The Road to BetaNet
Here are the next steps for BetaNet nodes, starting May 1st.
Posted on: April 16, 2020
The xx network team has been working hard getting the xx network ready for the public. We are excited to share that over the next few months we will deploy the xx network BetaNet. The process will open in May when we announce the specific technical, legal, and financial details for the BetaNet nodes.
On May 1st, select BetaNet nodes will be provided with the details, specifications, and specific tested hardware configurations. Through the NodeLab we are working to test more hardware to give operators as much choice as possible. Technical details go hand in hand with the legal and financial, and it is imperative that chosen node operators make an informed decision as to how and if they participate as a partner in the BetaNet moving forward.
Nodes will be chosen from those who have registered or KYCed(1) and been assigned a color group (Blue, White, Teal). Following the announcement, we will begin setting up and testing the BetaNet in early June, with the network going fully live in July. The intermediary “soft launch” will ensure a smooth operation of the network and to minimize the work required from node operators.
Please see the timeline below for more information.
Similar to our token sale and ERC1404 tokens, and due to the current regulatory environment, we believe it is necessary to KYC all BetaNet nodes for them to receive xx coin compensation. In order to ensure we’re meeting our regulatory requirements, we’re partnering with Coinbase-backed Tokensoft to automate the KYC and tax reporting requirements with their software platform. By KYCing everyone, we are also able to allow US natural persons as nodes and will provide them with the appropriate 1099, quarterly. We also allow all of our qualified BetaNet nodes to make a choice to receive payment monthly, or delay until Mainnet due to their individual tax and regulatory needs. The system will be open and located at sale.xx-coin.io. If you are a BetaNet node that purchased in our sale, simply log back in on the same network to sign the contract. If you haven’t KYCed before the system will be open on May 1st for you to KYC and sign your new contract.
If you have any questions about the upcoming process please email [email protected]
Looking forward to partnering on the xx network with you.
1- As defined by international Anti-money Laundering laws