Oodlebit exchange progress report 2019

We are now halfway into the first quarter of 2019 and with that being said we have been receiving many questions that we would like to address today.

Telegram Airdrop Bot:
This bot might appear to still be functioning on telegram but the airdrop has been over for a long time. Referrals generated in the airdrop bot will not reflect in your Oodlebit.com account. You can only earn OODL coins by logging into your account on oodlebit.com and sending friends and family to sign up through your affiliate program tracking link. We have a very lucrative reward system for you to earn lots of OODL coins!

Exchange Development:
* Our core components that make up the Oodlebit exchange platform are now in Alpha testing. As an example the trade engine is functioning at high capacity handling near half a million transactions a second with the ability to scale vertically when required.

* Our master pin technology has been upgraded to thwart an uncommon, but possible attack in where a malicious actor could steal a user’s pin if their computer was ever compromised with sophisticated software.

* We got rid of the dated hot wallet architecture and built a one of a kind wallet system called W.A.S.P for handling deposits, withdrawals, and the storage of user funds.

The Wallet Arbitrator and Secure Protection program, or W.A.S.P, is the latest in wallet security. We removed the risk of a hot wallet while keeping all its benefits in terms of avoiding slow manual withdrawals from a cold wallet. The WASP does a few key things different than other exchanges.

Our user’s funds are kept in an undisclosed secure location away from the exchange platform itself and never accessible to the outside world. The server in which W.A.S.P and wallets reside have all incoming connections turned off or blocked.

The W in WASP stands for wallets which are self-explanatory. We will house our crypto wallets and they will be utilized by the WASP.

The A stands for the arbitrator. The WASP will act as an intelligent AI that will gather withdrawal and deposit requests and validate them utilizing AI to look for any maleficient withdrawals and invalidate them. It will also safeguard the server as well monitor all internet traffic. If at any point there is malicious activity captured on the server it will immediately shut all wallets down and notify top-level employees preventing theft of funds. AI has come a long way, and it now allows us to mimic the abilities of a top security expert monitoring our servers around the clock without a second of rest.

The Secure Protection is something that piggybacks off the arbitrator AI. It learns and monitors everything while adapting as new security standards emerge. This system also has full text and email notification system for top-level employees. Fund transfers can be halted quickly in the event of extreme circumstances such as forced theft attempts through kidnapping.

Besides our sophisticated WASP system, we utilize standard forms of security to maintain good practice. Wallets are strongly typed password encrypted, and all wallets have separate passwords. Multi-signature recovery and company architecture procedures are in place in the event that top-level employ(s) die or are incapacitated.

Legal:
We are still pursuing licensing on a state by state basis in the USA. At launch, we anticipate to be able to serve customers in around 12-15 US states, and increase that number as we go. Apart from the USA, we will be serving most international countries, an official list will be published closer to the launch of the Oodlebit exchange.

Additional Updates:
* Oodlebit will be available in multiple languages at launch to not only serve our English speaking customers but our international customer base as well.

* We are working on accepting credit card and wire payments to allow our customers to quickly purchase Bitcoin directly through the Oodlebit exchange. This may or may not be available at launch.

Common Questions:
1. Was there an ICO and what is the price of OODL coins?
We did not have an ICO. We are distributing our OODL coins through the Oodlebit affiliate program and through other promotions. Only around 10-20 percent of 100mm has been distributed so far.

2. When can I withdraw and trade my OODL coins?
Once we open the Oodlebit exchange your balance will be present in your Oodlebit account. You will then be able to withdraw and trade your balance after completing KYC.

3. When will Oodlebit exchange open?
We are aiming to open towards the end of March 2019. However, this is not a guaranteed launch date. We will not hesitate to delay the launch for anything that might jeopardize the security of the Oodlebit exchange. Proper security audits, beta testing, and bug bounties must be performed before we open our doors to the public.

 

Thanks for reading!

Investors want more cryptocurrency

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In today’s blog, we are going to take a look at a recent survey by Sharepost that may suggest that investors are more interested in cryptocurrency in 2018. Cryptocurrency has had a rough start in 2018, while most are down from their 2017 highs. However, the survey reported that

59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months.

This is really good news for the cryptocurrency economy as most of the users and transactions are coming from the investing section. It was no secret that the top three cryptocurrency coins/tokens that were most likely to succeed according to the survey were Bitcoin, Ethereum and Ripple. (Which are currently the top three cryptocurrencies right now in terms of market cap)

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Companies launching crypto related services/products/research

In order for cryptocurrency to be adopted real-world utility needs to exist. Right now hundreds of thousands of products/services can be purchased using some form of cryptocurrency, however, to compete on a competitive level cryptocurrency will need to be accepted by millions of different retailers. The Sharepost study suggested that

49 percent of consumers say employers are planning to roll out Blockchain in the near future.

Even during rough patches, light can be seen when companies are entering the blockchain space to try and innovative and release beneficial services/products.

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Tokenizing the Future

This data could possibly show a future in which many different companies roll out their own native cryptocurrency token and that the future could be a tokenized market.  Whether the tokens will represent some sort of equity within a particular company/business, function as a store of value, or even a medium of exchange this data has some promising notations. In a tokenized economy people will need to be able to interact with the tokens effortless in order to make the incentive models realistic. This means that exchanges will need to allow users to effortless exchange their tokens with many different trading pairs.

 

 

This sort of tokenized world is however many years away and will not be built overnight. More companies need to roll out research plans or even plans to develop blockchain related services/products. Many more years of research will be needed to give confidence to smaller companies and sole proprietorship (the largest groups of businesses in the US are sole proprietorship’s.) Companies like Wal-Mart, IBM, Oracle, and Goldman Sacs are considering or even exploring blockchain technology right now. These dominate companies have the resources to test out the industry, and once the projects are finally present other smaller companies will begin to follow suit.

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People using cryptocurrencies

Currently, around 40 million people around the world are using cryptocurrency and at the current rate within the next 7 years, this market could reach 1,000,000,000 people. This, however, cannot increase rapidly if exchanges and storing precautions are not taken. Most people who are early innovators have taken a look into cryptocurrencies, and these are the people that are willing to deal with the uncertainty in wallets and exchanges. The majority of the world will not be willing to enter the cryptocurrency market without an increase in security measures. This is why Oodlebit is dedicated to creating the most secure yet efficient trading platform. Together we can form the best cryptocurrency exchange and invite the next 40 million users to enjoy it with us.

 

Get in Touch

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Introducing OODL Coin

Oodlebit is a next-generation cryptocurrency exchange that will be releasing in 2019, launching in the United States to create brand new standards. While launching with unique advantages such as an increase in trading pairs, fair fees, powerful API’s, heightened security, charting tools and other trading implementations, Oodlebit has created a powerful token with real utility.

 

History of Utility Tokens

 

With the ICO boom, “utility” tokens have started exploding with brand new business models of raising funds, and a new entry for startups to enter the blockchain space. An increase in startups and projects certainly helps the innovation of cryptocurrency, however, the immense amount of purely crowdfunding tokens has brought the economy down. Many companies have launched on the blockchain without good development teams and have created tokens simply to use to crowdfund their business models and make themselves rich. Most of these projects have huge Team & Advisor funds that take away from the actual development of the project. So because of this, many projects have failed and burned through a lot of investor funds because the idea was not yet technologically feasible. These projects have jumped the gun and begun raising ICO funds before the project has even been developed, so these speculative utility tokens have caused a huge downtrend in the market as these projects have not been able to deliver the fantastic implementations they wrote about in a whitepaper.

 

Bringing Real Utility, Real Value

 

Oodlebit’s native token OODL will be a fully functioning token with real-world utility. These tokens will be used directly in the exchange via the voting, and trading process. 200,000,000 OODL tokens will ever be in circulation before buyback burning periods. 50% of the tokens created will be given out in affiliate programs and other reward campaigns. The other 50% of the tokens will be given to early investors and the founders.

 

Burning

10% of every net positive quarter will result in a buyback until 50,000,000 tokens are purchased. These tokens will be burned so that the total circulation of the token gets decreased over time. This will bring more value to the token as the demand for the token rises. These tokens have real utility in the fee reduction and voting privileges and so the demand for the token will be higher than traditional pairs.

 

Lock up Periods

Generally in ICO’s developers and founders are given tokens right after the ICO funding, which doesn’t leave many incentives to continue on the project. At Oodlebit the founders and investors are given a four-year lockup to incentivize the continued support of the exchange.

 

Voting

An important feature of OODL tokens are the voting rights that are given. Users are able to vote for the next coin to be added to the exchange platform. Traditional exchanges add whatever token is willing to pay the most for a listing fee, whereas Oodlebit believes in the users. This is one of many Oodlebit commitments to bring the power back into its users. A current poll is running and ends January 1st, 2019! The top 10 tokens will be added to the exchange so vote now.

 

OODL Fees

By utilizing the OODL token, users will see a fee reduction of 50%. This gives a financial incentive to traders to use the OODL token, and become a part of the Oodlebit community.

 

Get in Touch

In an ongoing effort to expand and grow our exchange we are giving away 50 OODL coins with 60 days of free trading to the first 30,000 users. Visit https://www.oodlebit.com to learn more about our amazing offers.

Follow our progress and updates on Twitter, Facebook and Telegram.