XendBit – Decentralised Exchange & Financial Services
With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, XendBit, a fully decentralised blockchain platform that allows users to trade safely and securely without risking customer funds has arrived.
“The number of cryptocurrencies and exchange platforms are increasing each year. Currently, there are 190 exchanges, compared to 70 exchanges three years ago, on 15 March, 2015. Demand to buy and sell is also growing as the number of cryptocurrencies and trading platforms increase.
There are currently 1,568 different cryptocurrencies available, as at 21 March, 2018. This breaks down to 654 tokens and 914 coins. It all started with bitcoin, which was first released on January 9, 2009, and various versions launched in the following years. The first experiments in altcoins started happening in 2011 with Namecoin, iXcoin, SolidCoin and others being developed and released. Litecoin followed soon after in the same year.”
With that being said, XendBit will be a platform to enable new blockchain-based financial services, taking advantage of the new opportunities presented by the blockchain ecosystem such as smart contracts, ICOs, crypto-loans, venture financing, and tokenization which will power digital identities, certificate registration and verification services.
Now that I have your attention, let’s get right to it.
What exactly is XendBit?
As depicted above, XendBit is a decentralised blockchain platform for remittances, payments, aid disbursement, store-of-value and credit. The XendBit wallet uses bank-verified KYC and is being developed as an exchange. XendBit will be a platform to enable new blockchain-based financial services, taking advantage of the new opportunities presented by the blockchain ecosystem such as smart contracts, ICOs, crypto-loans, venture financing, and tokenization which will power digital identities, certificate registration and verification services.
In addition, Centralised exchanges are susceptible to internal and external security risks. The XendBit wallet uses bank-verified KYC and is being developed as an exchange.
XendBit is positioned to be the solution of choice for the following service offerings and benefits:
Decentralised crypto-exchange and wallet with enhanced security.
Transparent aid disbursement and management.
Payments and remittance.
Easy access to account opening and other financial inclusion services.
Decentralised applications (dApps) development platform.
About XendBit Services
XendBit is a fully decentralised blockchain platform that allows users to trade safely and securely without risking customer funds.
Remitting cryptocurrencies and instantly transferring value in any currency anywhere in the world through instant settlements.
Leveraging blockchain technology to empower and provide grants and disburse aid by transparent, immutable & cryptograhic processes.
Application of blockchain technology for financial inclusion with access to credit after account creation.
Creating an identity on the blockchain can give individuals greater control over who has access to their personal information. Through the blockchain, identities can become globally accessible in a way that creates more transparency for service providers such as financial services, charities, donors, grant makers and sponsors. A blockchain-verified identity also addresses the challenges of establishing provenance, authentication and reconciliation faced by many industries. Xend’s Smart ID is a DApp that enables the use of blockchain in areas such as digital identities, banking, passports, e-residency, birth certificates; wedding certificates and online IDs.
The Xend Smart ID Card offers a convenient way for individuals to make micropayments through an embedded RFID which stores the Xend wallet’s private key, encrypted with a two-word phrase.
Smart nodes are blockchain nodes that require KYC registration of node owners, whereby the nodes run in a semi-permissioned mode with incentives (harvesting). Smart nodes are associated with a registered and verified XendBit wallet in a way that prevents the possibility of a 51% attack on the blockchain network.
Smart nodes will be further protected by a specially built Linux Operating System (OS) Live image comprising of uniquely selected applications, tools and packages with zero vulnerabilities that will ensure the highest level of OS security.
Smart Java Beans
SJBs are based on the concept of java beans, originally conceived by James Gosling, that can be run on the NXT blockchain. SJBs stateful smart contracts design is also drawn from the lessons of flexibility, scale, and security from digital circuit design principles.
SJBs must follow approapriate naming conventions. For example, methods that must return a value must begin with ‘get’ e.g. ‘public long getAccountBalance(). These types of methods cost 0 to execute and don’t affect the state of the SJB on the blockchain.
Xend dApps Platform
The Xend dApps platform inherently employs Java technology scalability features to handle high transaction volume. Often known to clog dApps networks, high transaction volume leads to slower transaction times and inflated fees as seen on other popular dApps-based blockchain platforms. Examples of Xend dApps include XendCash for remittance, XendAid for transparent and more efficient aid disbursement, and the upcoming XendCredit for financial inclusion.
Originally, NXT presented a powerful blockchain with a robust set of features as a leading 2nd generation blockchain. While NXT did not originally suppport smart contracts, they have now been added as part of Jerulda’s implementation of lightweight contracts. It is noteworthy however that the XendBit team was able to implement smart contracts alongside Jerulda’s current initiative.
How It Works?
Users are expected to download the XendBit wallet by choosing one based on their device such as a wallet for Android, MacOS, or Windows among others. The user will then have to buy coins from a list of sell orders in the exchange order book. The user can now send or receive Bitcoins or other digital coins to and from other wallets.
The XendBit exchange will have updated market information allowing traders to make informed trading decisions. There will be no hidden fees as all the fees are fully disclosed. The exchange also offers instant trading with blockchain wallet signed trades. The exchange is secured with encryption and biometric security to ensure the security of the user’s data.
WHY YOU SHOULD CHOOSE XENDBIT?
Unlike most global exchanges which are centralised, XendBit is the first decentralised digital asset exchange focusing on Africa.
Reduced Transaction Cost
XendBit features Xendcoin, which is native to the XendBit DEX. Transactions based on Xendcoin will attract lower fees.
Localised Tether Coins
As P2P trading becomes more fluid, traders can engage and settle trades faster than bank transfers or foreign TetherCoins.
Easy Bank Integration
The XendBit blockchain platform is able to integrate with most banks in Africa and beyond including Nigeria, Ghana, Kenya, South Africa and Rwanda.
Token and ICO Details
The initial Coin Offering (ICO) will be based on XendBit native token, XENDTOKEN. XendToken (XTN) is being offered as ERC20 tokens on the Ethereum blockchain. There will be a total 100,000,000 XTN tokens (out of a total of 200,000,000) for a capital injection of $15,000,000 softcap and $20,000,000 hardcap.
The private sale will end by the start of the presale on December 1, 2018 and will require a 1.25 Ethereum minimum contribution. All bonus structures will be decided and published before the public presale.
The public presale will end by January 2nd, 2019 and will be followed by the public sale and Initial Coin Offering (ICO) on 3rd Jan 2019, which will end either when the target is reached or on February 15, 2019, whichever is earlier.
Token Symbol: XTN
Tokens for sale: 100,000,000
Token Price: $0.20 USD
Specifications: XEND token
Max circulating supply: 200,000,000
Android Bitcoin Wallet.
Brokerage and asset custodian service development.
Multi-Chain Wallet implementation
Support for Bitcoin, Litecoin, Ethereum e.t.c.
Investigation of Various Blockchain Technologies.
Development of Wallet with Utility Coin.
Remote Transaction Signing.
XendBit Blockchain Forked
Alpha Release of XendBit Exchange
Multi-Chain Decentralised Exchange Features
Fiat-to-Crypto & Crypto-to-Crypto
Alpha Release of XendCoin Blockchain
Smart Contract Support
Private Sale, Public Presale
Full Service Launch
Partner Onboarding for XendCash & XendAid
Public Sale (ICO)
XendCash & XendAid Blockchain Applications v1.0 Release
XendCredit Will Reduce the Cost of Micro-lending.
Meet The Amazing Team
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.