CROSS is a project aiming to develop an exchange platform that trades various digital assets globally including CROSS exchange for the coming digital asset and digital money society.
The value of CROSS (XCR) is to “provide a platform for exchanging all kinds of digital assets.”
The purpose of this IEO implementation, is to improve the value of XEX issued by XCR and CROSS exchange.
CROSS is designed to use transaction fees for the XCR buyback & burning (burning of of XCR tokens).
XCR’s value can increase through the buyback and burning of XCR by transaction fees through the various services provided by CROSS.
The buyback and burning of XCR will most recently be made through the following services:
- Transaction fees for cryptocurrency prepaid cards using XCR, which launch in September
- RMT (Real Money Exchange) transaction fees, which will start in September
- Transaction fees for a blockchain-based point issuance system scheduled to start around October~November
CROSS exchange, which initially opened as the CROSS project on 11/25/2018, quickly became a world-class cryptocurrency exchange expanding its name of CROSS exchange and CROSS (XCR) to many users globally.
CROSS (XCR) ended its private sale early 2018, gained more than 30,000 token holders, and there were many requests for additional sales. To date, we have promoted the XCR value premium without any additional token sales.
As a result of investigating the timing of listing for XCR, the value of this token will be improved through:
- Reducing the total number of tokens issued by approximately 700 million
- Long-Term lock-up of about 21% for Super Nodes of XCR circulating in the market
These two points are reflected in the token design.
* Recalculation at the end of the IEO and reflection of the number of tokens
In terms of technology, the Xwallet (expected release during Q4) and the CROSS network have three international papers and patents (accepted) for autonomous distributed technology.
Based on this technology, our “autonomous distributed wallet” and Xwallet are connected by autonomous distributed technology to form the CROSS network.
This autonomous distributed technology boasts the following:
- A decentralized cryptocurrency exchange with very low hacking risk
- A cryptocurrency wallet with insurance
- A QR code payment wallet
This can be used for many services related to storage, management, and trading of digital assets.
In the future, various applications and platforms will be connected to the CROSS network, and XCR will be consumed in service operations and transaction processing to build a token economy.
Use Cases of XCR
- Core token functionality that can be used for various services within CROSS exchange
- Super Node staking function
- Transaction revenue return function
- Purchase of a cryptocurrency prepaid card, ONECARD, with XCR
- XCR digestion when issuing blockchain base points on the RMT platform
- Utility token function digested in various platforms deployed on the CROSS network
- Mining rewards resources after the mainnet release
- Blockchain based point issuing system
Purpose of Conducting an IEO
- Aiming to raise 100,000,000 XEX through IEO implementation
- Establish a private fund (the XEX Private Fund) funded with 100,000,000 XEX
- Buyback of XCR and XEX with the XEX Private Fund
- Secure development funds through XEX revenue sharing
Use of XEX Fund Assets
⇒ 25% used to purchase XEX (mainly to boost liquidity)
⇒ 25%, used for XCR burning and to increase liquidity
⇒ 50%, used for CROSS network development costs
XEX acquired by the XEX Fund will be in a 100% permanent lock-up (including initial acquisition)
XCR's large-scale repurchase of XEX significantly reduces the XEX market distribution. Further, the XEX Private Fund will continue to purchase XEX, reducing supply and potentially increasing value. Regarding XCR, we expect market circulation to gradually decrease and scarcity to increase through the buyback & burning by the XEX Private Fund.
Token Design after the XCR IEO
XEX Token Design
Up to 7.4% of XEX Total Mined Quantity (vs. ~1.34 billion) to be permanently locked
XCR token design
Reduce the total number of issued tokens from 1.6 billion to 900 million
Up to 21% (~120 million) of the market circulation (~550 million) will be locked at listing
CROSS (XCR) private sale started
CROSS exchange opened
Architecture on CROSS network completed
Obtained patent for autonomous decentralized technology
Adoption of International Papers on autonomous distributed security technology
Adopted International Paper on autonomous distributed security technology and on decentralized exchanges using decentralized technology
Opening of a real money trade market
Start trading XCR in a real money trade market
Start of the cryptocurrency prepaid card "ONECARD" service