Hello! I write to you as the co-founder of Xchange - XCG.
XCG has a unique story and origin that I would like to share with you all.
Known as Kalcan in the crypto-world, real name Khalid Chatha, and my partner Wizard, real name Joseph Cohen - we are the main developers behind XCG.
Oddly, how we met had nothing to do with designing a coin for profit.
As anyone involved in cryptocurrency can attest, investing comes with a high risk of being scammed. Unforgettably, that's how Joseph and I met. We were involved in a masternode coin called Digifel! It was a scam and oh boy it did not help that we invested in the time of the masternode gold rush.
So, a few community members set out to "restore" or "revive" this coin project that the "dev" exit scammed. Joseph and I took the reins of the coin's code and had a member take charge of the project management. Sounds like a promising plan. Well, it got worse, we both almost ended up being played into designing coins for the member in charge of the project management. Turns out we were being led into working countless hours for free, for someone to take our work and make a quick buck.
Luckily we realized this quickly and took control away from that particular person and decide to detach from the scam project.
The funny thing is... It was an amazing experience.
What, amazing? yes, I and wizard (the most humble intellectual I've worked with) learned the fundamentals of the facades and downfalls of such a great system. The cryptocurrency world needed to be safer and detached from the whole idea of listing in a exchange as an end goal.
Now that I sort of short storied the ideology of our experiences and thoughts, this showed our basis in making XCG. I can now explain how we developed XCG. The name Xchange was not based on exchange, but more from X usually being the used way to write a multitude of variables and the word change for its literal meaning. Change what needs to be changed! The first couple of (X)changes that we saw was that mining was being targeted by the mass to deliberately stunt the growth of cryptocurrency, OTC scams were too many, coins had no real purpose and masternodes were used to herd investors into filling the pockets of scammers.
Now on to the specs:
Algorithm: X16r! Shout out to Raven coin for bringing back the swagger of mining. It's a wonderful play at mixing and changing a selection of algorithms when mining, making it difficult and harsh on the rigs mining it. Pretty much using this algorithm we allow miners back into the fold. Mining is a great objective for any coin. Long-term value comes from effort, work, and difficulty. Do not confuse front loading return on investments and skewing the value, steaming from utilizing the weakness of humankind "greed" with real value. I will not elaborate since it could well end up making this blog into a book titled "The role of psycho-analytics in cryptocurrency". The whole basis of value comes from a "useful resource - aka use case" available in obtaining the asset. In crypto, it's Proof-of-work mining; electricity, rig cost vs block-reward. Now as to any opinion, there is a counter opinion. This is still a confounding fact, what about the use of the coin, the re-target system, and other factors.
Difficulty adjustment: LWMA difficulty algorithm developed by zawy12 (on git-hub). Pretty much the best re-targeting algorithm at the moment. Not known by a lot, but wow it does its job. This is the work of zawy12, a passionate electrical engineer interested in economics, evolution, and A.I. Out of respect, I would rather have people read his work on https://github.com/zawy12/difficulty-algorithms/issues/3.
As for coin specification for this post I will keep it at this. So moving on, the biggest flaw we saw was there was no real use for new coins being coded and introduced into the crypto-community. Thinking back to what people needed, we realized that at one point an investor was either scammed or was almost scammed from over the counter trading. This then brings us to the escrow system that we launched with.
XCG in-wallet escrow: We decided that we would launch with a fully operational escrow feature that allows users to trade any coin to any coin supported by the system. We support most coins, it's just a matter of requesting and the availability of developers. The escrow itself allows a user to trade with another peer in total security "Trade With Confidence."
I wrote a manual for the first version of the wallet and it can be read at
https://b6k5z9b9.stackpathcdn.com/wp-content/uploads/2018/07/guide.pdf
We are currently upgrading the wallet escrow in the next version with the auction system. Wait did I mention the auction system? Well, one flaw we saw when we launched with the escrow, was that the majority of users forgot how to barter and trade based on own judgment. In the crypto-world, we are constantly being herded into processing our thoughts toward what the corporate system wants. Would it not be nice to escape that confinement of labels which constrains the cognitive flow. Freedom to control your assets, that's what brought me to cryptocurrency.
So this is where the auction system comes in. Give the power to the seller to set the value of the asset based on their evaluation. Then give the buyer the freedom to bid what they want. All this without bots, "whales", "pumpers" and "dumpers". Most importantly the hungry exchanges that set eyes on your assets and control what coin should exist.
I promise I am almost done! The auction system: We are currently in dev testing for the auction.
First, let's settle that you can buy and sell from the wallet and it will support any coin pair the seller selects. (BTC, LTC, XCG etc)
Buying:
You enter a minimum bid and maximum bid (optional).
Enter a refund address.
You then deposit the bid amount to an auction escrow address.
It will auto bid for you if the maximum bid is entered.
Manually bid to where you feel is right by depositing more.
No login, no KYC.
Buyout option is also available.
Selling:
Select the type of coin, then enter the starting bid.
Enter the buyout amount (optional).
Select the time limit for the auction.
Select the coins that you will accept as pairs. (enter your payout address).
Pay a flat XCG fee.
Deposit coins (no need to state the number of coins, we do that based on your deposit).
Please note: Processes, functions, and order may change since it is not at a final stage.
So What makes us different: No withdrawal min/max, deposit min/max, no withdrawal fee, we pay for block transactions fees, you don't have to worry about the auction locking up on a fork/airdrops, no sudden withdraws are on hold, no whales to screw a simple buy, no pump&dump and best of all no one is about to walk away with millions in a hack. Ah yes, no coin listing fee! These are what I just thought of at the moment.
Well, I will end my first ever blogging experience at this point.
Partners:
Mayfield Technology Inc.
Pearson Vision Limousine
A few more on the way.
Khalid Chatha, Co-founder and developer of XCG-Xchange.
Website: https://xcgtech.com/
Bitcointalk Ann: https://bitcointalk.org/index.php?topic=4472626.0
Explorer: https://explorer.xcgtech.com/
Github: https://github.com/Xcgtech/
Twitter: https://twitter.com/Xchange_XCG
Telegram: https://t.me/Xcgtech
Reddit: https://reddit.com/r/XchangeCoin/
(Excuse the grammar or spelling mistakes, my excuse is that I suck at it)