One of the coins people wanted us to talk about is XCASH, an altcoin launched at the beginning of september of this year. They recently released an interesting whitepaper, explaining their future services for not just the XCASH, but the entire cryptocurrency community.
With an avalanche of altcoins being released over the past year or so, and more than a fair few of them turning out to be outright scams, it is hard to launch a promising project. Especially when you take into account that most of the “2014 features” have been cloned in pretty much all coins coming out over the past few months.
Truth be told, there are some very decent and promising altcoins out there as well, and from what you will read later on in this article, XCASH is certainly one of them. XCASH, and other promising altcoins, are leaning towards a business model and a basis to bring value to the cryptocurrency community.
XCASH wants to achieve this by introducing is to an overarching xSystem, allowing users to operate various services-based profit centers called xHubs. No coin mixing or anonymity services will be involved to make this project a reality, but we will see the involvement of value-added services pushing the boundaries of the ecosystem.
Even though there are no anonymity services involved, xCash does offer its users the ability to use stealth addresses. These stealth addresses have been introduced ever since Xcash’s Proof-of-Work phase began, providing an adequate privacy foundation. Eventually, we will see xBusinesses popping up left, right and center on top of the xCash network.
As much as all of the above sounds, the altcoin community demands some form of backing up these claims. Most coins, including xCash, turn to Crypt of Developer process in order to gain more legitimacy in the digital currency space. As of this writing, the XCASH team has achieved a 4POD rating, but they are working towards a 5+ POD rating. You can find out more details here.
xHubs are service nodes which requires the “node operator” to put up 1,000 XCASH as a “bond” in order to receive the privilege of offering services to other users. We will see plenty of different services being added over time, such as adding personalized trading markets. These markets can be created by setting the base and quote currencies as well as the clearing interval (in hours). This interval will completely clear the order book every N hours.
During this clearing process, the mean price will be determined for the trading pair. Orders are then matched and trades will be executed at the clearing price rate. All of this information is in turn broadcasted to the XCASH network. Users who have trades executed against their placed orders will see the trades popping up in the XCASH wallet GUI. On top of that, brief messages can be sent between parties to self-coordinate order settlement.
Each “bond” has its very own public key, which can be used to identify xHubs on the network. xHub operators can even name their hub, either through the XCASH GUI or by using the RPC console. A full list of RPC commands can be found here.
As you can imagine, building the initial xHub and xChange-OTC (see below) infrastructures involved a significant development effort. Not to mention, developments like these are not completed overnight either, as a lot of new code had to be written. Especially the authoring of new classes and the peer-to-peer engine took a ton of work.
Like we stated before, xHub configuration can be done through the XCASH QT Wallet GUI. Setting a friendly name for your xHub is one of the first things most people will do, and can be achieved by clicking the “Edit” icon next to the name field. Once done, all that is left is enabling your xHub by clicking the “Enable xHub” button.
Opening trading pairs on your xHub is very straightforward as well. Trading pairs require a Base (currency being traded) and Quote (currency prices are given in), e.g. XCASH/BTC. Once the form has been filled in with all the relevant and correct information, users will receive a popup notification confirming the market being added.
By using xChange-OTC, users can browse xHubs they have discovered on the XCASH network , and also place orders on markets supported by these xHubs. As transparency is also an important factor, xHub’s clearing histories are visible to the public when using xChange-OTC.
Submitting orders to the network is incredibly easy as well. All it requires is filling in the OTC Order form, and click OK to submit the order to the network. Every order submitted will be visible in your ‘My Orders” tab. As the xHub receives the order, you will receive an acknowledgement in your XCASH client.
XCASH can be traded on several exchanges : Cryptsy, Bittrex, Coins-E and FobCoin
Website : http://xcash.cc/
BitcoinTalk : https://bitcointalk.org/index.php?topic=765360.0
Twitter : https://twitter.com/XCASHcoin