In an effort to protect our new community members from the rampant FUD, we have decided to post the full and correct perspective of XTRABYTES to remove any doubts some may have in our mission.
XTRABYTES technology is being built from scratch and this is the biggest difference we offer from other current blockchain solutions. We are not another clone coin. We use a newly developed algorithm called Proof of Signature that was invented by Borzalom, our Lead Developer and Co-Founder of XTRABYTES.
In addition to PoSign we have the VITALS and PULSE which are the other parts of the technology that allow PoSign to work on a global scale. These factors combined are what make up the Zoltchain, a unique and proprietary blockchain solution aimed to be released after a series of rigorous system tests have been completed. It should come as no surprise that we are aiming to revolutionize the crypto world with a better, faster, scalable and more secure technology.
We will perfect our tech internally with our own developers and we will ensure that the tech is not exploitable. Satoshi Nakamoto did not have that luxury at his disposal and the industry grew as it did as a result. However, the open source system he released Bitcoin on has its flaws and we will utilize the best of both worlds to ensure we bring a sound solution for the crypto world through our XTRABYTES platform and the decentralized team development system we will utilize.
Registering the XTRABYTES Ltd business is the first step in securing the patents and establishing our company and brand as a household name. Although we aimed to complete this application during the holiday week, it proved to be more time consuming than expected. When we receive news regarding our registration, you will be the first to be notified and we will have an extra surprise announcement in store when that happens.
Also, for those of you claiming the registration will take a long period of time, you are assuming we are registering XTRABYTES Ltd as a US company. That is not the case and you will be made aware of where we are registered when the process is finalized.
Patent descriptions are being written (we have 2 so far) and the work is ongoing. We are in discussions with an international IP law firm that will ensure accuracy and thorough patent protection. Although we cannot provide specific dates, the good news is that we do not need to have the actual patents before we can move forward with the technology. A ‘Patent Pending’ status is sufficient because it is a matter of ensuring that the patent office knows this is OUR work and not someone else’s. Therefore, we cannot release the tech publicly (testnet or otherwise, closed source included) until we get the ‘Patent Pending’ status. Beyond that, if required, we will remain closed source with the patented tech until the patent is finalized.
XTRABYTES is not going to be successful because of Business Registration or Patents, these are just formalities to protect you and your XTRABYTES. It will be successful because of our TECHNOLOGY and the amazing Community you have helped build from the ground up.
With that said, let’s keep this journey going and make XTRABYTES the crypto platform of the future!
We’ve had great progress in preparing the testnet over the past couple of days. Borzalom, alongside our team of developers are nearly complete with the necessary protocols to run the 512 nodes and another 1024 level 2 nodes have been made available. We will be updating those who registered with next steps and further instructions will include a text / video tutorial of how to setup your node and how to use the testnet PLUS your individual Private / Public Key Pairs. For those of you that did not get to sign up, please visit the #testnet channel and let us know if you want to help.
To our entire XTRABYTES Community,
The time has come sooner than expected. We are officially reducing the transaction fee to 1 XBY. That’s right, 1 XBY.
How did this happen before the XCITE release?
As you know, we have been dealing with a code issue over the last few days on the XBY chain. After extensive testing and various fixes, it has been determined that the best way to eliminate this issue with the old chain (which we must remain on for now) is to remove the POW coding and go 100% PoSign.
The issue is being caused by the POW backup code which we chose to leave on the chain while PoSign was being tested and rather than getting into the technical details, we will just explain what is happening right now:
1. All deposits and withdrawals must be stopped to ensure that your coins are not locked where you don’t want them to be.
2. Exchanges have been notified to stop all deposits and withdrawals for the same reason.
3. Exchanges have been asked to make a quick update to avoid the long delays we faced last time.
4. After the update, we will have XBY running in a similar way to XFUEL, with a series of STATIC nodes (these are not the STATIC nodes with deposits, they are hardcoded, temporary STATICS on the old chain) and there will not be any other tech on the chain moving forward – only PoSign.
We did not want to update the wallet because as many of you know, we lost a tremendous amount of time on the last update. However, we are faced with this critical update and it has been decided that we will make all the updates simultaneously.
POW is being removed and the XBY transaction fee is being reduced to 1 XBY.
There may be some delays before all the exchanges have updated their wallets, but this is the request we have made to them thus far:
Subject: ***Critical*** Major Wallet Update for XBY – Pre-Execution Warning
***Please reply when you have read this and are ready to proceed***
We hope this letter finds you well and that 2018 has started off great for you!
XTRABYTES has come to a point of a mandatory wallet update and we wanted to reach out to you quickly so that we can work together and prepare for an immediate switch to the new version. We know wallet updates can sometimes be a challenge and preparing like this to minimize downtime is in both of our best interests.
We are in a major growth phase currently and this is not a convenient update for us, but we have no choice due to a bug in the code and therefore, this is mandatory. We do however believe our update will help us maintain our Top 10 ranking on Cryptopia, so this is why we wanted to contact you directly with an explanation and thereby do this change over properly.
Wallet Version: This will be communicated at execution time.
GitHub Link: This will be communicated at execution time.
Mandatory or Optional: Mandatory
Special Information: We are reducing our transaction fee to 1 XBY and will, therefore, ask you to remove any extra transaction fees also. Thank you!
Thank you in advance for your full cooperation!
Please let us know when you are ready and we will push the updates for your immediate access and we will begin the change over in unison.
At this time PLEASE DISABLE ALL DEPOSITS AND WITHDRAWALS while we prepare.
Once Borzalom has the new code ready we will email them again with the GitHub link and wallet version number so they can complete the work on their end.
We expect this to be resolved shortly.
Thank you for your patience!