COSS.IO update February 22nd 2018
COSS update
Dear all.
Welcome to this week’s edition of the COSS.IO Update.
As always, we have multiple topics to cover in this update, so read through carefully and feel free to share.
COSS token upgrade to ERC223
3 Primary improvements with ERC223
1. Eliminates the problem of lost tokens which happens during the transfer of ERC20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC223 allows users to send their tokens to either wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens.
2. Allows developers to handle incoming token transactions, and reject non-supported tokens (not possible with ERC20)
3. Energy savings. The transfer of ERC223 tokens to a contract is a one step process rather than a 2-step process (for ERC20), and this means 2 times less gas and no extra blockchain bloating
The COSS token will go through an upgrade to become an ERC223 token on Sunday 4th of March. During this change/fork, withdrawals and deposits of COSS token will be disabled for 24 hours prior to the swap and 24 hours after the swap. The COSS token will temporarily be removed from EtherDelta during this process, and also HitBTC will be informed to halt deposits and withdrawals while this is ongoing. It will not impact ongoing trading.
This is also part of the process with switching to a smart-contract deposit infrastructure that will eliminate wrong deposits for all ERC20/ERC223 tokens. It will also speed up deposit and withdrawal time.
The entire wallet system with smart contract wallets, smoother deposits and withdrawals will take place during March and is a big part of the current engine upgrade along with rebuilding a lot of the infrastructure to ensure that we can easily handle increased volume.
With this process in place the FSA will also see some major improvements. From the current process with snapshots on Sundays and allocation/distribution on Tuesdays/Wednesdays it will now be possible to do it all in one go. Meaning snapshot, allocation and distribution will all be done on the same day and no more 2–3 days of waiting.
This process requires us to deploy a new and improved DAO, but no worries. This will have no impact on the users as the process will be seamless. All new FSA will go to the NEW DAO, but for those that have un-distributed funds in the current DAO, an automated call function will be in place so it will all work as before. The dashboard display will show the same and have the same functions regardless if your FSA sits in the old DAO or in the new DAO.
With these changes we have decided to change the day for the snapshot from Sunday’s till Monday’s. We will also change the process from being block based to being time based. So snapshot will always be done on first block that occurs after 4pm Singapore time on Mondays.
What makes these changes even sweeter is the cost savings with an ERC223 token vs an ERC20 token. The result of this will be that the call function for distribution from the DAO will be reduced from the current 0.002ETH to 0.001ETH
The swap/fork will happen automatically and you don’t have to send the “old” COSS anywhere. All balances will be intact and as soon as the process is over we will resume deposits and withdrawals. The new smart contracts will be deployed and the codes verified by etherscan and updated on MEW (MyEtherWallet)
UI improvements.
All pages on coss.io will soon see a change to be aligned with the new UI of the exchange. Front page, account page, wallet page, KYC section etc.
Below are some of the mockups (not the final versions) but we are very close to being done. With the new pages we will also upload updated roadmap and whitepaper.
COIN/TOKEN listing process on coss.io
We have received a lot of feedback after we announced the listing fee on coss.io to be 200,000 COSS 😊
This fee was set when the coss token traded at 6 cents and at that time it still made us one of the very cheapest exchanges to be listed on. Later on, when the price of the coss token went up we added a * negotiable to the text. Based on our experience we see that most new listing prefer to get listed through hosting a trading promo on coss, but nevertheless, we have updated the listing requirements on the site: https://coss.io/cryptocurrency-listing
And we are proud to say that we are still amongst the very cheapest exchanges to be listed on.
1) Fill in and submit a listing request on https://coss.io/cryptocurrency-listing
2) Send a clear legal opinion on your token model based on Singapore SFA (securities and futures act) to compliance@coss.io
3) Pay a listing fee and/or commit to a trading promo (4) on coss.io
Fee’s:
a) Direct listing of erc20 token = $20,000USD (payable in BTC, ETH or COSS)
b) Separate chain token/coin = $30,000USD (payable in BTC, ETH or COSS)
4) Trading promo: Commit to a 30-day trading promo on coss.io by contributing a minimum of $50,000USD worth of your token. Promo pool will be split amongst the top 50 volume traders on your token pairs. + $5,000USD (payable in BTC, ETH or COSS) for legal review and administrative cost.
Regarding trading promo’s
There has been a lot of talks regarding “wash trading*” in the ongoing promo’s and our stand is very clear. We encourage ethical trading and do not allow wash trading. Any volume from wash trading will be excluded from the promo’s and in fact even without specific rules to the trading promo’s this is already covered in our terms and conditions:
17.3.1. The ongoing trading activities are monitored within the COSS system, and if Users are suspected in being engaged in illegal trading, any funds obtained within the platform in this manner will be withheld, while the User’s account can be suspended.
17.4.4. Additionally, the Company reserves the right to rollback, revert any trades or actions from the Users that occurred as a result of either an intentional or unintentional malfunctioning of the system, that may cause losses to our business due to the issues in the setting of the system that could leave an impact on our pricing, quoting, markets, order management layers of the system (order entry, positions) or any other features included in the system at the time when the incident occurred.
17.5. The Company and its affiliates are not liable for any loss, or damage incurred by the Users, resulted by their improper utilization of the Platform, and/or their failure to understand the functioning of virtual currencies and the markets, on which these virtual currencies operate.
20.3.1. The Company may at its sole discretion terminate access to the User’s Account for:
any attempts to manipulate the market and/or raise the trading volume artificially;
* wash trading = A wash trade (not to be confused with a wash sale) is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace.
FIAT TRADING
A much anticipated and awaited feature on COSS.IO
As the process is ongoing it is hard to set an exact date or hour to this, but according to the team that handles this part, we should be on track for a late March arrival of this feature or to use Praveena’s direct quote: “By end of Quarter 1 — End March (fingers crossed)”. Step one will be through credit/debit cards with direct bank deposits coming at a later stage.
We will start trading with USD and EUR for BTC, ETH and COSS and add more pairs as we deem fit.
The compliance team is working close with the provider to define limits, fees etc., and although we negotiate limits, we might not start off with the highest limits. We are looking into a scaled limit setting where users will gradually qualify for higher and higher limits. This to ensure that we follow all protocols when it comes to AML and other compliance concerns.
As a part of preparing for this we will soon introduce the mandatory KYC process, this includes:
-Mandatory CDD/KYC and AML for all onboarding customers.
-Risk rating at Low, Medium, High.
-Validation (Update/verify existing users and obtain additional KYC information)
— Enhanced Due Diligence.
PEP, Sanction Screening against Dow Jones List.
Transaction monitoring.
We are dividing all users new and old into 2 categories.
Group A and Group B
Group A is our legacy users (existing users). They will all be able to continue trading crypto to crypto only.
Group B will be ALL new users (Mandatory KYC) and legacy users that goes through the KYC process. Have in mind that old KYC’s will be voided and new uploads needs to be performed.
Group B will be able to trade, deposit and withdraw FIAT as well as trade crypto to crypto.
We aim to start the new KYC process so users can prepare and have their KYC approved in time around Mid-March. Our current compliance team are currently scaled to be able to process approx. 1000 KYC’s per day, but we will monitor closely and scale as we go once we see increased demand for this.
2FA: IMPORTANT
As we have encouraged many times and also stated in our terms and conditions (19.6. In order to advance of security of his/her Account, the User is advised to enable two-factor authentication.) we want all users to use 2fa to protect their accounts. Despite many reminders on this, we still see way too many users not taking advantage of these extra security settings. We don’t only offer these settings for compliance reasons, but also because we CARE. We care about our users and we wouldn’t want to see any of them lose their hard-earned valuables due to neglecting security. Therefore, we will be increasing the security on the platform and by that start implementing mandatory 2fa for both login and withdrawals. Protect yourself and activate your 2fa TODAY. This feature is targeted to be implemented ASAP.
COMMUNITY MADE Marketing.
As always it brings us great joy to see the increasing commitment from our community and todays mentioning is nothing less than AWSOME. A dedicated COSS user that fell in love with the COSS concept back in December 2017 reached out to us with a self-made explainer video about COSS. Not only is he interested in Cryptocurrencies, but he is also a professional Film Editor currently working for a TV advertisement company in the U.S.A.
His name is Trevor Scott and for those of you that are active on our telegram channel (https://t.me/myCOSS) you will know him as Launchbay07.
See his video contribution here: https://vimeo.com/256841727 and feel free to share.
DISCLAIMER: This is not an official COSS PTE LTD production.
After making this video Trevor reached out personally to us and expressed his desire and dedication to help more people understand the complicated world of cryptocurrencies and blockchain technology through his video skills. Little did he know that we have actually (pretty close to ready) developed an online academy, e-learning section for crypto currencies and blockchain technology. The e-learning section comes with multiple modules and each module ends with a test which you need to pass in order to proceed to the next module etc. There is also a collection of videos that are freely distributed online.
We will connect Trevor with our team and figure out how we can work together to produce more videos like this, and also through his sharing of the video on our telegram, our community didn’t take long before brainstorming ideas such as community driven/voting of self-made marketing content with COSS tokens as reward and so on. These ideas are duly noted and already shared with the producers of our e-learning academy. This may very well end up with a section for uploading content with a voting mechanism to reward the best contributions. Thank you very much Trevor and also a big thank you to our ever-growing community out there for posting so many great ideas.
And lastly a few notifications.
We here at COSS wishes you all a Very Happy Chinese New Year:
https://www.youtube.com/watch?v=ng5l4TbUn8w&feature=youtu.be
And don’t forget the ongoing promotions on coss.io:
https://youtu.be/kcOKXkhiCO8
The COSS promotion runs until April 17th
Other ongoing promotions are:
JetCoin JET Until March 3rd
HelloGold HGT Until March 3rd
Tigereum TIG Until February 26th
Aditus ADI Until March 3rd
MyWish WISH Until March 3rd
Intelligent Trading Tech ITT Until March 3rd
We will be back with further updates and more detailed timelines in next weeks update.
Best regards and Happy Year of The Dog from all of us here at COSS HQ
Singapore.