Exchanges: What are We Doing and Why
Cryptocurrency exchanges and their listings are causing a lot of buzz. Together with ever increasing supply of new coins and new listings, the community also evidenced a number of delistings. Listing or delisting of coins does not only affect the traders, but also has an impact on roadmaps and general perception of crypto projects as if it were a proof of trust and credibility.
Last week we were informed that Bittrex was going to delist MYST starting from January 26. At first, it seemed like a mistake: development is going great, community is being updated with our bi-weekly posts and direct communication on Telegram and Slack, even the trading volume seemed satisfactory, looking from the traders point of view.
We contacted Bittrex team and received their response, which basically confirmed our expectations.
“(…) We encourage you to request relisting when you have completed and fully implemented the basic application for which you intend your token to be used and both the application and token can be used by the general public.”
In other words, Bittrex is using their right to delist a token if the product is not yet implemented, which is the case for Mysterium. It does seem fair — MYST is a utility token, yet currently it is not used in the product.
What does it mean to the team and the community?
Product is Key
Paradoxically, being delisted on an exchange brought everyone’s attention back to the product as the centre of all our activities. While it is true that at this point of product life being listed was more of a convenience than a necessity, development was (and still is) of paramount importance.
Focussing on the product is the most sustainable path to token accessibility on stable and secure platforms of satisfactory trading volume. Once the token is serving its purpose, we will be able to have MYST listed again without the risk of another delisting.
Working payment system will be an opportunity for the MYST token utilisation.
The plan, briefly:
- Pre-alpha (basic VPN app) with a small network of nodes (Q1)
- Open possibility to join the network as a service provider (Q2)
- Payments mechanism (Late Q2 — Q3)
A more detailed roadmap is coming after the initial testing of pre-alpha.
Back to Short-term
We understand that ending this update here would leave some of you in the community unhappy.
We want you to participate in the project, and we want you to have a possibility to purchase the coin.
Thus, we are now in the process of being listed in two more exchanges, one of a medium size, and one decentralised. You will be informed about the results as soon as we make an agreement. Also, we have already submitted and provided all the process documents required for listing at Bittrex, thus returning to this exchange would merely take the updates of information as needed.
What should you do with your coins that are on Bittrex?
According to Bittrex FAQ, “if a market is removed, you will have 14 days to remove coins from your wallets” (although we have no further details on that policy by Bittrex).
MYST is listed on these exchanges. You could transfer your MYST tokens to one of them, although it might pose certain risks. The safest alternative is to send your tokens to a wallet that you own private keys to. MYST is an ERC20 token deployed on Ethereum blockchain, and can be accessed using wallets that support ERC20 tokens, such as MyEtherWallet, Parity or Mist.
Please be careful when you transfer the tokens — make sure that the address of your wallet is correct, and that it is not the address of Mysterium smart contract. We know you know it, but better safe than sorry :)
Visit our website — https://mysterium.network
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