With Litecoin halving today on August 5th, everyone wants to know ‘when moon’? Let’s go back 4 years to the last halving event to understand what could happen this week, and the months to follow.
Aug 26th, 2015, block height of 840,000, LTC Mining reward dropped from 50 LTC to 25 LTC. At the time Litecoin traded at $3 and the halving, despite many saying had ‘no effect’, had a significant effect on price.
Here’s what went down during the first halving.
First, a consolidation phase for a month, trading between $1.35 and $1.50
On May 21st, the price started to set in with LTC making double-digit gains every week
Within a month it reached an all-time high of $8.73, (a massive 590% gain)
It then traded at $2.40 a day before the halving and spent the following months staggering between $2.87 and $3.24
Another important point to consider is that Litecoin halving doesn’t mimic Bitcoin, which seems to organically increase before and after its halving.
Ok, so now that we know what happened last time, can we predict what happens this time?
Well, let us just say it is complicated.
For starters, there hasn’t been any explosion or consolidation before the halving this time. Instead, the silver to Bitcoin’s gold increased its price gradually this time, and despite the drop in price over the past few weeks, LTC is still trading in the $90 to $100 range.
Furthermore, traders have already priced Litecoin’s halving months before the actual event instead of the sudden pump and dump. While a drop in price is expected by many traders in the industry, it seems that the percentage will be less than last time, and recovery might happen gradually over the next few weeks without raising many eyebrows.
So if you’re a trader, make sure you’re ready for some volatility and if you’re an investor then the halving could be one of the best opportunities to scoop that cheap $LTC in your Litecoin Wallet.
Disclaimer: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. It is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” — Theodore Roosevelt
July was a great month for COSS and we are already looking forward to delivering more features and products. As I write this, the node updates go live as well starting first with BCH as promised. Horizen will be next soon, hopefully within days and all of them thereafter one after another. More about that below.
Since we started our new journey for COSS, I realize that we have one of the most active and supportive communities around. And that is our strength. A lot of personal motivating messages over the last couple of months, feedback, criticism of some features, some bugs, some past endeavours, new suggestions, etc. Overall, it is evident that everyone wishes best for COSS and is trying to help in their own unique way. So. Thank You for keeping us motivated and on our toes. Every message and every feedback means a lot to me personally. Obviously, sometimes our hands are tied due to resources or other tasks at hand, but every concern and feedback is noted seriously and prioritised.
Secondly, there is another set of people who I did not get time to Thank in all this hustle over the last two months: The COSS Team. Our tech (Old Coss and Old LALA/ARAX = New COSS) teams, marketing, operations, HR, Finance, everyone. Rome was not built in a day, but this progress and delivery has been amazing. My thanks go to all of you for your hard work, your perseverance, your creativity, and dedication. Your desire to make something truly great even if it means long hours and many iterations before perfection is achieved. I am grateful I can be on the team with you.
July was an excellent month for COSS; we delivered beyond what we promised and achieved a whole lot more behind the scenes. The best part is that now that processes are set, and teams are in place, our new hires are settling in well, clarity of goals and tasks is there. Like any new merger, it was a confusing situation in the beginning, but things are all settled now and the pace of delivery should be much quicker from hereon.
When we started this journey, there were many unknowns. No one had attempted to bring together tokens like this before between two very different projects, but yet very complementary. We had a strong vision, a great community in you but coming together was never going to be easy. Now that we have successfully come together, it’s time to start realizing our vision in smaller steps. The best part is that we might be part of the 5% of the best exchanges out there, but at the same time, there is so much more room for improvement, product, and token wise. And we are very excited about the future prospects.
Not everything went great though over the last 18 months. I have made mistakes. I have mis-hired, asked my team to build features that we’d scrap or redo later, changed focus a little more than I’d like to, mis-read the crypto mass adoption cycle and market timing. But we have never given up. This made us stronger and more determined to deliver. In this new journey, all I request of the community is a little more patience as we continue to deliver daily. We will not leave any stone unturned. Unlike several other 2017 ICOs, we stand by you with the best of intentions. I hope you stand by us in our collective desire to make COSS the absolute number one exchange of choice.
August & Rest of 2019
August is on track as well for deliverables that we set for ourselves. Some highlights that we are working on are detailed below. The remainder of 2019 is going to be a defining period for all of us. We are well aware that we need to continue to make amazing progress with the best user experience. We need to continue investing in scalability, flexibility, security, and our ability to learn incredibly fast.
We will still be a startup but a slightly more mature one. We will need to grow the team, learn how to get more organised while staying focused, dedicated, hungry, and nimble. It will require great leadership, brilliant execution, and a can-do attitude. It will be hard, but we know how to do it, and I am hopeful we will do great.
Now, as we move forward and start planning for the months ahead, here are some critical points that will help us with our mission:
Keep things simple
Clarity of short term and long term objectives, which we shall share with you in time. For now, our short term objective is to make a secure and smooth running exchange in the next few months, increase volumes, bring in more users and increase the FSA for everyone
Community first, COS HODLers first. Every product, every design, every new and old feature has to be thought through in a way which focuses on Users and their journey within the ecosystem
Safety & Security is paramount and has to be as secure as humanly possible
Customer data will never be sold or compromised
We are on track for August to complete more of what we have planned in July. Some of what we do aren’t visible. For example, backend fixes and stability measures aren’t really ‘sexy’, newsworthy things to shout about, but they are critical initiatives that have to be done. Priorities are already set for what has to be done. Let me give you an outline on what to expect in August:
Simplified FSA and fee structures. Making the decision to alter one of our unique features was not an easy one. But this was based upon feedback from the community, as well as our desire to simplify and give you a more value-added experience in being part of our ecosystem. When you receive a greater quantity of a reduced number of cryptocurrencies, you can make better decisions on how to make use of your FSA.
The fee structure naturally has to go hand in hand with the changes to the FSA. Such a change will streamline the number of quote pairs, helping to declutter the system. One more piece of the complete picture in becoming a better COSS ecosystem for all. This includes less quote pairs, simple fees, less overall pairs, FSA in ETH and COS, etc. we shall announce all details closer to launch.
Blockchain upgrades are almost done. We have re-established our BCH node just as I finish writing this. Horizen will be up next. Other nodes, including new blockchains are also in the pipeline. Upgraded nodes and new blockchains mean new tokens for you to trade with. New traders will come, and that will be a boost for our liquidity and volume.
Liquidity Programs: Speaking of liquidity, I’d like to just put in a quick word about this topic. We are carefully planning some new programmes to build up liquidity on our exchange. We shall announce this and implement this in August starting with campaigns but the actual programme will start in September. This is something I’m personally very excited about, and we will get the details out to you as soon as we can finalise arrangements.
Fiat to Crypto: We are in the final stages of agreements with two solutions. Technical and legal documentation has been studied and we finalised. Technical integrations between both teams will start in August. While this is a priority task for us, we are also dependent on the other side to provide technical and other help. We intend to complete this in August but could spill over to September if there are any delays from the vendors’ side.
Other smaller tasks that we are working on include:
Complete IEO platform integration and testing before rollout
Fingerprint authentication for COSS Wallet
Improve marketing analytics to fuel decisions
NEO GAS implementation after ZEN node upgrade
Fixing 100% market order once and forever
USDT node update to ERC20
Simplified fee structure
We are working tirelessly with defined goals. Our task lists have been set, and make no mistake, it’s a long task list. In the coming months, 2 or 3 months, give or take, we will be rolling out improvements continuously. Some of those, like I’ve mentioned, won’t be visible, but some features/improvements will be, and we hope you’ll like them.
We are not like other exchanges. I don’t think there is an exchange that gives out such frequent communications to its community and listens so much to you. I might be biased, but I do not think there is another exchange out there that gives away so much of what we make. We believe in growing together, prospering together, bringing you along with us. You, the COSS community have the most to gain if we succeed together, so please spread the word (and love) and bring on the positivity to build a stronger community.
From all of us at COSS, stay tuned for more updates and a better COSS!
We are expanding our list of supported assets by incorporating one more token this week. Today, we have integrated WETH Wrapped Ethereum in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet. About WETH Ethereum is famously known for being the proto-token of all the Ethereum Alt tokens. However, it also implies that ETH came into existence before the formation of ERC-20 standards.
WETH tokens which stands for wrapped Ethereum tokens, were created to facilitate the trade of ETH for other ERC-20 tokens on decentralized platforms like Radar Relay. It is because Ethereum based decentralized platforms employ smart contracts to facilitate smooth trading between users. These smart contracts require the same standardized format for every token that is used by users to trade. It is so to ensure avoiding losing of tokens during translation.
About COSS Wallet COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains. COSS Wallet offers various in-app services:
COSS Star Rating – Earn COSS Plus reward points on every next star rating you achieve.
Address Book feature – Save your wallet addresses just as you save your contacts.
Mobile bill payments & Recharges – Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries
Instant cryptocurrency conversions – COSS Wallet allows you to convert your cryptocurrency instantly
Send and Recieve crypto with an industry-first GPS-based “Near-By” feature – Now transfer cryptocurrencies instantly nearby without any hassle via GPS.
We are making every effort to bring the best services to our users and expand our partnerships.
Facebook, the biggest social network worldwide with 2.38 Billion monthly active users in just the first quarter of 2019, has finally entered into the crypto space with the announcement of its ambitious new cryptocurrency, called “Libra”.
With 28 founding members including Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others, Libra’s goal is to bank the 1.7 Billion global unbanked citizens.
Is Libra Really a Cryptocurrency?
Facebook released Libra’s whitepaper on June 18, 2019, detailing the future plans for the Libra project. Libra is intended as a stable coin, backed by a basket of fiat currencies or digital reserve currencies. Unlike Bitcoin, Libra doesn’t feature mining; meaning there’ll be no mining for Libra.
With this new crypto token, Facebook aims to position Libra as a new global currency standard, and is slated for launch in the second half of 2020.
According to the whitepaper, Libra will be developed on its own blockchain called Libra blockchain and the coin will be stored in its own wallet called Calibra. There will also be a Libra Association, an independent non-profit organization which will be governed by multiple private players.
This non-profit organization will decide on the final design of the Libra and they’ll look out for banks that agree to hold the money used to back up the currency. The company that desires to accept Libra must have its digital wallet setup and has to be approved by the Libra association.
Users who want to hold or pay with Libra can do so by using the messaging app — Whatsapp, Messenger, and Facebook’s own stand-alone app. This works with Facebook’s digital wallet “Calibra” which will be integrated with Whatsapp and Messenger to govern the transaction and financial history of the users. Any Facebook user can set up a Libra wallet by verifying their identity using government documents– very similar to Paytm or Paypal. A user’s bank account will be directly linked to Calibra and whenever users want to spend Libra, they simply use the QR code or send a message adding the respective amount, thereby completing the transaction. Merchants will then receive the user’s payments in their Calibra wallet.
Facebook also intends to expand Libra’s use-case in the payments domain, for example, for payment of services like advertisements by any of their 60 Million active business partners, or as a near-free, instant remittance solution by anyone across the world.
Additionally, Facebook aims to expand the use-case of Libra for payment of services like advertisements on Facebook in the near future. The currency is intended to be remitted to anyone, anywhere across the world instantly with almost no fees.
Isn’t it a Decentralized Currency? Who Governs Libra?
The social media giant is launching this cryptocurrency with private market players from diverse industries — including payment, technology, online marketplaces, venture capital, and nonprofits as its founding members.
Facebook has on-boarded 28 partners for Libra, including VISA, Uber, Mastercard, Andreessen Horowitz, PayPal, eBay, Spotify, Vodafone, Xapo, Coinbase, Women’s World Banking and more. Moreover, Facebook is aiming to have up to 100 founding members/partners by the upcoming year.
David Marcus, Libra’s Project Lead and CEO of Libra’s Calibra Wallet has clarified that Libra is not as open as Bitcoin. Bitcoin is decentralized and built on open/permissionless blockchain technology whereas Libra will be built on its own permissioned blockchain, and users would need permission to enter into the blockchain network. However, Marcus clarified that Libra will eventually transition to a permissionless blockchain in the near future.
Are Global Regulators Approving Libra?
When it comes to cryptocurrency, criticisms, and debate abound. Since the launch announcement of Libra, Facebook has faced considerable opposition from global regulators and financial leaders.
The US Congressional Committee, a major regulator who has expressed skepticism about Libra has recently sent a letter to Facebook CEO, Calibra CEO and Facebook COO to halt the development of Libra until further hearings. Facebook’s officials are positively responding to the regulator’s queries on the use cases of Libra. In fact, they are seeking to collaborate with global financial institutions and policymakers.
The co-founder of EthHub, Anthony Sassano points out in his tweet that a government-issued ID needs to be mandatory to sign up for Calibra in order to ensure that the cryptocurrency “comply with laws and prevent fraud”.
Binance founder and CEO, Changpeng Zhao is of the view that after the launch of Libra, Facebook’s access won’t be limited to its user names, Identifications, addresses, phone numbers, family members, friends, and real-time and historic locations. It will also extend to their financial data through Calibra.
Even Donald Trump, President of the United States, expressed his concerns on Facebook’s ambition of becoming a global bank.
Ahead of Libra launch, the social media giant is actively responding to negative remarks and stating that it is looking forward to discussions on any point that has ruffled the feathers of regulators/fintech players.
Libra, Calibra and Libra Association has become quite a hot topic in the current crypto scene. Although the launch is not scheduled for anytime soon, Facebook is all set to rule the global financial system with its Libra currency.
We are still in anticipation to see how the world would react when Facebook actually makes Libra available to people almost anywhere in the world.
We are expanding our list of supported assets by incorporating one more token this week.
Today, we have integrated SALT Lending token SALT in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.
SALT is the native token of SALT lending platform which makes access to Blockchain-Backed Loans possible. It stands for Secure Automated Lending Platform which is a Blockchain-based platform created to allow keeping your crypto as collateral when applying for a cash loan. This enables you to utilise the value of your Blockchain assets in case of an emergency without actually selling them off.
SALT Tokens are ERC20 based tokens which are used as membership tokens. A user utilises these tokens to become a member of the SALT lending platform. Additionally, he can also leverage these tokens to pay off loan interest, be benefitted by better rates on loans and buy products and services from SALT’s online store.
About COSS Wallet
COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains.
COSS Wallet offers various in-app services:
COSS Star Rating — Earn COSS Plus reward points on every next star rating you achieve.
Address Book feature — Save your wallet addresses just like you save your contacts in the phone.
Mobile bill payments & Recharges — Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries.
Instant cryptocurrency conversions — COSS Wallet allows you to convert your cryptocurrency instantly.
Send and Recieve crypto with an industry-first GPS-based “Near-By” feature — Now transfer cryptocurrencies instantly nearby without any hassle via GPS.
We are making every effort to bring the best services to our users and expand our partnerships.
We are expanding our list of supported assets by incorporating one more token this week.
Today, we have integrated Status Network Token SNT in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.
Status is an open-source messaging platform and mobile interface to interact with decentralized applications that run on the Ethereum Network. It was launched in 2017 aiming to overcome what have become common problems today, faced by users, like loss of control over personal data and over-reliance on existing centralised financial and banking systems.
Status Network Token SNT, is the native token of Status which is used to fuel the Status Network. Status aims to be a hub for any type of Ethereum-related activity — it can be managing investment portfolios, paying in physical stores or verifying identity. It plans to act as a service provider for all the 1800+ tokens on Ethereum blockchain.
About COSS Wallet
COSS Wallet (previously Arax) supported 12 cryptocurrencies across multiple blockchains at the time of launch. Staying true to our word, we have now successfully integrated 20 new assets over a short period of time. We now support 32 cryptocurrencies, across 9 blockchains.
COSS Wallet also offers various in-app services including mobile bill payments & recharges via cryptocurrencies. We also offer instant cryptocurrency conversions and a unique feature to send crypto with a industry-first GPS-based “Near-By” feature. It is a single storage app for multiple digital assets that gives each user true immutable ownership, and we are currently building to add several financial services to the product.
We are making every effort to bring the best services to our users and expand our partnerships.
Several nights of surviving on caffeine, multiple canceled vacation plans, having small treats of meeting tight deadlines, a few grumpy family members and a happy boss. The development team of Arax Crypto Wallet has finally taken a breath of relief after having gone through it all, with the rebranded and updated COSS Wallet finally making its way to the app stores.
All of us remember the big merger of LALA World and COSS.io that created the COSS Group — a larger Crypto One Stop Solution ecosystem. With a new name of the parent company, we decided to rename our beloved crypto wallet to make everything unanimous.
Our developments are not just limited to giving the Arax Wallet a new name but also extends to the addition of two new features in the wallet.
Note: For existing Arax Crypto Wallet user, you will see an update notification on your screens so you just need to simply update your App to enjoy the new features. For new users- first of all, welcome to the family secondly, click on the links below to download the COSS Wallet and leverage the benefits provided by it.
One of the innovative thinkers in our team came up with an idea which was purely born from the womb of his laziness. He thought, why to copy and paste the wallet address of people every time you want to transact cryptocurrencies. Instead, it’ll be a great idea to save them just like we save contacts on the phone. Voila! We have an address book feature in our wallet that allows you to do just that.
How to access it
Open COSS Wallet>Click on Account icon>Go to profile>Click on Address Book.
You will find a list of all your saved contacts divided into two categories, COSS and Non-COSS. To add a new contact,
Click on (+) icon> select COSS/Non-COSS user> enter the details>click on save.
It’s that simple!
2. COSS Star Rating
The Star Rating of the COSS Wallet users is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile.
Not just that, COSS Plus reward points are awarded to you for receiving every next star rating. These reward points can be redeemed to make mobile top-ups or can be exchanged for COS tokens (1 COSS Plus = 0.1 COS).
How to earn Star Rating
Receiving each star rating is very simple and rewarding. Here is all you need to do:
1 Star Rating — Getting your first star is the easiest. All you need to do is successfully verify your email which is also the first step required to create your wallet. Easy points!
2 Star Rating — When you receive the second star, you will be rewarded with 25 COSS Plus points and unlocks the mobile recharge services. All you need to do is create a COSS id and verify your mobile number.
COSS Wallet supports mobile recharges in 160+ countries and for 900+ operators allowing you to recharge mobiles of anyone, anywhere, and anytime.
3 Star Rating — Things become a bit serious here. Just kidding, all you need to do for this star is complete your KYC process. Completion of this step will reward you with 50 COSS Plus points and will unlock the upcoming crypto lending and fiat to crypto services.
There are five simple steps to complete your KYC process.
Identity: Upload either your passport, national id or driving license. Make sure that your ID is not expired, the photo should be in color and clear with all the text and four corners of the Id visible.
Personal: Fill in your full name, date of birth, citizenship, and gender under this category.
Selfie: As the name suggests, upload your selfie clicked in good lighting conditions.
In-person: Here you need to upload a video with your face clearly visible. You need to speak your name thrice and the date of video recording. It shouldn’t be more than 10 seconds and 100MB in size.
Address: To verify your address, upload a picture of the front and back of either of the three documents- passport, national ID and driving license.
4 Star Rating — After you receive your 4th star, you will be entitled to receive 100 COSS Plus points. This step is necessary to be an active participant of all the ongoing social media campaigns of COSS and earn rewards.
For this, you need to link your social media accounts including Google, Facebook, Twitter, LinkedIn, and Telegram with your wallet account.
5 Star Rating* — Coming soon
COSS Wallet will be introduced with Biometric and Facial recognition in the near future which you will have to complete to get the 5th star. Also, you will be rewarded with assured COSS Plus points after the completion of this step as well.
What to expect in the future?
The entire team is working tirelessly to come up with rewarding marketing campaigns and new features. We will soon be integrating these reward systems and features across all COSS platforms.
Have a suggestion or found a bug?
If you have a suggestion for us or encountered any problem during your experience with COSS Wallet then please send us an email detailing your problem/suggestion along with screenshots (wherever applicable) at email@example.com.
Disclaimer: These awards may be subjected to alterations based on the discretion of the company. The company holds all the rights to make any changes in the rewards allocation at any time it deems fit.
Clarification: The levels are to be considered as ranges like 0–500,000, 500,001–1,000,000 and so on. The numbers you see in the table are the higher threshold number in each level.
A counter to track the volume on your individual accounts will be implemented in August.
Spiking’s SPIKE has been listed on our exchange. There was a joint announcement on the 6th of July as well as a facebook video between Clemen and Rune, and we are now into the 3rd day of the listing and trading promo. 5 million SPIKE is up for grabs!
– COS token withdrawals have been successfully implemented. If you prefer to store your COS tokens on an external wallet and still receive your daily FSA, please refer to our guide. The swap has been going smooth and we have been watching very closely. At the point of writing, there are about 175 million COS tokens in circulation. Do take note that CMC has not updated our circulating supply; their site still shows up as 119 million.
If you had transferred your COS to the same wallet as you used for COSS and had setup the identifier, you do not need to do anything. The external identifier needs to be setup for wallets not previously mapped with the same.
– We are delisting the following projects on our exchange. Trading was stopped on 28th June for all the following tokens:
FYN — FundYourselfNow
SENC — Sentinel Chain
STX — Stox
CAN — Canyacoin
OPQ — Opacity
TRAK — Trakinvest
ITT — Intelligent Trading Foundation
NOX — Nitro
PIX — Lampix
VZT — Vezt
Withdrawals of these coins and tokens from COSS will continue to be supported until 11.59PM GMT+8, 28th July 2019. Please make sure that any above tokens that you are holding in ANY of your COSS accounts, are transferred or withdrawn, including your FSA accounts.
– As mentioned earlier, we have taken steps to delist non-performing pairs. Pairs optimisation is next on the agenda and goes hand in hand with liquidity and volumes. We will be cleaning up the trading pairs on the exchange, and this is scheduled to be done after negative maker fees implementation. This process will be undertaken by the token review team, and it will be a continual review process from now on.
Concurrently, our token review team has also reached out to some of the listed projects on our exchange to maintain minimum volumes, while we also discuss possible promotions with them to bring in their respective communities.
– Our multi-sig warm wallets have been updated on 28th June. This is not a visible change for you, but it is an important part of our ongoing upgrade process. We are continuously working on enhancing the security of these wallets by putting proper policies, rules and structures in place.
– We published the first letter by our CEO, Sankalp, addressing the joint community. This will be the first of his monthly updates, and Sankalp will be outlining our plans, vision and mission for COSS in these letters. If you are interested in the direction of COSS post-merger, this is a letter you will find informative.
– Arax wallet has been rebranded to COSS Wallet. This marks another step towards the merging of our products into a unified ecosystem. You can find the updated apps on your preferred app stores. Again, this takes a significant marketing and development time to implement but it was an important step towards a unified brand and goal.
– In the latest update, COSS Wallet is upgraded with the following features:
COSS Rating: It is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile. For example, the second star unlocks mobile credit top-up services. All you need to do is create a COSS ID and verify your mobile number. We intend to implement the features on the exchange as well while designing the mobile experience, in time to come. No timelines yet, don’t run ahead of y/ourselves. 🙂
Address books: COSS Wallet now lets you save crypto wallet addresses just like contacts. No need to copy and paste the wallet address of people every time you want to transact cryptocurrencies. This is to make the transfer experience easy. Download the wallet and try out some of the features! While you are at it, don’t forget to use the Nearby GPS transfer function between family and friends.
Now, on to some updates & new developments we are working on:
Node Upgrades: We apologise for the delay in node upgrades for many months. As a first priority for July, we are going to bring BCH and Horizennodes back online, followed by the other nodes in the next few weeks. We will update you of our progress and we are working actively to bring the nodes up as soon as possible. Lisk and Ark nodes have been restored earlier and are fully operational.
New Blockchains: Now that the existing nodes are a priority, we plan the future alongside. To enhance token usage and value, onboard new users, instill liquidity, it is essential that we continue to list new blockchains and their ecosystem tokens. We are working on that as well and will include details in upcoming updates.
New FSA Structure — After implementation of negative maker fees, trading tech team is now working on the new FSA structure that we promised for July / August. The idea is to simplify the FSA structure, fee collection, token allocation and distribution as described in the last update. As for the FSA dustin user accounts, we are considering multiple options, as it needs some dev time. We shall announce the exact details when we are ready to implement these changes.
Bug & Features Fixes: The team has been fixing some of the most common bugs based on feedback from our users over the past few weeks. We are getting the issues resolved in batches. These are being tracked internally and we shall notify the community where possible. These include fixing the ‘failed to submit KYC’ error on the exchange which has been persistent.
The entire operations team has been revamped under the leadership of Ranjit as COO — he has been leading this brilliantly for LALA World/Arax support, feedback and operations functions and now quickly updating the processes for COSS.
Exchange Liquidity — This is the most important task that our CEO Sankalp Shangari, along with Rune, are actively working on every day. Here is a list of things being worked on to address this –
Negative Maker Fee — will be implemented on 11th July, 2019
New project listings — token listings have begun again and we are adding more in the queue
Super Trader Programme — Internal project code-named ‘The COSSanova Programme’ — keeping it under wraps for now but more details soon… watch this space!
Listing popular and top tokens but with more depth on order books and planning
New blockchains to attract new users and respective communities
Marketing initiatives — More details soon, including the much awaited COSSmonaut ambassador and referral programmes to expand into more geographies
The mobile app team is working closely with the exchange product team to figure out the best way to synch and enhance the user experience, which will bring lot of much expected upgrades to the mobile app.
As a step towards improving the trading fee structure for traders on COSS.io, we implemented 0% maker fees on 27th May, this year. This was an interim step towards introducingnegative maker fees.
The moment we have all been waiting for… COSS is pleased to announce that negative maker fees will be implemented this Thursday, 11th July at 11.30 am GMT +8.
The exchange will be under maintenance on Thursday, 11th July between 11.00 to 11.30 am GMT +8 to implement this new fee structure.
Here is the new trading fee structure:
*Trading fees paid with COS tokens earns traders a discount of 25% on positive trading fees, where applicable.
What exactly is negative maker fees? In short, traders earn an incentive for posting liquidity in the order book.
There are several advantages to COSS and the community and in line with our vision of “Community First” & “Simple First”.
COSS has now become one of the very few exchanges in the world to have implemented negative maker fees along with the likes of BitMEX. Every step that we take henceforth makes sure that our community is kept first, while also ensuring that new users coming to our exchange are given the best trading platform possible.
The updated fee structure we are implementing can also attract more liquidity — by incentivising market makers to build a deeper order book. There are several other initiatives planned that should lead to further liquidity on COSS. We will be making more announcements in the coming days and weeks regarding those.
This is in line with our plans and promise of delivering results, and swiftly, in July.
Nothing more needs to be said. Happy trading and enjoy the negative maker fees!
DISCLAIMER: COSS reserves the right to update this fee structure at any given time in the future depending on market circumstances and regulations.
This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. This post is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.
COSS.io will be listing Spiking SPIKE token on 8th July, 2019.
SPIKE is the utility token of Spiking — a platform that allows you to gain market intelligence by helping traders of all levels to make better decisions.
Spiking has already won multiple awards in traditional trading markets, giving traders the ability to track the movement of ‘whales’ — what they define as significant market movers who have access to key information before that information is available to the public. Now, they are bringing their technology to the crypto sector.
By giving you the ability to follow ‘whale’ trades in the cryptocurrency market, they want to give you an even playing field, just like what they have done for traditional trading.
SPIKE will be available on the SPIKE/ETH and SPIKE/BTC pairs.
We are kicking off a trading promo for the SPIKE token along with the listing. Wallets are now open for deposits.
The trading promo will run from 08th July 2019–16:00 GMT +8 to 04th August 2019–16:00 GMT +8.
Here are the reward details for the trading promo:
Reward pool: 5,000,000 tokens
Number of rounds — 9
Each round period: 3 days
Each round pool: 500,000 SPIKE
The 500,000 SPIKE prize pool will be reset at the end of every round.
Top volume trader across the entire trading campaign wins a bonus of 500,000 SPIKE
Rank 1 : 10%
Rank 2 : 7.5%
Rank 3–5 : 5%
Rank 6–10 : 3.5%
Rank 11–20 : 3%
10 random traders : 2%
Rewards will be distributed post the promo end.
Spread the word and happy trading. You can expect to hear from us again soon. 🙂