The weekly development update series will inform users about progress made on user-facing aspects of CryptoBridge.
This week’s rate of completion of support tickets has remained steady at 86%. With all of the supports in place, we look forward to keeping the amount of unresolved tickets at or near zero.
The Next Chapter
Today we announce the outcome of many months of work investigating regulatory conditions and how they may impact our operations. After careful consideration of everything involved, we have chosen a path which will best prepare CryptoBridge to expand most effectively. As with any direction we may choose to pursue, there are both costs and benefits.
While we have experienced both success and adversity throughout our existence, CryptoBridge is committed not only to surviving but also facing new challenges. We recognize the need to assess and adapt our strategy to ensure continued growth and stability. We’re confident we’ve moving in a direction that provides an abundance of benefits at minimal expense.
A Clear Vision
We are confident that today’s announcement will demonstrate to the greater digital asset ecosystem of our intent continue forward toward success. It also indicates we are acting responsibly and making progress on our mission to fulfill a unique and necessary role to both traders and community-based projects.
To celebrate, we’ve released our first 7 ERC20 tokens:
In the coming days we will also release Autonio (NIO) and implement the Omni Protocol version of Tether (USDT) to reward our community’s patience with one of its most frequently requested assets. This will finally enable our users to shelter their funds from volatility while trading via our gateway.
New User Requirements
All users will now be required to accept the terms of service to use the CryptoBridge gateway. They may be viewed in full, here. After you have accepted the terms, that status is recorded and associated with your account. This will ensure your access is unrestricted. Only when the terms are updated will you be prompted again.
CryptoBridge itself is not collecting any user information an only needs a UID to authenticate completion of user verification status from Fractal. We are not interested in accessing your personal user information whatsoever.
A grace period of 2 weeks (ending March 07, 2019) will allow users who do not agree to the terms of service and/or verification requirements to withdraw their funds. Information for users who have staked BCO which is unable to be claimed before the grace period ends will be forthcoming in the following weeks.
The choice to employ self-imposed compliance was selected after our abundant research and consultation with legal counsel (in multiple jurisdictions) encouraged this course of action. We felt that choosing to take proactive steps was the best way to both gain advantages and protect our interest in longevity.
In a fast-moving industry filled with threats, avoiding as many risks as possible was also determined to be worth the cost associated with our decision. Rest assured that we will avoid being sought out for penalties which could entirely destroy our operation. An ounce of prevention is far more affordable than the price for a cure.
Eliminating uncertainty is only one benefit, however. With these new parameters in place we are free to create a marketplace for any token or stablecoin of our choice without hesitation or concern about consequences. To gain this competitive advantage, we will endure the short-term risk of losing some of our user base up front to lay the groundwork for a more resilient, nimble and flexible CryptoBridge.
It is one matter for the CryptoBridge team to risk its own personal efforts and financial well-being. It is entirely another to continue exposing BridgeCoin holders to these same uncertainties — especially as they are outside their control. We strongly believe it would be irresponsible to allow these dangers to persist indefinitely.
Additionally, with a clear path ahead, we’ll be able to reveal a much-updated roadmap and other planned protocol integrations. Today marks a definitive step forward for CryptoBridge, and we trust that our users will acknowledge the decision as one that is rational, justified and minimally impactful to user experience and preferences. We trust our community will understand and enjoy our newfound advantages as we proceed onto the next challenge.
Thank you for taking the time to follow our progress. Weekly development updates can be expected on each Thursday. Happy trading!