would like your thoughts about xgalaxy.io



  • Firstly, this is my first time to post something, here so bare with my, but i alway look at a bunch of the discussions and do my research here and i decided to try it out and see how it goes.

    I have been monitoring this project (www.xgalaxy.io) for the last month and a half, since they launched their discord channel. Just to give you a summary about what they are doing: They are building a binary options platform but rather than using USD, Euro or in general any currency, they have built their own(XGCS). They are using x16r and its mineable and has masternodes. What really got my attention besides the binary concept, is they were doing testnets in front of the community before launching their blockchain, and they didnt do any presale as they just put a 5% dev fee, and 3,000 coins to setup the inital masternodes. The total supply is 50,000,000 which will take about 12 years.

    Now they just launched last week, and the reward model is basically, 95% for miners and 5% dev fee for the first month, after that it changes to 40% Miner, 55% Masternode, and 5% dev fee. They also have an interesting masternode collaternal design, where it starts with 1,000 for a couple months than it will upgrade to 3,000, and so on to 20,000. All previous masternodes collaterals wont get rewards. The other interesting thing is the ROI in relation to the collateral changes, assuming at every level there is 50% of the supply locked.

    The mining so far is insane, for the first month there is only 50,000 coins that will be generated, and the amount of hashpower on it daily as been between 30 - 50G. I also remember some people were talking about using nicehash and how it will mess this up, but they are using DGW for difficulty adjustment. They also said they will be listing it on escodex this week, which is like cryptobridge even though i dont like the volume on it but for a new coin i think its a good start.

    Looking forward to your thoughts.


  • administrators

    Thanks for the thoughtfull post @notorious2018 ! This is quality Due Diligence. I appreciate you putting this project on my radar. I did not know about it before your post. It has indeed a lot of green flags (no presale, quite a low premine, dev fee, high interest). Solid work! 

    I like how they came up with this MN collateral structure. It's more incentive to hold. I've usually been against collateral changes, but when it's done this way (changes are pre-set and known to everyone), it can be quite positive.

    I'm pumped you brought this to my attention and look forward to look at it more in depth.



  • @kelnel thanks for your reply. let me know when you do your due diligence. 


  • Global Moderator

    wow that's a very interesting project you found there. I'll definitely check it out.  Thank you for your valuable insight👍


  • administrators

    What I really want to go in depth on when I get time is the use case for the coin. The structure and the "CoinEconomics" seems on point. But I'm not sure about the use case. This is what I'll be digging for. 



  • @kelnel It would be really nice if you share with us if you find something about this part!


  • administrators

    @Veldiv67 
    I have not had time to do deep analysis on this so far. Have other priorities at the moment. Im looking into SWARM and REN. Giving quite some thought as it is big investments



  • @kelnel 

    Thank's for your reply anyway, i'll have a look on this 2!



  • @kelnel I'm also keeping an eye on REN 🙂


  • administrators

    Thanks for the overview @notorious2018 - Like the dev fee strategy and the binary options are fascinating but I don't understand the changing collateral strategy.  While holding lots of masternodes the last thing I personally want to have to do is actively manage them ongoing with such collateral changes.  I want to buy great projects - install them once and hold them while the stakes come in.  Why would I want to reinstall again at 3K & 20K?  And if I haven't accumulated enough XGCS - I'd need to go out an buy more...  Ughhh.

    I think the goal as a investor is to receive PASSIVE income from masternode investments and this seems like a step in the wrong direction.

      


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