It’s been a busy month so far and there have been some questions and confusion over our recent products, plans, and initiatives. We’d like to reassure you that Digitex is moving ahead, and we’re powering behind the scenes to put all the moving parts together to realize the Digitex City vision. For now, though, we’ve collected your most frequent questions and provided answers to them below. If you still have more, be sure to let us know.
Is SmartDec abandoning the project?
Whether it’s down to linguistical semantics, fudders, or a simple misunderstanding, some people read SmartDec’s latest blog post as a critic about Adam and Digitex. A few community members even went as far as to say that they thought that SmartDec would abandon the project. Nothing could be further from the truth. Be sure to check out their latest blog post today detailing what they are working on and reiterating that they are very much still in full control of development.
Also, let’s be clear so that this latest blog post isn’t lost in translation as well. When SmartDec mentions all of Adam’s ideas and how implementing them all was impossible, what they mean is that Adam is a very creative person and they have their work cut out for them! But, they accepted the challenge and have given their word to deliver. Although they are running behind, this commitment remains firm.
Digitex will always be a work in progress as long as Adam and the team continue to innovate and iterate to keep pace with a fast-moving industry. Please remember that we made good on our word to deliver you a stellar and robust BTC futures trading platform. The latest upgrades will soon be completed, there is no reason to doubt this, SmartDec has always delivered in the past.
Are we minting DGTX to sell on the market?
The DGTX Mint Schedule was not understood by some of our community members. If we failed to express our intentions clearly, we apologize. However, the purpose of minting DGTX is not to sell the tokens on the market. We have allocated the overwhelming majority of the first mint to pay for the rewards programs. These will become active as soon as we switch from testnet to mainnet and you can see the full breakdown of all the transactions and wallets where the DGTX has been sent here.
One small change is that we have decided to reallocate tokens from the DUSD bonds program to market-making on the live DFE exchange as this rewards active traders on the BTC $5 market on the DFE and is something that can be utilized now in order to attract new users. Aside from this, we do not sell our tokens on markets — rather, tokens are sold via the Digitex Treasury in a transparent ongoing public token sale to traders.
Why is there slippage from the spot price?
We are pleased to say that this issue has now been addressed. Go and check it out for yourselves! The spot and futures on BTC5 are exactly aligned and extremely liquid right now, with a 24-hour volume of $550 million.
Why is the testnet so slow?
We understand that there are some disappointments with the testnet so far, with the biggest concern being raised about its speed. All we can say about this is, please bear with us, we are working on it. We know that we did not deliver as we had hoped. We experienced many last-minute technical issues, which is why we decided to launch in testnet mode first at the final hour.
Unfortunately, we simply ran out of time to thoroughly test and deliver on everything we hoped to have complete. The good news is that the testnet is live, and we will be interactively working with the community to fix and improve the UI/UX.
SmartDec will also be sharing frequent reports about development progress that will be open for the public to see and the whole process will be made transparent as we move forward.
Why are there bugs and glitches on the testnet?
We know that there are bugs and glitches on the testnet right now. Some frequent problems are arising when logging into Digitex Connect or the testnet getting stuck with 2FA code only and not opening. We also know that the trading wallet balance cannot transfer to the main wallet balance and that we need to work on getting you more DGTX testnet tokens.
Thank you for reporting these problems. SmartDec is working down the list and they will be reporting as soon as these issues are fixed. We appreciate your patience.
Is Digitex Connect a white label platform?
Yes, we bought a white label platform called Wowonder, and it’s normal to buy a white label platform to get something running up and fast. Plus, we’ve been customizing it for a few months now.
We addressed our plans to introduce a social platform to our internal community last autumn of 2019, so we’ve been playing around with this platform and concept for some time now. The platform in fact looks a lot different from how it looked originally.
Working on something out of the box allows us to test this ‘proof of concept’ of a cryptocurrency social platform, and from here we can continue to customize features which will meet the community’s needs.
Down the line, we plan to integrate the social network and exchange as one platform and one single login. As we’ve announced to everyone earlier this year, we plan to develop Digitex City — an ecosystem of products which will utilize the DGTX token.
But there’s still a lot more work to be done, like setting up servers and marketing the platform. As well as, cross-marketing DFE and DC in its early stage. Please understand that development takes time, and requires lots of rigorous testing. We can only do this with your help.
How does the multiplier on the rewards program via Uniswap work?
Essentially, the multiplier is in place to reward those who stake for a longer period of time. When you begin staking, you begin at a 1X bonus multiplier on your reward earnings. This multiplier increases the longer you leave your pool tokens in, so it’s worth staking your tokens for a longer time to earn increased rewards.
We hope that we’ve addressed your key questions here and that you will continue to bear with us as we improve. Also, please continue to share any bugs that you find with us as it will help us reach our goals more quickly. And, don’t forget to take advantage of bitcoin’s mad volatility right now on our massively liquid BTC5 market where you can make some serious gainz.
If you still have more questions, please connect with us on Digitex Connect. Post your comments in the new Digitex City group. Adam as well as our community managers will be happy to answer your questions or concerns about our products: Digitex Futures, Digitex Connect, DGTX Rewards, or Digitex City future plans. Cheers!