Txbit.io Update — Beta v1 review, Launch update and more!

Hi everyone!

We have been a bit quiet recently, but it has been a busy few weeks for everyone involved with txbit.io. First things first, we want to thank everyone who participated in Beta v1. All the feedback we received, reviewed and in some cases already implemented, has been invaluable and is sure to help steer txbit in the right direction going forward. Unfortunately, these new additions to the scope of the project mean that more work is required than we initially forecasted.

There are a lot of moving parts in complex software such as txbit, and careful consideration has to be made on each step taken as to ensure maximum security and protection for our users. This strict adherence to “security first” approach has an unfortunate side effect of even simple tasks sometimes taking longer than originally anticipated.

Release Schedule Update

Unfortunately due to the added workload following the beta, we made a tough, but necessary decision to not release Beta v2 of txbit. There will not be another beta, and instead we are fully focused on the official launch of the exchange as per initial plans set out before beta v1. We hope you will understand our decision to not rush this out the door, but instead deliver the best product we can.

We now are fully committed to launching txbit.io in January, 2019. But due to the uncertain nature of the beast that is software development, we are not going to set an exact date until we are 100% certain of that date.

From now and until the launch of txbit, we will be providing a weekly progress update as seen below. It is our primary intention to stay transparent with you all, just as we have for the last 10 months.

Development Progress Update

SECURITY IMPROVEMENTS — 100% Complete

We have implemented a world class, and what we believe is an industry first, method of storing the private keys generated on txbit.io.

Every private and public keypair created for each new address is generated and stored on FIPS 140–2 Level-2 certified Hardware Security Modules. It allows us to store cryptographic key material and use the key material without exposing it outside the cryptographic boundary of the hardware. (Ref. https://en.wikipedia.org/wiki/FIPS_140-2).

What this means in layman’s terms? Even in the unlikely event of a breach of the exchange, it is virtually impossible for the hackers to gain access to the private keys stored on these hardware modules.

ETH &ERC20–100% Complete

While ETH implementation was a certainty for official launch, our initial scope was to integrate ERC20 tokens soon after launching the exchange. This plan has now changed, as during ETH implementation we realised it is best to tackle ERC20 as well.

We are glad to announce that the implementation of ETH and ERC20 tokens is now fully complete, and the exchange will be launching with a number of popular ERC20 tokens listed for trading.

We are also proud to adhere to our ethos of near-instant deposit and withdrawal speed, while ensuring world class security for your funds. See the deposit demo of ETH to Txbit.io below.

API — 50% Complete

Many people have asked if a API access will be provided at launch. We are glad to say that RESTful API will be provided on the day of launch.

ACCOUNT PAGE / REPORTS — 25% Complete

We have finalized the designs and will soon begin implementing the Account summary page. On this page, the user will be presented with a summary about his account, have access to all open orders across all markets, and see various information such as Trade History, Referral Program and Solaris Reward Program details.

SOLARIS REWARD PROGRAM — 50% Complete

The Masternode linking service has been built, implemented and tested. Remaining work is to build the Masternode monitoring service which keeps track of the active uptime of linked Masternodes.

CHATBOX IMPROVEMENTS — 50% Complete

Various improvements to the Chatbox as well as an option to hide it for the user.

NANO BASED COIN IMPLEMENTATION — TBD

As most of you are aware, three DAG coins based on the NANO codebase have won the txbit Community Coin Vote. We will be working on implementing these coins and hope to have it ready for launch.

COIN LISTINGS

In the coming weeks we will be making announcements regarding what coins and tokens will be listed on txbit at launch. Stay tuned for updates on our social channels!

MARKETING / SOCIAL AWARENESS

We are working on creating new marketing content to spread awareness about txbit on social channels and platforms. Stay tuned for upcoming articles, as well as a competition that will be released soon.

About txbit.io

Txbit is proudly made and based in the Netherlands. A cryptocurrency exchange built from the ground up to meet today’s demands in security, privacy, reliability and speed. The proprietary trading engine and interface deliver a blazing-fast, world-class user experience catering to traders who enjoy spending some time behind the charts, but also to those who prefer to be in and out quickly.

Today’s cryptocurrency exchange industry is largely split into small, poorly managed and outdated exchanges, and the large, high volume exchanges that are near impossible to be listed on due to high fees and excessive bureaucracy. Txbit aims to fill this gap, providing a modern exchange platform for everyone to use. We are firm believers in growing the cryptocurrency industry without bankrupting legitimate projects in the process.

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