🥳We conducted a joint Telegram AMA on Wednesday, August 12, and it went great!🥳
The session featured 15 most interesting questions from our users. They were answered by Andrew Kovaleneko, the Head of Project Relations at WhiteBIT, and the representatives of the XDN team, known as Crypto Coderz and AuCRHI.
You can see a transcript of the Q&A provided below.
Q: What is XDN? What is the base of the project?
DigitalNote: We initially started with CryptoNote and after years of struggling to maintain and secure the network, we decided to do away with it and do a total rebase on the blockchain to the more Stable Satoshi Core version we have today.
Q: Why is the exchange called WhiteBIT?
WB: The thought of creating a brand-new exchange came to our core team in late 2017. They were actively engaged with the cryptocurrency market then, and what they saw there was a great demand for transparency and security amidst all the hype, scams and scandals. When choosing the name for it, they chose White, as in most cultures this color symbolizes clarity and purity, which is also reflected in our motto = White is Clear.
So, the motivation for creating WhiteBIT was to establish an exchange market player that would do everything by the rules, be open and honest with its users and partners, and become the foundation on which the cryptocurrency industry will establish itself as a real and stable market.
Q: What are some of the major achievements that the Digital Note project has achieved and what milestones are planned in the upcoming months/years?
DigitalNote: Since the new development team took over, we have totally revamped the DigitalNote XDN blockchain. As far as we are aware, we are the only project to have ever successfully migrated from a CryptoNote-based codebase/chain to a Bitcoin-based codebase/chain. In order to do this, we first secured the broken codebase enough to actually make the migration possible and tried to include absolutely everyone within an extended swap timeframe.
The new codebase covers many prominent features. For example, advanced block difficulty retarget adjustment ensures a very tight window around the target block time and shrugs off 51% attacks without any complaint, no matter the scale of attack. We’ve now introduced messaging V2 and are focusing on user interface and usability before tackling some more codebase aspects. One of them is advanced PoS weight management that would combine the community-oriented functionality of dPoS with the reliability of BlackCoin’s PoSv3. This will ensure everyone in the community gets to participate in supporting the network and getting some XDN while they’re at it, no matter how many coins they hold.
Q: Can XDN be used in real life for payment?
DigitalNote: Yes it can. Anyone with an XDN address can receive and make payments. However, we are looking into more partnerships that will take us to a bigger audience to use XDN as a payment method. There are so many payment gateway options to choose from and we need to make sure that we chose the right partner that will be around for the long term.
We currently have a MMORPG in alpha testing that accepts XDN as payment for extended features and items of the game.
Q: What features and income sources does WhiteBIT offer?
WB: Right now, WhiteBIT offers a variety of features that users can capitalize on in order to receive some pleasant perks and rewards. Firstly, I should mention Margin Trading launched a couple of weeks ago. It made WhiteBIT enter the small circle of exchanges offering a fully-fledged Margin Terminal to its users.
Secondly, SMART Staking is live and offers a lot of passive income opportunities. Users can receive interest just for holding a variety of assets in their portfolio. We’re also very excited about adding XDN to this program very soon as well!
DEMO Tokens are another cool way to become a real trader with no risks involved! Every user can receive a portion of DEMO Tokens and learn trading strategies. We have recently ended a large-scale trading Tournament where the best traders received nice rewards in BTC, USDT, and MATIC.
And last but not least, we have a lot of partnerships with major market players that are in the works now, so stay tuned for more exciting news!
Q: Can XDN tell me the benefits of long-term investors?
DigitalNote: This is a very good question! That’s right, most “traders” look at a short term price only.
We have a long-term focus to ensure that we deliver a product that supports not only wallet but also our fundamental application of Messaging. Our name can be deciphered as sending “DigitalNotes” as in Messaging or sending “DigitalNotes” as in sending digital banknotes.
Our focus is to compete on an application level with the likes of WhatsApp, Discord, and other popular messaging apps off the block chain. When one considers this as a long-term objective, it makes sense that 1 Million people using the app would have a strategic advantage over other coins that have limited functionality and utility.
The system will be expanded in the future to handle more functions than just a chat. These are encompassed on new roadmap milestones labelled Sabre Tooth, Walrus, and Narwhal.
Q: What are the last WhiteBIT’s achievements?
WB: Of course, I’d like to pay special attention to Margin Trading. As I mentioned before, few exchanges in the market can boast such a high-quality and fully-fledged terminal as we have created. Our development team put a lot of work into that, and it has been our main priority for the last several months. Be sure that it’ll get even better over time: new pairs, leverages, and performance improvements will constantly be released.
In general, I am very proud to be a part of the team that managed to create a secure and easy-to-use exchange, offering such a great variety of features and instruments, while utilizing state-of-the-art technologies.
Q: DeFi is a widely used term now. Will XDN use it to attract investors and what are the benefits of XDN in the future?
DigitalNote: Yeah, DeFi is an interesting concept. By definition, it is “Decentralised Finance”, which is what DigitalNote embraces.
However, most of the current popular DeFi projects, offering such finance services as loans, are mostly ERC-20 tokens.
We are currently focused on our offering to ensure that we provide a solid base for our investors and community.
At this point, we may partner with services that offer this, but it’s not our mainstream objective right now.
Q: What are you working on at the moment?
WB: I believe we should specify two directions here: the technical and the marketing one.
Firstly, I will point out that with a team of over 60 developers, we are able to work on the most challenging development issues and tasks, to which Margin trading is a testament. So you can be sure that we’ll keep improving the performance of our exchange in general and keep adding new features.
Now, we have a Futures Platform in the works that will be built in addition to the Margin Terminal. We’re also preparing a design revamp of the entire website, as well as introducing major changes to things like our Referral Program.
From the marketing side, our BizDevs are working tirelessly on securing new partnerships and launching exciting new campaigns. Using the experience we gained while working with players like Dash, Matic, Tron and others, we will add more corporations to the list over the next months.
This experience also helps us focus on community-building and deeper collaborations with exciting projects, like XDN.
In short, we’ll be doing everything to keep our users, partners, and customers satisfied.
Q: Does your technology have any application for the development of 4.0 technology?
DigitalNote: Our system can seamlessly be incorporated with 4.0 tech, such as Smart systems, AI, and others. They create the ability to have secure and decentralized functionality for the systems coming into the mainstream technology window we can see now. Our protocol and systems can compliment Web 4.0 for technological enhancement.
Q: Do you need to keep your computer on and running to enable staking?
WB: There’s a common misconception that WhiteBIT’s SMART Staking is a PoS-driven service. It is not. It’s a marketing tool that rewards users for simply holding a variety of assets on the exchange. We came across this idea when we decided to try and spend our marketing budget directly on incentivizing users, rather than on ads or other indirect promotions.
Thus, to participate in SMART Staking, all you need is to:
1. Choose a Plan
2. Deposit an amount of funds there
3. Wait for your rewards 🙂
Q: Will there be a staking program of XDN within WhiteBIT?
WB: The answer is yes. It’s coming within a couple of weeks — I believe the XDN Team would like to comment on how it would tie in with the features XDN already offers.
Q: There is already a way to earn via MasterNodes with XDN. How are you going to combine it with SMART Staking on WhiteBIT?
DigitalNote: SMART Staking is great for investors who don’t want to set up their own masternodes for earning rewards or don’t want to take their coins off the exchange to take advantage of staking.
Q: Will we see more wallets supporting XDN soon? How about more on/off ramps for liquidity increase?
DigitalNote: We are considering partnership with various popular wallets, such as Komodo, Jax, Exodus, and others.
We will choose wallets offering staking and Atomic swaps of XDN.
In reply to the second part of the question, liquidity is a function of getting more users on the project. Our community is doing a great job at creating awareness.
With well over 7000 coins to choose from, it is a jungle out there for any investor. Further exchanges meeting out community needs will be added.
Q: Are you going to launch any other trading competitions on WhiteBIT?
WB: Definitely yes!
We saw great traction with our DEMO Token Tournament. Having analyzed the market, we saw a huge demand for more activities like this. That’s why we’re currently working on a brand-new section of our website. It will be devoted specifically to Trading Competitions, where users with the most trading volume win prizes.
To give you a sneak peek, we already have a pipeline of projects waiting to start their trading competitions. You’ll see some great names there, so stay tuned 🙂
Q: Why did you choose WhiteBIT as the exchange to list DigitalNote (XDN)?
DigitalNote: We looked at a number of exchanges and chose WhiteBIT because of the additional marketing options we are able to capitalise on.
In addition, we have SMART staking, which is great for investors who set up their own masternodes for earning rewards or don’t want to take their coins off the exchange to take advantage of staking.
Just as a matter of interest:
Rewards are 100XDN per block process on a MasterNode and 150XDN for PoS/PoW. Thus, BMW Wish miners can earn XDN on PoW pools.
Thanks for your questions and stay tuned for more AMAs coming soon!
WhiteBIT Team
