“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” — Martin Luther King, Jr.
We were supposed to have our first testnet trading competition on 8 Jan. We decided to pause the testnet trading competition soon after the launch due to technical issues.
When we restarted our system for the competition, the order book was therefore empty and there were no trades on the platform. This affected the funding rate, which eventually disrupted the mark price. This issue has been swiftly resolved in the latest release of the testnet.
Obviously, the postponement of our first TTC was very much regretted. We took action the moment we saw the discrepancies and made a decision to postpone. We informed the public that we would revert in 24 hours and did so when we made an official announcement the following day, of the issue that arose and when the restart would be.
We are relaunching the Kick-Off Testnet Trading Competition (Kick-Off TTC) which will be on 16 January 2020 at 8:00 pm (UTC+8) to 18 January 2020 at 11:59 pm (UTC+8).
Users who participated in the Kick-Off TTC on 8 January will not be able to continue from their previous positions. We would like to express our gratitude to the early participants as the experience allowed the BitOrb team to identify areas for improvement on the testnet platform. Hence, we will be rewarding all participants who appeared on the leaderboard with 500 $ORBYT each. In addition, we have increased the rewards for the new Kick-Off TTC by 20% which results in a total prize pool worth 144,000 $ORBYT Tokens.
The Kick-Off TTC will begin on 16 January with 50 “play” BTC and a new leaderboard.
You never know how strong your faith is in a project until you face the wind and either lean against it or fall down.
So yeah, stuff happens. We can always take measures to prevent almost any scenario, but you can’t prevent them all. For us, the priorities have always been on security, safety of digital assets stored (we do it in cold wallets), and user experience.
Moving forward, we’re very glad to see that the team didn’t shy away from the incident but rose up to the challenge and addressed it head-on with our investors, partners and affiliates.
As we ramp up our readiness for the other coming TTCs and for the bug bounty campaign that’s coming soon, we have begun flying in all our technical resources from around the world to work closer together in one location. This is probably our crunch period of the exchange going LIVE soon.