On The Road to MainNet (00)
In “On the Road to MainNet,” we’ll be providing easy to digest xx information and commentary to explain the significance of key milestones as we move towards xx MainNet.
Date: May 1, 2020 | Author: xx network Team
The xx team is hard at work preparing the xx network for public launch. The next step, over the next few months, will be deploying the xx BetaNet. The process begins in May when we will announce the specific technical, legal, and financial details for BetaNet nodes.
On May 1st, selected BetaNet nodes will be provided with the details, specifications, and specific tested hardware configurations. Right now, through the NodeLab we are working to test more hardware in order to give operators as many options as possible. These technical details go hand in hand with legal and financial preparations. It’s imperative that chosen node operators make an informed decision regarding participation as a partner in the xx BetaNet moving forward.
Nodes will be chosen from those who have applied and registered or KYCed(1) and been assigned a color group (Blue, White, Teal). Following the announcement of selections, we will begin set up and testing in early June, with the network going fully live in July. The intermediary “soft launch” will ensure a smooth operation of the network minimize the work required from node operators.
Please see the timeline below for more information.
Similar to our xx coin sale of ERC1404 tokens, and due to the current regulatory environment, we believe it is necessary to KYC all BetaNet nodes for them to receive xx coin compensation. In order to ensure we’re meeting regulatory requirements, we’re partnering with Coinbase-backed Tokensoft to automate the KYC and tax reporting requirements using their software platform. By KYCing everyone, we may be able to allow US natural persons as nodes and providing them with the appropriate 1099 reporting. We also are allowing all selected BetaNet nodes to make a choice between receiving payment monthly, or delaying payment until MainNet based on their individual tax and regulatory situation. This process will be open and accessed through sale.xx-coin.io. If you are a BetaNet node that purchased in our sale you will already have completed KYC and you need only log back into this same Tokensoft platform to sign the BetaNet contract. If you haven’t KYCed before, the KYC Tokensoft system will be open on May 1st for you to KYC and sign your new contract.
Privacy is paramount. The same privacy practices used during the sale will be used again with this node on-boarding process. During the node application process, we were able to find a balance between the public’s need to review applications and the applicant’s need for privacy. The same kind of privacy protection will be necessary throughout the BetaNet. We will continue to use the same soft anonymization techniques and you can review our privacy policy here and our terms of use here. Please note you can ask us to delete PII at any time (but that will exclude you as a Node.)
If you have any questions about the upcoming process please email nodes@xx.network.
Looking forward to partnering on the xx network with you.
Join us at xx.network. Build the future we need.
