Hey everyone! Welcome to the first update of the year 2019.
This is not a service launch announcement yet, as we all very much anticipated it. Nonetheless, today we will reveal few important project developments taking place behind the scenes.
One step forward, two steps back
When the new service focused website was launched in September 2018, we were close to launching the product to the public. Those who follow us on Telegram channel already know that there was reorganization of our development team because of former key developers withdrawing from the project. For a small team it was a big hit, and the need to structure the new dev team that took over had put brakes on the launch.
Overcoming hurdles and moving forward
In November we were able to return to normal workflow and had new developers to join our team. With fresh view on the project, we had made important improvements to the original concept that we believe will make the service more attractive to its users. Below are some notable changes and things we were working on during the last month:
- To simplify the process for users we have made a decision to no longer require RXL tokens for the service fee payment and accept fee payment in Ethers. This eliminates the need of purchasing RXL token on exchanges that made the process overcomplicated and cannot be the part of the sustainable operation. Instead, we as a company will use the part of the received service fee to purchase RXL tokens on the market in a process described later below. Additionally, this step reduces selling pressure on the RXL token, as company no longer needs to sell token on the market in exchange to Ethers to fund the operations.
- Given the nature of the Ethereum blockhain, each contract operation needs to be triggered by the approved party and the gas fee needs to be paid. To streamline the process and make it accessible to the broader audience, all contracts will include third party (RxEAL), whose only permission is to trigger the actions on the blockhain requested by the contract owner or recipient. This approach allows customers to use their exchange wallets, even though they do not control private keys, since their only purpose is to send/receive Ethers to/from the contract, while all contract to blockchain communication will be triggered by RxEAL.
Nonetheless, it is recommended to use the private wallets, which allows users to communicate with the contract outside the RxEAL platform and without any RxEAL involvement.
- The contract based messaging was created. Contract owner and contract recipient are able to share messages within the contract interface. System notifications are also included in the message board, making all information accessible within one page.
- We have created an integrated support ticketing system within the platform, so everyone will be able to receive technical support by simply creating a chat-like ticket within their dashboard.
- Arbitrating functionality is postponed for the later product releases for the reason that it requires active user base to function properly and achieve viable decentralization levels.
New options for token holders
- With the change of fee collection logic, RXL token utility was also reconsidered. As another step towards simplicity, RxEAL Company will automatically allocate the part of the every service fee received to the smart contract exchanging RXL tokens to ETH at the token sale rate and to purchase tokens on the exchanges. Ultimately, this means another channel of exchange for the token holders, that fully correlates with platform usage — the more users utilize the service, the more ETH are allocated to the contract.
- Introduction of the above new channel for token trade does not affect the plans to list on cryptocurrency exchanges. We plan to work more actively in this direction after the platform launch.
- RXL tokens will be earned by arbitrators when the arbitrating functionality is introduced, being another utility case for the token.
New opportunities for the project
During the development process, we have also been in touch with investors and potential partners. With a limited budget that was affected by the significant decline in crypto markets, the project needs investments, and we have held multiple meetings with potential investors. During these talks we have outlined potential cooperation paths, and we all saw new opportunities in the future, which include wider range of services that rely on smart contracts, participation in government programs, cooperation with secured investment platforms for earning interest from the deposit funds and more. When development phase is completed, these opportunities can be used.
While we all can’t wait to have a launch party soon, more work still needs to be done to make it a success. Slow and steady wins the race.
Follow our project:
Website: https://rxeal.com
Telegram: http://t.me/rxealofficial
Twitter: https://twitter.com/rxealofficial
Facebook: https://www.facebook.com/RxEAL
