X-CASH DISCORD AMA #1
First of all, we would like to thank everyone for taking the time to submit questions. There are some really interesting things here and we are really pleased to clarify our plans with you.
I understand that you are sitting on 5 billion coins (locked and objective-driven released). With that in mind, what is for you a reasonable price objective per coin, and in how many years?
We can answer the question with a simple calculation. The first 20% of the allocated team coin will be released when we reach a $10M Market cap. At current circulating supply, this will happen if 1 XCASH = 11 Sat.
Secondly, to have all the team allocated coin unlocked, we would need to reach a $100 bn market cap. With all coins in circulation, this would require a price of $1 per XCASH. This is unlikely that this will ever happen, as it will put us in the TOP 5 cryptocurrency. However, this is the objective that we have fixed.
What is the current size of the team and are you hiring?
We started with the three founders: Guilhem (CEO), Zach (CTO) and Paul (COO). We have since been joined by Lovro (@Animus on Discord) who has taken a role of Head of the Community.
We are still actively looking for a Monero/C/C++ developer to join us in Paris and help us with the development. We are also planning to make the team grow according to what the project needs.
I learned that X-CASH project is self-funded. Does the team have any plan to partner with some big companies in the near future?
We do plan on partnering in the future, but nothing has been decided yet. Partnering will make more sense when we are further down on our Roadmap.
This being said, as the team and our vision are expanding, we have decided to launch an activity in blockchain consulting for corporates that will start in early 2019. We think several partnerships should arise from this activity as well a first real-world implementation of the technologies we are developing.
What are your marketing plans, how do you want to make XCA more visible to the crypto crowd? / The path to mass adoption is the toughest path that exists in crypto, how do you believe X-Cash will stand out among all of the innovative, impressive competition in this space? / How do you believe you will achieve adoption?
We have two visions on this: short-term and long-term.
The short-term vision is making X-CASH more visible in the crypto world. Our very first step has been to propose a sensible project, with a hard-working self-funded team to the community. We provided clear, transparent communications, no-ICO so that anyone seeing value in the project could join, a functioning wallet on day-one, and a two-year airdrop plan to help with the adoption of our coin. We plan on expanding through specialized crypto media, participating in conference around the world, consequently make ourselves known through the means deployed in the crypto community.
The long-term vision is to attract non-crypto enthusiast. The idea is to prove the value of the blockchain to people, companies, and organizations that don’t know about cryptocurrency. This is an essential step for broad adoption of the coin. Further down the road, the objective is to organize partnerships with “real-world” companies, providing teaching and real use cases of our project, and working hand in hand with the regulatory offices, making the blockchain an integrated part of our actual system.
One of our strength is the favorable climate in France towards blockchain and cryptocurrency technology.
About plans to use SideChain, Are you planning to use the Tari project in the future?
This is not planned for the moment but we are actively looking at the potential solutions they could offer.
What will happen to X-CASH when X-CASH 2.0 is released? Can you simplify for us what really is the X-CASH 2.0?
At first, we had several plans for X-CASH 2.0 that was aiming to improve the scalability of the network. The path we decided to follow is to switch from PoW to PoS, and adding the side-chain functionality (cf. our whitepaper).
X-CASH 2.0 is just a code name placeholder for the proof of stake switch. Under the current scenario, the blockchain will remain the same with a change in the consensus algorithm. From a user perspective, this will require a wallet upgrade, but the interface will look the same. Later in the year, we will release a second version (X-CASH 2.1) which will enable the sidechain network. In short, everyone will be able to create a blockchain embedded on the X-CASH Network at minimal costs.
Do you have any plans to create campaign bounties like spreading the news periodically directed to the structures of X-CASH roadmap using social media etc…?
Yes, with the help of Lovro (@Animus) and his amazing work on the X-CASH Discord bot, we will organize bounties on the different language channel to help spread the word about X-CASH. We want to develop that sensibly to bring the best help from the community.
Since this project is self-funded, what benefit you get by doing this actually?
This is an interesting question that can be answered in several parts. First of all, funding our project was a way to provide a proof-of-concept that it is possible to create a blockchain project from scratch without going through an ICO. We like to point out that we achieved many things with a small initial investment, contrary to some ICO project where millions of dollars in investments doesn’t bring a faster development.
Secondly, the main benefit is actually being able to work on something we are passionate about: blockchain and cryptocurrency. Developing our own project is an amazing adventure and experience, although not without a fair lot of challenges.
Lastly, and I think that was the point of the question: we can’t make a living out of the project at the moment, but through hard work and dedication it will be possible in the near future. We plan on using our platform and experience for expanding the X-CASH project with new services. We will communicate soon on that.
What’s the most important point that you make as a goal for x-cash so this project can run for long-term?
I would say that there is not “one” single most important point but actually several lines to follow to ensure the long-term success of the project. We have to work hand in hand to ensure the good regulation of the coin to ensure its sustainability in the long-term. We have to adapt the coin to the latest development and technological advancements. We have to expand our project to match the demand and diversify our activity etc.…
There is no direct line to long-term success, but we are planning on taking every possible path to achieve the continuity of the project. However, we believe that adapting to the regulations that will evolve in the next years will be essential. Being incorporated in France is a definitive advantage where the climate is favorable.
Any plans to add quantum-resistant features?
As we are a fork of Monero, itself based on the cryptonight v2 algorithm, we are following their developments. Their latest release as pushed back the use of ASICS for another six months. Given that we will switch to PoS in the next months, the coin will be by definition resistant to quantum computing which can only be used to perform massive parallel computing in the context of PoW resolution.
Where is the premine?
The premine is in a cold wallet in a bank vault and will be externally audited before the end of the year. We are also going to create a view only wallet to have a way to check the wallet balance.
When are you planning to release iOS/android wallet? When we have explorer to check wallet balance or web wallet?
The development of the web wallet is a priority as it will enable users without access to the wallet (32-bit system users, mobile users etc…) to access an online wallet. We are working on the web wallet at the moment. It is almost ready, we are still fine-tuning and bug checking before deploying it.
The mobile wallet will follow in the development line.
How do we see the blocks remaining when they synchronizing?
You can launch the daemon (xcashd.exe) to have a better view of the number of blocks that remains to be synchronized.
What are your plans to improve the wallet?
At the moment, the wallet isn’t really user-friendly for anyone that hasn’t manipulated a crypto wallet before ours. What we are working on is an improved version of the wallet (GUI 2.0) that aims at simplifying the whole process.
The idea is to streamline the features only to have the essential: account summary and send transaction. Some ideas that we have:
- A straightforward installation executable file for installing the wallet;
- An auto-update feature;
- Having access to all the wallets with only one password: basically what will happen is that you will be greeted to the wallet with a password prompt. When entering your password, you will be able to access all your wallets, in the same way you can access all your bank accounts if you have several accounts in one bank. This will eliminate the need to fetch the wallet file every time.
- Automatically choose the best remote node for synchronization unless specified against.
We are aware that the wallet needs to be simplified and this is what we are aiming to do. This will be a complete makeover of the wallet, in design and in features, so bear with us for a while!
We will directly work on the mobile wallet with these features.
Where else can I download wallet 1.3.2?
Every downloadable from our website are linked to the GitHub releases, which are uploaded on their server. We recommend only downloading the wallets and updates from the official source.
If you have any issue with the downloads, contact one of our admin and we will arrange a way to access the files.
Is it must to update or download every latest wallet even though you’re just focusing on airdrop and not mining?
What you are describing here is basically a cold wallet. The airdrops are sent to your address whether or not the wallet is updated. If you have to check your funds though, it is recommended to update the wallet. The web wallet will enable to check the balance without downloading the wallet locally which will be a good solution for users in the same situation.
Will the problem of unsuccessful transfers of large amounts be solved?
This is not a “problem” per se as it is a limitation brought by the way cryptonote coins handle payments with unspents. What we are working on is a way to bypass this limitation with the GUI by recombining unspents in the background, without the need from the user to do it manually.
In addition, this problem will tend to solve itself over time as this is mostly an issue experienced by miner (given they are trying to recombine several blocks mined into one transaction). Given the recent birth of the coin, most of the transactions are made by miners but once user to user transactions takeover, there will be significantly fewer issues of this type. The recombination algorithm of the unspents will also be offered to the exchanges so that they can automatically handle this part for the users.
Since the block height keeps increasing and people need to sync their node every time they open the wallet, what is your absolute solution to speed it up?
Several things are being worked on to improve synchronization time. First of all, we are deploying new high bandwidths server worldwide to help improve the speed of the synchronization.
Also, with the bulletproof transaction coming very soon to X-CASH, the size of the transaction will be reduced by a significant factor, reducing the incrementation of the blockchain size hence the synchronization time.
We are also discussing a potential solution that would enable a reduction of the blockchain size once we have switched to PoS.
When starting the wallet, why is it necessary to start xcashd.exe separately when it could be programmed to start automatically when opening the GUI Wallet, since it is required to be running in order to sync the blockchain in the first place?
It is not needed to launch xcashd.exe with the GUI Wallet as the process is launched in the background when synchronizing with the GUI. If you were advised to do this, it is only to be able to follow more closely the synchronization of the wallet.
When will be the October airdrop?
The October airdrop registration opened on October 21st and will close on October 31st at midnight GMT+2. The distribution will start several days after providing there isn’t any issue. We take much time going through the airdrop distribution list to eliminate fake/multiple accounts to make sure that everyone that fairly participated in gets his share.
How do you decide in which batch user falls in?
The airdrop distribution starts with people will fewer referrals and goes all the way up to people with most referrals. The last person to get its airdrop is the one with the most referral.
After that, people with the same referral number (or none) gets their airdrop in inverse chronological order (the last registered get its airdrop first).
Where to find timer when registration opens?
We have a timer in place on our website https://x-cash.org/#airdrop and soon we will add a timer on Discord.
How you can assure your community that they will get their share fairly through airdrop?
We can’t share the list of people that registered to the airdrop as it could fall into bad hands. We have made a point in being transparent in the process so everyone gets their fair share, and we have been communicating on the metrics as much as possible. We are thinking of ways to make the process as transparent as possible without revealing too much (we don’t want to clarify the way we detect fake accounts to avoid them bypassing our method, also we don’t want to reveal who had the most referral as it should remain to the user discretion to avoid potential attacks).
We also plan on changing the airdrop registration process to make it fully automated. It will also eliminate the issue with fake accounts (this will be possible with a KYC process).
When is the reopening of the exchange market?
We have made an announcement about the state of the exchange. Because we will fork on November 1st to implement bulletproof and public transactions and switch to Cryptonight v2, we have asked the exchange to wait until then.
When new exchanges? / Do we have the plan to list on new exchanges, and I want to say that a good exchange is better than three small exchange?
The next round of exchanges will come soon after the fork. We are trying to work on quality more than quantity.
Please note that we are working on rounds of exchange instead of continuously trying to list because every incrementation of the project development gives us more chance to get listed. Only putting the price isn’t enough most of the time.
When X-Cash will be listed in tradeogre.com?
Given we are having a lot of requests of listing on Tradeogre, we are seeing if they are interested in onboarding us for the next round of listing. If you want to help/accelerate the process feel free to send them a message through their social channels.
Are there any plans of listing XCASH in Binance?
As most of you have seen, Binance propose free listing. Obviously, they are not listing any coins that just knock to their door. Before putting up an application with them, the coins need to be way more advanced than it is now. We will keep working hard on improving the coin before thinking of sending an application there, to have the best chance to be listed.
Will X-cash move to v8 or its own version of it to be anti-ASIC? / Do you have a plan to update to V8? As we know, the NiceHash v7 price is so low, and this will let the price of XCA being lower.
We plan to switch to Cryptonight V2 with the next fork, at the same time with bulletproof and public transactions.
When we can start staking X-CASH like most other projects? / How likely are we going to see POS hybridization before Q2 2019? / Masternodes plans? if so, estimate date & costs?
We have described our (conditional) plan to switch to PoS with masternode in our whitepaper https://x-cash.org/downloads/XCASH_Whitepaper_1.0.pdf
So far, we are on track for the PoS release in Q1 2019.
If there is 500 master node with 50B XCASH locked in and the 1st year return will be 200%+ then we will see 100B + XCASH for Masternode user 50B XCASH locked in for masternode and 50B in circulation, so the end of the year total supply exceed 200B+ but max supply is 100B. So how this thing work?
The 200% return in 2019 is made with the assumption of 100 masternodes i.e. 10bn of locked supply ( or ~50% of the circulating supply at the time MN will be launched) with a generated supply of 35.5 bn XCASH through the year.
Possible POS on mobile wallet?
The Mobile wallet will be compatible with the proof of stake network but it won’t be able to run a masternode and do the staking.
Is PoS switch gonna be an instant or are we going to have a little amount of time to adjust/adapt(overcome) with some kind of mixed PoS/PoW period?
In the current scenario the PoS switch will be ‘instant’ but enabled for a few MN controlled by the company for a small number of blocks (likely 10–50). Then external nodes will be progressively added through a consensus mechanism across the MN community.