XendBit Project Overview

BRAINERDPAUL

The world of cryptocurrency has drastically expanded, along with a corresponding ecosystem of supporting services, and should be doing everything it can to attract institutional investors. With $130 trillion of assets under management worldwide, institutional investors could have a huge positive impact if they moved even a tiny fraction of those funds into crypto, whose market cap remains under $300 billion.

Cryptocurrency exchanges, allowing people to trade within crypto as well as to and from fiat currencies, are a critical part of this however due to an explosion in demand they have difficulties keeping up with the sudden market growth. As a result, many of them have been forced to prioritize maintaining and supporting their own systems rather than the development and innovation. Some have even had to pause their on-boarding of new clients, unable to handle the influx, due to their fundamental inability to scale fast enough. In order for the industry to grow, brand-new exchange platforms are demanded by the market. XendBit is a decentralized blockchain platform for remittances, payments, disbursements, deposit of value and credit. Centralization of exchanges is vulnerable to internal and external security risks.

The XendBit wallet uses KYC which is verified by the bank and developed in exchange. XendBit will be a platform for activating new blockchain-based financial services, utilizing new opportunities presented by the blockchain ecosystem such as smart contracts, ICO, crypto-loans, business financing, and tokenisation that will drive digital identity, registration of certificates and verification services.

About XendBit

XendBit is a decentralised blockchain platform for remittances, payments, aid disbursement, store-of-value and credit. The XendBit wallet uses bank-verified KYC and is being developed as an exchange. XendBit will be a platform to enable new blockchain-based financial services, taking advantage of the new opportunities presented by the blockchain ecosystem such as smart contracts, ICOs, crypto-loans, venture financing, and tokenization which will power digital identities, certificate registration and verification services.

Centralised exchanges are susceptible to internal and external security risks. The XendBit wallet uses bank-verified KYC and is being developed as an exchange.

XendBit is positioned to be the solution of choice for the following service offerings and benefits:

Decentralised crypto-exchange and wallet with enhanced security.
Transparent aid disbursement and management.
Payments and remittance.
Easy access to account opening and other financial inclusion services.
Decentralised applications (dApps) development platform.

About XendBit Services

XendBit is a fully decentralised blockchain platform that allows users to trade safely and securely without risking customer funds.

XendCash

Remitting cryptocurrencies and instantly transferring value in any currency anywhere in the world through instant settlements.

XendAid

Leveraging blockchain technology to empower and provide grants and disburse aid by transparent, immutable & cryptograhic processes.

XendCredit

Application of blockchain technology for financial inclusion with access to credit after account creation.

FEATURES

Smart Identity

Creating an identity on the blockchain can give individuals greater control over who has access to their personal information. Through the blockchain, identities can become globally accessible in a way that creates more transparency for service providers such as financial services, charities, donors, grant makers and sponsors. A blockchain-verified identity also addresses the challenges of establishing provenance, authentication and reconciliation faced by many industries. Xend's Smart ID is a DApp that enables the use of blockchain in areas such as digital identities, banking, passports, e-residency, birth certificates; wedding certificates and online IDs.

The Xend Smart ID Card offers a convenient way for individuals to make micropayments through an embedded RFID which stores the Xend wallet's private key, encrypted with a two-word phrase.

Smart Nodes

Smart nodes are blockchain nodes that require KYC registration of node owners, whereby the nodes run in a semi-permissioned mode with incentives (harvesting). Smart nodes are associated with a registered and verified XendBit wallet in a way that prevents the possibility of a 51% attack on the blockchain network.

Smart nodes will be further protected by a specially built Linux Operating System (OS) Live image comprising of uniquely selected applications, tools and packages with zero vulnerabilities that will ensure the highest level of OS security.

Smart Java Beans

SJBs are based on the concept of java beans, originally conceived by James Gosling, that can be run on the NXT blockchain. SJBs stateful smart contracts design is also drawn from the lessons of flexibility, scale, and security from digital circuit design principles.

SJBs must follow approapriate naming conventions. For example, methods that must return a value must begin with 'get' e.g. 'public long getAccountBalance(). These types of methods cost 0 to execute and don't affect the state of the SJB on the blockchain.

Xend dApps Platform

The Xend dApps platform inherently employs Java technology scalability features to handle high transaction volume. Often known to clog dApps networks, high transaction volume leads to slower transaction times and inflated fees as seen on other popular dApps-based blockchain platforms. Examples of Xend dApps include XendCash for remittance, XendAid for transparent and more efficient aid disbursement, and the upcoming XendCredit for financial inclusion.

Originally, NXT presented a powerful blockchain with a robust set of features as a leading 2nd generation blockchain. While NXT did not originally suppport smart contracts, they have now been added as part of Jerulda's implementation of lightweight contracts. It is noteworthy however that the XendBit team was able to implement smart contracts alongside Jerulda's current initiative.

How It Works?

Users are expected to download the XendBit wallet by choosing one based on their device such as a wallet for Android, MacOS, or Windows among others. The user will then have to buy coins from a list of sell orders in the exchange order book. The user can now send or receive Bitcoins or other digital coins to and from other wallets.

The XendBit exchange will have updated market information allowing traders to make informed trading decisions. There will be no hidden fees as all the fees are fully disclosed. The exchange also offers instant trading with blockchain wallet signed trades. The exchange is secured with encryption and biometric security to ensure the security of the user’s data.

THE UNIQUENESS OF XENDBIT

Unlike most global exchanges which are centralised, XendBit is the first decentralised digital asset exchange focusing on Africa.

Reduced Transaction Cost

XendBit features Xendcoin, which is native to the XendBit DEX. Transactions based on Xendcoin will attract lower fees.

Localised Tether Coins

As P2P trading becomes more fluid, traders can engage and settle trades faster than bank transfers or foreign TetherCoins.

Easy Bank Integration

The XendBit blockchain platform is able to integrate with most banks in Africa and beyond including Nigeria, Ghana, Kenya, South Africa and Rwanda.

Token and ICO Details

The initial Coin Offering (ICO) will be based on XendBit native token, XENDTOKEN. XendToken (XTN) is being offered as ERC20 tokens on the Ethereum blockchain. There will be a total 100,000,000 XTN tokens (out of a total of 200,000,000) for a capital injection of $15,000,000 softcap and $20,000,000 hardcap.

The private sale will end by the start of the presale on December 1, 2018 and will require a 1.25 Ethereum minimum contribution. All bonus structures will be decided and published before the public presale.

The public presale will end by January 2nd, 2019 and will be followed by the public sale and Initial Coin Offering (ICO) on 3rd Jan 2019, which will end either when the target is reached or on February 15, 2019, whichever is earlier.

Token Details

Token Symbol: XTN

Tokens for sale: 100,000,000

Token Price: $0.20 USD

Specifications: XEND token

Max circulating supply: 200,000,000

Token Distribution