Reading this heading, most of you would say ‘AHA!’ with an ironical sigh and would laugh in your minds. Looking from outside it may seem like there is nothing happening or changing in our project over the past months. A part of you is disappointed, and another part is not believing in the project anymore… To be honest, the whole project has been developing so quickly, that we failed in communicating exactly what has been happening. Now it is time to fix it!
As we mentioned earlier, our team spent last months making strategic moves to improve our project. To mention a few:
we found the technological partner to support our project in the delivery of the exchange, help us secure the coin, and guide us to make changes in our product strategy,
with the strategic agency, we developed a business and marketing strategy, which we started implementing last week, and we will like to share some details with you,
we have established an agreement with the product development team, who help us design the exchange, They also handle the user experience aspect of our project,
we have also reviewed some legal aspects of our project after crucial consultations which have helped us to make important decisions regarding the exchange and the final features of our platform from a legal point of view.
Why did we do all that? Only a few of you know that in the beginning, our EXCC team started with only three people. When the ICO was so successful, our popularity increased, and we had to get more support. It took a while to find the right partners to work with on a daily basis. We eventually started working with the selected companies, and there have been visible results in our work. Now, we plan to introduce our partners and their particular functions in details.
TECHNOLOGY
During last 3 months we made some significant technological steps:
As we informed you earlier, we are working hard to ensure that the coin is fully secured. We are still developing plans to introduce the POW+POS hybrid and additional security solutions. We decided to split mining reward between stackers and miners only, resigning from the developers part. The split would be in the 30% (stackers) — 70% (miners) proportion. Planned date for the release is June.
We discovered a vulnerability in the security, which was exploited by one of our users (we informed you about this in April). That is the reason we decided to reverse all the transactions back to 31.03.2018. It took some a while to fix it, and secure the lapses for the future.
We prepared the new roadmap for our platform, which will be published soon. Additionally, we are working on a new whitepaper which will provide updated information about the project.
The new Desktop Wallet — Exilibrium is almost ready, and it will permit stacking as well. In the future, the wallet will become “the gateway” to decentralised exchange.
We hired an independent set of developers to create our surprise product (look below :) ).
PRODUCTS DEVELOPMENT
In this area we made the most significant upgrades:
We decided to expand our platform to include 3 products, which allows us to provide regular services for our users during next years, and to maximize the income from the platform, making our offer more complex.
We designed the business model for our platform, defining precise target groups, sales, and marketing channels, Unique Value Proposition, and market positioning. In this area, we carried out the market and competition analysis, as well as our SWOT and the verification of previous activities. We have shared some of these details below.
We developed detailed personas, user flows, and architecture for our new product. These features help our team to develop better solutions, matching the needs of our users, and also to make the new product more successful from the financial aspects.
Meanwhile, we keep delivering crucial tactics: Our team launched xchange.me, introduced the affiliate program, ensured continual development of xchange.me (new coins, new cooperations, etc.), initiated negotiations with some exchanges to list EXCC coin, etc.
BUSINESS & MARKETING STRATEGY
During the market analysis we discovered some important issues which led us to make strategic decisions:
For EXCC as the coin, listed company, and cryptocurrency stock exchange in one — it is crucial to get back the trust and credibility among users. We will keep informing our investors, media, and partners about project development status, changes, and news. At the same time advertise our platform to new users, thanks to marketing activities such as marketing campaigns regarding particular events related to our project, SEO, content marketing, media releases, etc.
For xchange.me it is important to become recognized as the exchange for semi-professional traders and to gain new users. That is the reason why we decided to increase our SEO activities, and expand to new markets (Asia in the first row), deliver added value as features and widgets to popularize our platform through already existing users, etc.
The most important area is the context of future products: taking into account that the market anticipates significant growth, we decided to speed up the development of the exchange. We found a solution to shorten the 2-year development periods and deliver the first version after a couple of months. How? We will share details with you soon!
LEGAL CONSULTATIONS
As we mentioned in one of our Medium posts, during the ICO campaign, we decided to consult the law office regarding our activities. It not only influenced the direction of the campaign (read the whole story here) but also started the consultation of the whole project from the regulatory point of view.
Over the previous months, under the lawyer’s guidance, we have been preparing our company to be registered with the Financial Supervision Authority and to get the official recommendation from this society. However, after additional analysis, we decided to suspend this plan. Why? We analysed the European market and observed that the law in particular countries and European Union, in general, is becoming more restricted regarding the cryptocurrency market (just to mention a few regulations from previous months: EU is working on a new, more restricted AML policy, Polish Ministry of Finance published the very restricted interpretation of Act on Income Tax in the cryptocurrency case). Based on this information and other legal analysis, we decided to establish a company in Republic of the Marshall Islands. It will allow us to optimize the financial site of our project, and to keep the anonymity of our users, while securing their data and privacy.
MARKETING STRATEGIES
It was quite challenging to define the entire strategic areas. Finally, we are able to move forward. We already started implementing our new business and marketing strategy. In the coming weeks, we are going to launch the following:
New product announcement
New EXCC.com website showing these strategies
Major technological changes
The marketing campaign related to our xchange.me affiliate program
The investors report summarizing half of the year events related to the project
Launch into the new market with xchange.me
The team & strategic partners introductions
And other exciting news on what’s happening in the project :)
We know that the communication and promotion of our project so far could be better, that is the reason why we have decided to be fully transparent and to share with you as our investors, and the community, information about changes and status updates regularly. We hope to get your usual support during this progress!
Follow us to be up to date with the EXCC coin updates:
https://twitter.com/EXCC_Team
https://t.me/cryptoxchangernet
https://www.youtube.com/channel/UCBws9hxnSXYv3NbxuHLuexg
https://medium.com/@exchangecoin
https://steemit.com/@exchangecoin
With our Xchange.me project:
https://twitter.com/xchange_me_