April & March Project Update
Dear X-Network Community,
Today we would like to take the time to cover some of the main milestones and progress we have had during the last months, as well as giving some insights on the next steps.
Products & Technology
X-Bank
In March, we launched the X-Bank which is the community platform for storing X-Cash and carrying the airdrop. After a successful first run of the airdrop program where we distributed around 8,000 airdrops, we have closed the X-Bank after DDoS and other hacking attempts. Although no coins have been compromised, we have taken this opportunity to perform an upgrade of both security and features of the X-Bank. The X-Bank will reopen on May 6th with the new features and airdrop system.
X-Payment
X-Payment is an essential component of X-Network, and we have made some significant progress in its development during the last month. We will release an alpha version of X-Payment Communities on Discord on May 19th, 2019. This version will be primarily used to perform on and off chain transfers between the users as well as some surprises.
We are excited to have you try it and gather all the valuable feedback that will help us build the Beta.
X-Blockchain
While the community component of X-Network has significantly progressed over the lasts months, we remain in an early phase for X-Blockchain. Some significant progress has been made on the platform’s design, the first services of the MVP and the go-to-market. We are lucky to have secured a few partners who will help us build the solution, and we will soon communicate on the progress of the first phase.
delegated Proof-of-stake
The change of consensus algorithm is a critical piece of the Core technology X-Cash is offering. We are preparing a yellow paper scheduled for the third week of may that will describe in depth the key technical components.
As you might have seen on GitHub, the development is now in its final phase with the first internal tests scheduled for mid-May. Once validated internally, we will enter a deployment phase on test-net where the involvement of the community will be extremely important. To this extent, we are preparing an important bug/involvement bounty program where up to 500M XCASH will be allocated. This will also be the perfect occasion for everyone to accommodate to this new system.
Finance & Markets
During the last two months, X-Cash has been added to a few exchanges, increasing the range of possibilities while making the liquidity grow. On average, between 0.5 to 1.5% (fake volumes excluded) of the market capitalization is exchanged daily which is in line with the overall market.
Since the beginning of the year, the X-Cash market capitalization has been steadily growing due to the progressive creation of the supply while the price of the coin remained in an increasing momentum. From a fundamental perspective, this is caused by a growing adoption mainly caused by the continuous release of our products and the anticipation of delegated Proof-of-Stake.
From a Finance perspective, we are actively reviewing what is the best timing to initiate the private coin sale (5% of total supply) for which we are receiving great interest. We believe we are now close to triggering this phase as the timing is right in terms of valuation, products release and community engagement — we will shortly communicate about this.
Events & Community
The lasts two months have been quite active for the team with a presence in a few of the major blockchain-related events in the world. While still being at an early stage, we believe creating awareness around the project is important. As we have been releasing and delivering our community and B2B products, this helps us set the first links with the actors of this environment to build our track record in the long run.
On the community side, we have seen a regain of interests since the market cap hit the 1M USD threshold. We are convinced more than ever that this user base we have attracted will be very helpful to calibrate all the ecosystem and thanks to the X-Cash cryptocurrency, we have a tool to incentive these early adopters.
Business & Growth
As X-Network is kicking off its B2B activity through the X-Blockchain program, we are starting to actively work on a new platform built on the X-Cash technology that will truly bring in some significant advantages.
The team is expanding, and to this effect, we are welcoming this month a new joiner in Paris who will be in charge of marketing and communication. We are still actively looking for two additional developers to assist us on both the X-Cash community-oriented products and B2B platform.
We are also very excited to announce to you today that the team will join a startup incubator in early June. This will help us in better coordinating our development while providing a structure for us to quickly scale up — more information to come in the next weeks.
Conclusion
The lasts two months have been the most intense since the starts of the projects, but thanks to new joiners in the team and the community, we are getting closer every day to our goal to build a new ecosystem around our products.
In terms of development, we have been able to deliver a first version of the X-Bank which will come back in production mode in the next days. On the core technology, we have made some significant progress on the dPoS, and we are confident it will go live in a few weeks.
This positive news, which is being priced in the market capitalization, also raises some new difficulties: better management, communication and a need to scale up the team in the next month. Thanks to the community, our investors, and partners we are more than ever well surrounded to face these challenges.
