COSS.IO Update January 13th 2018 by@runeevensen

COSS.IO Update January 13th 2018

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Rune Evensen


Dear all.

Welcome to this update. We are all getting ready for Sundays UI launch on and here are a few messages related to the launch.

We see this launch as our new UI v1.0 and what we mean by that is that there will come more upgrades and improvements. Before we go into details on this, lets have a look at what we will go live with tomorrow.

This is the night-view of the new UI, and there is also a bright day-view version. The markets you see on the left side can be opened and collapsed at will.

Both our UI team and our back-end Dev team have been working hard to meet the deadlines and also our testing team of volunteers. We wouldnt have been where we are today without all the feedback from the testing group. A BIG THANK YOU to all of them.

Then to the big question. Are we satisfied with what we will be delivering tomorrow? A split reply……… It is a new UI and in my personal opinion it looks a lot better than the old one, BUT we are not there yet. As the testing has been ongoing almost till the very last minute many things were discovered that had two potential outcomes. ONE being another delay, and NO we didnt want that or TWO going live with this version with a promise of launching the new UI v1.1 in February. We decided to go with option TWO.

In other words, what you now will see is version 1.0 where we still lack some main functions. The good news is that they will all be there in version 1.1 in addition to a BRAND NEW feature with movable parts so you can basically drag and drop the various functions on the exchange to tailor it to your own liking. Also do have in mind that the new UI is still on top of the old engine, so do not expect miracles, although we have upgraded servers and also done some work on configuration for the exchange to work smoother.

We hope you like what you see, but at the same time also understand that we will continue to work on improvements. And a version 1.1 will be launched towards the end of February.

So, what else is happening. We have had another turbulent week at coss with site down, missing/delayed deposits and withdrawals or as we call it over here: The rollerCOSSter is still active. We fully understand the frustration from impacted users and do work hard to improve. The stop in deposits and withdrawals cause a storm to our customer service and although most of them have been solved there are still a few missing, BUT the backlog for support grew a lot and we have to clear out some support tickets in order to get back on track.
 So here is an IMPORTANT notice:

ALL tickets regarding deposits and withdrawals that were made before January 12th will be CLOSED as most cases were solved. This way support don’t have to spend 2 weeks going through tickets already solved. So IF YOU still have an unsolved ticket regarding deposits or withdrawals, please do OPEN A NEW TICKET.

New listings and new trading promo’s
On Sunday evening (singapore time) when we go live with the new UI, you will also see listing of 4 new tokens.

1)CanYa : 
Ticker: CAN will be traded vs ETH and BTC

CAN trading promo:

2) VEZT :
Ticker: VZT will be traded vs ETH and BTC

VZT trading promo:

3) NITRO :
Ticker: NOX will be traded vs ETH and BTC

NOX trading promo:

And 4) 
As a normal listing without PROMO we will be introducing LA Token:
Ticker: LA will be traded vs ETH and BTC

Enjoy your trading on

One of our users have made a tool for checking your Fee Split Allocation. Although this is not an official COSS product and the calculations are not validated by us in anyway, we would still like to give some credit to CAMALOT (which he goes by in our Telegram group:
Here is the calculator he made for you all:

Also note that the official name for the distribution is: Token Based Fee Split Allocation and by no means any form of dividend.

Other topics worth mentioning. We are getting questions on a daily basis regarding new regulations in Singapore and whether COSS will introduce FIAT trading soon. To these questions we can reply the following:
We are going for full licensing according to the latest consultation paper issues by MAS in Singapore. The license will have 3 categories and we will be applying to be licensed as a MAJOR PAYMENT INSTITUTION based on the criteria laid out by MAS. With this move we will be taking a risk based approach for our compliance policy:
-Mandatory CDD/KYC and AML for all onboarding customers.
-Risk rating at Low, Medium, High.
-Valdiation (Update/verify exsiting users or obtain additional KYC information)
- Enhanced Due Diligence.
PEP, Saction Screening against Dow Jones List.
Transaction monitoring.

Do note that we will announce when this will be in place with a decent grace period for all users to comply.

With all of the above planned for, we have already started our outreach to banks in order to ensure partnerships, so we can move forward with introducing FIAT trading on (in which we are very confident that we will be able to do).

We have also seen nice growth over the past weeks. Again a bit of a rollerCOSSter where we first hit 2 dollar with 10M daily volume, only to be hit by downtime, price went down and volume dropped to 1M, only to see many of the issues fixed, price up again to 2 dollar and above and volume around 10M again. It is a bumpy ride, but also a fun ride. Don’t forget to enjoy.

Lastly (yes, I know I could have made 10 pages more on this weeks update, but I’m trying to keep it short this time) I have a personal request to you all.
I am fully aware that our customer service have a backlog, and I am also fully aware that each individual user sees his or hers case as the most important one to solve instantly, and I fully understand and share the frustration of not getting a reply after some days, BUT……. I have and I am doing my utmost to help as many of you as I can, and these days with longer back log, more and more out you are reaching out to me personally. This be it on slack, by email, through Facebook or through telegram. Please have in mind that I am only human also. I am normally doing around 18 hours a day and my basic sleep patter is non-existing. The fact that you have me added on Telegram with the option to DM me is one thing, but DO NOT push that dial button and call me at 3am at night just because our support haven't answered you within 2 hours. And even if I should miss or forget a few of the many hundreds private messages I get on a daily basis, doesn't mean that I ignore you. And for many of those I am in contact with, if I don’t get back to you instantly, it is very often because your case isn't solved yet. In many of the issues, I am simply a messenger. I need to forward the info to Dev and I have to wait for them to look into it, and every time they look into it, they are pushing other issues in front of them. So please HELP US HELP YOU. I think we have a superior community unseen in this industry with loads of skilled people volunteering to answer questions and assist other users. Of course these fantastic people cant login to the servers and start coding to help you, but be grateful for what they do. I for one wouldn't have survived without them. You know who you are, and do know that I have the deepest respect for each and everyone of you. Thank you from the bottom of my heart. Lets all work together and keep the community strong. Yes, haters will always be haters, and some like to FUD just for the fun of it. I am in a role where I have to deal with it. Our moderators are not, but they still stay and they deal with it. That is respect worthy and shows integrity to me, and will one day be rewarded one way or the other.

Do note that we will have a scheduled maintenance on Sunday January 14th for the UI upgrade. 
Time: Approx 5 hours.
Start: 11am Amsterdam time, 6pm Singapore time.

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