FAQ: Addressing the Concerns

Here are the truth, facts, and all you need to know about the recent campaign to bring a dispute to MXC and what we are building at MXC Foundation.

As you may have noticed on the internet, there’s been an orchestrated and targeted attack on the reputation of the MXC Foundation. We are aware of this concerted effort performed by bad actors, professional bots, and individuals whom our data team is tracking for the goal of prosecution. We support all forms of free speech and the sharing of opinions. However, the targeted and planned attacks are neither legal nor factual. We are currently pursuing some of these in court within the responsible jurisdictions.

In this FAQ, we would like to directly address some of the most prevalent misinformation and provide our community with transparency and factual information.

MXC Foundation was liquidated by the German authorities — FALSE

The MXC Foundation gGmbH was a brainchild set up purely to promote the use of LPWAN within Europe. MXC Foundation gGmbH is a community project similar to other community projects from other tokens. This is an increasingly popular approach within the wider Web3 industry, with examples such as ETH Denver Inc. or ETH Berlin GmbH. This idea was set up to promote the use of LPWAN within Germany and has been closed because the idea quickly developed into a global approach as opposed to a company in every country across the globe. There is no truth to the claim that a government has shut down or liquidated any form of the company. It was a strategic decision that was carried out in 2022 in full standing of good faith recognized by the German court. We are now in 2024. It has already been 2 years since that decision, and MXC continues to go from strength to strength. So, we can lay this outrageous claim to rest, since it is FALSE.

MXC stole my BTC / DHX — FALSE

This is another false claim, which we have read multiple times from the same people, repeating it over and over.

Now for the facts: The MXC Foundation released a 2024 Roadmap of the full migration of all tokens from the DataDash App (https://www.mxc.org/about-us scroll down to 2024 Roadmap). We are currently in migration phase 1 (release of the initial MXC tokens). Upon successful completion of the MXC migration, our development team will move to the transition of DHX, followed by BTC. The roadmap we have posted is a living breathing document, it will continually be updated as the development team achieves various aspects and stages of the 2024 Roadmap, including everything from token transition to a wide range of other tasks to ensure MXC continues to lead the world of DePin IoT.

MXC took my MXC and swapped it for xMXC — FALSE

This is false. Let’s dig deeper into this element. During the period of transition from a centralized DataDash to a decentralized AXS app on the MXC zkEVM blockchain, the MXC Foundation was faced with a strategic issue. Changing to the zkEVM Network was a huge undertaking, making MXC the “gas” for all transactions on our chain. Consequently, this gave less need for mining MXC, as no one needed that many gas tokens.

As a result, the tough decision was made to ensure that the mining aspect of our global network continued to operate with as little disruption as possible. The xMXC token would be used as miner “fuel” and the conversion of old fuel (MXC) to the new fuel (xMXC) would result in a relatively flawless transition to mining on the new zkEVM network. We understand this took some by surprise. However, our one goal as a utility token is to do exactly as the name suggests — provide a utility purpose! After all, that’s why we exist and miners bought miners to promote a robust network. We believe this decision was the best for our utility token and for continuing a robust and global data network. We are a utility token. MXC was and will never be a security token such as Bitcoin or USDT. This decision was made purely in the interest of what we stand for. In the end, we are here to make the right decisions even when those may not necessarily be the popular ones. We appreciate the understanding and we also appreciate that all MXC / xMXC transitions were 1:1 ensuring the same value at the time of the transition. This brings us to our next point to address.

The xMXC / MXC ratio is a mess. MXC is controlling this to make us poor — FALSE

Firstly, we have no interest in making anyone poor. We celebrate the success of our mining community. The more successful our miners are, the more successful our robust, global data network becomes. The xMXC / MXC transition was done on a 1:1 ratio, resulting in no dilution at all.

The issue here is the ratio. What happens often, and what our chain will show us is, that when there is an increased demand for MXC — usually during price increases or at a period where Data Dash transitions have just been completed — we see a large discrepancy in the ratio. This is normal and something that the decentralized swap market dictates and controls, on its own based on market activity.

The more people swap at a low rate, the ratio diverges further away from 1:1. In fact when people accept a bad ratio and decide to carry out the trade anyway, they’re making the ratio even worse for the next people after them by creating further slippage.

So, what’s the solution? Only swap at a favorable time, at a favorable ratio. The ratio between MXC and xMXC has been 1:1 on four different occasions, and we can see that the ratio improves as the demand for xMXC increases. The demand for xMXC comes when more miners join our network. All of this requires a community effort because the community controls this decentralized swap, not MXC. Our on-chain data proves this.

The ultimate remedy is to continue to grow our mining globally, ensuring more tokens, more partners, and more demand for xMXC

MXC team is filling their pockets with our money — FALSE

This is false. Our zkEVM network is 100% transparent, meaning ALL transactions and movement of any token, from MXC to xMXC, to sensor token or even Tailz token, are all monitored on-chain. For those who monitor on-chain transactions, you’ll see no tokens going to any team wallets. We’ve had some supporters bring some wallets to our attention, however, these wallet addresses were for example exchange wallets, in which we can see a larger movement of tokens by miners who are connected to that exchange. Of course, if you see anything out of the ordinary, then please bring it to our attention, and we are happy to assist. The MXC zkEVM Network is completely transparent and we will pursue all bad actors using our decentralized network.

MXC took my DataDash tokens and DataDash doesn’t work — FALSE

Once again, this is also false. The fact is that we are making multiple transition dates. The reason is that it takes a long time for our developers to transition all accounts (over 65,000). We have set specific dates for the transition. In order to migrate your tokens, you simply fill in the form (using your DataDash email) and wait for the next transition period. At the time of writing, we have just completed our fifth (5th) transition round, with two (2) more to complete in the year 2024. Yes, this is a drawn-out process, but sometimes when something is important, it does take a lot longer.

We have already successfully completed thousands of transitions and will continue to make more transitions to upgrade users from a centralized to a decentralized world where you control your wallet!

As a side note, this is half the reason we made this transition. Since many raised concerns about the rather centralized nature of DataDash, we made the change. “Not your keys, not your crypto” is true, and now it is all yours!

The MXC Scam site proves MXC is a scam! — FALSE

Once again this is false, and let’s dig into it. The “MXC scam” website was made and developed by Tomas Ambrazas, a person whom we are taking to court over privacy, libel, slander, and false accusations.

The website in question is run by a person who also attempted to hide his identity by making up fake names, however, our data team uncovered him and we are now pursuing him in European law courts.

Tomas Ambrazas is the founder of 123 SWAP, a failed attempt in crypto and one that saw investors get burnt! 123 Swap also lists Polygon as its partner with no confirmation from Polygon whatsoever. Before 123 Swap, Tomas Ambrazas founded Entry.Money with his family member, Tadas Ambrazas as CFO. Entry.Money failed to gain traction in 2018 during the ICO bull market, and the token is no longer live, leaving investors and token holders in serious loss. Entry.Money stopped operating in late 2018, just 4 months after the ICO. After Entry.Money, Tomas Ambrazas participated as an advisor to Socialogue, an NFT marketplace. Socialogue has also failed to gain traction and stopped operating in 2023, just within 1 year since its community-open token private sale. All of this should go to show that Tomas Ambrazas has always been chasing the next hype a few steps too late and has the habit of not following through with his own promises and listing untruthful content on websites to promote his own agenda — whether that is to spread misinformation or conduct unsuccessful token sales.

Furthermore, on the website, Tomas Ambrazas has created a fake picture of an Asian man sipping a drink on the beach, claiming that this is Sheen, from MXC. This is an extremely racist portrayal of an Asian man and one which we are also preparing as hate speech in our legal case against Tomas Ambrazas.

The site he made has no case at all, it’s all made-up fantasies in a feeble attempt to bring the MXC Foundation down. Such will not happen, and we hope that our community remains unaffected by the groundless, false, libelous accusations of this individual with a questionable history within crypto.

VoskCoin article claims MXC is making a rug pull — FALSE

Let’s keep this one short and factual. Voskcoin makes money from you! He works for Helium and works as their mouthpiece to say what they tell him. After all, they pay him money! They’ve paid him so much money he can afford that house he is in, and how did he afford that? By selling Helium miners that don’t work anymore. Have a think about that.

Moreover, the “Rug Pull” article is even more groundless. The reason is, MXC is still around, and we aren’t going anywhere. We are stable and expanding, with a growing list of partners. The article will seem even more baseless as time surpasses, it was written approximately 1 year ago, and yet MXC isn’t just alive, we are thriving. So, as time goes by, remember that the person who posted that paid content (thanks Helium) has supported Helium and deliberately brought a dispute to MXC. In the current day, the Helium miners VoskCoin have promoted heavily in exchange for benefits and payment do not work anymore. Meanwhile, MXC miners are still enjoying LPWAN mining, with more partners to be added soon.

FAQ: Addressing the Concerns was originally published in MXC Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.