Blackwave Labs is proud to announce that beta testing for our innovative cryptocurrency platform, Excoin, has come to an end. We are now ready to officially launch our trading platform.
Over the course of our beta, the most prevalant question has been: “How will you determine which coins are traded on your market?” To preface our answer to this question, we would first state that we are advocates for cryptocurrency, altcryptocurrencies, open source software, and decentralization. However, to be very blunt, we are very disappointed with the current state of altcryptocurrency.
Many developers, investors, and enthusiasts appear to be misunderstanding a critical fact: A cryptocurrency is not defined by piece of software known as a wallet, a cryptocurrency is defined by a protocol.
Excoin will not be offering trading against every new fork that pops up, we will not be offering flavor of the week cryptocurrency. If you are looking to chase the next pump and dump coin you will have have to look somewhere else. To make this point absolutely clear, we do not think entering the top ten market cap for a few days qualifies a coin as innovative.
To qualify for trading on Excoin, coins must have made fundamental changes to the existing protocols, they must be open source, and their code must be actively developed. These changes to the protocol must not merely be mentioned on a roadmap but actively in development and peer reviewed.
This not only empowers developers who are actually focusing on cryptocurrency protocols, but also keeps the entire Excoin community safer since we are less prone to install a wallet with security issues.
Nearly all new cryptocurrency developers are either naive or are actively misleading their communities by marketing their wallet features as unique to their brand of cryptocurrency and associated blockchain.
These developers are ignoring the fact that their wallets’ features could be applied to virtually any cryptocurrency fork because they are not making any changes to the protocol. Very few of these new wallet additions have affected the underlying protocol running the cryptocurrency, or the changes to the protocol could have been better achieved as an abstraction above the protocol.
What we are seeing in the cryptocurrency ecosystem is equivalent to developers forking the TCP/IP protocol every time a new website is created. We do not fork the TCP/IP protocol to make a new website, or fork BitTorrent to create a new client, and we do not need a new fork of the proof-of-stake protocol to make new wallet software.
The result of this behavior is a fracturing of the cryptocurrency community: Features that should have been open source and widely available across all cryptocurrency protocols are being used to create pump and dump coins with short lifespans and myopic goals.
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