X-CASH DISCORD AMA #2
First of all, we would like to thank everyone for taking the time to submit questions. The second round has brought loads of interesting questions and points we are glad to be clarifying.
Can you introduce the re-brand reasons?
The rebranding is the logical conclusion of these lasts months reflexions about the products we wanted to have in the X-CASH galaxy. The initial line of products do not drastically change but thanks to the rebranding they can now be easily identified and understood, more particularly for new joiners.
Will the ticker “XCA” be changed?
No, the ticker will remain the same. It was initially set as “XCA” but since the exchange listing, we chose to change it to “XCASH” to make it easier to read.
What are the major hurdles and obstacles the team feel they need to overcome in order for success?
The list of obstacles could be endless so we chose to stick to the three major ones. The biggest obstacle is definitely the technical part, as switching a Monero-like coin to a proof-of-stake consensus is far from being easy. Further down the road, the implementation of sidechains will also be very challenging. For many reasons, we always felt that such a project had to be disruptive from a technical perspective to be successful. Our stance on this has not changed and we think we will be able to deliver these items along the year.
The second most important obstacle is the community growth. Any project in the cryptocurrency/blockchain space cannot succeed without a significant community of investors/users/developers. Our stance on this has not derived from the beginning, deliver first and then handle marketing. As we start delivering the technical upgrades in early 2019, we will also accelerate our communication and community growth.
Finally, it is important to recall the strong correlation of our business to the cryptocurrency markets. This last component is why we have decided through the rebranding to put more stress on x-blockchain services. This offers a good hedge to our company as we will be generating profits next year, whatever the crypto market condition is.
There will be 4 different coins or only xcash?
There will only be one coin which is the current XCASH. The technical details of the coin remain unchanged and it will be used in all other services.
How can we exchange xcash to BTC right now?
You can buy xcash on 3 different exchanges:
However, only Cryptopia and Trade Satoshi have the BTC/XCASH pair. We recommend you check the price of the pair before deciding to buy using BTC. At the time of the article, buying XCASH with BTC is 3 to 4 times the price of buying XCASH with LTC.
Note: since the initial writing of the article, Cryptopia has suffered significant funds loss due to a hack of their Ethereum wallet. It is currently unclear whether or not they will resume operations.
How will the signature campaign/advertising XCA/XNETWORK look like?
The signature campaign will start shortly and will advertise all 4 products with a strong emphasis on the Airdrop.
How do I become part of the team/are you guys hiring?
We are in the process of hiring people in Paris. The job offers will shortly be published on our website and some other crypto-related news pages. In short, if you have a passion for crypto with deep coding, marketing and or finance skills, please contact us.
However, we are still looking for ambassadors. We have had great applications that are still being processed but are always glad to get more. If you are interested, please send an application to jobs@x-cash.org with information about yourself and your experience in crypto.
Did you find Private Investors for the 5 Billion XCASH (5%)? Did you start the sales?
There are several investors who are in line to buy from the 5bn coin reserve dedicated to it. We will open the sale in the next weeks with plans to slowly release this reserve throughout the first half of 2019. There will be an online tracker to watch the funds status.
Are you planning to offer Nano Ledger support? If yes, when? If no, how to achieve total security for one owns X-cash savings?
We have just started to look at Ledger implementation. This will require some development and we plan to add it in the year. This is not the top priority for the moment.
In any way, the most secure way of securing your funds remain using a cold wallet.
Any future partner plans?
We are not ready to announce any partnership for the moment but there are some ongoing discussions.
Where do you see XCASH in 3–5 years?
Several paths are possible but the one we are targetting is the same since the beginning. Wide adoption from both retail consumers and corporates, more particularly in finance, with the highest level of regulatory compliance. XCASH will be the core utility token of the network and be used to create sidechains while allowing onchain and offchain payments.
Among this bad market, what makes you sure that this x-cash project will survive since we already know that besides exchange, there are so many blockchain implementations for payment project out there, you have many competitors, but what makes you sure?
There is no certainty is any business, more particularly startups, and even more particularly blockchain projects. Our strategy to “survive” is to generate the first profits to show the viability of the project. To generate these profits, we will need to generate sales and find the potential use case and clients for our products. The growing community we are building will help a lot in gaining the initial traction but as the business will become more and more competitive the key to success is comparative advantages. We have already described in the Whitepaper how we plan on becoming a true competitive payment solution and the x-bank will go in the same direction. On the blockchain services part, we have a similar stance where we strongly believe our solution will be cheaper and easier than the competitors’.
As many projects are closing down due to funding issues, does x-cash team have enough funding or financial support for the project to continue or finish all the project commitments?
From the beginning, we have prepared for the worst by building a cost-efficient structure. We now see this as another advantage as many projects have to close or lay off staff due to the inability to pay salaries. This is more an opportunity for us to grow as we will start generating revenues in 2019, while using our crypto and equity market cap to secure additional funding. To conclude, according to our current funding structure we should be able to support the project throughout the year of 2019 without significant funding issue.
Will there be a fork?
The next planned fork will occur for the switch of x-cash to PoW to PoS in Q1 2019.
What do you plan to do to ensure high liquidity for future project plans?
If you are referring to market liquidity, we have several plans, most of them being described in the Whitepaper. The primary one will be to add x-cash to additional exchanges and increasing numbers of trading pairs. One of the other solutions we are seriously investigating is the release of derivatives instruments but this is further down the road as we will need to already have well-established markets.
Have you thought about creating a physical card you can use for payment?
Yes, this is considered but there are already many actors in this market so we will have to carry an extensive review of what is doable. What we will need to particularly clear out is whether or not we are able to provide a solution with lower costs while keeping the efficiency high.
What will the xbank do?
The bank will first be an online x-cash storage facility where we will later allow the storage and exchange of other assets. x-bank will be tightly linked to x-payment with the goal to facilitate payments between users and developers through APIs implementation.
When the xbank will be launched, will there be an option included that involves fiat currency?
We are reviewing the possibility to later add FIAT currency (EUR) to the x-bank but this is more complicated as it involves a license from the regulator.
Can you please elaborate on the implementation details of xbank? How will you ensure safety/reliability while also not becoming fully centralized and suffering from issues that have plagued Ripple?
While we cannot fully disclose the full security features we are implementing, we can mention that we will be using a combination of hot and cold storage to guarantee most of the funds are out of reach. In addition, we have implemented a multi-signature wallet mechanism that increases the number of validators in order to perform wallet operations. x-bank will be added on top of the x-cash network meaning that all wallet operations will always be done on the x-cash network itself which is already significantly decentralized.
Will issuing gateways be used outside of the xcash ledger?
If your question is whether or not additional cryptocurrencies will be added in x-payment the answer is yes.
Will sidechains be involved in the xbank?
Likely no.
What are the changes to the airdrop? / How the new project additions will impact airdrop and what about KYC?
In principle, the airdrop will remain the same: a 20-month airdrop program where the remaining of the monthly airdrop/bounty pool of XCASH is distributed fairly between all registered users.
Now, the airdrop will be distributed through the x-bank users. Users will have to create an account on the x-bank, and validate their account using a phone number (SMS based verification). This is the only level of verification that we will operate to validate an account to receive the airdrop. Users will have then the option to register for the airdrop when the registration is opened. The process will be relatively the same as before, except it will not go through the x-cash.org website but the x-bank.
With POS coming in, will there be any change to the total supply of the coin?
No, the technical characteristics of the coin remain the same.
With the upcoming MN, what if a user does not have enough XCA to setup his/her own masternode?
Unless major changes in the architecture, the minimum stake to participate in the dPoS consensus will be 1M XCASH. Amounts below will not be able to participate.
I am sure there will be shared MN’s, but how to prevent the MN owner ‘runs away’ with the coins in the shared MN?
In a regular proof-of-stake scheme, there is no finite way to prevent this as the stake has to be centralized in a single wallet, meaning that this is mostly trust based. x-cash proof-of-stake will be slightly different as the “stakers” will always be in control of their stakes. We will provide shortly a detailed article on this.
If I have 100M XCA and want to setup my own MN, what is the procedure? / Will I need to setup my own server and do all the work myself? Or the team will take care of everything and I will just lend my tokens?
Setting up a masternode/delegate will involve some technical work for which we will provide a detailed tutorial. Also, we will carry an extensive alpha tests period on test net where everyone will be able to accommodate (and discover potential issues) about the new mechanism.
Another thing is, what is the minimum duration of a MN? For how long will my tokens will be locked up?
There will be no time lock for the collateral of the Masternodes/delegates. Your stake behind the voting mechanism always remains available.
To be able to run a masternode, will the quantity remains the same or will be reduced a little bit into 1M?
The minimum amount to participate is set at 1M XCASH. This might evolve, particularly based on the price of XCASH itself.
Having enough collateral is it possible for a single holder to setup multiple masternodes on the same PC?
Although it is theoretically possible to run multiple delegates on the same instance due to low computing power usage, it would require some significant additional work which we have not planned to do for the time being.
When will PoS will be available?
We are planning on switching to PoS in Q1 2019.
100M stake and limited to 500 as of the last update, is it still the same? What are the reward fees and such?
We are going to reduce the initial number of masternodes to ease and accelerate the consensus process. The reward mechanism will remain the same as initially stated which corresponds to the mining reward structure.
Will staking be through the wallet on Windows or will it be through Linux where best option is VPS?
For stability reasons, we will recommend to use a Linux based operating system to run a masternode but the binaries will be compilable on all OS.
Can you confirm there will be a way to participate to a MN even with less than the 100M?
Yes, as stated above minimum stake will be in the 1M XCASH range.
What role will masternodes play, if any, in the operation of X-Bank?
Masternodes will play a significant role with regards to consensus mechanism on the blockchain. There is no particular link to the x-bank beside the fact that it might operate one of them.
Why do you help to create ERC20 tokens?
Our blockchain service offer will progressively scale up to other blockchains including ethereum. The primary reason is that there are several answers for several needs. While x-cash sidechains will be very interesting to answer customized needs, we feel there is still a strong demand for more standardized products like ERC20 tokens.
Will X-Cash be needed for creating ERC20 tokens? If X-Cash is not needed for creating ERC20 tokens please explain why?
The x-blockchain services will be the first implementation of x-payment merchants solution and as a result, x-cash, as well as fiat and other cryptocurrencies, will be used to buy the services.
Don’t you think you should focus on the X-Cash blockchain and should not provide help creating competitive ERC20 tokens?
ERC20 tokens are very standardized and do not compete with x-cash sidechain tokens. We see this more as a way to extend our offer than creating competition between products.
How Will X-Cash run its own mainnet in the future?
x-cash mainnet structure will not drastically change in the future. There will be a change in the consensus algorithm to dPoS and later on sidechains will be added.
How will the sidechain work for xcash and ERC20 tokens?
ERC20 token will always remain on the ethereum blockchains. Sidechains will have many use cases including the creation of token.
Will xcash run their blockchain on ETHEREUM? NEO? EOS ? or will it create its own mainnet?
X-cash will continue to run on its own mainnet, just as it is now.
