Xelis October Update: Development, Marketing and Community

5 min read19 hours ago

Welcome to this month’s Xelis development update! We’re excited to share the latest progress and upcoming initiatives within our blockDAG ecosystem as we continue to enhance our decentralized finance, privacy, and blockchain technology offerings. Here’s what we’ve been working on:

1. Multisig for Private Balances

We are currently working on adding a multi-signature feature specifically for private balances. This enhancement will provide an additional layer of security for users’ private funds, requiring multiple approvals for transactions.

2. Smart Contract Integration

Our team is in the process of integrating smart contracts into our platform. This integration will allow for greater flexibility and functionality, enabling developers to create more complex and feature-rich applications, as well as launch private assets/tokens within the Xelis ecosystem. A more detailed smart contract update was provided two weeks ago and can be viewed here: XELIS: Smart Contracts & VM Update | by Xelis Community | Sep, 2024 | Medium

3. Reworking BlockDAG “Fast Sync” Mode

We’re actively reworking our blockDAG node “fast sync” process to improve efficiency and stability by fetching “all spendable balances”, thus making it as stable as a full chain node and to prevent any potential errors & bugs that have happened. This enhancement will contribute to a smoother onboarding experience for new users and nodes.

4. New Xelis WooCommerce Payment Plugin

Exciting news for e-commerce users: we’re developing a new WooCommerce payment plugin! This plugin will facilitate seamless transactions using Xelis on WooCommerce-powered sites, making it easier for businesses to accept Xelis as a payment option. This plug-in will work as a proxy to your real wallet address by setting up a “hot wallet” on your website to receive all transactions, and once confirmed, are automatically moved to the configured wallet address. Wrong amounts/transactions will automatically be refunded to the payer. This plug-in will be different from our other solution we are working on, XELISPay, which is a standalone library that can be included in any website in which you have more control. The WooCommerce plug-in is a one-click ready solution to accept XELIS payments on e-commerce shops. The first implementation of this Payment Application is expected to be utilized in our coming soon, third-party run XELIS MERCH Store.

Sneak Preview of XELIS PAY Plug-in for WooCommere

5. New Genesix Wallet v0.0.6 UX Update

Our latest update to Genesix (v0.0.6) is in progress, focusing on improving the user experience. We’re enhancing the interface to ensure it’s more intuitive and user-friendly, making it easier for all users to navigate and utilize our services. It will also include bug fixes, and tools for developers for debugging more easily. Features that will be added are: USD balances if enabled, burn confirmation screen, exporting of transactions to a CSV Files.

6. New Xelis Discovery Quests

We’re planning to begin development soon on Xelis Discovery Quest which will provide interactive guides designed to onboard newcomers to the Xelis ecosystem. These quests will make learning about our platform engaging and rewarding, helping new users familiarize themselves with our tools and features.

7. Whitepaper

Finally, we’re in the process of drafting our official whitepaper. This document will provide in-depth insights into our technology, architecture, and the innovations we’re pursuing, offering transparency and clarity about the Xelis ecosystem.

8. Content/Marketing

We were excited to announce the launch of our “The Cryptocurrency Trilemma and Its Evolution into a Quadlemma” essay and accompanying content campaign, which explores the critical importance of incorporating privacy into blockchain technology. Our analysis delves into how adding privacy elevates the complexity of the Trilemma — scalability, security, and decentralization — by introducing an essential fourth dimension: privacy.

In this essay, we argue that achieving true cryptocurrency success hinges on the integration of privacy features, which not only enhances user security but also fosters trust and adoption. By addressing privacy, we believe that we can unlock the true potential of blockchain technology, making it the ultimate solution in the quest for a balanced and effective cryptocurrency.

Our campaign aims to engage the community and raise awareness about the significance of this perspective. Through compelling content and outreach efforts, we hope to inspire discussions around the Quadlemma and emphasize why solving for privacy is the true holy grail for the future of cryptocurrencies. If you haven’t had a chance to dive into the essay yet, please read it here: The Cryptocurrency Trilemma and Its Evolution into a Quadlemma | by Xelis Community | Sep, 2024 | Medium

9. Legal Opinion Obtained

XELIS has obtained a comprehensive legal opinion to review the regulatory status of XELIS ahead of future exchange listings. We’ve had our protocol reviewed under key regulations, including EU MiCA, MiFID II, PSD2, UK FCA guidance, US Howey Test, Swiss FINMA, and Singapore’s PSA. Stay tuned for more developments as we drive for global adoption of our platform.

Thank you for your continued support and engagement! We look forward to sharing more updates as we progress with these initiatives and enhance the Xelis experience. Stay tuned!

Community Stats:

Discord Members: 7051 members

(6950 9/6, 6701 members 8/19, 6634 members 7/26, 6000 6/25)

Telegram Members: 2964 members

(2983 9/6, 2837 members 8/19, 2662 members 7/26)

@xelis_project-Twitter/X Followers: 6511 followers

(6165 followers 9/6, 5609 followers 8/19, 5130 followers 7/26)

@xeliscommunity, Twitter/X Followers: 1079 followers

(860 followers 9/6, 718 followers 8/19, 563 followers 7/26)

Mining Stats

Current Hashrate: 3.45GH (5.4GH 9/6, 5.3GH 8/19, 4.3GH 8/15)

# of Miners: 5809 Miners (7557 9/6, 6751 8/19, 5923 8/15) (as per https://www.miningpoolstats.stream/xelis )

Pool Percentage of Hashrate: 54% Herominers, 20% K1Pool, 12% Vipor, 12% Kryptex, 0.4% 666pool, 1.4% Baikalmine, 0.7% solopool

Community Posts of the Week

The XELIS team is actively advancing our business development efforts to drive global adoption of our protocol! A big thank you to bitwiseintel for the fantastic retweet regarding our recently obtained Legal Opinion!

We’d like to extend our gratitude to Bitoz for recognizing our values regarding the adoption and marketing of the XELIS platform. Our team has refrained from engaging with paid shillers or influencers, as we firmly believe in organic grassroots marketing. Our focus is on creating strong, compelling content and real use cases that resonate with our community!

We’re excited to have you aboard the ❖ train, CryptoMX_! Thank you for taking the time to read our breakdown of the “Quadlemma.” We believe that adding privacy to the Trilemma not only increases the complexity of its resolution but also represents the true holy grail of cryptocurrency. Your insights and engagement are greatly appreciated!

Thank you for taking the time to read this article on Xelis. If you enjoyed the content and found it helpful, consider supporting my work by sending a tip in Xelis $XEL. Your contribution goes a long way in helping me continue to create quality content like this. Your support is greatly appreciated!

— Cyber (Telegram: cybernated_coinage | Discord: cybernatedcoinage )

Tipping Address:

xel:82zfcy3aa2pk2rzx6jpfnv7u3vkjcxhqs3hyghj45u9g2ccrrslsqk3vm3x