X-Collective! We’ve had a wonderful first few months and a couple of great AMAs from the team. Please read on below for the highlights from our first two text AMAs in February and March 2022 that took place in the Project X Discord.
Not a Project X Discord Member? Join here: https://discord.gg/projectx
February AMA — February 4th, 2022
Highlights
- AVAX Validator up and running since 1/30
- Contract Audit is on the roadmap after upgrades are complete
- Doxxing — Voluntary doxxing of certain team members upcoming
- UoT — Intention is to join post an audit of our contract
- NFTs — Utility being explored
- Whitepaper upcoming
Hot Topics
Alpha
The Project X Team has been working hard for you behind the scenes and SURPRISE! We’ve been running an AVAX Validator node since January 30th, 2022. This will help secure the AVAX blockchain as well as earning the Project 11% on its’ staked AVAX.
The Team has also explored working on Nodes that pay out in additional currencies and not just $PXT2.
NFTs
The Team has explored NFTs and what their impact to the community would be and are continually evaluating what makes sense for both YOU and the Project long term. Main areas of interest for NFT functionality are around node ownership transfer, both permanent and temporary, and possibly using NFTs to unlock payment in other tokens.
Sustainability
The Team’s focus from the outset has and remains to:
“Design, build, and operate a healthy and sustainable passive income cryptocurrency with a highly involved, inclusive, and ethical community of global supporters.”
The honest truth is no one has figured out the magic bullet to long term sustainability in the node space. We are so very early. With that said, the Team understands and remains committed to flexibility within the protocol and know that Project X today will a lot different than Project X a year from now.
Ideas that have been explored and will likely be rolled out at some point include a node regeneration fee, ability to pay out in tokens other than $PXT2, building out gamification and other utilities for the Token.
March AMA — March 4th, 2022
Highlights
- Miner is our new Community Lead, thank you for all your hard work, DiCaprio!
- Charity Submissions open for nominees
- Games and Beers Tuesday is coming back
- Boutique Merch & Artwork shipping more frequently
- X-Chain will be a subnet of AVAX utilizing $PXT2 as it’s native token
- Auto-Compound Feature is high on the functionality list to complete
Hot Topics
Claiming/Node Creation Issues
It has been a known, recurring issue since V2 launched. Fortunately the team has identified Root Cause and is currently developing a fix. In the meantime, there are automated processes in place to manage this issue until the permanent fix is deployed.
NFTs
NFTs will be launching soon and their functionality will be tied to node maintenance fees and pricing incentives, but additional utility will be added to them over time.
Sustainability
As always, we here at Project X are focused on sustainability for the long term. The Team has many avenues of revenue generation that are currently being explored, in addition to our Treasury investments and AVAX Validator currently running, that will help with the longevity of the Project.
If you’re looking for a runway calculation, that is, how long can the rewards pool sustain itself without the project bringing in outside revenue, that number is healthily into the 3 digits.
Development of the upcoming X-Chain will help in making the project self sustainable. Read below for more information on that upcoming feature.
X-Chain
The Project X Team will be developing our own subnet of AVAX utilizing $PXT2 as its’ native token for transactional charges (gas fees) instantly providing built in utility for the token. This will also help us avoid spikes in gas fees related to other projects as Avalanche continues to grow in popularity.
After X-Chain is deployed, we will use it as the base for all further development such as staking, mining, gamification, et al. We will also allow and encourage other projects to utilize our subnet, growing the utility for $PXT2 in the process.
Thank you for reading this recap of the February and March AMAs and we hope to catch you for the next one in April.
About ProjectX
ProjectX aims to be a Core Defi Ecosystem providing sustainable, passive income opportunities for all entities. Initially built as NaaS (Nodes as a Service)/DaaS (DeFi as a Service) hybrid, ProjectX is quickly expanding beyond its roots to gameified utility and TradFi/FIAT access to the blockchain. ProjectX currently has over 350,000 Nodes running and securing the AVAX network.
Learn more about ProjectX by visiting projectx.financial, or reading our Whitepaper at projectxbook.gitbook.io/whitepaper.
Join the discussion via Discord discord.gg/projectxfinance
Follow us on Twitter at twitter.com/projectxfinance
