Dear X-Network community,
Since the beginning of the project, we have always emphasized the importance of transparency. As you all know, X-Network is a self-funded project launched without ICO and relying on a cryptocurrency, X-Cash, with the following coin allocation:
- 60 %: to be mined (23.82% mined as of 04/02/2019)
- 20 %: airdrop and bounties programs
- 10 %: project & company
- 5 %: private investors
- 5%: team
As X-Cash is derived from Monero and cryptonote, its core nature remains privacy with an upgrade in November 2018 to enable hybrid public/private transactions.
To complete the transparency picture, and in accordance with our whitepaper, we are releasing today a segregated funds tracker that will allow anyone to check the balance of the locked wallets.
The primary goal of this tracker is to facilitate the community to review and confirm that the funds are used as intended. For instance, the team funds (5%) will be locked until stringent conditions linked to the market cap are met. More information is available in the whitepaper and in the announcements.
Current Status of the segregated funds
As of 04/02/2019, the inventory of the non-mined coins is distributed as follow:
During the five previous months, five bn of XCASH have been released through the airdrop program while 498M XCASH have been spent by the company, mainly to cover for regular expenses and exchange listing. The team’s wallet remains locked until the first tier is triggered by the market cap as well as the investor’s supply which sale will start in February. More information will be provided shortly.
How to check the funds status
To validate the segregated wallet’s balance, we are using cryptographic reserve proofs which allow confirming that a specific address holds a certain amount without revealing its public key. Once the funds are being spent, even partially, the reserve proof becomes inactive, and a new one needs to be generated.
Checking the wallet status in the explorer/website
To check the funds’ current state, we have set a dedicated page on our explorer: https://explorer.x-cash.org/SegregatedFunds
On this page, you will be able to verify that the reserve proof of each wallet is valid while confirming the amount held in it.
Checking the wallet status in the CLI wallet
Because it could be clearly argued that the explorer induces a certain level of centralization and potential collusion, we are also publishing the reserve proof for anyone to manually check their validity directly in the blockchain.
To check the proof’s validity, follow the next steps:
- Go to https://explorer.x-cash.org/SegregatedFunds and click on the Verify Reserve Proof In The xcash-wallet-cli button.
2. On the opened pop-up hit the Copy The Reserve Proof button
3. Paste the proof into a new notepad file
4. Save the proof in your wallet folder (ex:verifyreserveproof.txt)
5. In the CLI Wallet, run check_reserve_proof WalletAddress ReserveProofFile. On the below example we run “check_reserve_proof XCA1Sg2ByXygMcLUbT915R854R6J2J2H7Vo7cRLxyJ3qEVa26hxPDjaUdZPCQjmthbYBxXK8z13sFBPG16LLxF8Y5T5m6x5Dfp verifyreserveproof.txt”
The CLI Wallet will confirm the proof’s validity by displaying “Good signature” and the associated spent/unspent amounts.
We are very happy to provide this new feature and believe it will add the needed transparency as well as increasing the trust with everyone involved in the X-Network project.