About ELIXER (coinexchange)
Everything that was covered in the AMA -
We have legal counsel to handle this.
No comment on legal aspects like this right now.
We’d like to get our MVP out first and then form partnerships. If opportunity arises while we’re developing, we’ll look into it.
Yes, we have about 5% (unmined) of the total pairs. We would estimate we’ve mined about 2% of the total pairs to support fees for exchanges, legal consultations, website redesign/hosting, and logo design. We haven’t paid ourselves yet, but both plan to be paid starting in 2018.
5% of the total pairs, minus other project expenses.
We have enough capital to get us through the next 6-8 months, and after that point we have a plan to transition to a larger company with employees.
There are 2 team members at the moment. We don’t need more engineers right now, but plan to expand the team in 2018.
We’ll put up more information about the team when the new website comes online.
Possibly, if it’s beneficial to ELIX.
As our MVP progresses we’ll be looking into and planning out marketing aspects.
Maybe. We can’t/wouldn’t talk about this.
Our relationship with them isn’t ideal. There have been many communication issues on their end, and they’ve shown a general lack of proactivity.
Yes, though there will be a reward function that will have an effect on the final supply. We’ll discuss this more on this thread as well.
The contracts should definitely be open source. We’ll consult an expert regarding the app licensing. We like transparency as well, while balancing protection of our IP.
The web designer started working yesterday. We’ll keep the community updated.
We’ve been meaning to do this, but have been busy. We’ll make it happen.
No comment.
The rewards system.
A mobile exchange and wallet, providing an easy to use UI and facilitating trading.
Aimed at mainstream mobile users to make interacting with cryptocurrencies as simple as possible. For many mobile users, the ELIX app could be their first introduction to cryptocurrency.
Holding periods, which reduce the circulating supply.
Strong branding
Our product is better branded than competitors like SALT, and we don’t suffer from an overly corporate image like many ICOs. We also have incentives built into the platform, and holding periods to reduce the circulating supply. The mobile space is also the largest used device platform.
We’re looking into possibilities to reduce volatility during loan periods. We have some preliminary solutions and ideas, which we’ll be researching and testing further.
It’s a catchy name.
Research and development, startups, machine learning, mobile development, software and hardware.
We'll be aggressively marketing and advertisi
ng the advantages of using the Elix lending platform compared to other payment methods. This will be done across various social media platforms and tech forums.
We’re on schedule for the MVP. The smart contracts already work and the mobile development has gone quickly. This week we are starting to link the contracts to the frontend on a testnet. We could complete it early, but it’s too early to know.
We use web3, testrpc, Angular, Ionic. Bitbucket for versioning.
We’re setting up a zero collateral, zero interest system first to get everything off the ground. This also has some advantages from a legal standpoint. Later on, we plan to expand to a general lending protocol that can be linked to real world collateral.
Our MVP is aimed at providing a lending platform for users between their friends and family, which we recommend that you lend/borrow only from people you trust and know very well. However, the long-term global lending platform will have a method of tying real-world collateral to a lender and borrower to ensure that no fraud or theft occurs during a loan created between two people. Any loan created between two people on that service will present a binding legal contract, and failure to repay would result in legal repercussions in that person's country.
On the app store!
Rewards will be generated by a smart contract. However, you’ll notice that there are several aspects of the lending token that need to be in place. First, the transfer() and transferFrom() need to contain holding checks to prevent lenders from breaking holding. Secondly, the contract that manages rewards and loans, which we call the “tokenManager” needs to have the ability to reward users when loans are repaid. To do this, the app will automatically convert Elixir into a token with all of these functionalities. We’ll likely use a conversion ratio, but only to scale the final supply down. Users will be able to convert ELIX at any time. We will put the new token on exchanges as well, and have a plan for how to finance this (more on this below).
A lot of contracts have “sinks” implemented to burn tokens. We’ve though of a few ways to create sinks:
Construct an in-app exchange. Then, using in app fiat and virtual currency purchasing/trading fees, use a portion to buy back and burn tokens.
Allow users to break holding periods, but burn a certain percentage of tokens based on when they break the holding period. Holding periods are good, however, because they reduce the circulating supply.
We would like to start with a deflationary reward model, and then build in ways to burn tokens like hosting an exchange and buying back tokens. Then, we can flatten the slope of the reward function over time so an equal number of tokens are consistently created as burned.
We’re also considering modifying our business model to create a vested premine of the new token to fund development, new employees, and exchange listings. This could replace the business model we previously proposed. We’ll be taking a closer look at this in the upcoming month.
Clever mining reduces the circulating supply due to holding periods. We anticipate people using the platform for both lending and mining. We won’t facilitateit through a mining “interface” but you can mine tokens in that way. One of the chief complaints we had about the genesis mining system is that people who bought ELIX couldn’t mine. This is a way anyone can mine.
Yes, in order to protect lenders/borrowers and ensure that they don't lose/make extra money from market volatility, we're looking into storing the token's current aggregate value from trading exchanges into the loan's variable values. This ensures that if a spike or dip in the market were to happen, a lender and borrower's loan will be unaffected, and the amount that they'll be paying back or receiving will take the adjusted market price into account.
There are no plans at this time to partner with OMG and/or Coinbase. It may be considered in the future. In regards to the Binance listing, we are unable to provide further information about that at this time.
The new token will be used to interface with the actual lending contracts, and will be optimized for this process as well as having the capability of being updated. Its max supply will be dictated by Elixir. A conversion ratio will be determined to scale down the total supply of the currency, but no user will be losing any of their Elixir or its value. Simply put, if you have 1000 Elixir and convert it into the new token, you would receive 500 of the new token in return (with an example conversion ratio of 0.5). This is just scaling the total max supply down from Elixir's potential 60 million, into 30 million (again, with a ratio of 0.5 as an example). There will be a no time limit to convert from Elixir to this new token. When transferring Elixir into the mobile application, the conversion will be handled automatically for you.
It will still exist and be continuously traded, but its best use will be to convert into the new token, which will also be publicly traded.
We wanted to have a free and equal distribution method. ICOs tend to come with a lot strings.
Traditional capital investment also comes with a lot of strings, if you’re talking about VC or Angel funding. If you’re referring to something else, let us know.
The mining model has low inflation in the long term. It also gets tokens out of the hands of users who aren’t invested in the idea, and rewards those who are. Also, the mining model can’t really be shut down, or doing so would be next to impossible. It also doesn’t reward people with massive amounts of hardware and saves energy.
I thought about using a sigmoid function early on, but decided to go with a linear function. I didn’t feel there was a good reason to change the slope to influence the mining rate any further than a linear one. So many people created batches early on that I’m not worriedabout the long term.
Selloffs are good for the long term. I think implementing something like what you’re suggesting makes mining less “natural” by forcing miners to hold on to tokens or influencing them to do so. You’re right that the mining system creates volatility in the short term. However, we’ve already seen almost 45% of batches mined. As the 10 year limit approaches one can imagine going as long as a week (or even much longer) without 10 batches being mined.
Asked by /u/fisf on the AMA announcement thread
In the demo of the app we showcased, the information put in was stored locally on the device. We chose to store locally to ensure the greatest amount of trust between our users and their information.
40a. I still have a lot of TME on NovaExchange that I bought a while ago and their wallets have been in maintenance mode for months. They posted something on their news feed saying that they are awaiting your input. Could you help me convert this or respond to NovaExchange?
The issue with Novaexchange resulted in developing Elixir as its replacement. We attempted to coordinate a fix with Novaexchange, but they were unresponsive and provided no support to any of the TME investors on their exchange. After NovaExchange announced they were planning to delist TME and prevent withdrawls, we notified TME investors to withdraw their holdings to MyEtherWallet, while we worked on a solution for the situation. To circumvent NovaExchange's lack of support, we asked users to prove the amount of TME they held on NovaExchange by giving us API access to read their account's TME balance, or their login info to check the account's TME holdings. This option was available for 3 weeks, before we had to finally lock the new Elixir contract.
40b. Yeah there are a bunch of us that never got the notification. It was buried deep in the forum. Even after going back and reading it, it still sounds like it was only a "potential" plan if novaexchange didn't unlock the wallets.
"Note: If NovaExchange opens withdrawals or deposits, the developers will not be able to move forward with this plan but will consider alternative possibilities."
I was checking novaexchange a few times a week thinking it was going to come out of maintenance mode eventually:( Is there anything that can be done? It's a few hundred dollars. Also NovaExchange posted on their news feed making it sound like the ball is still in your court. I noticed this notice right away:
2017-10-22 17:58 - Still no reply from ELIX (former TME) dev team TME will continue being in maintenance until the dev team behind TME and ELIX have replied to our emails about the conversion/swap.
We have already emailed NovaExchange back several days ago explaining our rationale behind the situation, and asked that they compensate their customers.
