Dear X-Network community,
As the deployment of the X-Bank is right along the corner, we would like to give you more information on what it is going to be, how to interact with it, and how to apply to the XCASH airdrop.
X-BANK: A cryptocurrency assets storage
The first version of the X-Bank will be an online XCASH storage facility.
On the X-Bank 1.0, you will be able to store your XCASH by depositing them into your account or receive them through the airdrop. You also have the choice to send them out of the X-Bank by transferring them to another wallet.
By creating an account, you will have access to your dashboard, where you will be able to manage your assets and register for the airdrop.
X-CASH Airdrop
As you may have heard by now, we are planning to switch the airdrop distribution process to be managed by the X-Bank.
The aim is to enable better regularity in the airdrop distribution and simplify the process of registration for the users. We built a clearer interface, that we believe will answer our users’ concerns and advices.
In principle, the airdrop will remain the same: a 20-month airdrop program where the monthly airdrop/bounty pool of XCASH is distributed fairly between all registered users.
From now on, the airdrop will be distributed to the X-Bank account holders.
To be able to access the Airdrop tab, you will have to verify a valid phone number in the Settings tab.
Being in the Telegram Airdrop group is not a requirement anymore. Only phone validation is a requirement for now. We will add other steps of verification if needed.
Once your phone is validated, you will have access to the airdrop tab and its features.
The referral program has been revamped but the bonus is the same (+25% on your airdrop per valid users that registered to the current airdrop).
Please note that your referrals won’t be transferred to the new system. We understand that some people can see that as a setback, but resetting the referral system was required to ensure the healthiness of the program.
As you know, some people were abusing the system, notably fake accounts using the referral link of valid users and flagging them in our database. This made us take time doing unnecessary checks to ensure that affected people would get their fair amount. The process was lengthy and took time from us where we could have been working on developing our project.
By starting over, we believe that our users will see this as a way to support us and ensure that this project comes through. As the first airdrop going through the X-Bank will be a transition, we believe that our most devoted community members will get a good share at the beginning.
From now on, you will be able to see a history of the previous airdrop, notably the amounts you received. This will enable you to better track when you got the airdrop and the number of valid referrals that was taken into account.
This will help to address the issue where some users had a high number of referrals but the airdrop received didn’t match this. Most of the time, your referrals weren’t registering correctly to the airdrops and weren’t counted as a valid referral for the airdrop session. A discrepancy between your referral count and valid referrals for the airdrop means that your referrals didn’t follow the process correctly, implying that you might sit down with them to help them through the registration to improve your valid referrals count.
Once the airdrop is distributed, it will be added to your balance. You will have the choice to have it stored in the X-Bank, or transfer it to an XCASH wallet.
What is the future of the X-Bank?
The X-Bank will be the base for our X-Payment solution, enabling fast cryptocurrency transfer with instant crypto to fiat conversion. The aim is to facilitate payments between users and merchants.
We plan on releasing the first product of X-Payment with our Discord Community payment system that will be managed by the X-Bank.
In the X-Bank 1.0 version, only XCASH is supported. We plan on adding support for more cryptocurrencies, and ultimately FIAT with a low fee conversion solution.
This will pave the way to the development of our own crypto exchange that will be hosted by the X-Bank.
The exchange will enable better liquidity to facilitate instant transactions and currency conversions.
The exchange will be accessible to X-Bank account holders from the dashboard.
