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Trade with confidence!
Xchange in-wallet escrow feature removes the human element and makes it possible for users to trade with no third party risk.
Overview of the project
The project is created by XCGtech whose main target is to trade with confidence in a secure environment. There are four wallets created: Windows, Mac, Linux, and Github. Recently the team has officially filed an application with the USPTO and now they have a patent pending. They now have intellectual property rights over the peer-to-peer in-wallet escrow service and its back-end technologies.
Project team intends to form a community-based committee that will validate projects’ software at the base level and provide feedback to consumers to help them make more informed decisions.
Xchange is designed with two custom SPORKs (a mechanism invented by the DASH crypto-currency that is used to safely deploy new features to the network through network-level variables).
The first one, the Escrow SPORK is designed to disable the escrow functionality on client wallets if a critical bug is discovered, the back-end framework requires a major overhaul, or any part of the system is compromised by a malicious actor.
The second one, the Kill Wallet SPORK is designed to disable syncing and cause an error at wallet launch if the client version does not match the SPORK version on the network.
After many months of research, the team chose LWMA (the best algorithm for micro coins because it has the fastest response for a given amount of stability) difficulty re-targeting algorithm, the algorithm is coded by Zawys and was the best fit for this project.
The Masternode system this project uses is entirely different from what other MN coins use. They decided to make the MN as more of an investment system rather than a capital system. It was accomplished by reducing the block rewards and increasing the MN collateral. 50,000 XCG is needed to run a masternode, with this regard it makes it very difficult for someone to easily obtain one.
Name: Xchange (XCG)
Algorithm: X 16R
Difficulty Retargeting: LWMA ZWAYS
Block time: 120 sec
Block Reward (POW/MN): 4 XCG / 6 XCG
Mastrenode Collateral: 50 000 XCG
Total Supply: 100 000 000 XCG
Premine: 3 000 000 XCG
How does the escrow system work?
Step 1. Download the Xchange wallet
Step 2. Purchase Xchange coin (XCG) through the wallet directly, by escrow, or through an exchange
Step 3. Find someone to trade coins with
Step 4. Create an escrow request
Step 5. Connect your request with the other party’s request
Step 6. Submit payment to the provided escrow wallet address
More information in the guide HERE.
Exchange fee is 2%.
Roadmap of the project
Xchange project has fulfilled their Q2 2018 plans fully:
- the website is functioning;
- wallet with escrow function is created
- there are Linux and Mac wallets;
- The whitepaper is written.
Q3 2018 plans:
- Trading API Design & Development;
- Android wallet;
- Exchange listings – DONE (BTC-Alpha);
- Create awareness and have marketing – partially done.
Q4 2018 plans:
- Multi-Coin Wallet;
- Additional exchange listings;
- Trade API Beta launch.
The IMPORTANT news came on 4th of August, 2018, when the team announced their first major partnership that is with Mayfield Technology Group Inc. XCGtech coin will be accepted as a payment option for services given by Mayfield Technology Group. Attaching screenshot from their Twitter profile with this announcement.
Future plans include using the coin for selling/buying goods on market platform as well to create payment card for local cash withdrawals from the ATMs.
There have not been pre-sales or ICO, but a total breakdown of the coins is the following.
- Digifel Community Rescue Airdrop = 366,000 XCG
- Charity masternode = 50,000 XCG
- Stable shared masternode = 50,000 XCG
- Development services rendered payments = 350,000 XCG
- Marketing and parnership payments = 15,000 XCG
- Remainder for buyxcg wallet function = 1,869,000 XCG
- ———- Total = 2,700,000 XCG
On 3rd of August, 2018, team announced that BTC-Aplha (https://btc-alpha.com/) has listed coin.
The coin has been also approved for voting at https://www.coinex.com/vote
XCG is now listed on
A team of the project
Joseph Cohen – Co-founder, Core and Back-end Developer
Khalid Chatha – Co-founder, Core and Front-end Developer
Joe Retherford – Developer, Networking
Bogdan Ilisei – Developer, Unix/debugger/builds