To clarify several questions brought up by our community, we decided to publish a selection of FAQs to share our current status.
Have you or Ashley (COO) seen the technology?
Absolutely! Both Ashley and I spent several days in July reviewing the technology with the founders in person. Additionally, Ashley and I frequently chat with Borzalom to improve the diagrams he has created for the patent overview document. Fortunately, we benefit from Ashley’s experience in consulting for VPN service companies, underground mining software, and telecom software development. He has essentially been around programming his entire career.
Nonetheless, we also viewed the core code and had Borzalom walk us through it, thus helping us understand how the technology works on a macro level. Once we gained a conceptual understanding of the network being developed, we were able to verify that the technology is in fact novel and that it contains intricate algorithms that companies will be interested in utilizing. When you witness something that is uniquely different than what’s out there, you know you have to be a part of it. Remember, we have our hands in the patents, we are seeing the edits, and we understand the systems at play. It’s all there.
[For more information on our technical background, head to the bottom of this document]
Where are we with patents?
We are more than 50% done with the multi-patent overview document, and much further along in the patent process in general. So it will not take seven more months until patents are submitted. We spent the past two months catching up with the work that has been done and focusing on how to improve the dialogue between the lawyers and Borzalom. This was critically important to understanding the technology. The conversation is progressing much more smoothly now and we expect everything will roll into position once the overview document is completed.
When will we see a roadmap?
After we receive patent pending status, Ashley and I will meet with the management team to take a deep dive into the product & technology. From there, we will determine how we will achieve the highest return on investment for each of our products. However, we will need to produce documentation regarding our economic and governance systems first. Likewise, we intend to successfully launch the mainnet and STATIC network before mapping out future plans as well
What initial tasks have you completed, and what’s next on the plate?
One of the more urgent tasks was to meet with the founders of XTRABYTES™ to fully understand the technology and their vision. We met with them in person for a full week and had extensive discussions about where the company is headed. While being excited for what’s to come, we maintain a sense of urgency about getting this project to the next phase. After additional meetings with the leadership team, the executives will be going back to meet with the founders to finish the patent overview document and start the economic / governance documents.
What are the economic plans for XBY & XFUEL?
With regard to economy, many topics have yet to be fully analyzed. When planning long-term initiatives, it’s important to consider their full impact before signing off on them. So we still have a tremendous amount of work to perform in this area.
What are the key risk factors that XTRABYTES™ faces over the next few months?
We continue to review the many short and long-term factors that affect the company. These factors go beyond what a competitor does or how they might react to changes in the industry. They have to do with the broader market shifts and changes to basic procedure. We have to ask ourselves: are we making sure our technology is reinventing itself? Risks come with many variables, and we are working on minimizing such risks and building out our contingency plans. This planning is done to protect the company, its employees, and of course, the project’s many investors.
How do you define short and long-term success for XTRABYTES™?
We will define success differently at each stage of the company. The first stage is receiving a patent pending status. From there we can start launching the nodes and the applications on top. Once we start working with various corporations, our goal will be to become the #1 blockchain development company in the world.
When will XTRABYTES™ release an official Whitepaper?
Once we receive patent pending status, we can begin creating the whitepaper from the Patent Overview Document.
Are you planning to continue the 7th and 21st scheduled updates?
After reviewing this topic in-depth with our communications team, we have determined that a more realistic strategy is to provide progress updates once the content is ready to be shared. Too often we see hype or unrealistic expectations surrounding specific dates – which isn’t sustainable for the company. We will, however, maintain frequent communication within our community and always push updates when necessary.
Do you two, as CEO and COO, have any prior connections, professional or private, with CCR or Borzalom?
I was introduced to CCR via a mutual friend. This past January CCR and I started discussing his project, which piqued my interest. After carefully reviewing my career trajectory, CCR decided to arrange several meetings with me. During these meetings, I reflected on my current position and conveyed that I was looking for a new challenge to apply my skills. When I spoke to my colleague Ashley about the project, he also began asking questions and was eager to learn more. Although the blockchain industry is fairly new, once I saw that IBM and Hewlett-Packard were getting into this space I knew I wanted to as well. After conducting more research, CCR and I started discussing how Ashley and myself could position ourselves professionally for such a career transition. Lo and behold, here we are!
Will the total amount of XFUEL stay at 650 Million?
It’s hard to provide a definitive answer to this question, at least until we’ve structured our node network, determined its economic structure, and completed the governance documentation. At this point, however, we are planning to stay within that amount.
What’s going on with the shares of XTRABYTES Ltd? What are they?
We have only scratched the surface of this topic. We will provide more information about company shares as soon as we have it.
How do we avoid a scenario where an increase in XBY price results in node owners breaking their deposits to cash out?
There are several factors to consider. We are already reviewing the topic of company nodes as one option. At the moment, we don’t know what the returns will be. We do intend to have company nodes set up around the world, where corporations can also have their own nodes. Furthermore, we are working on the economic and governance documents to avoid many of these troublesome scenarios. More information will be available at a later date.
How will you communicate with the founders moving forward?
Ashley and I will be communicating directly with Borzalom and CCR on a quarterly basis to provide structured updates. Currently, we are in touch with them almost daily.
Will the network allow for voting?
We’ve talked about voting weight and voting with XFUEL in the past. These topics will remain undecided until we work through our internal governance documents. Although the halving of the nodes was discussed, we don’t see a need to halve at this point. The more important question here is voting rights and what they offer. This issue will be addressed in the governance documents so as to give a better picture of the network’s capabilities. Many of these topics are not confirmed or locked down yet. These decisions will come through once the tech is open to internal development, as developers will have an understanding about what our tech entails inside and out.
Are there any plans to get on additional exchanges?
This remains a difficult decision as we are also building our own decentralized exchange, X-CHANGE. However, our team understands that having a healthy flowing market is important and that creating demand on larger exchanges makes it much easier for traders. For that reason, we will wait until our patents enter pending status and our roadmap is in place to confirm an accurate listing timeframe. More information to come!
Can you share your technical backgrounds with the community?
Ashley started programming TI-Basic at the age of 13. Developed by Microsoft’s two Bob’s, Bob Wallace and Bob Greenberg, the TI-Basic programming enabled him to create and build PC boards for prototype projects at an early age. He recalls the TI 99/4A home computer fondly as it was a gift from his father, a robotics engineer for Ferranti-Packard.
Ashley was technologically creative at an early age. He actually created a virtual magnifying glass and added the script into his eBay account when he was selling his hockey cards. This tool enabled viewers to carefully examine his hockey cards up-close. We’re not sure if eBay liked the fact that someone created and installed a script on their site, but that’s just the person he is. Always looking for ways to improve and make something better.
Prior to attending University in Wales, he branched into C and C+ programming along with SQL for ATI Technologies in Aurora, Ontario. While attending University, Ashley was introduced to writing scripts and macros within Lotus 123, a skill which eventually led him to advanced macro writing in MS Excel. This capability, combined with visual basic scripting, lead to some of the advanced forecasting programs introduced at HP. He also dabbled in Virtual Reality (writing assembly code “rend386”), a mere 25 years ago before any of us had even heard of it. In addition, he still creates projects in Unity by leveraging Mira SDK, AutoCAD (Computer Aided Drafting) 3D and smart scripting.
Ashley’s networking experience spans over 10 years, from consulting with system engineers and software developers to making ‘create and launch’ solutions within the VPN for small to medium-sized companies to advanced logic in class 4/5 telecommunications switches, to mesh networking within underground mining.
My technical background started when I began my career as an Electronics Engineering Technologist. I have worked in engineering departments creating data collection processors. We designed these from the ground up, developing circuit boards using special CAD software and then programming in assembly language to create the device’s functionality. The complexity was state-of-the-art 25 years back. Imagine 32 serial ports with the capability of having 128 devices hanging off each port, collecting data and sending back to a host!
With a background in Basic, Turbo Basic, Pascal and C++, I wrote programs for Purolator and we developed our own coding language for use in a programmable terminal for American Airlines. This allowed the airline to develop their own programs to manage complex transactions for the freight side of their business. Although many more projects were undertaken, these are the ones that stand out most to me.
Eventually, I moved on from the engineering side of the business and began supporting AutoCAD from a technical aspect for Canada. Through this and other hardware/software applications, I became familiar with the IBM 32, IBM OS2, DEC, Sun/UNIX, Apple, DOS and Windows environments. Since then, the landscape has changed drastically and is less cluttered these days. Nonetheless, my technical ability has helped with every aspect of my career.
When I transitioned away from engineering and into a division leadership role, I realized that I enjoyed creating and executing business strategies. I haven’t looked back since.