The first, how the final product would have looked, had our partners delivered a working back-end. Another full rebuild would be required to produce a working Capdax back-end and we have lost confidence in our development partners’ ability to deliver this solution. Being the second setback of its kind (in January we outlined a similar experience with our previous partners) and with our financial runway ending in early-2020, this challenge calls the future direction of Capdax into question. In December 2017, the Financial Times reported how two cryptocurrency exchanges fell victim to cyber attacks, which led to one of the exchanges being forced into bankruptcy. Most notable of these challenges were the replacement of key leadership and issues faced in developing a secure, sophisticated and scalable Capdax backend.
- Most notable of these challenges were the replacement of key leadership and issues faced in developing a secure, sophisticated and scalable Capdax backend.
- We saw it as our responsibility as founders to pursue the project further only if we could guarantee a high probability of success.
- Thank you again for supporting Capdax and I can’t wait to share more news with you over the coming weeks and months.
- This will also prevent Capdax’s remaining funds from being lowered by any related expenses.
For further clarifications, please reach out to Bothini Navaneethan via this digital form latest by September 27, 2019. – cash-in-hand balances of accounts used in relation to the project including cash activity log sheet. – the BTC and ETH wallets used by Capdax, including in the case of BTC a verified export of the wallet history. In the case of ETH the activity and the balances were confirmed on the blockchain. The TGE is open to anyone to participate, except those living in the United States, the Cayman Islands and New Zealand, due to national security laws in those jurisdictions.
Keeping Investors & Crypto Traders Informed
To ensure Capdax’s successful launch, we have built a large community across Telegram, Facebook and Twitter. Additionally, our leadership team has developed a strong presence and partnership pipeline within the European cryptocurrency space. The Capdax leadership team and I see it as our responsibility to reassess the direction of our company.
Prior to our partnership, we were promised a ready-made solution, encompassing a large part of Capdax’s back-end. This turned out to be false and significantly increased the scope (and timeline) of our partnership. This update will serve as the first of two that I’ll be publishing in the next 30 days. Here, I will highlight the challenges faced in the development of our most-recent Capdax back end, summarise our progress since the Capdax TGE (Token Generation Event) and briefly outline our plans moving forward. In my next update, I will provide a more comprehensive explanation of what you can expect to see next from Capdax. The organization runs an official blog through Medium.com which offers a lot of valuable information, including the latest news and updates on Capdax Exchange and the digital currency market in general.
It’s no exaggeration to say that, from a technical and legal standpoint, Capdax has been one of the most ambitious and rewarding projects that myself and the team have ever worked on. Over the past 18 months, the team has not only produced the beginnings of a world-class cryptocurrency exchange but remained focused and agile in the face of rapidly-evolving regulation. Today, we’re more excited than ever about the outlook of Capdax and the role that it will play in the evolving blockchain space. Today, I’m pleased to announce that the majority of our larger token holders were in support of working toward a new direction for Capdax. Additionally, we have taken steps to further prepare Capdax for the long term and reduced our already-lean burn rate by eliminating all redundant, exchange launch-related outgoings.
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In the second quarter of 2018, the https://cryptolisting.org/ Matching Engine, a crucial component of our exchange platform, was found to be lacking in both stability and scalability. Subsequently, our former CTO and Project Lead stepped down, making way for two new experienced leaders. In order to avoid delays in launching, we engaged a third party provider (with over 20 years of experience working on major projects in the trading space) to deliver the matching engine. However, this external partner did not submit the work to deadline, resulting in delays in the final quarter of 2018. In February 2019 the matching engine was submitted, and the test results were extremely disappointing. After filing many bug reports, our team concluded that in its current form the backend was not, and never would be, fit for public release.
Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 750 exchanges. capdax will also offer users an exciting social trading platform that is sure to make online trading much more interesting. Under this platform, trading no longer has to be an activity that you do in isolation. New or inexperienced users will be able to “follow” more experienced traders by mimicking their portfolio holdings and mirroring adjustments. Capdax is a cryptocurrency exchange that promises both novice and advanced traders a simplified, yet sophisticated new interface to execute cryptocurrency trades safely and efficiently. With the recent market surge in Bitcoin and other digital currencies, it has become more important than ever to have a platform that is fast, user friendly and secure, which is precisely what Capdax Exchange aims to deliver.
At this stage, selecting a new partner and overseeing the development of a new Capdax back-end would mean launching in August at the earliest, leaving very little time to generate our required revenue. Additionally, although we’ve made strong progress toward every other aspect of the Capdax launch, our exchange is now many months behind schedule and the market has shifted. Today, it’s extremely challenging to run a successful exchange, let alone launch a new one, as highlighted by the rate of exchange shutdowns and hacks over the past 6 months.
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Today, we are looking more seriously at a handful of these options as opportunities for a company-wide pivot. These ideas are being analysed, but you can expect to hear about a new direction in our next community update. Two of the initial founding members contributions were refunded as the team separated from them, in each case based on the actual rate at the time of the refund and proportional to the holdings of the company. For example, if at the time of the refund, the Capdax wallet had decreased in value by 50%, the founding member was paid out 50% of his initial tokens, downward adjusting the initial XCD/USD rate. Beyond our public BETA, the team is already hard at work validating a handful of powerful features with the aim of differentiating Capdax in the market. In addition to world-class customer support and a sleek, intuitive interface, our white paper proposed that Social Trading would be the first major feature to appear in the product.
We have been working passionately with minimum costs during May and June, utilising all our expertise and industry contacts in an attempt to meet these conditions, and leaving no avenue unexplored. We dove deep into negotiations with our potential business partner about deal terms, as well as approaching several other players actively searching for an institutional derivatives solution. We explored the feasibility of raising additional funding through non-equity in order to maintain full control. For some time we’ve been assessing potential business models that Capdax could move into instead of the exchange business.
This month our external development partners — responsible for delivering the Capdax matching engine, a key component of our platform’s back-end — submitted their work and the results were incredibly disappointing. After extensive testing, our team has concluded that — in its current form — the Capdax back-end is not, and never will be, fit for public release. Enthusiasts are also encouraged to read the Capdax White Paper which includes in-depth information on the exchange’s business plan, platforms and token functionality, to ensure that comfort before investing.
Today, we have a clear direction and experienced team in place, many months of front end user experience testing, and a robust new back end nearing completion. In early May, following the completion of our analysis, I will be publishing a more specific update regarding our pivot and potential next steps for Capdax. I would also like to thank all of the members of the Capdax community who engaged with our team to discuss their ideas, concerns and opinions throughout the past 4 weeks. We genuinely appreciate your input and as always, invite you to continue reaching out to us on Telegram to discuss today’s update — We would love to hear from you.
Since the last update, we have been working extremely hard on trying to secure the necessary agreements and partnerships, whilst running on minimum costs. Capdax Exchange prides itself on the security measures that have been implemented into this new platform, which was engineered to place online security at the forefront of the system’s design. Capdax aims to be one of the few cryptocurrency exchanges that is fully ISO compliant, a globally recognized standard in best practice for physical and technical security.