31 Aug 202002:08
CXN Network AMA Recap
Cryptodiffer TeamHello, everyone!😁
We are glad to meet here:
Azeez Ibrahim, COO, CXN Network and Coxena
Azeez IbrahimHi, everyone!
It's nice to e-meet you.
Just like Maks has said, I'm Azeez Ibrahim, COO, CXN Network and Coxena Exchange 😊
Thanks Maks 😊
Cryptodiffer TeamOur team has prepared 3 questions for you to start with!
Q1: Can you introduce yourself to our community?
Azeez IbrahimHi, I'm Azeez Ibrahim, the COO of CXN Network and Coxena
I'm a medic and surely play with code.
I have worked in the marketing and business-development environment, and I'm very excited about what we have lined up on CXN Network and Coxena
Certainly, the next few weeks would be interesting 😊
Cryptodiffer TeamQ2: Can you briefly tell us what is CXN Network in 3-5 sentences?
Azeez IbrahimCXN Network is a tech company, whose aim is to deploy solutions in any industry as long as the growth potential indicator is positive.
The native token which powers CXN Network is CXN and it's tradable on Uniswap
Our first focus is financial inclusion market, and our first product, Coxena Exchange, is being built to service that domain.
The second product is a wallet, whose aim is to integrate centralized and decentralized financial structures
Cryptodiffer TeamQ3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Azeez IbrahimOn September 30th, the alpha version of Coxena was released.
Actually, Coxena is an exchange, which is designed to be all-in-one. That means you can trade crypto (BTC, and Altcoins), non-crypto (GIFT CARDS, PayPal, AliPay, etx) and fiats on the exchange.
In addition, remittances can be processed on the exchange as our ES system and P2P finance makes that possible.
After the release of the alpha version, the beta (at first glance) is already out and could be accessed at coxena.com
In the next few weeks, we hope to integrate some services like the exchange, savings, crowdfunding and lending facets as we launch the complete version of Coxena
Currently, we are in the middle of the private sale of COX, which is the native token and powers Coxena
Cryptodiffer TeamIt is time to move to the community questions part.
Cryptodiffer CommunityHow to keep the motivation for holding $CXN tokens long term? How is $CXN token used?
Azeez IbrahimCXN was issued during the earliest phase of funding and $250,000 was raised to get the product ready
As a CXN holder, you're eligible to receive COX, which powers Coxena and it is meant to allow us to scale when we Coxena is fully launched
In addition, as a CXN holder, you are eligible to enjoy a suite of utility services when CXN is unlocked for utility because, currently, it's a stakeable assets powered by a transfer tax.
The implication of this is that it is not very fluid currently, at least, until the wallet launches.
Let me grab an ama_article to further clarify this.
Cryptodiffer CommunityCan you give an overview of CXN Network Token tokenomics? Will the design of the token rise and fall with the success of the platform,does it include any scarce paths,such as equity, storage or burning?
Azeez IbrahimYup, there's an in-built burning function in the smart contract
And the burning happens whenever a transaction (buying, selling and unstaking) is executed on-chain
As regards the value creation, surely, we will keep creating value around CXN as the scope is beyond a single product
Cryptodiffer Community1. There is a CXN Token and there is a COX Token. Does these two tokens belong to the CXN Network or the COX belong to another network?
2. As a powerful mix of CeFi and DeFi, why has the CXN not been listed on any CEX exchanges so far?
Azeez IbrahimI love this question!
CXN and COX belong to CXN Network
While CXN powers the entire network, COX is a child token, which powers the first product without any misalignment of incentives
Kindly visit our Medium page as we have lots of ama_articles which explain the incentives around CXN and COX
CXN can't be on any CEX yet as we need on-chain activities to reward the holders and trigger the burning mechanism
This decision was made to create a reward channel for our holders while the products are being built.
CEX transactions are actually off-chain and wouldn't work with the model upon which CXN was created
That way, CXN wouldn't just be a trading instrument on CEX's
Cryptodiffer CommunityObviously, DeFi will not completely replace centralized solutions, so what ecosystem can the CXN create so that centralized and decentralized markets can interact with each other?
Azeez IbrahimOur wallet will showcase this as it aims to integrate centralized and decentralized financial structures.
The two will surely interact, and we are excited about the journey ahead
Cryptodiffer CommunityEvery Investor care about their investments and wouldn't want to lose any of it to rugpul or scam.
How secure would investor's funds be on your platform?
Where do you see CNX Network in a year's time?
Azeez IbrahimThere are some security measures we have put in place and we hope this wouldn't be an issue
In a year's time, Coxena would be fully operational and the wallet will be out.
I see something great happening in the ecosystem in 12 months
Cryptodiffer CommunityI haven't been lucky with investing in legit new projects. I am only concerned about two things which are Marketing and Rugpull/exit scams. What are your marketing plans? How can you guarantee the safety of investors funds and no rug-pull?
Azeez IbrahimFor CXN, the liquidity is locked, so there's nothing like rug pull scam here
As regards marketing, before the products are out, things might be slow on that front
But, post Coxena launch, we hope to see a lot of marketing activities as we grow our user base
So, marketing is, surely, something we take seriously but at the right time!
Cryptodiffer CommunityWhat can CXN Network offer to solve the scaling problem? And how does CXN Network deal with the threat of centralization?
We don't have a chain yet. Of course, if we see greenlight in that area in the future, maybe, there could be something like that.
We are building on Ethereum and if it continues to be an issue, we can always pivot.
On our radar, Polkadot and Quarkchain look great!
Cryptodiffer CommunityCan you explain why the 1% of the total supply is destined to something called "LID stakers"? What is their differences with a regular stakers?
Azeez IbrahimWe were launched by LID Protocol, a lunch pad for start-ups at the initial phase.
So, that is in the criteria
Cryptodiffer CommunityCoxena is an exchange, which is designed to be all-in-one. That means you can trade crypto (BTC, and Altcoins)
DO YOU HAVE ANY SPECIAL OR UNIQUE FEATURES OF TRADING BTC AND ALTCOINS?
The convenience is the unique feature.
As a user, you would surely be interested in other assets, non-crypto
As long as you enjoy the user experience, you would want to stick around, instead of using multiple exchanges to facilitate your transactions
On Coxena, you can do everything on one platform
Cryptodiffer CommunityWhat is THE FIRST DYNAMIC DEFLATIONARY TOKEN COX? Where can you buy or earn COX token? What are the opportunities from holding the COX token in the long term?
Azeez IbrahimCOX is not tradable yet as we are still in the private sale
Stay glued and you would be kept abreast when it is tradable
Cryptodiffer Communitywould appreciate it if you could share the next updates with us. What is the most ambitious goal of the project? What should the community look for?
Azeez IbrahimThe most ambitious goal here is serving millions of users at the core of financial inclusion, and we are always excited about this!
Cryptodiffer CommunityWhat is the self-sustaining deflationary functionality of your smart contract? Do you have Coin Burn / BuyBack systems to increase demand for CXN token and attract investors to staking for investment?
Azeez IbrahimBefore revenue generation, the deflationary model is self-sustaining as it depends on on-chain activities
We don't need to inject ETH to buy back before the burning mechanism is triggered
When transactions are executed, there's a tax, a portion of which rewards the stakers and another portion of which is burnt
Thus, you can say CXN burns everyday as transactions are executed
Cryptodiffer CommunityPlease tell me in which countries users can use COXENA Exchange? What are the requirements for using COXENA? Is KYC verification required to work with fiat?
Azeez IbrahimAnyone from any country can actually use Coxena, especially the off-ramp integration via the escrow system.
The escrow system allows a peer-to-peer transaction without depositing fiats on the exchange
Cryptodiffer CommunityWhat innovations and advantages does CXN offer compared to other chains?
Azeez IbrahimUnfortunately, we are not a chain, at least, right now!
Cryptodiffer CommunityCan the CXN Network team ensure that all dishonest and manipulative factors are impossible in your project? How transparent is the CXN process?
The safety and protection of the assets of its users is the main task of any project. How can I be sure my money is safe on CXN?
Azeez IbrahimWe are transparent; at least, we try to be!
As regards the safety of your money on CXN, I'm not sure what you mean as it is an open market, and your assets are controlled by you.
If you're talking about value creation, well, that's why we are working round the clock to build something that would serve millions of users
Cryptodiffer CommunityWhat are the features and main functions of the CXN wallet? How does the wallet integrate DeFi + CeFi capabilities?
Azeez IbrahimFiat transfer + crypto integration
Cryptodiffer CommunityHow does CXN Network plan to dominate the DeFi market? How easy is it to use CXN Network?
Azeez IbrahimAt the core of our implemention is a great user experience, and we take that seriously
Cryptodiffer Community⚛ Considering that CXN wants a Financial inclusion, How many types of Markets can interact with CXN Right now?
Azeez IbrahimThe products are not yet out
But Coxena is out, this should answer your question
Cryptodiffer CommunityHow does the Coxena Exchange bridge the gap between cryptoassets, non-cryptoassets and fiat? How does ES provide instant exchanges and low transaction fees?
Azeez IbrahimThe ES system allows a peer-to-peer transaction
So, this means you pay your regular fee for local mobile money transfer when you transact around fiats on Coxena
The ES system connects users without depositing fiats on the exchange; it is off-ramp
Cryptodiffer CommunityThe biggest barrier for newcomers in crypto is buying and withdraw with FIAT, how secure and robust is your FIAT GATEWAY and what currencies are currently available locally?
Azeez IbrahimALL CURRENCIES, off-ramp
On-ramp, we will keep adding supports for fiat currencies as we scale
Cryptodiffer CommunityWhat is the fee for using the CXN Network wallet? Will it be possible to pay the commission with CXN or ETH token only?
What are the ways to get CXN tokens other than buying on the exchange? Are there different programs like social mining?
Azeez IbrahimYes, it will be possible to pay fees with CXN, not sure about ETH yet
In fact, you'll be incentivized to pay fees in CXN
Cryptodiffer CommunityWhat are the features of the DMA (Dual Market Access) model? What DEFI products are included in the CXN ecosystem? And what is the utility of CXN tokens in the DMA model?
Azeez IbrahimThanks for the question.
Coxena is beyond an exchange
The DMA model allows the users to borrow crypto asset via lending service on the platform
The borrowed asset could be invested in the crowdfunding platform, which is integrated on Coxena
This means Coxena, as a whole, allows you to properly make use of your assets as there are multiple market available
Cryptodiffer CommunityMany projects have UI / UX problems and limitations. How do you plan to improve the user experience? Are you planning to merge Staking Dapp and Exchange (Coxena) on one platform?
Azeez IbrahimWe take a great user experience seriously and we always implement with that in mind
Cryptodiffer CommunityThe Covid-19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Azeez IbrahimYup, we will achieve EVERYTHING and beyond
Cryptodiffer CommunityCXN has announced a partnership with the QuillAudits cybersecurity project. Have your smart contracts been tested for vulnerabilities? Can we be sure that assets are safe?
Azeez IbrahimYes, the contracts (CXN and COX) are fully audited and the results could be viewed by anyone
Cryptodiffer CommunityThe biggest barrier for newcomers in the crypto space today is buying and withdraw with FIAT. How will this problem be solved in CXN Network?
Azeez IbrahimOur ES system and off-ramp integration solves this to a significant extent
You transacts around fiats just like you do with your local mobile money transfer
Cryptodiffer CommunityAlthough ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
Azeez IbrahimIf ETH keeps being a problem, we can always pivot
Cryptodiffer CommunityTell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?
Azeez IbrahimListing on exchanges is one of priorities in 2021, for sure
We are releasing the full version of Coxena this quarter, Q1, 2021
The wallet will be out this year as well, with the requisite compliance and licensing
Cryptodiffer CommunitySmart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Azeez IbrahimSure, QuillAudits audited our smart contract and anyone could view the results
Cryptodiffer CommunityHow are you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Azeez IbrahimThat's in the plan, and partnerships with local communities are very important
We are up for this post Coxena launch
Cryptodiffer Community-Your ama_article says $CXN token runs on a deflationary model, furnished by a transfer tax. What is transfer tax? Can you explain this mechanism? Why did you later choose to stop the deflationary model later on?
- Why did you limit private sale to 25 slots? CXN Network is known to reward community efforts, are you excluding members from participating?
Azeez IbrahimWhen you transact on-chain, there's a tax, fee,which rewards the stakers and burn CXN everyday
It will be stopped because it is not compatible with centralized exchanges
The function stoppage will happen when the products are out.
That way, we could list on CEX's and the organic demands from the platform's utility would offset the economy created by the transfer tax
Cryptodiffer CommunityIn what ways have $CXN made their platform user-friendly especially for newbies in the crypto ecosystem? Any guidance or training manuals?
Azeez IbrahimAll these will come with the full version of Coxena
Cryptodiffer CommunityCan you please talk about the services that the wallet offers and where to download the wallet
Azeez IbrahimThe wallet is not out yet
But it aims to implement fiat and crypto services
Cryptodiffer CommunityMany new projects made a good impression at first but were suddenly abandoned. How will you manage Your project to gain a place in the market and become a best token in the blockchain world?
Azeez IbrahimWe started this in 2018, so we are on and motivated to position CXN at the forefront as the market we are targeting is relatively untapped
Gift card trading is not something common yet and it's a great tool for remittances
Cryptodiffer CommunityHi, what will be the final maximum of cxn? After they are burned
Azeez IbrahimThanks, everyone!
It's indeed a great moment with you all
Cryptodiffer TeamThank you Azzez for your time!
Thank you to everyone who took part!