UPDATE: 26th June 2019

By June 26, 2019Arax Crypto Wallet
COSS Update

Announcing the new Simplified COSS

Thank you for all your support during the COS swap. Executing the world’s first token merger was never easy and several precedents were set. We are glad that the community was happy and we were able to finish the swap on time. Now it’s time for our next deliveries and a SIMPLIFIED COSS. As part of our ongoing efforts toward the best product and a great user experience, we are focusing on delivering the following next, with the mantra — Simple things first.

  • New, simplified trading pairs
  • Our commitment to Negative maker fees
  • New and simple trading fee structure
  • COSS Wallet new features
  • And last but not the least, some news since the last update:

The COS token merger went live yesterday. We have been closely monitoring the swap process and it has gone through seamlessly. This was made possible with the hard work of all our teams in the past few days who have worked tirelessly behind the scenes, as you can tell.

The exchange was taken offline at 14:00 GMT +8 as planned and was back online in about 45 minutes with the token swap feature enabled.

The swap is the first major milestone in the development of the new COSS — the Crypto One Stop Solution ecosystem that we are building.

In this update, we share some of the features we are working on in the next development sprint.

New, simplified trading pairs

We have previously shared that we are going to improve the quality of listings on the exchange. With that in mind, we have started to simplify and reduce our trading pairs.

We intend to make the new pairs live within two weeks. A final list will be released closer to the release. We will continue to reorganise our pairs progressively hereon based on internal and community feedback. A separate team has been put in place for that. Their primary job is to take internal and external feedback, brainstorm, review our listing and delisting tokens and processes, and make sure we deliver most liquid pairs. SIMPLE FIRST. LIQUIDITY FIRST.

You will get a better selection of tokens to trade with, as we implement the changes. Some pairs with zero volumes and hardly any community, are in the process of being delisted.

Negative maker fees

With 0% maker fees already in place, we intend to keep our promise and implement negative fees for certain tiers within July / August.

Negative maker fees incentivises traders to profit from adding liquidity on our order books, which in turn allows you to trade seamlessly. Besides simply introducing negative maker fees, we are working on a much larger incentivisation scheme that needs a little more time to announce and implement. Again, this is in line with our well thought product delivery process and not a simple random click and bait.

Maker fee implementation requires integral changes to the code. The developers have been working on making sure the changes are permanent, rather than short term fixes every time. This would take a few weeks and we intend to implement this in the month of July. This might spill over to August but we rather deliver what we promise.

This is essential because besides code level changes, we have to take into account factors like negative trading fee and its impact on things such as the FSA.

Since COSS already shares 50% FSA and a 25% discount on trading fees, the full impact on our revenue needs to be studied thoroughly; afterall, businesses need revenue to run. There are not many exchanges with so much to offer, let alone negative maker fees, but we are committed to deliver what we have promised. This is your new COSS; a simpler COSS; committed to giving you the best product and experience to our traders and COSS family.

New FSA structure

We are updating to new quote pairs during the next few days, while others are discontinued.

BTC, ETH, COS, USDT for crypto & USD, GBP, EUR for fiat.

This change, once implemented, will improve one of our most important features: the FSA and make it simple to understand and earn.

As we reviewed our FSA model, an important observation was made. We realise and understand that while COS token holders get a vast, passive portfolio of all tokens traded on our exchange, they do not get a meaningful quantity of it.

We have taken the decision to change our FSA model.

COS holders have been requesting a simplified FSA. We intend to deliver this as part of our next deliveries in the month of July and August.

Our FSA fee structure will be changed to take fees from the quote pair and convert those fees to ONLY 2 assets: COS and ETH.

This consolidation means you will receive a larger amount of COS and ETH, instead of insignificant amounts of all the assets offered on COSS. This also simplifies our internal calculations, and gives us meaningful tokens to serve you better. Quality over quantity. Fees collected in quote pairs other than COS and ETH will be converted to ETH.

As a part of Crypto One Stop Solution, we intend to increase the utility of COS token multiple fold. With increased COS & ETH via FSA, this would prove even more beneficial in the short and long run.

COSS Wallet: next release

The COSS Wallet will see a new release next week which will include:

  • Complete rebranding to COSS Wallet — the wallet will wear a new look to reflect the change from to COSS Wallet
  • Support for COS tokens — you will be able to store your COS tokens in the COSS Wallet and export your private key to keep it safe
  • COSS Rating — a new feature that rewards active users based on profile completeness
  • A new address book — the new version of the app will allow users to split their contacts between COSS Wallet and non-COSS Wallet users to allow for quicker transfers

Roundup of what else has been keeping us busy…

Binance Chain (BEP-2) is now successfully integrated in COSS Wallet

COSS Wallet has added support for Binance Chain and therefore for BEP-2 tokens that are supported by the blockchain. The wallet now supports 8 blockchains, which will allow us to increase the number of tokens we support in the future. BEP-2 tokens will be enabled in the next few days.

COSS awarded the Top 10 Cryptocurrency Exchange in Singapore

COSS was awarded the title of ‘Top 10 Cryptocurrency Exchange’ in Singapore by World Blockchain Forum. Rune hosted a panel on Digital Finance in Asia and spoke about the world’s first token merger in his award acceptance speech.

Nirmal Ranga joins COSS

Nirmal Ranga has joined COSS as the Assistant Vice President of Trading & Operations. He will be responsible for exchange operations while developing high-end trading products and business strategies for the company. Prior to joining COSS, Nirmal worked with Zebpay as an exchange lead. Under his leadership, Zebpay was a leader in the cryptocurrency world, with a market share of almost 78% in India.

We are excited to have him on board and are sure that his experience will take COSS to greater heights. For more about Nirmal, please read our piece about him.

Rune at Tokenize Assets, Singapore 2019

Rune announced the COS token at Tokenize Assets, Singapore on 25th June as the world’s first token merger went live on COSS.io. He delivered an in-depth presentation on the state of cryptocurrency adoption in the world and how the Crypto One Stop Solution ecosystem will facilitate the same through innovation.

While these are just some highlights, there are several other features and upgrades the team is working on. With a new, simplified COSS, your continuous feedback, and a rejuvenated team, our work has just begun. A lot of busy days and months ahead for all of us. Meanwhile we thank you for all the love and support. Keep it coming.

You will hear from us again, soon…