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!

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