Whitecoin Swap Q&A

1. What is Whitecoin?

Whitecoin is a community-based decentralization project with more than five years of history. The project was launched in early 2014. The main members of the original development team are from the Netherlands, Germany, Finland, Australia and other countries.The newly upgraded Whitecoin will adopt RPOS mechanism to realize the functions such as cross-chain asset management, cross-chain transfer and exchange, and cross-chain value transfer. The upgraded Whitecoin public chain provides three main functions: cross-chain assets management, smart contracts, decentralized exchanges, and the core feature: innovative community governance mechanisms. Upgraded Whitecoin is an innovative cross-chain project, which has fully realized the function of cross-chain asset management. It is also the largest cross-chain public chain in the world. It has laid a perfect benchmark and demonstration for breaking the barriers among various public chains.

2. Why does Whitecoin need to be upgraded to a cross-chain project?

In July 2019, Whitecoin was temporarily delisted on Bittrex for its non-active community and the lack of a full-time development team. Bittrex expectation was that the Whitecoin community will make significant changes within a window of three to six months. The Whitecoin team also believe we require reinvigoration to move forward, with the fast changing pace of cryptocurrency it is not feasible for a part time volunteer group to be competitive with highly funded teams backed by ICO capital. Fully appreciating the importance of Bittrex through Whitecoin's historical development, the Whitecoin community decided to upgrade the blockchain after two major meetings in July 2019. The plan includes 2 aspects to satisfy Bittrex’s requirement. First, we need full time developers and second, we need to upgrade the whole blockchain and wallet, which can make this project more powerful and meaningful. The new blockchain was upgraded from POS 3.0 to RPOS-based cross-chain giving Whitecoin a much greater use case, an inherent connectability to the rest of the cryptosphere and flexibility to develop in to the future. Thanks to the donation of some big holders of Whitecoin, we already finished the above mentioned task, and have about 20 full time staff (including the technical and marketing staff). We will continue to develop the smart contract system and more applications on the Whitecoin blockchain.

3. What is the Swap plan?

The total current XWC supply being approximately 0.25 billion, considering the expense of the team and promotion, we plan to provide 50 million Whitecoin swapped from old XWCC to the new one directly, the other 0.2 billion will be swapped by XWCC combined with ETH. And the cost of combined swap will be lower than a direct XWCC to new XWC.

4. The direction of the developing new WhiteCoin community

First, the development team of the new Whitecoin need to be maintained, we have to pay all the members every month and we will also release the financial report monthly.

In order to meet Bittrex’s requirement and Whitecoins long-term developmental plan, Whitecoin team has set up a technical development team with more than 10 members, working full-time on projects including back-end development, front-end development, APP development, testing and so on. The development languages include JAVA, C++, Kotlin, Python and so on. The nationality of the team members ranges from Netherlands, Germany, Japan, the United States, Australia, China, Japan and other countries. At the same time we will also recruit the part-time staff from all over the world to for marketing and promoting.

Secondly, the ecological system of the new Whitecoin needs financial support. Besides the fund support to the full-time R&D team, there are more third-party teams that have to be funded, which can carry out secondary developments on Whitecoin blockchain in the future. The developments of this project include but are not limit to wallet, DAPP ecology, smart contracts and more cross-link asset access.

Finally, the marketing job need the financial support. We will invest more resources in order to build media cooperation, achieve a positive influence in the block chain world. We plan to get listed on a range of exchanges and plan to hold events and meetups in Germany, Switzerland, Malta, Turkey, Japan, Korean, Viet Nam, Thailand and China, all to build a global block-chain project.

The construction cost of the new WhiteCoin community will be obtained through donation. The 15 wallfacers of the community have also promised to donate on a monthly basis to support the operation of the new WhiteCoin community.

5. What is the Whitecoin Foundation?

Whitecoin are registering a foundation in Singapore, and the Foundation will be responsible for project development costs, global marketing expenses, and ecological construction costs.

The Foundation will build a solid ground for all Whitecoin community expenses, completely over turn the past which there was no resources to sustain the community activities.

6. What is the true value of the Whitecoin in the future?

We compare Whitecoin to the other cross chain project, everyone can find there is a huge potential here.

Benchmarking against other cross-chain projects in the current market, Whitecoin marketing cap is relatively low, it is only about 1/10-1/20 of the others, which means it is a low risk investment.

7. How can I participate in this Swap?

All community users can swap it on the official website: www.whitecoin.info. We only allow Whitecoin holders to participate in this plan. It is not an ICO plan, we just want to keep the Whitecoin project alive and improve it. If you don't have XWC, you can purchase it from exchanges.

8. Can I refuse to Swap?

Community members who decided to not swap can continue to trade at relevant exchanges and platforms. The community will stop all old WhiteCoin (XWCC) related maintainance and development work once the new WhiteCoin (XWC) is officially launched.

9. What is the details of swap plan?

The table as follow will show it clearly:

10. What is the benefit for locking after swap?

After locked, everyone can get lock rewards and mining rewards. You can get 10% extra coins with 6-months lock plan, and 25% extra coins with 12-months lock plan.All the asset will be mining, and all the mining reward will comes back to you.

The locked mining reward is more than 30% per year. (This will change depends on how many coins to mine)

11. What is the distribution mechanism of current Whitecoin?

The total amount of Whitecoin is 1 billion, 75% will be converted to old whitecoin holders, 20% will be allocated to miners, and 5% will be held by Whitecoin Foundation.

12. What is the mining mechanism of the new Whitecoin?

The distribution mechanism of new Whitecoin mining is as follows:

Whitecoins new mainchain was launched on September 21, 2019. At present, all miners are official nodes. After the swap opened, all Whitecoin holders can register as miners or mortgage to the official miners for mining. The official miner node will gradually withdraw after the real miners come on board. All the mining profits of the official miners will be locked in Whitecoin Foundation and returned to the community later.

13. Why is there two swap plans? Is the 50 million quota of plan 2 reasonable? Why did the swap stop earlier than announced?

After the launch of the new WhiteCoin main chain, the community decided to give priority to the charge free swap method, that is, swap by plan 2. The charge free swap plan through the official website was given a quota of 50 million RMB, while swapping at all major exchanges are also free of charge. We estimated that the exchange volume should be about 150 million RMB. The remaining 50 million will be charged a certain amount of Ethereum to support community construction and long-term development of the project. In the price setting we also rewarded plan 1 participants with the optimal holding cost. We designed these swap plans to integrate the community resources, let the rich pay for the project, the enthusiasts contribute their time, and jointly support the development of the project. Unexpectedly, our intention were misunderstood and even maligned by individual community members, which made the development team very heartbroken and disappointed. On November 28, at the conference of community developers and wallfacers, it was unanimously decided to end the swap process in advance by voting. After that, the development cost of the WhiteCoin community will all come from the personal donation of 15 wallfacers, and the foundation financial statements will be transparent and open throughout the whole process.