Unpacking Phase 3 & Our Commercial Launch
It has been all hands on deck here at UpBots HQ for the last couple of weeks as we launched phase 3, our Commercial Beta Launch, to enable the commercial aspects of the platform as well as turning on performance fees distributions to the burn program and the ERC20 staking pool. This has powered up our tokenomics.
As the first week after our Phase 3 launch comes to a close I wanted to take a moment to update you more thoroughly on where we are at right now, talk about some of the bugs and share with you what’s happening right now.
Our CEO Ben will also be doing a video in the coming days to dive into these and other topics more deeply.
First: the TLDR summary;
- After putting our phase 3 beta commercial version live, bugs showed up
- Fixing that
- Some other bugs are also being fixed
- Withdrawals are a manual process
- While UpBots is all about bots right now, it is built by humans
- In crypto we are insulated from the economic effects of the pandemic, but not the human ones.
- CTO has been one of the most recent people affected by this
- As always, we hear your feedback and we are as committed as ever to continually improve and grow as quickly as we can
Okay! Now the details:
First of all, it’s important to note that we are in the beta version of our full commercial platform right now. There seems to be some confusion about this so I’m hoping to clear that up.
The reason we have a beta version is to allow us to properly test the code at scale. We have already completed 2 other levels of beta testing before this one to ensure as high a level of QA on our code as possible.
And still, despite these exhaustive efforts, after introducing more users, new bugs have appeared. This is normal when you introduce new variables to the equation.
One is affecting the deposits of UBXT into UpBots account wallets. Obviously that’s not ideal for anyone, especially for us.
As I write this our team is working hard to track the bug down and squash it.
Right now, temporarily, deposits have been disabled, as there is an issue with the chain backend that requires our CTO to execute a fix which he has begun to do.
If you have previously made a deposit that has been in limbo, your funds will eventually reach your wallet so please do not worry. Your UBXT is SAFU.
We know it’s hard to be patient when your funds are essentially trapped in limbo, so please know we are doing everything possible to resolve the issue as urgently as it is humanly possible.
If you are affected by this please send a message to our support team in telegram or by email ( support at upbots dot com).
Phase 3 will last for a number of weeks to ensure a sufficient beta test period and at the close of that time, we will move out of beta.
At that time the full commercial version will go live with a new design, bot trading capital limits removed, more trading bot options for users to choose from and some other new features too. As well as all the fixes from things we discovered in beta.
Next item: Withdrawals.
Withdrawals are a manual process. The UpBots a/c wallet’s only purpose right now is for users to deposit UBXT they intend to spend paying Performance Fees for trading bots.
In the future users will also be able to use this wallet to buy other services on-platform, such as signals, pay performance fees on social copy trading, buy educational courses and more.
But for now the purpose of the UpBots a/c wallet is to store the UBXT you wish to use for Performance Fees. Moving UBXT to and from this wallet is an on-chain event involving gas fees, so withdrawals are not something that we expect to happen a lot.
Due to this expectation of low demand and because of the security implications, we have chosen to use a manual process for now. This helps prevent bad actors using withdrawals as an attack vector and makes our users wallets safer.
We may evolve this to an automated process in the future but that would require some additional processes (forced 2fa and probably other security measures) so we are going to wait to see how much demand there is to ensure we are not fixing a problem that really isn’t a problem.
Right now withdrawals are a manual process that can take up to 48 hours because each withdrawal is manually checked for legitimacy by our team.
With the way our system works it is better to have a surplus of UBXT ready to pay fees so that when the trading bot you are using catches the start of a parabolic move upwards that you have the UBXT available to pay your performance fees. This will ensure the bot continues to trade for you during the most profitable times.
It’s sometimes easy in crypto to forget that as robust as smart contract code can be, and as resilient as trading bots that don’t need sleep can be in making sure your trades are executed properly, the people behind crypto projects are humans.
We have gone through an absolutely insane time in human history where a lot of elderly people have lost their lives. Here at UpBots HQ we have had many cases of our team contracting covid and being lucky enough to be young enough that it didn’t do much harm.
That was the first type of experience we’ve had.
However, there has also been a 2nd type of covid experience. Some of our team members have had parents who have been less fortunate. They have been in the ICU. Some have long Covid.
And some unfortunately have not made it back to their family.
In the last few weeks our CTO has felt this pain, and he has our deepest sympathies.
At every chance we do what we can to build redundancy into our systems and processes but in some things it’s simply not possible to do that in a way that guarantees 100% uptime of 100% of our team.
After all, we are humans. In a pandemic.
I’m certain at this point most of you will have had some experience of what this is like. I truly hope that it is the first type of covid experience, and that you and your loved ones are safe.
However for some of you it will be the 2nd type of experience and if so you also have our deepest sympathies and condolences.
A few final words:
If you have been in our community for a while now, you will already know that we value transparency and honesty very much and always endeavour to keep our community in the loop.
We also value feedback. I want to tell everyone who has contacted either Ben or myself, or any of our team over the last week, we have heard your comments and thank you for your feedback.
We will endeavour to continue to be as transparent and open with you as possible in the future.
For us despite tragedy and setbacks nothing has changed.
We are still as committed as ever to building the best trading and investment platform that exists in the market.
We will be here for decades to come and as we move ever closer to that goal, so will come improvement, extra features, new innovations, more trading bots, the best traders in the world for you to copy trade, the best training courses in the world for you to level up your crypto game, and of course, the best community of traders and wealth builders the world has seen.
Thank you for your patience and your understanding as we navigate our beta release and the tragedy of our current times. Our CEO, COO and myself, as well as our entire support team, see every problem and issue and are 100% committed to resolving each and every one.