Qa
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Q&A<br />
XCHANGE (XCG)
What is XCG?<br />
Xchange Coin is project that was developed by a team that had felt the cold<br />
hands of these so called “false promises” developers. So we decided to make a coin<br />
that enables the user to gain the power back in trading/bartering. To save the crypto<br />
community from suffering the scams of otc trading and start-up sales we designed a<br />
coin for the purpose of using it as an auto-escrow service. We realized that there are<br />
too many malicious characters out there preying on people who want to be part of this<br />
historical time. That being said, we just love doing this!<br />
Is it a Masternode (MN) coin or not?<br />
We wanted to focus on the coin’s utility function rather than the cheap gimmick of<br />
luring people with the fake return on investment (ROI) scenario. The intention of<br />
keeping the MN was for a supplemental investment option, that is not easy to obtain.<br />
How dare you say Fake ROI?<br />
Well if the coin has no other use than same old coin->wallets->exchange->payout<br />
card scheme then its pretty much fake. A pretty looking pyramid scheme.<br />
Holy cow 50k collateral for a MN?<br />
Yes, I reiterate that it was not going to be easy to obtain. The purpose is that we<br />
want effort to be a process in obtaining the MN.<br />
Screw me? Say that the poor miners that once used coins to sell to investors now<br />
have to compete with huge numbers of MN’s that print coins with no effort. Who is<br />
going to sell lower? The miners who spend energy, or the MN owner who just want<br />
their ROI? Come to think of it, miners have been shown to HODL coins in the past<br />
(BTC, LTC, XMR, etc).<br />
Wonder why most MN coins don't last? Well you’ve got miners that are now<br />
competing with nodes that produce coins with no competitors other than a wait line of<br />
other nodes. So you have the average miner now looking at the profits and pretty<br />
much giving up.<br />
So what? As miners disappear and the coin becomes more centralized causing<br />
the coin’s life and security to be handed to a select few.<br />
Isn’t that good? Perhaps temporarily, if the dev’s of the coins treat the community<br />
well, you will start to notice a rise in price with people starting to invest based on price<br />
and ROI. YAHOO!!<br />
Now the bad news! With the price value going up and the coin now running with<br />
some hype, we now cross our path with NiceHash or a similar systems. Oh no, not<br />
good! The coin has very few miners to defend it self from this greedy system. Wait<br />
what just happened? Did someone just dump us? The rest is history. This is one<br />
example of what can happen in the flawed MN financial system.<br />
If you have MN collateral at a high, what happens? Well let's do some math, shall we.<br />
EXAMPLE (XCHANGE - XCG):<br />
Blocktime = 2 mins
Miner rewards 2 per block<br />
Approx minimum of 525,600 XCG can be mined a year.<br />
MN Collateral = 50k<br />
Total MN’s that can be mined per year = 10 MN<br />
Premine MN = 2 million<br />
So from the Premine a maximum of 60 MNS can be enabled, that's if other<br />
don't buy any coins for its use-case (escrow).<br />
MN reward = 8 per block (ignoring the ROI static period)<br />
Total MN’s that can be generated per year = 41 MNS<br />
As we see from the math only 111 MN’s can be achieved in the first year. What does<br />
that mean? It means obtaining a MN will be hard. Now miners have a reason to sell<br />
their coin at a little higher value and prospective MN owners will be bidding against<br />
each other to obtain a MN. What then happens to the value of the coin? It increases!<br />
Yes, simple eh?<br />
In simple words its healthy for a new coin.<br />
Why are our dev’s hiding their identity?<br />
We have lives and families, thus we are not risking our security for the curiosity of<br />
a few naysayers. We will let our work speak for us. This will of course have the<br />
potential to change in the future if the situation requires.<br />
What makes this coin any different from any other coin?<br />
1) We have an auto-escrow built into our wallet, with future plans of making it into<br />
a multi-wallet. We will deliver a usable product from day one, not false promises,<br />
but a coin that has an actual real world purpose. The use of the auto-escrow<br />
feature will depend on a fee of XCG. Thus providing the coin with instant<br />
valuation at launch. ONLY coin to do it!<br />
2) We also have a built in buy your XCG feature based on supported<br />
cryptocurrencies that can be expanded at the request of the community. So no<br />
dealing with people to get XCG for use in an escrow trade or as an investment.<br />
3) We also looked at other coins and saw the challenges that they were facing<br />
due to vulnerabilities in their code base. In preemptive response we decided to<br />
implement a kill switch into our wallet that can stop exploits in their tracks. We are<br />
currently working on an auto update system, so user that can't breath, sleep, and<br />
eat crypto (and the less technical crowd) can easily update their wallets when<br />
required.<br />
I heard you guys did a static/fixed ROI for a period of a year?!<br />
Yes we did, have have included in our code a way to keep the ROI at 1000% for<br />
the first 20,160 blocks, then 500% till 120,960 blocks, then 100% till 241,920 blocks.<br />
This ROI will not change based on the number of enabled MN’s. Why? To provide<br />
investors with incentive to support the project as early as possible.<br />
Premine wow and you guys are going to just have a fire-sale and run!<br />
We are keeping our word and doing an air-drop for a scammed community, there<br />
are back-end costs and R&D so that we can deliver new groundbreaking technologies.<br />
We talked about the user being able to buy XCG from the wallet: this has to be done<br />
to allow such a thing. We also have some great ideas that are in development, that we
want to keep hush from those copycat coins. Plus the cost of making this a quality<br />
coin has come directly from our pockets (and it’s not cheap!!).<br />
So what happens to the transaction fee if XCG is more than 1 USD?<br />
It will adjust based on the price of XCG automatically.<br />
Tell us more about the Escrow part of the Wallet?<br />
Users will now be able to create payment requests and trade over-the-counter<br />
(otc) with anyone without the terrifying fear of being scammed! Our system is<br />
designed to provide a fast secure means of trading coins peer-to-peer. Both parties<br />
must submit payment for coins to be distributed from the escrow, with refunds on<br />
failed transactions being processed automatically after a set 24 hour window.<br />
What if I get the escrow ready and the partner doesn’t complete it?<br />
You get your transaction fee back and they won’t! This will ensure that<br />
participants are holding up their end of the deal and will prevent resources from being<br />
wasted.<br />
I heard you guys are going to have a blacklist for coin on the escrow?!<br />
Yes if the coin only has a marketing scheme but no actual development for<br />
sometime, then it will be blacklisted from the auto-escrow. Also, if a coin is known to have<br />
a team that is dishonest or a history of issues, they will be blacklisted. Our goal is to<br />
provide a quality service for the betterment of investors.<br />
WOW, i heard you guys will take a one time fee from a coin development team for<br />
no fee trades and future development perks! What is that about?<br />
So to help make the cryptocurrency world strong, we would offer a one time fee for a<br />
coin to be listed as a free no fee escrow, and also be able to reap benefits of certain future<br />
development at no cost. This helps to provide working capital for the Xchange project and<br />
benefits members of that coin’s community and potential investors.<br />
I do not see a coin on the escrow system? What can i do?<br />
Anyone can request a coin to be listed on the escrow system and if it passes our<br />
teams checklist, it will be added.<br />
What road map items are there?<br />
Development road-maps can be misleading by creating arbitrary time lines, but<br />
regardless we will provide one as a peek into our minds! This is just and simple Q&A!<br />
A little preview.