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lalaworld

UPDATE — 10 July 2019

Update

Hello, everyone. It has been an exciting past two weeks and we are here to share what we have been working on lately. In today’s update, we discuss the following:

  • Negative maker fees
  • SPIKE listing
  • COS Swap Update
  • Delisting of projects
  • Optimisation of pairs
  • COSS Wallet app updates
  • Node fixes
  • FSA structure & dust conversion
  • Bug fixes and improved operations
  • Exchange liquidity and developments around it
  • Listing new and popular projects
  • The mobile app

Before we go into today’s updates, we want to take a moment to go into some of the events that happened since our last Medium update.

– Negative maker fees was promised and is being implemented tomorrow, 11th July at 11.30 am GMT +8. For more information, please read the full Negative Fees announcement.

Clarification: The levels are to be considered as ranges like 0–500,000, 500,001–1,000,000 and so on. The numbers you see in the table are the higher threshold number in each level.

A counter to track the volume on your individual accounts will be implemented in August.

  • Spiking’s SPIKE has been listed on our exchange. There was a joint announcement on the 6th of July as well as a facebook video between Clemen and Rune, and we are now into the 3rd day of the listing and trading promo. 5 million SPIKE is up for grabs!

– COS token withdrawals have been successfully implemented. If you prefer to store your COS tokens on an external wallet and still receive your daily FSA, please refer to our guide. The swap has been going smooth and we have been watching very closely. At the point of writing, there are about 175 million COS tokens in circulation. Do take note that CMC has not updated our circulating supply; their site still shows up as 119 million.

If you had transferred your COS to the same wallet as you used for COSS and had setup the identifier, you do not need to do anything. The external identifier needs to be setup for wallets not previously mapped with the same.

– We are delisting the following projects on our exchange. Trading was stopped on 28th June for all the following tokens:

FYN — FundYourselfNow

SENC — Sentinel Chain

STX — Stox

CAN — Canyacoin

OPQ — Opacity

TRAK — Trakinvest

ITT — Intelligent Trading Foundation

NOX — Nitro

PIX — Lampix

VZT — Vezt

Withdrawals of these coins and tokens from COSS will continue to be supported until 11.59PM GMT+8, 28th July 2019. Please make sure that any above tokens that you are holding in ANY of your COSS accounts, are transferred or withdrawn, including your FSA accounts.

– As mentioned earlier, we have taken steps to delist non-performing pairs. Pairs optimisation is next on the agenda and goes hand in hand with liquidity and volumes. We will be cleaning up the trading pairs on the exchange, and this is scheduled to be done after negative maker fees implementation. This process will be undertaken by the token review team, and it will be a continual review process from now on.

Concurrently, our token review team has also reached out to some of the listed projects on our exchange to maintain minimum volumes, while we also discuss possible promotions with them to bring in their respective communities.

– Our multi-sig warm wallets have been updated on 28th June. This is not a visible change for you, but it is an important part of our ongoing upgrade process. We are continuously working on enhancing the security of these wallets by putting proper policies, rules and structures in place.

– We published the first letter by our CEO, Sankalp, addressing the joint community. This will be the first of his monthly updates, and Sankalp will be outlining our plans, vision and mission for COSS in these letters. If you are interested in the direction of COSS post-merger, this is a letter you will find informative.

– Arax wallet has been rebranded to COSS Wallet. This marks another step towards the merging of our products into a unified ecosystem. You can find the updated apps on your preferred app stores. Again, this takes a significant marketing and development time to implement but it was an important step towards a unified brand and goal.

– In the latest update, COSS Wallet is upgraded with the following features:

  • COSS Rating: It is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile. For example, the second star unlocks mobile credit top-up services. All you need to do is create a COSS ID and verify your mobile number. We intend to implement the features on the exchange as well while designing the mobile experience, in time to come. No timelines yet, don’t run ahead of y/ourselves. 🙂
  • Address books: COSS Wallet now lets you save crypto wallet addresses just like contacts. No need to copy and paste the wallet address of people every time you want to transact cryptocurrencies. This is to make the transfer experience easy. Download the wallet and try out some of the features! While you are at it, don’t forget to use the Nearby GPS transfer function between family and friends.

Now, on to some updates & new developments we are working on:

Node Upgrades: We apologise for the delay in node upgrades for many months. As a first priority for July, we are going to bring BCH and Horizennodes back online, followed by the other nodes in the next few weeks. We will update you of our progress and we are working actively to bring the nodes up as soon as possible. Lisk and Ark nodes have been restored earlier and are fully operational.

New Blockchains: Now that the existing nodes are a priority, we plan the future alongside. To enhance token usage and value, onboard new users, instill liquidity, it is essential that we continue to list new blockchains and their ecosystem tokens. We are working on that as well and will include details in upcoming updates.

New FSA Structure — After implementation of negative maker fees, trading tech team is now working on the new FSA structure that we promised for July / August. The idea is to simplify the FSA structure, fee collection, token allocation and distribution as described in the last update. As for the FSA dustin user accounts, we are considering multiple options, as it needs some dev time. We shall announce the exact details when we are ready to implement these changes.

Bug & Features Fixes: The team has been fixing some of the most common bugs based on feedback from our users over the past few weeks. We are getting the issues resolved in batches. These are being tracked internally and we shall notify the community where possible. These include fixing the ‘failed to submit KYC’ error on the exchange which has been persistent.

The entire operations team has been revamped under the leadership of Ranjit as COO — he has been leading this brilliantly for LALA World/Arax support, feedback and operations functions and now quickly updating the processes for COSS.

Exchange Liquidity — This is the most important task that our CEO Sankalp Shangari, along with Rune, are actively working on every day. Here is a list of things being worked on to address this –

  • Negative Maker Fee — will be implemented on 11th July, 2019
  • New project listings — token listings have begun again and we are adding more in the queue
  • Super Trader Programme — Internal project code-named ‘The COSSanova Programme’ — keeping it under wraps for now but more details soon… watch this space!
  • Listing popular and top tokens but with more depth on order books and planning
  • New blockchains to attract new users and respective communities
  • Marketing initiatives — More details soon, including the much awaited COSSmonaut ambassador and referral programmes to expand into more geographies
  • The mobile app team is working closely with the exchange product team to figure out the best way to synch and enhance the user experience, which will bring lot of much expected upgrades to the mobile app.

Stay tuned for more updates coming your way.

You can expect to hear from us again, soon… 🙂


Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion group: https://t.me/myCOSS

Telegram API/Bot Discussion group: https://t.me/COSSAPI

Chinese Telegram General Discussion group: https://t.me/myCOSSchinese

DACH Telegram General Discussion group: https://t.me/myCOSSdach

COSS Info channel (Community managed): https://t.me/COSSinfo2

Facebook: https://www.facebook.com/COSScrypto/

Twitter : https://twitter.com/COSScrypto & https://twitter.com/COSSwallet

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg

UPDATE: Negative Maker Fees – COSS.io

Negative

Hello, everyone.

As a step towards improving the trading fee structure for traders on COSS.io, we implemented 0% maker fees on 27th May, this year. This was an interim step towards introducing negative maker fees.

The moment we have all been waiting for… COSS is pleased to announce that negative maker fees will be implemented this Thursday, 11th July at 11.30 am GMT +8.

The exchange will be under maintenance on Thursday, 11th July between 11.00 to 11.30 am GMT +8 to implement this new fee structure.

Here is the new trading fee structure:

*Trading fees paid with COS tokens earns traders a discount of 25% on positive trading fees, where applicable.

What exactly is negative maker fees? In short, traders earn an incentive for posting liquidity in the order book.

There are several advantages to COSS and the community and in line with our vision of “Community First” & “Simple First”.

COSS has now become one of the very few exchanges in the world to have implemented negative maker fees along with the likes of BitMEX. Every step that we take henceforth makes sure that our community is kept first, while also ensuring that new users coming to our exchange are given the best trading platform possible.

The updated fee structure we are implementing can also attract more liquidity — by incentivising market makers to build a deeper order book. There are several other initiatives planned that should lead to further liquidity on COSS. We will be making more announcements in the coming days and weeks regarding those.

This is in line with our plans and promise of delivering results, and swiftly, in July.

Nothing more needs to be said. Happy trading and enjoy the negative maker fees!

Expect to hear from us again, soon… 🙂

 

Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion Channel: https://t.me/myCOSS

Telegram API/Bot Discussion Channel: https://t.me/COSSAPI

Chinese telegram: https://t.me/myCOSSchinese

Facebook: https://www.facebook.com/cosscrypto/

Twitter: https://twitter.com/cosscrypto

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg

DISCLAIMER: COSS reserves the right to update this fee structure at any given time in the future depending on market circumstances and regulations.

This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. This post is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.

COSS 12th June 2019 Update

Token Swap update

Dear members of the community, users and token holders –

This announcement will highlight two important things:

(i) Our brand and what we stand for

(ii) Much anticipated details of the token merger and swap process

Our brand

After a lot of internal deliberation and feedback from the community, we have decided to keep ONE BRAND IDENTITY — COSS — ‘Crypto One Stop Solution’.

We are branding all our products as — Crypto One Stop Solution or, as the world popularly knows us already, COSS. The name encapsulates our vision perfectly and that is what we will continue to work towards.

Here are the specifics:

  • The new merged token will have the ticker COS
  • The COSS Group website will be accessible at COSSgroup.com and will become our primary website
  • COSS.io will continue to be the home of our exchange
  • Arax Wallet will be rebranded as COSS Wallet
  • COSS Wallet will have a dedicated website on COSSwallet.com

A brand identity is an important aspect of a company. It encompasses our mission, reflects our drive to succeed, and helps us develop a unified brand image and marketing strategy. We wanted something that gives a nod to our combined legacies and yet points the way to a new future ahead. This is a process that requires careful design and thinking, and our new brand identity will be unveiled in the very near future.

The Token Swap Process

All COSS and LALA tokens will be swapped for your new COS token only onCOSS.io exchange. The swap commences on 25th June 2019 at 14:00 GMT+8.

The new ticker is COS to avoid confusion with existing COSS token contracts. The same will be listed on portfolio tracking apps, Etherscan, market tracking websites and everywhere else.

The swap ratios remain unchanged. You will receive:

  • Swap Ratio of COSS : COS = 1:1
  • Swap Ratio of LALA : COS = 10:1

Token Swap Details:

  • The swap will be done ONLY on COSS.io exchange
  • COSS and LALA tokens from other exchanges and external wallets MUST be deposited to COSS.io to swap the tokens to COS
  • Trading on COSS and LALA pairs will be halted on 24th June 2019. We will announce, in advance, the time when trading will halt and all open orders canceled
  • Withdrawals of COSS and LALA tokens will be disabled on 24th June 2019. The time will be announced. Deposits will remain unaffected.
  • FSA will be disabled from 25th June 14:00 GMT+8 to 01st July 2019, 14:00 GMT+8
  • COSS and LALA tokens in FSA wallets will be converted to COS tokens during the week commencing 01st of July, 2019
  • The swap will continue on COSS.io for at least 3 months from 25th June 2019. We shall announce if any further extensions to this window are to be made.

After you have swapped your COSS and LALA tokens to the new COS token, you can safely withdraw your COS token to an external wallet if you like or receive trading discounts on COSS as before by keeping it on COSS exchange. You will be able to accrue the Fee Split Allocation (FSA) by setting up your unique identifier on the external wallet as before. You will have to set up a new external identifier. The tutorial on our website will also be updated to walk you through the process.

Step by step swap instructions:

  1. Log in to COSS.io and go to COS Swap in the side panel
  2. Your COSS and LALA balances will be displayed, along with the total COStoken you will receive after the swap

3. Click on “Convert to COS” — a window will pop up with terms and conditions of the swap. Please check the box and confirm by accepting

4. You will now be able to see your new COS tokens in your COSS.io wallet

All done!

Your new COS tokens will have the following existing as well as additional utilities going forward:

  1. Fee Split Allocation (FSA) — all COS token holders receive a 50% split of the total trading fees COSS collects on a daily basis, based on their holdings.
  2. Trading Fee Discounts — traders can pay trading fees on COSS.io using the COS token to get a discount on the usual trading fee.
  3. COSS Wallet features, utilities, promotions and discounts — you will be able to utilise your COS and other balances on the COSS Wallet app to make GPS-based transfers, mobile credit top-ups, earn reward points and access a host of other features which are being built into it.

The new COS token combines the utility of what were previously two separate products with their own set of features into one super-token powering one ecosystem — the Crypto One Stop Solution ecosystem. We believe the COS token surpasses all existing exchange tokens in the market in terms of utility.

We would like to thank all of you for your feedback, support, and participation. The start of the COS swap marks the start of new initiatives and continued efforts to build and improve. Look forward to more new developments coming from us!

We will be in touch again soon.

TRADING FEES UPDATE

Zero fees

Traders are a critical part of our ecosystem, and we thank you for your support.

We have had many queries regarding changing to a negative maker fee structure from our community.

Multiple fee models have been investigated and your feedback has also been taken into account.

A change to negative fees is quite a complicated task; more complicated than simply changing a few parameters. In the meantime, we will implement a ‘stop-gap’ solution while our developers ready the system for negative fees.

Starting next week, we will set the MAKER fees at 0 and the TAKER fees at 0,2% (0,15% with 25% discount function) This will be a fixed fee with no tiers so ALL traders can enjoy this.

Here is the new trading fee with negative maker fee that we aim to deliver during June:

                                                                               Subject to change.

As you can see, we are reducing the tiers to 3 to make the entire fee structure easier to grasp for everyone. Do note that this structure is subject to change and the numbers shown may or may not be the final one, but we should be very close.

Short news today; but one we feel you would welcome!

Meanwhile, we continue working on our roadmap, short- and long-term deliverables and the upcoming token swap into ARX. We will keep you posted as we get closer.

Join our community at various channels :

Twitter: https://twitter.com/AraxApp

Facebook: https://www.facebook.com/AraxApp/

LinkedIn: https://www.linkedin.com/in/araxapp/

Instagram: https://www.instagram.com/araxapp/

Reddit: https://www.reddit.com/r/Araxapp/

BitcoinTalk: https://bit.ly/2TA5mGR

Telegram: https://t.me/LaLaWorld

We are doing our bit to make crypto adoption a reality with Arax.

Stay tuned for more updates!

Best,

Team Arax

Arax Pizza Carnival – Guess Bitcoin Price & Win a Pizza For Next Three Months

Arax pizza 1

Dear Pizza & Crypto lovers,

Arax offers you all to win your favorite Pizza for three straight months, yes you heard that right. Arax takes the baton from the Bitcoin Pizza legend Laszlo Hanyecza and makes sure the tradition carries on.

All you need to do is guess what will be the BTC price on 31st May’19 at 4:00 PM Singapore Time. Along with that share your quirky & creative Pizza selfies on Twitter, Instagram or Facebook tagging @AraxApp and @Coss.io using #BitcoinPizzaDay and #AraxPizzaCarnival

Please Note: The top10 right or the closest guesses including the best 10 creative selfies will win a Pizza every month for three months. (T&C applied)

Entries close on Saturday, 25th May’19, 7:00 PM Singapore Time

Arax pizza

Terms & Conditions

1. Each participant needs to Download and Signup on Arax App (available both on Android & iOS).

2. Create your Arax Id in the App (Example [email protected]).

3. Only the Bitcoin price on https://coss.io/ will be considered while choosing winners.

4. Submit your entries here by 25th May’19, 7:00 PM Singapore Time.

5. Top or the closest 10 entries will win up to $15 worth of crypto in their respective Arax Wallets for their favorite Pizza.

6. Special mentions of all the winners on official website & social channels

7. Participants can win a pizza for Three months by following these steps (Mandatory)

a. Submit your BTC price guess along with your Arax Id in the provided link

b. Click a selfie with your Pizza, solo or with your gang

c. Upload and Share the selfie on Twitter, Instagram or Facebook

d. Tag @AraxApp @Coss.io and use #BitcoinPizzaDay #AraxPizzaCarnival

8. The best 10 quirky selfies will be picked and adjudged winners by our Management Team

a. Winners need to do at least 3 transactions every month to be eligible for the Pizza deal

 

All the best,

Team Arax

Bitcoin & other crypto assets are sky-rocketing; put your ARAX wallet to use

At the start of the BTC rally i.e., on February 7, 2019, the price of Bitcoin was $3,409. The momentum of the rally caused the price of BTC to be $8,023 (an increase of over 200% in BTC market cap ) at the time of writing which is still increasing. I know, many of you would be interested in entering the crypto space at this time because, obviously, FOMO. However, before you purchase your first BTC, here are a few things that you need to keep in mind.

  • Bitcoin is a decentralized currency, free of centralized control. Not even the pseudonymous creator of Bitcoin can change the rules of the Bitcoin protocol.
  • Bitcoin is very secure as every transaction made with BTC is encrypted. It is maintained on a worldwide Blockchain and cannot be seized or demonetized by anyone.
  • The entire Blockchain of Bitcoin is maintained by a network of miners who work together to secure the network, and in the process maintaining a verifiable and incorruptible ledger of all transaction. It is transparent and anyone can check the data freely.
  • Bitcoin transactions are made with wallets which means that the source of transactions or wallet addresses can be identified but not the owners of those wallets. This makes BTC anonymous.

Safety Measures to take before and after buying Bitcoin to safeguard your digital assets.

  • Bitcoin is a decentralized currency, stored on a ‘address’ on the blockchain. A decentralized wallet keeps your private keys on a Blockchain server which means even if the wallet is hacked or shut down, you will be in possession of your private keys.
  • Never share or lose your private keys as it is your private keys which give you access to your assets. If malicious parties get access to your private keys, they will get into a position of stealing your digital assets.

ARAX as a safe crypto wallet option

When talking about safe and secure cryptocurrency wallets, Arax has some of the best security features to offer.

  • It is a great option if you are the owner of more than one cryptocurrency as it stores 30+ cryptocurrencies in one single wallet.
  • It is a decentralized wallet which means all the private keys are saved with the user and not visible to Arax thus ensuring your privacy and security of the assets.
  • The wallet has ease of control with one master password. You can access all your private keys with this one password releasing you of the worries of remembering different private keys.
  • Arax also facilitates crypto to crypto swap within the wallet.
  • You can send and receive crypto via GPS using the Near-by feature offered by the wallet.

As a new BTC investor, things can get quite confusing. However, we hope we helped you a bit here. Take your decisions wisely and store your crypto in a safe and decentralized wallet like Arax Crypto Wallet.

Disclaimer – The Content is for informational purposes only and doesn’t include any professional investment advice. You should not construe the provided information as professional and/or investment advice.

Maker (MKR) is now live on Arax

MKR now live on Arax

Hello Community,

As usual, Arax won’t go about the week without announcing another coin integration.

We are expanding our arena by incorporating an increasing number of coins every week and making ourselves more inclusive.

This time, we have integrated MKR in our Crypto Wallet App allowing all the Arax users to send, receive, store and exchange the cryptocurrency from one single wallet.

About MKR

Maker or MKR is an Ethereum based token which is native to Maker project and is used as a governance token. The primary purpose of this token is to establish a line of decentralized cryptocurrencies which will derive its value from tangible and valuable assets like currency, gold, etc.

Essentially, Maker is a decentralized autonomous organization which was established with the aim of minimizing the price volatility of its own stablecoin DAI. However, the MKR is itself volatile. It is a utility token whose price rises with the increased utilization of DAI.

About Arax

Arax, at launch, supported 12 cryptocurrencies across different Blockchains. Staying true to our word, we have now successfully integrated 19 new coins over a short period of time. We now support 31 cryptocurrencies across 9 Blockchains.

Arax also offers various in-app services including mobile bill payments & recharges via cryptocurrencies. We also offer instant cryptocurrency conversions, and remittance (to be live soon). You can also send crypto with its industry-first feature “Near By” via GPS instantly. It is a single storage app for multiple digital assets that gives each user true immutable ownership.

We are making every effort to bring the best services to our users and expand our partnerships. Follow us on our social media channels for more updates. We extend our heartfelt gratitude for your undying love and support.

Best,

Team Arax

Join Us:

Telegramhttps://t.me/LaLaWorld

Twitterhttps://twitter.com/mylalaworld

Website– arax.io

COSS.IO ARX SWAP Announcement May 13th, 2019

Arax announcement

Dear Communities,

First of all, we wish to thank you for all the feedback we have received over the past week regarding both companies coming together.

There were a lot of mixed reactions to our proposals. This process has also led to an erosion of trust between two good communities and the team. This is the last thing we want, and that is why we have spent a lot of time, internally and externally, to come up with this conclusion.

You have made your point. Two major feedback on the merger and token swap:

1. Little or no token dilution — both COSS as well as LALA / ARAX holders
2. Favorable Swap Ratio — especially when it comes to CFT vs LALA

There was a whole host of other feedback on other aspects of our business. We have taken them fully into consideration. We have also worked on multiple iterations alongside our financial and legal advisors.

We have decided not to hold a vote.

While we have tried our very best to be as democratic as possible in this process, we realized that it is impossible to please everyone. As democratic as that process may be, as business owners, we owe it to you, to make good/tough decisions, and do what is best for everyone, as best as we see fit and move forward.

We will have ONE token (ARX) across the entire ecosystem, BUT we will NOT increase the supply above the already existing 200M COSS tokens.

How can this be achieved: We will use the founders and team’s existing tokens and future funding pool to keep an equilibrium. The total token supply will not get diluted. This means the majority of the new ARX token will be in the circulating supply, from day one.

Other changes to be noted:

  • Fee Split Allocation (FSA) of 50% for everyone- The new ARX token will still have the FSA you know and love
  • Trading Fee Discount for everyone- We are incorporating CFT’s token use case into the new ARX token
  • The Time Deposit (TD) feature will be removed
  • A percentage of our profits will still be used to buy back tokens in the open market. The use case for these tokens shall be evaluated at a later stage by the company

With these changes, we project a higher revenue, which will allow us to rebuild our company war chest over time. For now, we have enough finances to cover our development and team expenses.

The plan is to look into various other planned features and implement them if/when we feel the time is right. We are here for the long run, and we are building for the future.

These are our final numbers:

The new MAXIMUM supply will be 200M ARX

*The company has been collecting CFT for the last few months as a part of its trading fees

**The company founders and team tokens were unlocked after 12 months

Rationale:

These ratios are calculated based on 2 major considerations:

1. Beyond looking at factors such as market cap, trading price, trading volume, ICO price, etc, we considered non-tangible factors such as what the LALA team would bring to the table: their technical expertise, resources, marketing, experience, etc. With this merger, we are in a much better position than before to deliver a product that you expect of us. At the same time, COSS adds immense value to the ARAX wallet and its token utility.

2. The realization that we might never be able to come up with a swap ratio that is satisfactory for everyone, which is why we took the hard choice of making an executive decision, take the best choice possible for all stakeholders, and move forward.

These are hard choices. Our actions will speak louder than words, to earn back the trust and support you have given us.

This decision will allow us to focus on delivering on our promises to you: A good exchange with great features combined with a state-of-the-art wallet.

A more detailed feature list and product roadmap will be released next month. However, for the next three months, our focus is very clear:

COSS Exchange

  1. Liquidity and Market Making
  2. Negative makers fee
  3. Withdrawal and deposit through APIs
  4. New listings and nodes
  5. Exchange performance and scalability

ARAX Wallet

  1. Improved UI/UX performance and integration with COSS
  2. New tokens and blockchains in sync with COSS
  3. New crypto product partnerships like lending via third-party providers
  4. Transactional discount on every product using ARX token and more use cases for ARX token
  5. Referral, rewards and loyalty program synced on both platforms

Next steps:

The swap process shall be done in two steps:

Step 1: Conversion of CFT into COSS will happen on Wednesday, 15th of May, 2019 starting 2 PM, SG time.

  1. Swap Ratio: 1 CFT to 0.5 COSS
  2. CFT’s 25% discount use case will be stopped effective immediately
  3. CFT’s token use case will be transferred to COSS token
  4. CFT trading and withdrawals will be stopped and disabled
  5. We will swap all CFT into COSS, including those in your FSA wallet
  6. CFT will be de-listed and all CFT trading pairs will be removed
  7. All subsequent deposits of CFT token into the exchange after Wednesday will be swapped into COSS token on a weekly basis
  8. Deposits and swaps will be open until 1 week before step 2
  9. We will also temporarily disable our referral program until further notice to re-evaluate our referral mechanics

Step 2: Conversion of COSS and LALA into ARX (Conversion process to start in June. Conversion details to be announced later in May 2019)

Swap Ratio of ARX to COSS: 1 to 1

Swap Ratio of ARX to LALA: 1 to 10

Both swaps, Step 1 & Step 2 will take place ONLY on COSS.IO. The Company reserves the right to change the swap process. The swap will be open for an extended period of time to ensure nobody misses out.

The new ARX smart contract will contain all the planned features such as FSA, airdrop function, etc. and trading fee discount will obviously be one of the other use-cases.

We sincerely hope that the entire community will stand behind us in this decision and allow us time to focus and deliver on our promises.

Best regards,
Sankalp & Rune

Disclaimer: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy, but rather as a rough template to show the process behind how both companies as described above intend to come together, both at token level as well as company level. Given this field is relatively new, best practices on what to do and what not to do are still being defined. If you have suggestions or contributions, please share them with teams in a direct message. The Companies reserve the right to change the process or any part thereof this announcement. This announcement is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability. The Companies are in constant discussion with their legal and financial advisors and reserve the right to change the process or terms till final tokens are swapped.

Jetcoin (JET) is now live on ARAX

Jetcoin partners with Arax

Dear Community,

We are here again with another exciting announcement for you all. Staying true to our promise of adding more crypto coins in the Arax family, we are announcing the integration of Jetcoin in the Arax Wallet.

Jetcoin holders will now be able to reap the benefits of all Arax services and features. The Crypto Wallet, which became a bit more Universal today will facilitate the storage, sending, receiving and exchange of Jetcoins on its platform.

About Jetcoin

Jetcoin is digital fuel designed with the purpose of providing fans and supporters unique opportunities in the fields of sports and entertainment. The Jetcoin platform allows fans to actively participate in their chosen athlete or talent’s rise to the top and in return, benefit financially from their success. In addition, JET token holders also have access to lifestyle experiences in the form of unique rewards, exclusive events, backstage opportunities, seat upgrades, VIP box access, dedicated merchandising, amongst others.

Sankalp Shangari, CEO of Arax Crypto Wallet said, “With this partnership, Arax has become an active element in the disruption of the sports and entertainment industry enabled by Jetcoin. Not only will Arax users be able to enjoy a wider variety of coin options but Jetcoin users will also be able to avail the benefits of a secure, versatile, unique and new age wallet.”

 

About Arax

At launch, Arax supported 12 cryptocurrencies across different Blockchains. Staying true to our word, we have successfully integrated 11 new coins. We now support 29 cryptocurrencies across 9 Blockchains.

Arax also offers various in-app services including mobile bill payments & recharges via cryptocurrencies. We also offer instant cryptocurrency conversions, and remittance (to be live soon). You can also send crypto with its industry-first feature “Near By” via GPS instantly. It is a single storage app for multiple digital assets that gives each user true immutable ownership.

We are making every effort to bring the best services to our users and expand our partnerships. Follow us on our social media channels for more updates. We extend our heartfelt gratitude for your undying love and support.

Best,

Team Arax

Join Us:

Telegram– https://t.me/LaLaWorld

Twitter– https://twitter.com/mylalaworld

Website– arax.io

Arax – Our Transformation and New Beginnings Towards Growth. 16th Monthly Round-up

Dear Community,

April is symbolic of the arrival of spring, a time when everything is blooming and renewed. It is a time of full emergence and growth and that’s exactly how the month turned out for us. Arax completely resonates with the phrase, “April showers bring May flowers” as April has provided us with the gust that we needed to bloom and flourish.

The team managed to accomplish what was planned and looks forward to an eventful next month. Let us take a quick look back.

Arax & Coss.io Merger

The biggest news for the entire crypto community was made in this month of growth and expansion. Arax announced its merger with Coss Exchange which will also lead to the merger of the two tokens and form one master token called ARX. This merger marked the growth phase of the Arax community in conjunction with the Coss community. Read more

Arax coss partnership

Arax Partnered with FIO

April also brought some new partnerships as Arax partnered with FIO. The Foundation for Interwallet Operability (FIO) is a consortium of leading wallets, exchange, and crypto payment processors supporting the FIO Protocol — a decentralized Service Layer that removes the risk, complexity, and inconvenience of sending and receiving tokens and coins identically across every blockchain. With this partnership, Arax is looking at an ally who shares the mutual vision of expanding Blockchain adoption among various sectors. Read more

New Coins & Tokens Integrations

New coin integrations for Arax have been really important and the team has been consistent at delivering to bring new coins to ARAX. Good project coins like Golem (GNT), Augur (REP), DigixDAO (DGD), Civic (CVC), Crypto.com (MCO), Kyber network (KNC), Mithril (MITH), Populous (PPT) and Waltonchain (WTC) were successfully integrated, taking the coins & tokens tally to 27 coins across 9 Blockchains. Allowing all our wallet users to store, send, receive and exchange nine new coins, all from a single wallet.

New coin integration

Arax at Various Summits

Arax was a part of Crypto Invest Summit 2019 which is one of the biggest rendezvous of Blockchain entrepreneurs, investors and developers, held at Los Angeles Convention Centre on 9th & 10th April. In addition to that Sankalp also represented ARAX at the 3rd International Blockchain Life Summit in Singapore on 23rd and 24th April 2019. Met a lot of important people at both the summits and there are few potential expansion partnerships being discussed.

Flagship LALA World App to be Discontinued

ARAX is the newest, meticulously designed and most accepted addition to the crypto community from LALA. LALA World was the foundation stone for everything we dreamt of achieving, making it a perfect case for mass adoption. Our spirits continue to remain high since our transformation from LALA Wallet to the new decentralized “ARAX Wallet”. As per the official announcement last month, the team will discontinue its flagship LALA Wallet today (7th May 2019) channelizing all its focus and energies in further development & expansion of now official wallet “ARAX”. We request you all to treat this as a formal announcement from the company.

Newsletter design

Arax Announced Bug Bounty Campaign

The second round of Arax Bug Bounty Campaign went live mid-April, having exciting rewards for the winners. Seeing a good response from the developer communities worldwide in the first edition, this was an initiative to further grow the Arax developer community along with the users to help identify any vulnerabilities in Arax. Making more global communities acquainted with the decentralized Arax wallet as it reached its 10K+ download mark this month. Speaks volumes of its growing popularity in this short span.

Round up post

April was a month of expansion and growth for the Arax Community. We are thrilled that our efforts are paying off and we are continuously expanding the wallet’s services and reach. We aim to move steadily ahead on this path and bring to you more exciting news and announcements.

We are doing our bit to make crypto adoption a reality with Arax – Your Universal Crypto Wallet.

Stay tuned for more updates!

Best,

Team Arax