KXCO Update on $FBX
The concept of a private currency, also known as a digital currency or cryptocurrency, has gained immense popularity in recent years. A private currency is a form of digital money that is not backed by any government or financial institution. Instead, it is created and managed by a private entity, such as a company or a group of individuals. In this update we will discuss the benefits and challenges of engineering FBX as a viable private currency and discuss some of the framework KXCO believe is important for creating and managing a successful private currency.
Benefits of FBX:
- Decentralized and Transparent: FBX operates on a decentralized blockchain network, which ensures transparency and accountability. All transactions are recorded on a Private, Permissioned ledger that is accessible to all relevant parties.
- Secure: FBX uses advanced cryptographic algorithms to secure transactions and prevent fraudulent activities.
- Low transaction fees: FBX was designed to eliminate the need for intermediaries, such as banks or payment processors, which reduces transaction fees significantly.
- Anonymity: FBX offers a high level of privacy, allowing users to transact without revealing their personal information including their wallet address to the entire world.
- Borderless: Private currencies are not restricted by borders, making it easy for users to transact across countries and regions.
Challenges of FBX and how KXCO are addressing them:
- Volatility: FBX right now is highly volatile, which can lead to large price fluctuations and affect adoption and use, KXCO are addressing that by continuing to buy back as much as possible, the process of underpinning the valuation with reserves has begun, this will establish a baseline value, volatility will not vanish and long term growth overtime should be assured .
- Lack of Regulation: FBX operates outside the traditional financial system, which means it is not regulated by any government, given the history of governments and currencies we see that as a positive, as we build out KXCO to a fully-fledged financial institution will gain an increasing amount of perceived reliance in the financial community.
- Adoption: FBX faces the massive challenge of widespread adoption. Since it is not widely accepted by merchants and businesses, users may not have many options to use them for everyday transactions, KXCO are working on several projects to change that including payment gateways and ecommerce hubs.
- Security: Private currencies are susceptible to cyber-attacks and hacking, which can lead to significant losses for users. We are aware of the security risks and are addressing them by adding industry leading professionals to our team, we are also creating an environment where KXCO can follow each and every unit of FBX.
- Technical Expertise: Creating and managing FBX requires a high level of technical expertise and knowledge of blockchain technology, in most cases the costs would be detrimental to the currency but with the KXCO model those costs are part of KXCO’s general expenses as work is done moving traditional finance to chain across a vast spectrum of industries.
Framework for Creating and Managing FBX:
- The Purpose: The first step in creating FBX was to define its purpose and objectives. This includes identifying the target audience, the use case, and the features that the currency will offer. KXCO sought to establish a base unit of value separated from the Fiat world that reflected real world value storage and passed on the benefit of a well-managed corporate economy.
- Create a Blockchain Network: The next step was to create a blockchain network that will support FBX. This involves choosing the appropriate blockchain platforms, designing the architecture, and developing the necessary protocols and algorithms, this work is ongoing.
- Establish Governance: To ensure the smooth functioning of FBX, it is important to establish a governance framework that defines the roles and responsibilities of those Governing issuance and buybacks.
- Design the Monetary Policy: The monetary policy of FBX should be designed to ensure stability and prevent inflation. This includes defining the supply cap, the rate of issuance, and the internal interest rates.
- Build the User Interface: The user interface should be designed to ensure ease of use and accessibility. This includes creating a wallet, designing a user-friendly interface, and providing adequate support and documentation. This work is ongoing.
As the buyback continues and reaches a point where it becomes clear there is little left to acquire KXCO will put 30 000 units of KXCO in the reserve (Balance Sheet) of FBX. Of 1b, 900m will be locked for 3 years. 10m will be the total available on market, 90m will be placed on KXCO chain.
As well as FBX being used on chain for fees we are working on a model to incorporate FBX in to the global KXCO model. This would include use in FX, CFD and Crypto spot/futures trading, we believe it is also possible to incorporate FBX in our general internal processes. A global FBX payment and remittance gateway is in the works.
The idea is to build a reserve of assets and currencies like any other central bank, the wording and structure of how that works may also take time as it is a fine distinction between the 2 but an important one as to keep FBX a currency by legal definition.
FBX will offer several benefits over traditional fiat currencies, including transparency, security, and low transaction fees. However, they also face several challenges, including volatility, lack of regulation, and adoption.
To create and manage a successful private currency, it is important to define its purpose, establish governance, design a monetary policy, and build a user-friendly interface. With the right framework in place, private currencies can offer a viable alternative to traditional fiat currencies.
We, as always, look forward to input and ideas from stakeholders and interested parties.
KXCO Chain1 is the 1st client developed under the KXCO umbrella. It is built with Java, and it offers several benefits that make it an attractive choice for organizations looking to build blockchain solutions.
While FBX is the Chain Currency for KXCO you can pay in any Fiat or Digital Asset, the system will automatically process the transaction and buy the required amount of FBX at the same time without you having to do any conversions or additional work, fast, easy and safe.