txbit.io Dev. Update 03 — Solaris Rewards, Benefits and a look inside the Foundations!

6 min readJun 25, 2018

Update 01: https://medium.com/@solarisXLR/txbit-io-dev-update-01-trade-screen-interface-8c2d9ed017fa
Update 02: https://medium.com/@solarisXLR/txbit-io-dev-update-02-logo-dashboards-and-more-1a298b5c82e4

Dear community,

We are stoked to bring you another progress update on txbit.io. A lot has been achieved since the last developer update. All the major milestones have been shattered and the team is confident to report that work is ahead of schedule. The infrastructure behind txbit is shaping up to be class leading with ability to support thousands of coins and millions of users without any negative effect on performance, quick integration of new coins or tokens and enterprise-grade security.

In this update we will go deeper into what milestones have been achieved in txbits’ development to date, how Solaris holders will get rewarded for supporting txbit, what we are working on next and show you a real time example of the Deposit and Withdrawal speeds on txbit with XLR.

Back-end Infrastructure

Back-end infrastructure is complete, it has been extensively tested and is running the txbit development environment. Throughout the design and implementation stages, the team always considered these 3 aspects of the system in the following order: Security, Redundancy and Scalability. We are extremely happy on how each of these critical aspects have shaped up, and we are confident that txbit will have class-leading infrastructure designed to withstand the demanding and ever-evolving cryptocurrency landscape.

The internal ledger has also been designed to easily implement new features in future iterations, such as Loan and Margin trading.

Every component of the back-end infrastructure is redundant by design. If any component of the back-end infrastructure suffers from unexpected downtime, there is a back-up service which will automatically initialize to keep all operations running without any effect on the exchange operations.

Deposits and Withdrawals are fully operational. See example videos of the Deposit and Withdrawal speed near the end of this article.

Fee Structure

Fee for Deposit — Free
Fee for Trading — 0.1% trading fee (Maker and Taker)
Fee for Withdrawal — Minimal (Breakdown per coin/token to be provided closer to launch. Will be kept up to date on the txbit website)

How Solaris benefits from txbit

XLR will be a base market along with BTC and ETH.
XLR holders will be able to link their masternodes or stake their coins on the exchange, and receive a 50% net share of the Transaction Fees.
This means that you will still be receiving the Masternode rewards or Staking rewards, as well as the txbit rewards.
Utility demand for XLR as txbit implements listing voting which integrates XLR, airdrops for XLR holders, continued partnership formation and other integrations.

Solaris Reward Structure

As most of you are aware, txbit would not be possible if it wasn’t for the Solaris community. Txbit was partially funded by the Solaris team and a substantial amount of man-hours have been invested to make it one of the leading, privacy oriented and trusted exchanges in crypto landscape today.

As a form of gratitude and way to compensate Solaris holders for their continued support of both projects, txbit will be rewarding 50% of the Net Transaction Fees to all users who sign up and link their XLR holdings with txbit.

Out of the 50% Net Transaction Fees:
- 80% Split between all linked Masternodes
- 20% Split between all Stakers

Users will be rewarded with a combination of BTC, ETH and XLR directly to their txbit accounts. This is because all transaction fees are deducted from the Base Market currency for Maker and Taker.

At launch the rewards will be deposited to the txbit accounts on a weekly basis to ensure auditability and accuracy. Once the team is sure that all calculations are correct, the deposits will be automated on a daily basis.

In the near future following the launch, we hope to automate the rewards to a daily process.

How will it work?

Great question! First of all, we value security and want to make sure that Solaris holders don’t have to keep their XLR on txbit to receive rewards. This is fundamentally different from our competitors. We don’t just give you another way to gain passive income by either choosing running a masternode, staking or receiving part of the transaction fees on an exchange.

Masternodes:

With txbit you will be able to run your Masternode from your local wallet, just like you do right now, and link it to your txbit account using a signed message, receiving both rewards simultaneously. Our service will then monitor the uptime of your Masternode and reward you for the exact uptime. This feature will be available at v1 launch(Q4 2018).

Stakers:

At launch, users who want to earn share of the Transaction Fees, but don’t have enough to afford a full masternode, will be able to Stake their coins on txbit and receive portion of the Transaction Fees at the same time. For v1 launch(Q4 2018) users will be able to send their XLR to txbit exchange and then lock the amount they want to Stake. This locked amount will also earn the share of the Transaction Fees on the exchange.

Our eventual goal with Stakers is to also give the ability to keep XLR coins on the local staking wallet, while using a service to monitor the uptime and validity of staking amount. This functionality will be introduced in subsequent v2 release(Q1 2019)

UPDATE OCTOBER 2018:

Due to security concerns of asking users to send XLR to the exchange and lock it there, it was decided to give the full 50% share of the Net Transaction Fees to linked Masternodes when txbit launches. We will then work on developing the Staking monitoring service and release that feature in Q1 2019, allowing stakers to receive rewards as well. At that point the rewards will be split according to above plan of 80% goes to Masternodes and 20% goes to Stakers.

What’s next?

With a lot of the base layer work complete, the team has moved on to building a proprietary trading engine with the ability to support millions of transactions every day, even during the under extreme stress conditions. Once the trading engine is complete, the team is going to re-visit the Front-End (Graphical Interface) and prepare it for MVP(Minimal Viable Product) release. MVP will be fully operational Deposits, Withdrawals and Trading with Bitcoin based coins.

On this note, we are glad to share that all of our planned work has been completed ahead of schedule, and we expect to launch an MVP to a limited group of people in September. Right around the same time we will go live with a landing page for txbit and introduce community coin voting, where you will pick new coins to get listed on the exchange for the official launch!

Very soon txbit will be opening up their own social channels and we will be building momentum for the full launch later this year. Stay tuned for more updates!

Deposit and Withdrawal on txbit with XLR

We are glad to show you the speed at which the Deposit and Withdrawals happen on txbit. We are using the live Solaris network to send real XLR.

Please note, the interface is still mostly a placeholder that will be majorly re-worked and polished up before the MVP release. Also, ignore the christmas lights working away on the tickers, it’s just for testing.

Deposit

How cool is that!?

Withdrawal

Don’t blink or you’ll miss it.

A little about Solaris

Solaris is a decentralized open source cryptocurrency focused on privacy, innovation and the advancement of technology. Environmentally friendly Proof of Stake consensus protocol and a supporting secondary Masternode network, Solaris establishes itself as a secure, self-sustaining, decentralized and private cryptocurrency for everyday use.

Solaris is traded on KuCoin, Crypto-Bridge, Coinexchange, OOOBTC and Cryptohub exchanges.