777 with Borzalom - January Edition

Thread Status:
Not open for further replies.
    Well-Known Member Staff Member
    Likes Received:
    Trophy Points:
    January 7, 2018 at 08:51
    January 777

    As indicated on the Dec 7th edition, we would be doing a format change on the Borzalom 777 event. We did not go 100% in that direction yet but we are working towards this and perhaps how we have done this edition will be similar to how we will do them in the future. If you wish to review what was said, here is the excerpt:

    Quote from: CCRevolution on December 07, 2017, 08:05:58 PM

    Moving on to 777

    We have once again selected 7 questions that we are willing to answer but this will be the last time this session is done this way. In the future, we will have a dedicated team taking care of this and the questions and answers will come from them, based on where we are at that moment in time on our technical journey.

    We will have things explained in layman's terms so that the masses can understand clearly what we are doing, without getting into the technical details that other projects need in order to take our ideas before we are able to bring them to market.

    For the January 7th edition, we have 3 questions answered by the writer's team, 2 by CCRevolution and 2 by Borzalom himself. In the end, we believe the same result will be achieved because the point of all this is to answer some of the questions that the XTRABYTES community has. We still have Borzalom review these answers of course and he is actually doing his review while I write this opening statement.

    Thank you for your understanding and patience as we continue to move towards our goals.

    January 777 Edition

    Q1: How many developers are there on the team?
    Although the development team prefers to remain anonymous, what we can tell you is that, besides Borzalom, there are three other developers working directly with him on the blockchain core technology. Additionally, there is a small team working on XCITE (the front end application), and another team focusing on UI & UX to ensure functionality across desktop and mobile. There are also groups working on the first modules that will run the XBY platform - from the X-VAULT data storage feature, to the X-CHANGE (distributed exchange) module to the X-CHAT system, and others that they haven't yet announced. This is more than just a new coin - this is a mission to bring this platform to life.

    In addition to the actual programming side of our development, we also have many people working on other jobs, such as writing, marketing, social media, graphics, translations, and management. In total, we paid out to over 90 people in our most recent XFUEL development payout. So, XTRABYTES is growing and we will soon post more positions!

    Q2: Who is your target clients? banks? logistics? property? Health?
    We're developing a platform that allows for program language agnostic development, and aren’t focused on any particular industry. We’re developing a platform that will be flexible enough for anyone to utilize. There really aren't any limits on what can be done with XBY. Some examples of real-world usage could be, Banks: XBY has ambitions of creating the DEX - decentralized exchange - which will help it become a primary trading pair with other crypto (and potentially fiat) currencies.

    As this transition takes place, and XBY becomes a measure of value of other assets, it will be beneficial for banks to begin interacting with the blockchain to ease transactions to/from fiat currency.

    Logistics: Any blockchain is good for managing inventory or tracking items in a supply chain. The cheap transactions fees and fast transaction times make XBY a good choice for using it as a type of SaaS platform for a logistical tracking solution.

    Property: With smart contracts, XBY can function as the money for the transaction, and the smart contracts can operate as an escrow service. While we're still a few years away from legal regulations catching up with the technology, we'll have a platform in place where these types of transactions will be possible when that time comes. Also, Digital deeds - or assigning physical assets to digital records of ownership - is another way that blockchain technology will do away with existing forms of record tracking. This could be done through the creation of a Property token on the XBY blockchain - and these could also be used for timeshares or rental properties.

    Healthcare: Digital record keeping is becoming a bigger and bigger industry. Currently, these records are held at a central agency, and as more personal information is being stored in one central place, the more likely that single location will come under attack. By moving health records to the blockchain, they will be distributed and more secure. There won't be a weak point to attack to recover the information - it will remain encrypted, even if the data itself is seized through malicious activity.

    But this list is potentially limitless. XTRABYTES is being set up to be like a supercomputer, running on the blockchain. In general, anything that people can do now on a computer could eventually be done on the XTRABYTES platform and this certainly includes gaming. We feel gaming is going to be one of our biggest areas of growth once we get rolling and we get the right people on board.

    Q3: Are there any plans to restructure the prices for statics given the XBY price increase?
    We have always had a plan in place that will be acted upon when the community decides the price of STATICS is too high.

    At this time we would not act on this because, after several months of preparation, we believe there are many people who already have a sufficient supply of XBY waiting to set up their STATIC deposits. For now, we know that the general perception in the community is that in time the Level 1 nodes will be corporate level systems, where a large corporation may decide to buy the STATIC from its initial owner. Because even at today’s prices, we are looking at well over $300,000 for a Level 1 STATIC, and in the future, we believe this will be much higher. So, this is out of reach for most people to begin with. With that said, L2 and L3 STATICS will also get too expensive at some point, and the community will decide it is time for a “halving”.

    When halving occurs, the number of coins will not change, but the amount of STATICS will double. Therefore, we would have 1024 STATICS on Level 1 and they would contain 250,000 XBY in each deposit wallet. The same would occur for the other 2 levels.

    By doing this, the deposit cost of each STATIC was cut by half and the owners could then choose to either sell one or both STATICS, break one or both STATICS, keep both STATICS on the same server or for optimal results, keep both STATICS but set up a new server for the new STATIC.

    Halving can occur any time it is necessary as the market expands and coupling is also possible in the future if the market starts to retract and we do not need as many STATICS to run efficiently.

    Q4: How will updating the nodes be done? So if a node has v1.0 and another node has v1.1. Will the node with v1.0 be removed from network till it has also updated?
    Not sure. A lot of different protocols are running in the background. Each protocol has a protocol version. The newer version will be accepted and will recognize the lower-versioned messages. If the lower version receives a message, it will then recognize if it came from a higher versioned client. This is similar to how operating systems work with its applications. Some applications will run on both the old and new operating system but others will not. So, the older nodes may not be available to run the newest modules. The upgrade will be optional or mandatory. Here is a good description and an infographic on versioning: https://en.wikipedia.org/wiki/Software_versioning

    We will do something similar to this. The nodes will be STaTiC (service providers) and XCITE (service clients). Each XCITE and each STaTiC uses different core system, core modules and external modules.

    If we take Windows for an example, if Windows is the XCITE and the Windows applications are the modules of XCITE, then the STaTiC is Windows/Linux servers. So, the final answer not easy because we may have quite a few different versions. Maybe the network will use deprecated modules parallel to the new modules and some external modules provide the gateway between the old and new modules.

    Q5: When are you thinking of getting listed on bigger exchanges such as Binance or Bittrex?
    Just this week we saw a perfect example of why we are not going on large exchanges at this time. We are still running on the clone chain and this chain is a mess. There are many flaws and we have patched over many things in order to make it work the way we want for the time being.

    However, what is going to happen if there is an even bigger emergency due to some sort of technical failure on that chain or any other tech failure during this development period and we are on the big exchanges with a multi-billion dollar market cap? This is why we are not willing to go on any big exchanges right now. We must be patient and realize anyone who has been lucky enough to discover XBY at this early stage is in a position to achieve great success as we roll out our full tech as time goes by.

    Let’s look at this another way:

    Zoltchain is up and running, X-CHANGE, X-VAULT, and X-CHAT are all working flawlessly and they have been tested in live market conditions by the XTRABYTES Community. Obviously, the price is going to continue rising… but then, when “it’s all systems go” we get listed on a few big exchanges all at the same general time period. What happens then to the current XTRABYTES Community?

    As I always say: HODL

    Q6: It's 2019. I need a platform for my ICO. Why am I choosing XBY?
    Every ICO has its own needs and purpose, so it's not easy to answer generically.

    Currently, most ICOs/Tokens are created on the Ethereum blockchain. The full XBY platform will provide advanced features that ethereum simply doesn't. Ethereum requires programming in Solidity. For XBY, you can use any programming language. Our transaction speeds are far beyond the capabilities of Ethereum (20tps on Ethereum). Our per transaction fees will be lower (aiming for 0 fees on microtransactions) Environmentally, we're more sustainable and eco-friendly (we don't use POW and have far less power usage overhead). Ultimately, we're hoping our platform's strength and flexibility will speak for itself.

    Q7: Is there going to be another testnet featuring Zoltchain or is the third test the last one before releasing mainnet?
    The first "mainnet" will not contain all of the planned functions. Remember to this is not a copycat code and "coin". This is one complete system, a long-term project. This is the reason why there are no deadlines. This is not a matter of one having a development phase and then we release the final version because this will not be a final version. The development will continue forever and every new version will be better and better, just like how other software providers have done it over the years.

    The first operating "mainnet" will be the STaTiC registration system. The testnet is also a permanent part of the system which will be a long continuous test.

    So, there is not going to be a direct switch between the tests and the mainnet. This system growing slowly and change over will not be like a flash from dark ( testnet) to light (mainnet). A better comparison would be how the sun rises each day.

    Most developers work many years or team hours in the background before they release the first beta. We are coding in the shop window, so everyone really gets to enjoy the magic of fresh code. If you wonder where it is, you just need to open your eyes.
    mewtt, trutbert, XBYToday and 4 others like this.
  2. Supreme
    Administrator Staff Member
    Likes Received:
    Trophy Points:
  3. Muhammad Haris
    Likes Received:
    Trophy Points:
    January 8, 2018 at 05:21
    Got that :)
  4. fish313
    Well-Known Member Staff Member
    Likes Received:
    Trophy Points:
    January 9, 2018 at 04:54
    Glad to see the team expanding like this. We have a great group of talented and hard working people handling many different aspects of growing XBY. It's an awesome thing!
Thread Status:
Not open for further replies.