Summary of the reddit AMA from 3rd February 2021
ATTENDES: Zach H. as u/X-CASH_Zach_H Guilhem C. as u/guilhemch Paul B. as u/plbgnt & u/X-cash
Link to the reddit AMANote: Questions have been shortened to sentences ending with a "?". Please follow the source links for the full discussion.
Will x-bank provide cold wallet services for other coins ? u/X-cash:Actually, the X-Bank backend has been designed to have the possibility to add other coin without rewriting everything, but the development and security needed to implement them is a bigger question and has difficult technical constraints. So this is definitely not out of the question but far in the list of features.Best cold wallet for other coin remains a paper wallet in any way
What prompted the switch to DpoPS ? Why not stay with PoW or go to a regular PoS?? u/X-CASH_Zach_H: A great breakdown of how DPOPS is superior to other consensus mechanisms can be found on my YouTube channel at
https://www.youtube.com/watch?v=OTn5lC_nn80As we have seen with ETC BTG and other high profile coins, that were in the top 20 at one point, POW is a very insecure consensus mechanism. Without going into too much detail, it basically boils down to the attackers investment is in the mining hardware, not the coin, so trying to double spend the coin will make them money, where in a POS style coin the investment is in the coin, so your not going to attack the coin where your investment is.
As for why not simple POS or master nodes many things have been taking into consideration and this is why DPOPS is superior to those types of protocols.
FORKS
POW has reorgs that can naturally occur
POS will create infinite forks of the main chain because of the "nothing at stake problem"
DPOPS solves this by using DBFT to ensure only one chain is running at all times. no reorgs are possible. This adds the benefit of now 1 confirmation of a tx is as good as 1 million confirmations of a tx, and ensures were business ready by having full consensus 100% of the time on the main chain, as double spends are near impossible now (it would take 27/50 nodes to join forces)
ECONOMICS
In POW their is constant selling presure due to miners
in POS the rich can get richer (also masternodes)
In DPOPS we tackle this by allowing delegation of stake. Someone with 0 xcash but a great following in the community can be voted into the top 50. Also this creates a situation where large holders of nodes will diminish over times (whales holding many nodes) as the votes needed is based on the current circulating supply. DPOPS should lead to a better healthier ecosystem.
ECOSYSTEM
DPOPS allows for removing nodes if offline (it does it automatically)
DPOPS will be the building blocks of the next technologies (NFT side chains smart contracts etc)
make sure you watch for a full 20 minute breakdown of the consensus algos
https://www.youtube.com/watch?v=OTn5lC_nn80
Are partnerships planned ?u/plbgnt: There are no current partnerships aligned to use X-Cash commercially, but with the current traction and the new features that will be brought up with notably the DPOPS, wXCASH and next features in the development pipelines, I believe we will have a strong claim in the space that will help up build lasting partnership for X-Cash visibility.
How useful will xbank be in the future?u/plbgnt: The X-Bank will be the single point of secured exchange to swap XCASH against wXCASH. This will be the first step, but later on we will add services around the DPOPS such as easier staking etc... Their won't be an airdrop anymore but that's far from the only use of the X-bank !
When middle exchange ? u/guilhemch: The next exchange listing is now becoming a priority for us. Although we will need wrapped X-Cash to be fully operational to do this, we have already reached out to exchanges and listing agencies. We will list X-Cash on a tier 1 (CMC Data partner:
https://coinmarketcap.com/data-transparency-alliance/ ) shortly following the launch of wrapped X-Cash. It is important to highlight that these listings are extremely expensive and will require funding from the foundation/X-Network but based on the pricing offer we receive we can confirm we have sufficient funding to cover this. Because the listing will mechanically imply to sell some X-Cash, we are reviewing the possibility to have the delegates vote on the specific exchange to start being listed on.
How useful will xbank be in the future? u/plbgnt: That is the initial plan of the wXCASH bridge that we are working on within the X-Bank. The current roadmap is to have an internal beta in March. The wXCASH will enable interoperability with the Ethereum ecosystem, and with it enable possibilities in regards of DeFi functions that we have seen rising last year. This will also mean the possibility to list the wXCASH on Uniswap, and work on a LP token for rewarding liquidity on the exchange.
And what about xpayment? at the moment xpayment bot I think we need do ad more features and start to look how to put it on +100 discord servers, is it on a near execution plan or are we leaving it aside at the moment? u/X-cash: X-Payment is such a great tool for payment on Discord, and I know that Lovro has plan a lot of additional useful features to bring much more to it. What is lacking now is to include it into the contributor program to give it a framework to fund new features on the Bot, or even marketing campaign to spread the use of the bot.
Are there any plans to evolve also defi functions in the x-bank and if yes which is the roadmap? u/plbgnt: That is the initial plan of the wXCASH bridge that we are working on within the X-Bank. The current roadmap is to have an internal beta in March. The wXCASH will enable interoperability with the Ethereum ecosystem, and with it enable possibilities in regards of DeFi functions that we have seen rising last year. This will also mean the possibility to list the wXCASH on Uniswap, and work on a LP token for rewarding liquidity on the exchange.
How many delegate nodes will be run by the founders / the main developer? u/plbgnt: "I am personally running one node solo (plbgnt) with enough to forge blocks, and the rest I'm voting for delegates that I would like to see in the top 50 or give more visibility to. I currently applied a vote to CryptoWorld cause I like the idea of donating to a non-profit. There are no current plans on running a company node with our stake, although it's not completely out of the question. This is something we would communicate on though."
u/guilhemch "On my end, I have expressed my will to not run a node. I will vote for the most active contributors and delegate to contribute to the fairness of the network and incentivize actors to act in the best interest of the community!
Generally speaking, I think it's a very good question to raise and to ask about transparency!
We think it is important that as developers and contributors to the project we maintain complete fairness with our community. This is why we have initiated a buyback of the coins held by X-Network to show that the company has not spent a single coin in more than two years. Also, I remind that we have decided to fully align our interest with the community by locking the stake of the team with the market cap. As of today, the team as not perceived a single X-Cash from the 5 bn XCASH initially allocated. This probably explains why we are still all here 2 years after the start and working diligently to provide the best of this project in the space.
Feel free to check the reserve proofs that guarantee the safety of the funds and don't hesitate to challenge us if needed :
https://explorer.x-cash.org/SegregatedFunds"
In a market where we have 8000 diferent projects, how will xcash accomplish a 100 Milion marketcap?
Services like DEFI, CEFI, Staking provider service (other coins), NFTs, this are things that are in high demand and catapulting projects to 100M and 1 B marketcap, what will xcash provide that will increase the demand of xcash and the plan do to it? u/guilhemch To achieve a great market cap (whatever the number is), we believe we need a combination of 3 things.
1. Technology differentiator: this is essentially what we have been focusing for the last 2 years with DPOPS and everything we have started to build around X-Cash
2. Community Traction: we need a strong nucleus of members and contributors that will take the time to learn, understand and educate new comers about the project. DPoPS has been an amazing opportunity for users to get their hands on the tech and see it working live. We are now ready for further growth, particularly thanks to the work of Caco and Miaumiau. But we need more contributors in the community and marketing field which is why we will soon accelerate and extend the team.
3. Exchange coverage / External marketing: This is the last piece of the puzzle we have been promising and said we would kick off along with the launch of DPoPS and wrapped X-Cash. While we will cover the exchange case in a specific question, we have started to reach out to PR agency to see have we can start spreading the words about X-Cash in crypto media. Thanks to the foundation, we will be able to review the costs this will imply (marketing/PR is expensive!) and make sure the decisions we make are made in accordance with the community.
What application does x-cash have to users or companies? And what are the plans to make x-cash more accessible u/plbgnt: Currently, X-Cash is a mean of exchange of value and can be used as such, with the particularities that makes it a differentiator in the space (notably the flex privacy feature). The development of the DPOPS is the ground floor of the next feature, to make it a complete toolbox for anything relating to web3.0 technologies (sidechains, NFT, Defi etc..). The idea is to give the best and most comprehensive technological package to work on digital assets, for any company or project, all open-source.
To make it more accessible, there is still a long way ahead. In terms of UX/UI, we still need to build a strong layer of components to make it much easier to use and accessible to everyone. This is the aim of the contributor program, to give the tools and the funding for people to build upon X-Cash and bring this vision to light.
Have you thought about listing in more exchanges since you started Dpops?
My question is what plan do you have for better marketing after the start of the Dpops and when will we see X-CASH in better exchanges? u/guilhemch: In short, we always said we would list on a tier 1 exchange and accelerate marketing once DPOPS is launched as or other promises we will hold to it. We are already negotiating exchange listing on CMC Data partner exchanges and will grow the community of contributors while starting PR to accelerate on marketing.
- Is there a timeline for the launch of wxcash?- How will the value peg vs the native dpops coin be maintained?- Is there any plans for other cross chain integrations on polka dot, binance smart chain or cosmos?u/guilhemch: For the launch of wrapped X-Cash, we will have a series of alpha tests in February for a beta launched in March!
The wrapped to native X-Cash will be down through a SWAP in the X-Bank where every WXCASH will be backed 1:1 by an XCASH. The funds will be auditable by anyone at any time through the use of reserve proofs on the X-Cash chain and total supply on ethereum. On exchanges, we will leverage the expertise we have developed with flowdesk.co to guarantee significantly higher liquidity than we have today and reduced spreads!
While we had reviewed integration on Binance smart chain, we prefer to be cautious and process one chain at a time, this will be already enough to list us on Uniswap and Tier 1 exchanges!
Due to the "overcrowded" DeFi projects on the Ethereum platform, don't you (XCash team) agree that it would be better to invest time developing a "bXCASH" on Binance?u/guilhemch: Very interesting thought ! We had a similar reasonning when reviewing the wrapped XCASH potential protocols. We prefered ethereum over bsc because of the better integration with uniswap and overall better traction (most of the Defi share is still on eth as of today). Also if we think more mid term we already have layer 2 working solution on eth, so I think the scalability is not that far away. This being said, we are very opportunistic, as you can imagine integrating the first wrapped asset into the xbank is much more difficult than integrating a second one etc... So all in I think this is something we will continually review. I would not be surprised to see another protocol on which wrapped xcash could be onboarded shortly after eth! And this is independant of the fee, we just want the largest coverage and binance is obviously a very important strategic long term goal...
Where did you come up with the name "X-Cash"? u/guilhemch: X-Cash name is centred around the X letter which gives a message of unity, uniqueness and wilderness. X is also suggesting the mathematical component of the code and particularly cryptographic wise. Finally, X is often linked to anonymity which highlights X-Cash feature to offer both public and private transactions!
How has the vision of X-cash changed over the years from its initial conception? If, that is, it has changed at all! u/guilhemch: Honestly, the vision has not changed much since the beginning, we want to build great tech with a great community! Operationally wise, we decided to have a more community/open-source approach along the months as we thought this would be very beneficial over the long run.
Will a new wallet be released when 2.0.0 is released?
And what needs to be done to transfer from old wallet to the new wallet? u/plbgnt: If you mean a new GUI wallet, it will be released but a little bit after the release of the DPOPS. Actually, you can check its advancements on Github:
https://github.com/X-CASH-official/desktop-walletYou can even build it, and you will find that the wallet is functional and that you can even vote for a delegate with it. But it still needs some work to be completely done, secured and functional so we can't release it officially yet.
In practice, you never have to transfer from an old to a new wallet; You can keep the same. As long as you have the private keys or the mnemonic seed of your wallet, you can restore it using your preferred wallet software.
However, you want be able to transfer XCASH using the GUI Wallet 1.5.0 after the update. You balance won't be impacted though, it just means that you would need to use another type of wallet to do a transfer (like the Android wallet or the CLI wallet)
I need to know about buyback. It's been over for a long time, but there's no info.
And with 5 billion coins lost on cryptopia, what's the solution ? u/plbgnt: The buy back has officially been over and completed since December. We are updating the reserve proof and writing an article to talk about the implication of this funds and what we plan to use it with. Sorry the announcement has been lacking, it's in the drafts!
Cryptopia has reached users to help them recover their lost funds. We, as a project, can't do more to help people recover their assets as they are not ours to deal with. If you have lost funds there, you should have received an email as per their message here :
https://www.grantthornton.co.nz/insights/cryptopia-claims-portal-message-9-december-2020/
I am wondering whether there is any plan to evolve XCash to a DefI platform i.e. using Xcash as a balancing algorithmic coin for Xcash multicurrencies e.g. XUSD, XGBP, XEUR,. XCNY, XCHF, etc
u/guilhemch: With wrapped X-Cash, we plan to replicate the staking mechanism of the mainnet as well as incentivizing liquidity. On X-Cash mainnet, DPOPS will be layer 0 of further upgrades that will allow smart contracts and better scalability.
For the moment it is not relevant for us to consider wrapping fiat currencies on X-Cash as there would be no use cases. But that won't prevent us to reconsider it based on the delegates suggestions and the community needs.
How close is the team on delivering wxcash is there a rough timeline for when will it be completed? u/plbgnt: That is the initial plan of the wXCASH bridge that we are working on within the X-Bank. The current roadmap is to have an internal beta in March. The wXCASH will enable interoperability with the Ethereum ecosystem, and with it enable possibilities in regards of DeFi functions that we have seen rising last year. This will also mean the possibility to list the wXCASH on Uniswap, and work on a LP token for rewarding liquidity on the exchange.
When will we join a big exchange market? u/guilhemch: The next exchange listing is now becoming a priority for us.
Although we will need wrapped X-Cash to be fully operational to do this, we have already reached out to exchanges and listing agencies.
We will list X-Cash on a tier 1 (CMC Data partner:
https://coinmarketcap.com/data-transparency-alliance/ ) shortly following the launch of wrapped X-Cash.
It is important to highlight that these listings are extremely expensive and will require funding from the foundation/X-Network but based on the pricing offer we receive we can confirm we have sufficient funding to cover this. Because the listing will mechanically imply to sell some X-Cash, we are reviewing the possibility to have the delegates vote on the specific exchange to start being listed on.
How long before side chains and smart contracts become available? Or is this still being planned? u/X-CASH_Zach_H:NFT
tokens
smart contracts
instant sidechain payments
are all planned, but cant give an eta, but they will be quicker than DPOPS took
funny you tag #xmr in your twitter but no mention here hmmmm u/THEANONLIE: "See private
https://www.reddit.com/r/xcash/comments/ladcw1/what_is_dpops/XCASH was forked from monero and developed on. Now it is something else, but with Cryptonote's privacy features."
u/X-CASH_Zach_H: "Its a CN forked coin so were inheriting the privacy features of the blockchain. Now that the DPOPS protocol is built, all other blockchain protocols will be built in C from scratch on top of DPOPS, meaning we probably wont even need to modify the core that much anymore, so this is really a base for us to build out our protocols
I explain some of this in this video
https://www.youtube.com/watch?v=EyNiJ9cZTdA "
What's the best way to pick a delegate? I've looked at the ROIs, fees and it seems to be a little confusing. Best ROI seems to be in the bottom half. What am I missing? u/X-CASH_Zach_H:there is not really a "best" way (of course right lol)
Basically there is a few strategies
#1 MOST ROI = Choose someone lower on the list (as the top 50 have an equal chance) or choose someone lower than 50 that you can bring into the top 50 with your vote
#2 MORE RELIABILITY = Choose maybe someone 30-40 as they will probably stay in the top 50 and will still have good return
#3 DIVERSIFY = If you have 100M maybe throw 20M at 45 20M at 49, and 60M at 30
there is really a lot to consider (which is good in a free market system) as you have fees, reliability of the node and extra perks or products that a delegate may give as well to consider
So if I decide later to change delegates, do I just pick another one? Or is there some kind of penalty? u/herzogvonbelderYou can hop from delegate to delegate every hour, since you can vote 24 times a day. The only penalty would be the unpaid reward you leave at the former delegate, since each one has a different minimum payment amount.
Which keyboard do you use? u/X-CASH_Zach_H: "an old Dell keyboard I got from my high school like 15 years ago for fixing up computers in the summer for the school lol, maybe its time for an upgrade??? its not even wireless, but is USB lol"
u/plbgnt: "I'm personally a big nerd for custom mechanical keyboard. I'm using currently a modified Leopold 60% with Holy Pandas in, I built a CU65 (shout out to capsunlocked.com for the ISO layout) with Alpacas linear last year, and I just received a NK65 V2 case where I'm putting Gateron Ink black V2 in that'll be my main driver from now on.
And later this year i'm getting this bad boy
https://sneakbox.com/products/ava-pre-order-group-buy that I'll fit with Roselios silent switches to bring to the office.
if anyone in the community is into mech keyboard shout me a message I'll be glad to talk about it.
Will the price of X-CASH be different from W-XCASH ? Paul: it's always going to be 1:1
