X-Bank wXCASH update.

Hello, everyone! I know you are super excited about the possibility to swap XCASH to wXCASH and vice-versa, so I’d like to share a bit of information on the wXCASH project status.

What’s wXCASH about?

In a few words, it’s a token built on top of ERC-20 / BSC protocols that allows our project to scale up even more by targeting top exchange listings. The token will have a value of 1:1 to XCASH.

So what’s the X-Bank part?

X-Bank will provide the solution as a service and user interface to swap the coins seamlessly. To achieve this, the following components are being implemented:

• wXCASH Hot/Cold wallets infrastructure + ETH / BSC nodes;
• Multiple accounts for each user (1 XCASH & 1 wXCASH);
• wXCASH account currency support: each user will have an ERC-20 / BSC account to deposit and withdraw tokens;
• The swap logic: users will be able to swap the coins between their accounts only;
• wXCASH deposits and withdrawals processing;
• No commission or fees will be applied for any user operations — swapping or depositing/withdrawing. Instead, a minimum threshold e.g. 5M XCASH per withdraw will be set up.

This is not the whole list because some technical parts are being reworked and will be communicated later on.

What’s done?

I’ll be short here:

• X-Bank Backend part is fully completed: multiple accounts support, handling different currencies, sync logic reworked and improved, and the “swapping” logic is completed and fully tested.
• ETH / BSC nodes are ready and synced, and test contracts are created and deployed to the chains.
• Hot- and cold- wallets for wXCASH and deposit processing is done but not fully tested.

What’s left?

• X-Bank Frontend and iOS App: user interfaces for multiple accounts management and the swap page are being worked on.
• ERC-20 / BSC deposits are being tested, withdrawal functionality is being implemented.
• At the moment, the contracts are deployed to the Ropsten and Binance testnets only. When all the tests pass, contracts will be run on the main network.

wXCASH on ETH versus BSC

BSC (Binance Smart Chain) is a fork of the Ethereum chain. Ethereum virtual machine (EVM) runs perfectly on the BSC, as well as Ethereum smart contracts and dApps work with ease. So from a technical and integration point of view, there is no difference in which chain we run wXCASH on.

• Ethereum is more popular and widely adopted, but fees are extremely high;
• BSC is EVM compatible, and fast. Fees are lower but fewer users are familiar with BSC and how to use it;
• Exchange listing is a bit easier for ETH tokens rather than BSC.

So ETH or BSC?

The question is not answered yet but we’ll take into account all the pros and cons and try to find the best solution.

P.S. iOS App work is on a separate track and might become available later than X-Bank Frontend implementation. This way it will not block the launch of the wXCASH swap.

P.P.S. A closed beta test is targeted for this month, stay tuned to get updates on it!

Thank you.