Update #43: Proposal Status Update, Bitgo, and Marketing

Posted by The Bullex team on Jul 25, 2019, 4:03:00 AM
The Bullex team

This week we're focusing on the proposal and the feedback we've received from the community. We also discuss the BitGo migration and more details on marketing plans.

Proposal Updates

The last few days have been a flurry of activity on the DCORP Telegram channel discussing the proposal that was released last week. First, we would like to apologize for the timing of the proposal release since the team was not immediately available for discussion. As a result, speculation ran rampant, but thankfully Mark has been able to spend a lot of time over the last few days in the Telegram group working and discussing with the community. 

We're working to get to the root of the concerns that the community has, so they can be adequately addressed. We're not yet able to release a revised proposal, but be assured that we are working tirelessly to incorporate the community's feedback and ideas. Here is a list of items we've been discussing:

  • When and how will the 160k EUR loan from Hans, Corben, and Frank be paid back? We will freely admit at this point that it was a mistake that this was not disclosed upfront, but we cannot change the past. Going forward, we are exploring all options on how and when to pay this back in a manner that satisfies the majority of the community. The loaners are also willing to donate interest paid on this loan back to DCORP/Bullex to help ease the burden. However, the loan issue seems to be one that has been more divisive among the community, so we're also considering removing it entirely from the proposal to release funds and could handle it separately instead. 
  • The specifics of how the loan of DRPU from team members to Bullex for use in paying our marketing partners has also caused concerns. One discussion was around how the DRPU would be paid back in the future if the cost dramatically increases from when it was loaned. This is being investigated. One option that has been discussed is the ability for the token holders to commit a portion of their own DRPU to help facilitate the loan.  This is also being discussed internally for feasibility, and we have created a non-binding Google form to gauge community interest. There have been a lot of other good discussions on these items in the Telegram group, but there is still more clarity needed internally before we can commit to something in the proposal. 
  • This isn't completely related to the proposal, but there has been some discussion around the creation of the first year's team incentive in DRP. To clear up any misconceptions, the DRP supply at the conclusion of the ICO was 8094002 (rounded to the nearest whole number). This transaction on 2019-05-17 created an additional 10% supply of DRP as outlined in the white paper for the teams' first year incentives. The total supply of DRP is now 8911497 (rounded to nearest whole number). The total supply will increase again in the future when the next incentives are created. Communication around the next even will be more timely, but transactions will always be visible on the blockchain!
  • One community member suggested sending a message, or something similar, with transactions on the Ethereum blockchain to denote the purpose of the transaction. This is a great idea and we're investigating the feasibility!
  • We are open to the option of releasing funds in smaller batches, but our preference is to release the funds now. A big reason for this is that it gives us the ability to create longer and more stable partnerships with companies we're going to work with. Having the funds in-hand makes striking deals easier, but we understand your concerns and will discuss more in the coming days.

Thank you to everyone who has provided input. We will continue working hard over the coming days to get the proposal updated and sent back out for further review with everyone. Thank you also for having civil discussions with us about this. Also, we will strive to include more investor feedback upfront on future proposals!

We are still aiming for the aggressive timing originally laid out of an August 1st vote start date, but this may be allowed to slide some while still being able to hit our targeted August 22nd launch date. A guide for the voting process is in the works.

BitGo Migration

The BitGo migration is nearing completion! Test deposits and withdrawals are functioning for all wallets except DRPU, ETC, XMR and DGB. We have a few stubborn bugs that are holding us back, so please do not send deposits for any asset until we notify you they are enabled as there may be loss of funds.

When withdrawals are initially enabled, we will still be processing them manually. This is a necessary action that we must take until we can completely sever the exchange provider's ties to our wallet workflows. This will completely eliminate the attack vector that originally dictated the need for a more secure wallet solution.

When the work is complete, we can eliminate the need for manual interaction from a Bullex team member for smaller withdrawals, but be aware that large withdrawals will still require some manual intervention to avoid allowing a would-be hacker from draining funds. We're still working out details around the cutoff amounts for automated withdrawal sizes.

Marketing Update

Significant progress has been made in our marketing plans in recent weeks, and we're excited to start sharing some initial peeks at our plans! The Upmedio design team has been working to revamp the exchange's look and feel. They have also been navigating through the entire user experience to reduce friction and optimizing the entire process. We're also updating our social media presence to match the new visuals, and we plan to share more soon!

We have created initial ad campaigns for Facebook and Google. Even though Google has a history of being hesitant in allowing advertising crypto projects, our campaigns have already been approved and are ready to go! We're working our way through the approval process for Facebook now as well.

We have also mapped out the traffic sources of over 200 exchanges and have categorized them. We're preparing to outreach to hundreds of parties on potential partnerships, listing our information, and/or advertising agreements. This plan can be put into action pending the proposal vote.

Lastly, we're in the middle of a massive outreach on LinkedIn that is aimed primarily at crypto communities in Western Europe. At this point, we're just introducing ourselves, but this is paving the way for future plans!

Expect us to continue to share more details as we're able!

Closing Remarks

In case you missed it, you can find our last update here and the feed of all our recent updates here!

If you’re interested in learning more about DCORP and Bullex and would like to join our community, please subscribe to, or join, our social channels:

Thanks for reading and happy trading! Love Bitcoin, join the Bull.



Topics: Bullex, DCORP, Marketing, Withdrawals, proposal, BitGo