COSS.IO Update December 10th 2017
Dear all.
Welcome to this weeks COSS.io update.
In today's update I will cover multiple topics, but in no specific prioritized order.
To start off I would like to send a few thank you notes. One goes out to all our admins on the various channels. They are all very committed and they are of tremendous help for us. You know who you are, and the community know who they are. They help us keeping the channels on Slack, Telegram, Reddit etc. clean and constructive. A huge thank you to our entire Admin Team of volunteers.
I would also like to send a big thank you to all our community members for being constructive, giving a lot of feedback for improvements and also for giving us constructive criticism to help us grow and improve.
If I were to name any in particular for the past week it have to be our slack user under the username: WHALE, many of you might also know him through REDDIT as: globetrotter_s14
And most noteworth the attention he created around his post: https://www.reddit.com/r/CryptoCurrency/comments/7h69xa/a_lost_gem_in_a_sea_of_shitcoins/
Not only did he contribute by spreading awareness, I have also spent some time listening and discussing some of his ideas. In a discussion last week regarding the process of COSS on-boarding FIAT trading, he planted a great idea. I am not saying this is how it will be, but it is definitely something we will look into, seek legal opinion about and potentially integrate. You are all aware of the fee-split allocation program on COSS, and time and time again we have been asked: What about fees when you implement FIAT trading, and obviously a DAO cant handle FIAT, so how to solve…….. You have all heard about USDT (or TETHER as its also named) and how it has worked as a bridge between FIAT and Crypto. Recently there been raised many concerns around USDT, and those in our community that earlier requested us to add it are now having second thoughts about it. We have a potential solution.
The introduction of COSSUSD token, COSSEUROtoken, COSSSGD token etc. All as ERC20 tokens pegged 1 for 1 to its respective currency. This will mean when users want to load FIAT onto COSS they simply purchase through a smart contract that automatically generates and equal amount of the token that represent their currency. Same procedure when they withdraw, they request a withdrawal and the token are sent to be burned and exchanges for the respective currency. This way the total supply of tokens in circulation should always equal the same value in fiat.
The sweet part of this potential solution is that all the trading fees on the exchange will be calculated in the tokens and therefor no problem processing it through the DAO and include it in the fee split allocation.
We will bring more updates on this as we move forward. Our compliance team are currently focusing on the new regulations in Singapore, and also the process of adding Fiat trading to the platform. This is high priority for us, and hopefully we have have a lot more clarity during Q1 2018.
In regards to the new regulations we are also in the process of adding multiple new features to our KYC/AML processes
Automated screening up against blacklisted people, politically exposed people, Interpol, known terror lists etc. Also looking to add facial recognition to validate passports with selfies. And on top of that we will also introduce screening of incoming transactions in cryto. Wallet screening up against redflagged wallets from silkroad and other darkweb websites will be automatically rejected. When we introduce FIAT this will be even more important and especially when it comes to limits versus source of funds and source of wealth. We might lose some traders because of our strict policies, but we are here to stay and we aim to be as compliant as humanly possible too ensure we can operate under the current and coming regulations.
So to the next topic. UI
Everybody is waiting for updates here, and I am happy to announce that we are on track with the new UI. Also this thanks to a huge community effort giving us valuable feedback all the way throughout the planning period. During this coming week we will invite in around 10 of our traders to start testing on the new UI, and unless something very special should happen, then we should be able to push it live during Christmas. This will hopefully be a nice Christmas present for all our dedicated traders. After its launch, we will still continue to work on the UI in the test environment to add even more functions. The aim is to have 3 sections of trading:
1) Quick-buy option for easy onboarding (this should be in place by the time we introduce FIAT. This function will have simple quick buy option which for example gives you the option from a drop down menu to chose between the various cryptocurrencies and then click buttons to buy for example $100 worth of, $250 worth of, $500 worth of etc… without actually going to the exchange.
2) For those that have a little knowledge about trading there will be a basic mode with the standard features you need in order to buy/sell.
3) Advanced mode where you will have more complex features for the more professional traders such as stop-loss functions, more and better graphs with indicators etc. This section will also be a living project where we will add features based on demand.
When it cam to the promised “end of November face-lift” we fully understand that some users were left a bit disappointing. In stead of delivering multiple updates to the UI it ended up being multiple upgrades on the back-end to make the system capable of handling the features we are about to add with the new UI. We were aiming to add the graphs from tradeview and also change of color scheme and a few other updates. But since we needed to add so much on the back-end our dev. wanted to let the system run for a while to ensure everything went smooth before adding more to the system. Now we are basically only 2 weeks away from Christmas Eve and an internal question we are discussing now it whether it is worth spending time on implementing more to the current UI, when it will be replaced 2 weeks later anyway. Lets wait and see on this one. They might still want to push it to the old UI as part of the testing. We leave that one open for now.
New topic: Christmas Promo.
Today Sunday the 10th we have taken a snapshot and checked all users who hold 100K COSS tokens or more. All of these users are now entitled to the COSS Christmas Mug.
Here is what you all need to do:
Send an email to: gary@coss.io
Include the following:
Your name
Your username
Your wallet
Your shipping address (complete international address including postal code)
Your phone number
You all know who you are, and once we receive your emails we will check against the snapshot and start shipping out the mugs and hopefully you will all have them by Christmas.
Trading promo’s
Many have asked and many are looking forward to the trading promo’s that will be rolled out over the coming days and weeks. Here is how it works:
Companies/Token issuer commit a promo value based on last ICO price (if promo instantly after ICO) or based on current trading price for existing tokens.
So far we have commitments ranging from $30,000USD to $150,000USD
First one out will be DAT Token from DATUM which goes live on December 12th.
All the ICO’s available on COSS will have trading PROMO’s instantly after the tokens become tradable. Tokens with no ICO on COSS have also opened their eyes for these promos and are looking to start promos on coss.io
So far we have commitments for over $500,000USD worth of tokens.
For each token the top 50 volume traders over 30 days will split the pool:
Top 10 split 30% of the pool
Next 10 split 25%
Next 10 split 20%
Next 10 split 15%
Next 10 split 10%
The DAT promo starts on Tuesday December 12th and counts for the combined trading volume you have on its ETH and BTC pairs.
The promo pool for DAT is $30,000USD worth of DAT tokens. Happy trading.
On your account you will always be able to see the current top 50 traders + your own position in the promo competition.
During today, Sunday 10th of December we will also add a few more tokens on the exchange.
BPL from https://blockpool.io/
TEU from https://300cubits.tech/
FDX from https://www.fidentiax.com/
Last topic I will cover today is the current state of withdrawals and clogged networks.
Due to the clogged ETH network we took a rathe runpopular decission before the weekend to diable all withdrawals for ETH and ERC20 tokens.
One of the main reasons for the clogged network you can read about here:
https://www.coindesk.com/cat-fight-ethereum-users-clash-cryptokitties-congestion/?utm_content=buffer7bc52&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Many asked us to just instantly increase our fees in order to have them processed. Although for most this sounds like a quick and easy fix, it is a bit more complicated. Step one is easy and fast and that would be for coss to increase the setting for processing withdrawals to for example 100gwei. Step two however would have been for coss to update all withdrawal fees individually for all tokens. This need calculations and added work. Latest status as of today is that we are now happy to see that most of the pending withdrawals now are being processed by the network. And also that the amount of pending transactions on the ETH network is going down. In time of writing the backlog for ETH is around 17,000 transactions and hopefully it will go down even further.
We will resume withdrawals latest by tomorrow Monday, either by simply opening up again for withdrawals with the current settings (valid option if we see that the amount of pending transactions continue to go down over the next 24 hours), or by increasing the transaction fees and withdrawal fees accordingly.
As a last comment I would like to welcome the following new staff onboard:
Praveena: Compliance
Samuel: Compliance
Gary: CS and operations
And we also have incoming IT personnel this month and we aim to add more people over the coming weeks.
I could have made this post a lot longer because we actually have a lot more cooking in the background, but lets save some gravy for the next updates.
Have a wonderful day and week ahead.
Kind regards
Team COSS
Singapore.