With the recent launch of the $100,000 Flashstaking Competition, there seems to be some new intrigue on how everything works. Made this little blackboard explainer video to walk-through what’s going on behind the code when you #flashstake using $XIO. Hope this helps, let us know if you have questions!
We are ridiculously excited to release this video for a few reasons.
First, this is the first-ever inside look at one of our twice a week dev calls. Most people see the external or finished product but don’t know all the crazy amounts of time and energy needed to bring these products to life.
While Zachary Dash is mostly the public-facing voice of XIO, there are dozens of ridiculously talented people working endless nights and days to make this happen. Hopefully, this is a nice intro to a few of them and the crazy diverse accents of the group!
Second, this video shares some never before released insight and information on the $100k Flashstaking Competition with some strategy behind it. Not only will this give the world their first hands-on use of the XIO Dapp with real money on the line, but we also anticipate the protocol will get battle-tested beyond belief.
While an audit is awesome, we feel this is the safest way to test how people try to manipulate the protocol in real-time.
For XIO Social, below are just some questions to jog some conversation and areas we would like input on, but feel free to expand into any topic or ways you think we can make the competition a success!
How can we make the competition better or fairer?
Can you think of any ways we can prevent people from “cheating”?
Are there any specific altcoins we should use? How should rewards be allocated? In what proportions? ie Should only one person win or should the top 10 people on the leaderboard?
From a marketing perspective, how can we spread the word around for the competition outside the XIO community? What questions do you have about the competition?
Make sure to also join the conversation on the Youtube + XSI + Twitter to get the full amount of Credits available.
XIO is a proof-of-time flashstaking protocol that enables the time travel of money. Any user of the protocol can lock capital today and earn capital from tomorrow.
Today we are releasing four new reports that document this technology and our gameplan to bring it to reality.
- XIO Blackpaper v3: An 18-page report with more documentation and insight than ever before.
- The Path to v3: What is the plan moving forward and how did we come to this decision?
- XIO Dev Insider: A new layer of transparency on our development priorities and process.
- XIO L2 Research: A 14-page report on Layer 2 scaling solutions and our takeaways.
1 | XIO Blackpaper v3
Today we are releasing the first ever look at the XIO Blackpaper, an 18 page open-source document that provides more insight and clarity to the XIO protocol than ever before.
You may notice that we have left comments available on the document. If you would like to participate in the #XIOsocial campaign, we are asking for your help to make this Blackpaper as clear, insightful, and helpful as possible. To earn XIO Social credits, make a thoughtful comment or question on any portion of the document.
Need extra clarity on something? Think a certain part sounds really cool? Is there a part of the protocol you think may leave us vulnerable to attacks? Anything and everything, let us know. We want and need your input to crowdsource this Blackpaper into reality!
xVault: Autonomous Venture Fund
Within the Blackpaper, you will see the first ever mention of the xVault: the world’s first autonomous venture fund. Built on top of the XIO protocol, there are three major differences between XIO and traditional venture funds.
Instead of being managed by a small group of VCs to source and scrounge for the next unicorns, the portfolio of assets is managed entirely by XIO Citizens.
Instead of risking capital, operators of the fund stake digital tokens into startups they believe in while retaining 100% control and custody of their money at all time.
Instead of capital being earned only when a startup exits or gets acquired, yields within the xVault are earned immediately and upfront.
The xVault vision is to support the next generation of decentralized innovation.
2 | The Path to V3
This is a 7-page document that expands on the decision to upgrade XIO into v3 architecture, the major development milestones ahead, and the game plan moving forward.
We hope our Citizens can see through the amount of research and thought put into the information above, we did not take this v3 decision lightly. Understanding a short term detour would set up XIO for long term sustainability and success, the decision slowly became a no brainer.
While it is not 100% possible to know exactly how much additional time this upgrade we create, deeper research showed us that it is much less than originally anticipated. To expedite the v3 architecture and reaffirm how confident we are in this direction, we brought on two new full time developers.
With the new coding brain power, the entire v3 architecture design, token model, and governance structure is on pace to be completed this week. That is the hardest and some of the most time intensive part of the process.
XIO is a proof-of-time protocol. The more time you put in, the greater the yield. Being an active and engaged Citizen is no different. The Citizens who trust in the process and are able to trade a little time to help us launch properly are the Citizens we want to attract.
We know. We get it. We understand the eagerness and anticipation for mainnet is at an all-time high and the question everyone wants to know is when when launch?
Nobody wants to hit the mainnet more than we do.
At the same time, we are here to build a project that completely changes the way humans interact with and think of money. That takes time, and we are going to do it right. We believe the future is bright for XIO and could not be more appreciative for your continuous support along the way.
3 | XIO Development Insider
To bring extra transparency to the journey of hitting mainnet, today we are launching a new public and community shared document called the XIO Dev Insider.
Within this document, you will see our current development goals, their status of completion, and short term sprint goals that will be updated on a weekly basis for anyone to view.
This Flashstaking Competition is a contest to see who can earn the most yield while using the XIO v3’s first real world application the xVault: An autonomous venture fund.
While the competition will be facilitated on the Ethereum testnet, real rewards will be earned in the process. At this time, we estimated rewards for this competition will range from $10,000 to $100,000
Why so much?
For one, we believe this competition will provide a great activity to maintain energy and participation from the community without losing a beat on the original development timeline.
Second and most importantly, having this amount of people using the protocol in a financially incentivized manner will give us an extremely accurate case study for how the protocol will be used on mainnet.
While we do have a massive security audit planned from a third party firm, we believe this competition will provide real world feedback and expose possible vulnerabilities.
To participate, make sure you are an XIO Citizen and be on the lookout for updates on social and email.
4 | Layer 2 Scaling Research Paper
Before we made any decisions for the future of XIO, we did massive research on Layer 2 scaling solutions and what this could mean for XIO.
While there are two pages in the XIO Blackpaper that show our takeaways, we are also releasing our full 14 page research paper of every option we looked at. Hopefully other projects who may be going through similar scaling issues may find this information valuable.
XIO Social Credits
If you would like to earn #XIOsocial credits on this, we are asking for feedback, questions, and thoughtful comments on the Blackpaper. There are four places you can participate by responding and including your XID.
You have officially been invited to participate in Wave 3 of the private beta. Here is what you need to do:
Disclaimer: The values of testnet tokens are not accurate. The amount of DAI/MKR you will earn on this beta are much less (10-100x) less than what is to be expected on mainnet. Additionally, similar to Uniswap, the XIO Dapp will eventually have hundreds of tokens (not just DAI/MKR)
Step One: Tweet
Create a Twitter account if you don’t have one already and tweet the following message below. Make sure to enter your own ETH address at the end.
Hey @XIO_Network, I am requesting access to the XIO #Flashstaking Beta. Please send Rinkeby testnet tokens to ENTER ETH ADDRESS HERE
Step Two: Beta
Within a minute or so, you should be sent 2500 XIO and 0.025 ETH on the Rinkeby testntet. Once you make sure you are using Rinkeby, you can immediately start staking at https://beta6.xio.app
While not required, if you would like to add the testnet tokens to your wallet, you can add the following contracts:
Step Three: Questions
If you get confused or have any questions, join our Private Beta group on Telegram!
The cost of sending Ethereum transactions has hit all time highs. We need to figure out how to react to this to ensure a successful launch. Let’s figure it out together.
Which one of the three routes discussed in the video do you think we should explore? What are the pros and cons of these different options?
Option One: Continue as Planned
Pros: We can stay on “schedule”
Cons: Only whales can afford to participate. Volatile XIO swings because of Uniswap integration with Public Portals with possible initial downward pressure.
Option Two: Explore and Integrate Layer 2 Solutions
Pros: Exponentially less gas costs
Cons: Additional development needed, Still doesn’t prevent volatile XIO price/downward pressure with public portals.
Option Three: Explore L2 + Move Towards V3
Pros: Fixes downward pressure and volatility of XIO token. Future proof. Saves auditing costs
Cons: Additional development needed
To get 3x the amount of XIO Social credits, make sure to comment on the official XSI Forum post: https://social.xio.network/t/xio-go-to-market-strategy-given-ethereum-congestion-layer-2-xio-v3-3xiosocial/243
Additional credits available on Twitter: https://twitter.com/xio_network
Quick disclaimer before we dive in that may not have been clear in the video: Rewatching this video back, we believe the term “toll” or “fee” represents what is actually happening here. The Citizen is not paying anything out of pocket. A more accurate depiction of “Toll” is as a subsidized and shared revenue stream that is generated in addition to XIO Rewards.
Today we have a very important topic and question that is sure to impact the long term sustainability of the XIO Network and token. As always, we would love your feedback and input on the subject. If you would like to earn XIO Social credits on this topic, you can comment here on Youtube, on Twitter, or in our new official XSI forum: https://social.xio.network/t/xio-trea…
However, one unique characteristic of the Treasury: The only way to redeem tokens from the XIO Treasury is to burn XIO Tokens.
This model ensures that the XIO Token has a diversified and foundational basket of underlying collateral. Additionally, if the assets within the XIO Treasury appreciate more than the XIO Token itself, the XIO token is likely to offset newly minted tokens and become deflationary in nature.
The only way the XIO Treasury is able to acquire assets is through the XIO Toll. The XIO Toll is reward taken by the XIO Treasury when new altcoins are acquired. For example, if the XIO Toll percentage was at 50%:
1) User stakes 100 XIO for 365 Days to earn LINK
2) 10 New XIO Tokens are generated and swapped for 5 LINK
3) 2.5 LINK would go to the Citizen
4) 2.5 LINK would be shared by the XIO Treasury
There are many pros and many cons to a low or high XIO Toll. Some of the ones we have identified so far (need your help dissecting and challenging these assumptions) are:
Pros of Low XIO Toll
- Higher potential interest per Citizen
- Staking decisions only affect the staker
Cons of Low XIO Toll
- XIO Treasury is not funded
- Every Citizen for themselves attitude
- Less Sustainable Token Model
Pros of High XIO Toll
- Sustainable and Increasing XIO Treasury revenue
- Collective staking mindset
Cons of High XIO Toll
- No immediate gratification rewards
- Group decisions impact the individual
- Less individual stake interest per Citizen
This brings us to our #XIOsocial question: What percentage Toll should the XIO Treasury take at launch?
2:30: What is the XIO Treasury?
3:55: What is the formula to calculate XIO Treasury rewards?
4:44: What is the goal of the XIO Treasury?
5:50: What is the XIO Toll?
6:42: What are XIO Public Portals?
9:18: #XIOsocial: What percentage should the XIO Treasury take as a Toll?
9:45: Pros and Cons of 0% XIO Toll
11:54: Pros and Cons of a 100% XIO Toll
14:45 Launching the official forum for XIO Social!
XIO Update Breakdown
- XLP sets record for $750,000 in rewards, resetting debt to $0 and reducing rate of future distributions
- XIO Council commits additional 300 ETH + 300 ETH worth of XIO to XLP through 2020
- XIO Dapp development and timeline is on schedule with Wave 2 of Private Beta set to on-board 100 new Citizen
Record Breaking XLP Rewards
This week the XLP distributed a record $750,000+ worth of rewards to those participating the XIO Liquidity Program. We could not be more excited to reward the XIO Citizens for their early support and patience for the XLP. It is extremely well deserved.
With the recent update to the XLP in August, rewards will now be paid on a monthly basis. This means from here on out, we should never see this amount of tokens being distributed at once. Moving to monthly distributions will help streamline the XLP along with resetting the XIO Debt to $0 each month.
We believe this recent distribution will give new and current XLP participants a perfect opportunity to reposition their assets and risk/reward tolerance moving forward. As a reminder, your XLP rewards are based on how much XIO you deposit, so any decrease in the price of XIO will require less ETH.
XIO’s Council Commits Additional 300 ETH + XIO to XLP
To showcase our continuous commitment to the XLP and confidence in the program moving forward, a member of the XIO Council has committed to providing an additional 300 ETH + 300 ETH worth of XIO. These tokens are to remain locked in the XLP through the entire year of 2020.
You can view the first deposit of 150 ETH here. Another 150 ETH will be deposited before September.
As a reminder, if you would like to begin earning from the XLP in September, you must deposit into the XLP before September 1st.
Wave 2 of Beta Inviting 100+ New Citizens
Two weeks ago, we opened Wave One of the Private XIO Beta. It has been a huge help in adjusting important UI/UX aspects and cleaning up some back-end architecture.
Starting this week, we will be inviting 100+ new XIO Citizens to be part of Wave 2 of the Beta. Be on the lookout in your email and telegram DM’s for invitation.
This transition to Wave 2 keeps XIO development and roadmap on track to mainnet public launch.
Where in the world does the interest come from?”
“How is this sustainable?! Inflation much?”
“Sounds like Bitconnect to me…”
Here is a long overdue video to hit on all the common points and questions above. From start to finish, we discuss what is happening in the background when you stake and how this impacts the long term sustainability of the project and token.