Live Q&A with the Community 03/07/22
Welcome to the recap of our third Open Q&A with the Community. Like always, we’d like to thank everyone who participated live in the event.
We went through 1 and a half hours of updates & developments + interesting questions, proposals and ideas, while helping clear out many doubts the community had in regards to our present and future plans. Please find the highlights of the conversation below along with the responses to the questions raised by our community.
These live Q&A sessions will be taking place weekly during the next 2 months! So please come join us in Telegram to keep up to date - https://t.me/Official_ProjectX
Xillion Platform Updates & Developments
Here’s an update given by the Project X team, on what’s going on with the Q1 development goals.
Most important - Platform Development
There are a few important pieces of news to address before we get down to the exact features. We have mentioned several times before that we were actively looking for developers for the last 3 months. So, finally, since Friday we have started onboarding several new developers to speed up the development.
Currently, we have onboarded 3 new developers, who should be able to speed up the process of development and increase the quality of the product. At this moment, all of them are reading through the documentation and reviewing the code which their colleagues have written so far. We also have stopped working with 2 developers (outsourced), who provided the project with several delays in a row and whose code failed a regular monthly code review by our Senior tech exec. So we have replaced 2 old devs with 3 new devs and expanded our team size (it’s 7 people who work on the platform development now).
As you can see, we are not only expanding the team, but also increasing the quality of developers which is very complicated in this market. We believe that from this week on, the development will be going faster.
1 . DAO available for XIL:
This feature is about letting users invest in DAOs by using XIL instead of BNB. Currently, it’s under development. The most complicated thing is that this feature heavily depends on the Staking for Allocation feature as well. So to make it work correctly, we had to almost totally re-write the Staking smart contract and write from scratch the investment smart contract. So that has added almost 3x to the initial scope of work. Good news is that it’s about 60% done at the moment.
2. Staking for Allocation:
The first version was done a few weeks ago and has been updated / published on the Xillion.one website. But there’s some additional features we'd like to add to this Staking functionality.
What we are changing:
- We want to change the duration of the staking. Potentially, to let users select the duration of staking.
- We want to make allocation depend exclusively on staking duration and the amount staked. (In the future Xillionaire Badge NFT will automatically add a boost to the allocation as well)
- We’re working on connecting Staking for the allocation to BNB and XIL pools of the same projects. That’s the biggest thing we are working on now in this task. Because one staking contract should be able to distribute allocations for two different, independent smart contracts, with different parameters (such as payment currency for example), which at the same time are under the one DAO’s fundraising.
It’s 50% done, but there are still some tasks our developers are actively working on.
3. Governance / Voting:
55% done. Developers are completing the integration / adjusting some features. Right after this, they will begin connecting it to our ecosystem and start testing.
4. Submit your DAO:
45% done. This feature is quite complex in terms of how it should ideally work. So, the first iteration would be quite simple, but still very important. We will let everybody submit the DAO to the platform so we can review, then let our token holders vote before finally deciding whether we can launch it or not.
5. Ambassadors program:
80% done, polishing some things + adjusting an essential functionality. (Especially the way how we reward our Ambassadors and how we control what they actually did for the promo)
We had a call with the devs on Friday, so all the status sections and estimations are coming from them.
NBA / Hip-Hop DAO updates
Nothing has changed since the previous discussion we had with you guys during the Q&A live session more than a month ago. Unfortunately, it has been experiencing resistance from the regulators. The SEC has started an active investigation regarding fractionalized and non-fractionalized NFTs issued by US-based residents / Celebs.
Therefore, none of them will be doing this kind of thing in the meantime. We do not have control of this matter, since the Regulator(s) have opened a large scale investigation. This means that their decision has been made and they consider fractionalized NFTs as securities. More importantly, it seems that they consider some of the celebrity-issued NFTs as securities as well. Therefore, it’s legally impossible to do anything with that for the moment being.
Info on Insta DAO and MasterCraft Pool
First of all, our new procedure of getting allowed to launch on Xillion (Raise a private sale in your community firstly) works perfectly and helps us to avoid these kinds of situations with projects.
What is happening exactly with the Insta DAO is very interesting. As you know, there are three Instagram bloggers who joined this single DAO, and like all of many creative persons, they are quite hard to deal with. For the last few weeks, they have been arguing with each other about how to go about doing the DAO, and eventually decided to stop doing it together. Funny thing is that they haven’t even launched a promotion campaign.
However, good news is that the largest blogger from this DAO, MS PUYI (16MM followers), decided to launch it in a solo way. So, the next step for the MS PUYI team is to start promo and prove to us the fact they have a demand from their followers.
Community Q&A Talk 03/07/2022
- The percentage of completion is unclear; what is the estimated time for completing tasks?
So all of them were scheduled for the Q1, which means they have to be completed in Q1. All the developers know that, and they aim to complete them on time. But as usual, they give this progress bar like (50% ready, etc.). As I see that now, most of them should be done till the beginning of April. But there might be some insignificant delays, since all of those things are smart contracts, so they need to be audited by 3rd party auditors before publishing. Sometimes it goes fast, sometimes it takes more time (depending on the results + the workload of the auditor).
- Do you plan to integrate Matic as a multichain (is it still in the plans)? When?
That's the plan. This task is important but not the number 1 in this scope. Since, first of all, we want to add more new features to the platform.
- Do you have any strong connections in the crypto world, and regarding that, do you plan to be listed in any new top tier exchanges in the near future? When?
Yes. Check all the recent QA’s, you will find all the answers to these questions there.
- What is the news about updating coin info on CoinGecko, CMC, and BSC?
It was updated on Coingecko a month ago. We are still waiting for CMC and BSC.
- I wanted to ask what the value proposition of the Illuvium DAO is and the role of co-curators?
I’m glad you asked!
There are few key things:
- Part of the DAO tokens (since the DAO has allocated 15% of its supply to the team). So the co-curator will be eligible to receive a part of those tokens.
- Access to the decision making process. Co-curator is the most important person in the process. All the key decisions will be made with the participation of this co-curator.
- And of course there are a lot of other benefits as well.
- So the co-curators will help decide how to best allocate funds for the DAO?
Yes, the curators will be able to decide what assets to buy. That’s actually the main functionality of the curators
- Is the market situation affecting decisions on the announcements, new project’s improvements, project promotion, etc?
That’s affecting promotion plans as well as some new launches.
- Are there any plans to balance it? Obviously the US is the biggest and strongest market.
So, as you can see the biggest thing we are working on in terms of the launches is a Gaming DAO, the first step is Illuvium DAO, so we will be actively focusing on gaming-related DAOs to get a gaming market’s share as well.
- I’m aware that you have a VC background and therefore must have a lot of lucrative seed/pre-seed deals coming your way. Is there any chance you could set up an Investment DAO where we invest alongside SMC capital? The benefit for whoever we invest in would be they would automatically have 1000s of early adopters with a vested interest in the given project.
Yes, there’s a lot of deals like this. We actually have a plan to launch an Investment DAO (as we mentioned in the strategic vision document), to allow all the $XIL holders to participate as well.
- Could we as a small community do anything to help you and this project so we can take off?
Absolutely. So, the first and the most obvious way is to launch your own DAO on our platform for example.
That will be a win-win, as you will be actively promoting your DAO and the platform itself.
- A good idea would be a DAO with projects very complicated to be whitelisted (Coinlist for example)
Yep, that’s what Investment DAO will be doing. I’m not sure about Coinlist etc. But we would be getting allocations from some oversubscribed projects and DAO members will be able to participate. The only thing is that their first fundraising rounds are usually quite small.
- The DAO members would participate or just the DAO itself?
So if DAO participates, all of the members (token holders) automatically and indirectly participate as well.
- Are you backing up in supervising curator actions after the DAO is delivered? They need to take more responsibility for what happens next. Example DJ Soda.
So, the initial structure is the following:
Curators firstly buy some of the assets they consider good.
All the next movements (new assets purchases, etc.) will be done only if the DAO votes for it.
So the DAO should be eventually decentralized, like at the beginning it’s hard to make it diversified enough, but after 2-3 months that will be fully managed by the DAO, where Curator(s) are leading the process, but the DAO votes for all the major decisions.
- How do you apply to become a curator?
You can contact Josh, Nathan or Ben, and they will help you with that.
One last message to the community:
If you have any Partnerships / Business Development / KOL / Promotions / anything like these requests - reach out Nathan or Ben. That’s the easiest way.
Also, if you guys are representing some communities, no matter how large or small they are, you can also explore our platform as a tool you can use for launching your own DAO. For this kind of request just ping Nathan or Ben as well.
Finally, for those of you guys who want to suggest any ideas, ask questions / discuss the project:
The best way to do it - is to ask it here on our Telegram Channel. That’s why we have a community chat. Team will answer all the questions as quickly as possible, etc. This way your offers will be reviewed by the team and you will get feedback. We appreciate any help or ideas our community provides us with.