby GPS transfer function between family and friends.

Now, on to some updates & new developments we are working on:

Node Upgrades: We apologise for the delay in node upgrades for many months. As a first priority for July, we are going to bring BCH and Horizen nodes back online, followed by the other nodes in the next few weeks. We will update you of our progress and we are working actively to bring the nodes up as soon as possible. Lisk and Ark nodes have been restored earlier and are fully operational.

New Blockchains: Now that the existing nodes are a priority, we plan the future alongside. To enhance token usage and value, onboard new users, instill liquidity, it is essential that we continue to list new blockchains and their ecosystem tokens. We are working on that as well and will include details in upcoming updates.

New FSA Structure — After implementation of negative maker fees, trading tech team is now working on the new FSA structure that we promised for July / August. The idea is to simplify the FSA structure, fee collection, token allocation and distribution as described in the last update. As for the FSA dust in user accounts, we are considering multiple options, as it needs some dev time. We shall announce the exact details when we are ready to implement these changes.

Bug & Features Fixes: The team has been fixing some of the most common bugs based on feedback from our users over the past few weeks. We are getting the issues resolved in batches. These are being tracked internally and we shall notify the community where possible. These include fixing the ‘failed to submit KYC’ error on the exchange which has been persistent.

The entire operations team has been revamped under the leadership of Ranjit as COO — he has been leading this brilliantly for LALA World/Arax support, feedback and operations functions and now quickly updating the processes for COSS.

Exchange Liquidity — This is the most important task that our CEO Sankalp Shangari, along with Rune, are actively working on every day. Here is a list of things being worked on to address this -

Negative Maker Fee — will be implemented on 11th July, 2019
New project listings — token listings have begun again and we are adding more in the queue
Super Trader Programme — Internal project code-named ‘The COSSanova Programme’ — keeping it under wraps for now but more details soon… watch this space!
Listing popular and top tokens but with more depth on order books and planning
New blockchains to attract new users and respective communities
Marketing initiatives — More details soon, including the much awaited COSSmonaut ambassador and referral programmes to expand into more geographies
The mobile app team is working closely with the exchange product team to figure out the best way to synch and enhance the user experience, which will bring lot of much expected upgrades to the mobile app.

Stay tuned for more updates coming your way.

You can expect to hear from us again, soon… :)