Welcome to the Bitcoin Incognito (XBI) Q&A hosted by The Gem Hunters
We would like to thank the team for coming to the The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.
What is Bitcoin Incognito?
Bitcoin Incognito (XBI) is a cryptocurrency that takes Satoshi Nakamoto’s original vision for Bitcoin and adds to the concept in a way that makes it both more environmentally conscious and private for its users. Bitcoin Incognito being Proof-of-Stake with Masternodes means that users are able to mint coins without using any more energy than a personal computer. Masternodes also make for fast, secure transactions and are inherently resistant to 51% attacks.
Q1.What is Bitcoin Incognito XBI vision and what problems are you trying to solve?
What we are aiming to build is Next generation privacy preserving Cryptocurrency and Decentralized Autonomous Organisation allowing truly private and cross-chain DeFi in this current "Big Brother" internet age.
In its core XBI is and Will always stay a peer to peer, private, censorship-resistant, immutable, open and borderless form of digital money...
building and expanding upon some core values of Satoshi like:
Anonymity - which BTC doesnt have anymore
Decentralization - same, and Im not talking about geographic location of 60%of the hashing power being in China, Im talking the $ barrier to join and participate in the network is very high. You cant mine BTC on a laptop anymore, right?
And for anybody is looking closely at the current Bitcoin second layer solutions... Well, you know that its not looking great.
With more and more KYC, central custodials that take your physical BTC and you Hope you Will get it back one day .... Goverment and corporate mass survailance...
A few days ago British autorities offered 100,000£ for a software built to track BTC, LTC, BCH, Tether, ETH... Hopefully Monero and Zcash too.
Our answer : we will donate close to
1 million XBI to our foundation to keep the advancement of the privacy protocol for the years ahead.
In that context we think XBI solves some real, present problems.
With the growth of the DeFi ecosystem ,or open finance as I like to call it, we believe the community will once again start to believe and utilize Crypto in a way to unslave itself, Instead of going back to the regular central banking corporate world.
Here is a nice article you can check later.
“Facebook's Libra and the rise of the privacy coins” by Bitcoin Incognito (XBI) https://link.medium.com/9qyrR4N6A3
Q2. We know that the launch of XBI 2.0 is close. Can you share What will be different, why do you call it 2.0, technology etc?
Ok, well indeed the 2.0 will be released soon, announced across all social channels .
The migration will be done as seamless as possible. There will be a looong time window for everybody to move,along with easy simple guides.Also Our tech support is always available on discord.
So Let me explain about the 2.0...
As many projects like REN, Synthetix etc we started with a basic idea and as time and R&D moved forward we Also realised that What we were building could be way bigger, not Just the single usecase we were thinking of.
REN started as a Dark pool concept, now its a whole virtual machine for interblockchain liquidity & more...
Havven protocol (now Synthetix) started as a stable coin, now is a giant DeFi project for Decentralised trading of synthetic assets & more.
Disclaimer : Examples above are ment simply to give a broad idea regarding the scope of the changes that a project is going thru as it moves forward.
ON the same note, for XBI we started with the idea for the Bitcoin Anonymizer, so it can give privacy to Bitcoin in a trustless, decentralised mainner
(here is 1 min short video to watch)
Now that idea tuned to into Dark Matter.
(you can check full description on the Website)
"XBI Dark matter is a multi-year long developmemt vision ,containing a lot of succesfull implementations like : crosschain private swaps, 2way pegging, side chains,non-Custodial bridges, next gen privacy protocol upgrade, scaling techniques, Oracle integrations & more allowing fully trustless, decentralised and private DeFi.
Not only XBI will bring privacy to other existing chains , but XBI will also allow a simple way for everybody to be able to create own private tokens,private stable coins and even DAO's with private voting etc.
Now, in terms of technology, the 2.0 is just a stepping stone. Due to the potential bugs found in PIVX, we had to suspend the zXBI. With the 2.0 we are replacing the Zerocoin protocol with MLSAG (Ring CT), Bulletproofs as we are keeping and updating upon the altered BTC (pivx) code. Also some security updates and patches, moving to dip3 masternodes & more.
So main change is with Zerocoin we had the problem that not many people opted for a private transaction option (same problem as Zcash), but now with the 2.0 we have ONLY private payment TRANSACTIONS by default .
Regarding the structural changes in XBI. For us, its very Important to set the right foundations for the project, in order to allow it to grow and thrive. As you can see the Dark Matter development is very Ambitious multi year vision, so we have to make sure XBI is in good shape for the years ahead.
- We are moving to a budgeting and governance structure to enable voting and bring more transparency to the budget spending with monthly reports etc. Community proposals /initiatives would Also be possible, which we Hope Will increase participation.
- also in the process of launching XBI FOUNDATION, which is another key element for the longterm viability.
Q3. What are the key areas XBI team Will be looking to spend the budget on and what will be the role of the foundation, why is it even needed?
Regarding the spending of the monthly budget, which will be released ONLY upon successful voting by the masternode owners, there are 3 key areas:
2. Marketing and community growth
3. MARKETING 😀
Development. We are truly blessed to have a new cryptographer (Dr. Stealth) on board. We are Super impressed with his work and knowledge/experience, and we are Happy that such a talented guy believed in us and our vision. At the same time are aiming to bring a few more in the coming months as Dark Matter will need a lot of skill in order to reach the Milestones one by one . That Will be expensive for sure,but we aim to deliver so that's why allocating funds for the development is a priority.
Marketing... I guess people that are long enough in Crypto, Will remember.
I mean, we know marketing. And we will increase the marketing efforts as the Market conditions get better.
And lastly, exchanges and integrations/ strategic partners.
These will be the main expenses. We want to make sure, we are not ever going into debt (like some projects did recently) lol... Not calling any names here 😀
All jokes aside,stable budgeting is very Important in the long run...
not only low Cap coins have funding problems. Recently Litecoin LTC were pressured to show some development activity, and they announced they dont have any money to develop the privacy layer hahah so they launched a fundraising campain...https://cryptoslate.com/development-has-started-on-litecoin-privacy-features-but-crowdfund-still-needs-57000-in-donations/
Anyway we can assist them for free If Charlie wants to do a bridge at some point ...
XBI FOUNDATION, What will be the functions and why is it even needed....
Very fisrt and simple reason :
The exchanges we are targeting to list XBI require some kind of formal Incorporation.
here is more info :
XBI foundation will most likely be 501(c)(3) non profit focused on financial privacy.
Dedicated to bring a Decentralized privacy preserving financial infrastructure for the public good.
The foundation will assure decades of development of the XBI protocol, scientific research and community growth... The release of the coins will be Scheduled over 5 year long period to ensure sustainability
XBI will be able to make positive impact :
-organizing live educational events, airdrops
- creating alliances with other crypto projects and joining existing alliances (very Important) ;)
-working closely with different Universities
-offering rewards for talented individuals
- dealing with the entities that require an Official Incorporation.
All that with the active participation of the many PROactive people from the XBI FAM!
Q4. As you mention exchanges. What is the current situation of XBI as a privacy oriented project. You've mentioned team is looking at some bigger ones?
A. Currently XBI is on STEX, Crex 24, Graviex, Mercatox..
During the first year we spent a lot on exchange listings, only to see some of them going out of business.... We Also delisted ourselves from others in order to protect the community.
Now we are way more picky as it comes to exchange partners. We feel that the current exchanges are sufficient. What we are looking at is possibly a good true DEX and top tier Centralised ones. Nothing less.
Regarding the DEX, we might as well build something or partner up, Depending on how fast we can deliver on our crosschain swaps. Ps our friend Osoese also have some good progress on his... So we shall see.
Regarding the top tier CEX, as soon as we meet the requrements and market conditions get better,
We Will go ahead. No names, no speculation prior.
We are following closely to see who Will continue to stand for the privacy orientated projects and who Will not.
Q5. You have mentioned that XBI 2.0 is just a stepping stone, can you expand on that?
There are a few very promising papers and implementations of next gen privacy protocols. I know for sure that some of the top fellow privacy projects are more then likely going to move to new protocols during 2020...
We are also looking on something.... We will not cut corners and Will allocate as much resources as needed. That's What I can say at the moment.
Q6. What took you so long for this update?
Now the tough questions.... Well I Will keep it short, simple and honest:
1.Bear Market and money flowing out of low CAPS, while BTC dropping 80%+ from all time high .... That played a significant role on the whole Crypto space, especially on the smaller projects without corporate backing.
Since we had no ICO, it was kind of hard to switch to bear market mode....
Very valuable experience for the years ahead!
2. Some People left (surprisingly during the Best times)... Glad, because now we have the right people on board.
3. Our friends who helped XBI at the begining, have other projects to work on. So they needed to shift fully to work on them. However the tech they develop could be used in XBI too, so thats good.
4.The way too ambitious roadmap leading to very high expectations.
Now that is changed with live roadmap with % completion so people may get better idea regarding the development stages, which we think is the right way.
5. Pivx Vulnerability Allegations, exploits, bugs, you name it, played a good role too. Looking at it Now, it was a blessing in disguise,since XBI is turning into something way better. However back then, we had to make sure all security concerns are taken care off, and that slowed everything down.
As you can image the need of changing the Zerocoin privacy protocol with Ring CT kind of ruined the old plans and works.
After all, the XBI chain is not affected so all is well!
Combination of all 5 brought us to this date. As now the project is in its Best shape ever.
Oh, also took us a lot of time to bring a certain person to the team, who can actually walk the walk, not Just talking the talk.
Q7. There are many privacy-orientated projects. What are the key differences of XBI and which projects do you consider as a competition?
Haha, I don't like that question... But lets see... Only thing I would say regarding the other projects is I see most of them are building tech that is meant to be used only on its own. The way we see things, this approach is not viable in the long run and its very limiting for their users. In our eyes its like creating small separated islands in a huge ocean.
What we are building is aimed to actually help other chains, rather to compete with them.Rather to connect that separate islands...
I Will once again copy part of Dark Matter text from the Website for people to read :
"XBI Dark matter is a multi-year long development vision ,containing a lot of successful implementations like : cross-chain private swaps, 2way pegging, side chains,non-Custodial bridges, next gen privacy protocol upgrade, scaling techniques, Oracle integrations & more allowing fully trust-less, decentralized and private DeFi."
We prefer to build alliances where possible. I can only give respect ot other teams who survived and continue to push hard and thrive.
If I am to name a competitor, I Will surprise most of you...
It would have to be a mix of a project called Incognito chain, Monero and Dash. Im not aware of such a project.
I think thats enough, because words mean nothing, only actions and delivery matters. So we can talk more on a next AMA upon gitting some roadmap Milestones.
Q8. What are the next exciting things the community can look up to in the short term? What are you most excited to see in the long run?
In the very short term, I would say
1. The XBI 2.0 release (tba)
2. XBI halvening of the block rewards ( April/May, similar to BTC)
3. Having the first Wrapped BTC on top of XBI
However we will add a lot of other stuff on our live roadmap every month. Some things Will not be disolayed on the Roadmap at all, until we reach final stages of development.
In the long run I Will love to be able to see XBI being used as a collateral on a DeFi Application that runs on another chain.
Q9. What is that halvening event and why is it Important?
Similar to BTC the halvening is on a date (specific Block number), when the inflation goes down, because the Block rewards cuts in half.
In simple terms the newly created coins are now twice less then before.
In that matter, If you allow me I Will also post a short info about the token economics too.
XBI - proof of stake & masternode
Total supply 21 mil
Circulating supply 12 mil.
Locked in masternodes 50% of the coins
Masternode collateral : 3000 XBI
Masternode ROI : 60%
Q10. What is the Biggest challange for XBI in 2020 and do you have any final words, before we move to community questions?
The Biggest challenges ....
What can I tell you...
The Biggest challange is to never give up, build amazing stuff and deserve the Awesome support of our big community, all those people who run 2000 masternodes! Thats What we strive for.
I want to thank the XBI FAM, all the good people that support us. I want to assure them, we are putting long hours in order to build XBI, we are all in this together. I want to thank Remapper and Stealth, Oso, Galimba, Alex, Sub307,Sys, Ubuntu,Atomic, our great Ambassadors and everybody who is feeling XBI close to his heart.
With the 2.0 we are coming closer to be a true DAO, so more then ever we have to work as one. To all the community a BIG THANK YOU, and for those who are New, feel free to Come and say hi. You Will be more then welcome!
Big thank you to The Gem Hunters media for hosting the AMA, we Hope it was informative and educational meeting the high standarts of the channel!