CXN NETWORK’S PAUSED PRE-SALE, SMART CONTRACT AUDITING PROGRESS, GAS FEE COMPENSATION, AND FUTURE EVENTS
Of course, security is everything, and we understand this. To ensure the ecosystem was secure while staking and deflationary model were activated immediately after the exchange listing, we had to audit the smart contract (with staking and burning functions) comprehensively. The unintentional implication of this was the extension of the token distribution by 1–2 weeks. Certainly, we had other options and one of them was the launch of CXN-V1, its distribution immediately after the pre-sale, and its exchange listing. That sounds great, but staking and deflationary model, which was supposed to create immediate utility after the token distribution, would have been on hold until the smart contract with those functions was audited and deployed. The audited smart contract would have been deployed as CXN-V2, and a swap from CXN-V1 to CXN-V2 followed. Definitely, it was easy to have done this on our end, but the community had to be considered because, in prospective hindsight, if that had happened, there would have been no transfer tax after the token distribution until CXN-V2 launched. The tax provides a rich tokenomics for holdlers and stakers, reduces the selling pressure while the stakers are being rewarded on every address-to-address transaction, and powers the burning mechanism, which decreases the total supply of CXN each time a token transfer occurs.
However, we had another option, which would have favored our community, and that was the proper auditing of the smart contract (with staking and burning functions) before the token distribution. This would have created a safe environment for the participants, and activated staking and deflation after the exchange listing. But the price was to extend the token distribution by 1–2 weeks. We opted for this option but some investors were not ready for any form of extension. They showed displeasure at this, and LID (our pre-sale partner) had to push the refund button while the pre-sale was suspended until the auditing process was complete.
Smart Contract Auditing Progress
We just received the initial report of the comprehensive smart contract auditing from QuillAudits.
It was an awesome report with no major bugs, and this flaunts the proficiency of our dev team. While we proceed with the ecosystem development, we await the final report from QuillAudits.
GAS Fee Compensation
During the pre-sale, the ETH network was congested, thwarting and the gas fee was usurious. However, because the participants believed in the potential of CXN Network to build and deploy market-driven products, at the core of adoption and rich tokenomics, they participated. The support is appreciated. As an upshot, the participants would be compensated pro rata and the model will be communicated very soon. Kindly tune in to our channels, and be kept abreast when it is put up.
After the final auditing report of the smart contract (with staking and burning functions) is complete and the recommendations are considered, the gas fee compensation and pre-sale would take effect. Then, token distribution and exchange listing would follow. Shortly after the exchange listing, the CXN Network’s novel exchange would be launched (to boost the positive sentiments and build up the excitement) post pre-sale. In the meantime, we keep expanding our marketing team for huge exposure. The timeline for the token sale would be communicated on our channels. Kindly stay-tuned!
About CXN Network
CXN Network is a tech start-up, which aims to implement solutions in various industries in response to available and viable market opportunities. The leverage of Blockchain and other components of the fourth industrial revolution is at the core of our operations, and the implication of our operational models is we could deploy centralized and decentralized products in any industry as long as the growth potential indicator is positive.
Our mission is to build robust platforms, which can withstand any amount of influx, cast off any security threat, and stand the test of time(as regards positive users’ experience and feedback). To boot, we strive to make CXN Network one of the largest, tech-solution companies in the world in terms of safety, quality products, trust, active support system, and simplified user interface.
At the inception, the primary target is the financial-inclusion markets upon the discovery of viable market opportunities presented by this domain. As a result, our first products will be released with a tactical approach, which inherently grows its influence and is tailored to the target.