What is XFUEL™?
XFUEL™ is a development token on the XTRABYTES™ blockchain. As such, it serves as a way to fund XTRABYTES™ and encourage project participation. As a monetary incentive, XFUEL™ enables the project to pay participants for their time and efforts.
Without XFUEL™, it would have been impossible to complete the XTRABYTES™ project in a timely manner. As XTRABYTES™ never conducted an ICO, there was no ICO funding available to compensate project contributors. So development would have been incremental at best. In addition, we were not willing to allow VC’s to enter and take control of the project (given the many patentable innovations on the table). Doing so may have allowed outside parties to control the direction of XTRABYTES™.
Paying Developers and Helpers
After project contributors detail their project support, XTRABYTES™ awards XFUEL™ for project work at a 1:1 ratio using XBY’s USD valuation.
Project fans can also earn XFUEL™ by participating in one of our open bounties. Thus, if users desire more XFUEL™, they can always purchase it from team members or bounty hunters.
Once we showcase X-CHANGE in XCITE™ (our new wallet), users will be able to access an XBY/XFUEL™ trading pair.
Why would I want to buy XFUEL™?
Investors may use XFUEL™ to fill one-third of a STATIC node (no more and no less). These XFUEL™-filled nodes disseminate larger reward payouts within the network. The project is planning to use XFUEL™ in other (undetermined) ways as well. Moreover, since not all STATIC nodes can be registered with XBY alone, many nodes will require partial filling with XFUEL™.
Once mainnet comes online, STATIC node registration will begin. Once that occurs, investors will have a chance to register a STATIC node on the XBY network. Three levels of nodes will be made available. Since they cannot all be filled with only XBY, users may use the following amounts of XFUEL™ to register a STATIC node.
XBY/XFUEL™ deposits for STATIC nodes:
- Level 1 is: 500,000 XBY or 330,000 XBY + 170,000 XFUEL™ (Some of which have already been locked in during the initial registration period in 2017)
- Level 2 is: 250,000 XBY or 170,000 XBY + 80,000 XFUEL™
- Level 3 is: 125,000 XBY or 85,000 XBY + 40,000 XFUEL™
There are a total of 512 Level 1, 1024 Level 2 and 2048 Level 3 STATIC nodes at present.
In contrast, filling all network nodes filled with only XBY would require:
512 L1 x 500,000 XBY + 1024 L2 x 250,000 XBY + 2048 L3 x 125,000 XBY = 768 million XBY
XBY total supply: 650 million XBY
Missing XBY: 118 million
This missing XBY will be replaced by XFUEL™. And since roughly 100 million XBY is expected to remain in circulation (and not locked in nodes), it will also have to be replaced by XFUEL™. This is why a blended network has been envisioned by the developers and why XFUEL™ is vital to the XTRABYTES™ ecosystem. Consequently, XFUEL™ will very likely be in high demand once node registration opens.
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: Where can I download the XFUEL™ wallet?
A: Once XCITE™ is released, both XBY and XFUEL™ will be stored in the same wallet. Until then, a dedicated XFUEL™ wallet can be downloaded here.
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: How much XFUEL™ is there?
A: XFUEL™ was forked from XBY, so the supply is the same at 650 million. 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. 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. Thus, we're limiting the supply to 650 million and will continue to use XFUEL™ as needed.
Q: Can I track the XFUEL currently in circulation?
A: Yes, you can track its movements via a richlist and as company payments on the official blockexplorer.
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: How is supply distributed?
A: Supply is distributed by Borzalom and CCRevolution to accounting for payouts. Otherwise, it stays in cold storage.
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