Anyone who has been around
Today, we would like to address this matter. We want to help everyone understand our position clearly as well as our upcoming decisions with regard to exchanges.
Our View on Exchanges
- No centralized exchanges are 100% safe. Even the largest exchanges are prone to failures, hacks, or exit scams. When considering small ones, it’s even riskier.
- Exchanges who host hundreds of coins are the
most riskywhen it comes to wallet upgrades (something we may do very often in the coming months). The problem with these exchanges is that they do not appear to have the bandwidth for wallet updates when they are required. And when an update is attempted, anyone who has coins on that exchange is forced to wait until the upgrade is completed. In other words, your coins are locked in the exchange for an unknown and uncontrollable amount of time.
- Until recently, our blockchain was not technically strong enough to handle being on center stage in the world of crypto. Being on a large exchange and having lots of activity would have been a larger risk than we were willing to take.
In preparation for what will come in the future, Borzalom has spent a considerable amount of time since Sept 24th (along with other developers) fixing wallets and optimizing the current
blockchain. This was required because, when we start to reveal our patent pending technologies, we believe our project’s status will start to rise to new levels. And this will result in more traffic and volume, even before we are ready with the new chain.
- As expected by the Founders, we have been politely declined by
Binanceand Bittrex, due to their opinion that we are not ready for their big stages at this time. No word from the other two yet…
In the meantime, we will be assembling a team of people to help manage the challenges that exchanges bring. We will also get to work on finding the best small to midsize exchange (bigger than Cryptopia, smaller than Bittrex) to work with. We will maintain communications with our exchanges at all times to ensure the fastest turn around times for wallet upgrades and other challenges which may occur.
- Decentralized Exchanges are the future. We will continue to work on our own DEX, which as most of you know is called X-CHANGE. In the meantime, the Founders have been working very hard to bring the
XTRABYTEScommunity a safe and secure environment for trading. We all know this is called Waves, but the question on a few peoples minds is, why?
Why Use A Competitor’s Dex
hasbeen set up with our own special patched client and platform containing our own gateways for moving our coins in and out of the coverage wallets.
- Our coins can be found on the official Waves client as well as on other markets. They are essentially the same, the only difference being that there are no logos on our assets in the official Waves platform. In our platform,
XTRABYTESand XFUEL are default assets (right beside BTC). Also, there is no gateway for our coins on the official Waves platform as we created our own gateway.
- As our coins are sent through our Waves gateway, they are 100% controlled by
XTRABYTESand not the exchange. The coins reside in coverage wallets while traders trade with duplicatetokens (like any centralized exchange). When you request a withdrawal, the duplicate tokens are removed from the exchange and the coins that are held in the coverage wallet are sent to your local wallet.
isthe most secure setting we can offer to our community and clients at this point. Once we release the Waves platform, transparency, links, confirmation times, and various other information will be made available to you. We hope this information will enable you to see the safety and security of our Waves client.
- It should also be noted that we only control the gateways for XBY and XFUEL. All other gateways are handled by
- It should also be noted that ONLY the online client works as intended and that downloading the Waves client to your computer is not required or recommended.
- As an added benefit, our developers will be able to see many things that we can do much better with our own DEX. Also, the entire community can become familiarized with how a DEX works by participating in our Waves platform DEX.
Final testing for our Waves client is fast approaching. As we’re nearly finished with the pre-alpha testing phase, we will soon begin the alpha testing phase (and subsequently, the beta testing phase). As a result, we are actively recruiting Waves testers from the community.
In addition to our Waves testing group, we’re setting up three testing groups with the following descriptions:
PreAlpha testers: A small group of 5 to 10 testers (each a test manager) directly connected to developers. This group facilitates pre-alpha development tests. As high-level testers, they will run automated tests, create testing scenarios, produce reports, and submit bug tickets for developers. They will also be responsible for supporting the Alpha testers. At least one leader will have testing experience.
Alpha testers: A mid-sized group of 20 to 50 people who work directly with the test managers (PreAlpha testers). Unlike PreAlpha testers, this group has no direct connection with Developers. Instead, its primary purpose will be to receive testing instructions from PreAlpha testers, execute the tests in a larger sample, and determine whether the product can work in a
Beta testers: A larger group of 100 to 200 people tasked with using the documentation created by the Alpha testers. Beta testers are required to follow their instructions and send them feedback. This group will also test user guides, transaction speeds, volume,
Earn some XFUEL and help the project advance! If you wish to participate in testing and future testnets, please signup here: https://goo.gl/forms/oRodfbiIgrW6r70y1
Finally, we wanted you all to know that an additional announcement containing the Q&A will come in a few more days.
The XTRABYTES Management Group