XFUEL in an internal development token on the XTRABYTES blockchain. As such, it serves as a way to both fund XTRABYTES and encourage further participation within the project. As a monetary incentive, XFUEL serves both to encourage further investment in XTRABYTES and pay participants for the hard work and time they put into this project.
Commonly Asked Questions
Q: Where are the current XFUEL wallets located on the block explorer?
A: Users can find them in the first 65 transactions on the XFUEL Block Explorer.The XTRABYTES team pre-mined the first 650 million XFUEL to a wallet before creating another 65 wallets that hold 10 million XFUEL each.
Q: Who currently holds the majority of XFUEL funds?
A: Borzalom and CCRevolution currently hold the majority of XFUEL funds in a 50/50 split. The funds are backed up and stored securely offline.
Q: What is the target circulating supply? 150 million? 250 million?
A: There is no set target. We had originally intended to limit the circulating supply to 250 million after an initial burn. However, we soon began to realize that our development will continue indefinitely. Thus, we're limiting the supply to 650 million and will continue to use XFUEL as needed.
Q: Why is there so much XFUEL?
A: In the big picture, our development teams need to be much larger than what they are now for what XTRABYTES is planning. We can’t risk running out of development funds at such an early stage in the project’s lifespan. In order to grasp such an undertaking, users should consider the complexity and funds needed to run multiple module development teams, support & moderations, marketing, logistics, business development, and everything in between.
Q: Would a burn of XFUEL tokens be possible at some point?
A: It is too early to make a definite decision on that. An incredible amount of growth and expansion is still left to occur.
Q: What will XFUEL be used for beyond filling nodes?
A: Remember that there is an important reason for investors to hold company voting rights of the company in the future. We have not finalized maximum voting power but the people with XFUEL will have more voting power.
Also, as our creative minds continue, we do expect that at some point another acceptable usage for XFUEL will come to fruition.
Q: How is supply distributed?
A: Supply is distributed by Borzalom and CCRevolution to accounting for payouts. Otherwise, it stays in cold storage.
Q: When XFUEL and XBY are tradable together, what are the main differences?
A: Since XBY is the primary coin, it will serve as the default value indicator on the open markets. In contrast, XFUEL will (probably) only be traded on X-CHANGE (unless we decide as a community to do an ICO). As such, the value of XFUEL will come directly from XBY itself.
It's value will primarily be determined by supply and demand. However, it's value will only really be determined when X-CHANGE is online and STATIC node registration is available.
With regard to voting: Many individuals hold massive amounts of XBY and yet do not contribute at all to the development and growth of XTRABYTES. As such, simply holding XBY has never been given any level of voting power.
Initial voting power was given to STATIC owners and this remains the case, since STATIC owners still control the available votes. However, there is a step up for them to choose or not, which will give them higher vote power.
As described above, blended STATIC nodes will carry the highest voting power (VP). This is because XFUEL is the development token. Without XFUEL, there was no possible way to complete the XTRABYTES project in a timely manner. We would have remained in slow development mode because there was no ICO and no funding available to pay helpers.
We were not willing to allow VC’s to enter and take control because there were too many unique and patentable tech innovations coming. This would have been a very high risk to take by allowing outside parties (only interested in profit) to control the direction of XTRABYTES.
So, the key role of XFUEL is to take the place of ICO funding that other coins have benefited from. The key difference here is that unlike many ICO’s, all purchases or payments of XFUEL contribute 100% to the development of XTRABYTES.
If you do not understand this, simply look at the development achievements that have occurred since we released XFUEL. Massive work is ongoing, from: XCITE and translations, to social outreach, to new branding and website, with other things coming or already in motion.
We also have very high quality people on payroll in management roles who are streamlining our daily operations and continually improving everything that is XTRABYTES.
In short: XFUEL is the best thing that has ever happened to XBY. And XBY gives XFUEL its value connection to real currency at the Bitcoin level. In combination, they serve as partners for successful completion of the XTRABYTES platform.
In other words, simply buying or working for XFUEL directly helps make XTRABYTES better.
Q: Are there any future plans for transparency on payouts?
A: We may consider that in the future (for instance, by sharing a lightly detailed spreadsheet that does not reveal who an individual is). As long as its acceptable for anyone who is not concerned with their privacy to share their XFUEL address.
Q: Why are there big amounts of XFUEL shifting around all the time with small pay-offs?
A: A new address is generated every time great amount of XFUEL is moved - the small amounts can be traced back to individual accounts for payments, see for example: https://xfuel.xtrabytes.global/address/F6zkTsVkfmjy27TUq6LgBAoxHdmxGHg3Yx
In addition to 65 different wallets being held in cold storage, the accounting department retains different wallets they use for security purposes as well. Any time a wallet is taken out of cold storage to emit the coins, a new address will be generated. And if accounting generates a new wallet, a new address will be generated there as well. From there, the payouts are made to the individuals who have earned XFUEL. Otherwise, this can also be from the Bitcoin “security” protocol that has not been removed from the XFUEL code yet