WINGS responds to Binance delisting
Updated on February 18th
On Friday, we have received some unfortunate news; Binance announced that WINGS will be among the projects being delisted from their exchange. These news have saddened us, as WINGS has been listed since the early days of Binance. As all the required information by Binance was provided in a timely manner, and the Binance team has not reached out for additional information or clarifications, the delisting announcement was a big surprise for us. We would like to clarify that we have not received any notification about the pending delisting, and were offered no chance to resolve any issues that Binance might have found with the WINGS project. In fact, we still have no information why WINGS was picked, despite our inquiries to Binance. The whole ordeal is equally disappointing to the WINGS team, as to the WINGS community, yet the team is highly motivated and will continue implementing the WINGS vision.
Reactions to Binance:
We understand that the factors below are only some of these considered by the Binance team when reviewing assets, however as other factors remain unknown, we can only comment on them:
Commitment of team to project
The WINGS team is as committed as always to the project, having been working on WINGS since early 2016. All of WINGS team members are working full time (and often overtime!) on the project, striving to build the best technology and software.
Level and quality of development activity
The R&D team of WINGS have been making significant advanced in building Ethereum DApps, on the Smart Contracts level, Back-End and Front-End. Some of the work was open-sourced (https://github.com/WingsDao), more of the work will be open-sourced as well during the next few months. WINGS Smart Contracts have been audited by multiple providers, who always noted a high quality of WINGS development and code.
Network /smart contract stability
WINGS is based on mature, stable Smart Contracts developed over the years, and on a recently newly written Back-End, which has significantly accelerated the performance. There were absolutely no hacks or fund lost due to these technologies. The Front-End is still being rewritten, which has caused some issues in past, yet all issues have always been resolved quickly and effectively. Also, it is worth mentioning that during 2017/2018 the number of tokens that were actively participating in the forecasts, has been over 50% of the total WINGS tokens supply.
Level of public communication
The WINGS team is keeping an ongoing development public log available at https://wiki.wings.ai/display/WIKI/Release+notes. These logs will be made more detailed in the future to provide more clarity of the work being done.
WINGS Foundation also has active Twitter and Reddit channels, and periodic newsletters. The WINGS team members are present in the telegram chats, answering community questions. As the community has raised requests to increase the level of public communication, the WINGS Foundation is currently engaged in reworking the community engagement program, with results to become visible in the near future.
Responsiveness to our periodic due diligence requests
The WINGS team always has answered on Binance due diligence requests, providing any information and documentation requested. Additionally, periodic updates have been submitted by the team in a reasonable manner, as these updates became significant.
Evidence of unethical / fraudulent conduct
During the whole WINGS history, the WINGS Foundation always performed up to the letter of the Swiss law, as expected from a non-profit Foundation under the Finma supervision. In fact, the WINGS Foundation has recently passed the gruelling annual audit leaving no stones unturned, which has proven that all Foundation resources are managed and spent efficiently.
Contribution to a healthy and sustainable crypto ecosystem
WINGS has served as a point of reference for tens of thousands of users during 2017/2018, providing the first community based due diligence for dozens of well-known projects. Thanks to the WINGS community, the crypto ecosystem participants could always be informed about a project’s strong (and weak) points, and become better informed while making their decisions. While the ICO market has taken a downturn, WINGS is working hard to reinvent itself and continue to provide strong value to the ecosystem.
Next steps:
WINGS went through a major restructuring over the last few months, in order to become leaner, quicker and more effective. The results of this restructuring will already be visible in the next few months.
Communication with the community and increased transparency has been put in priority. WINGS has appointed a new communication manager, who is building the new communications plan these days. Part of said plan will be launching a separate Discord channel for WINGS.
A focus group of WINGS community members will be established, in order to get instant feedback from the field, in order to have an additional data stream when considering the implications of various features and initiatives. More details including the terms of joining the group will be posted onwards.
The projects listing initiative will be scaled back, in order to focus on quality projects, thus allowing more time to review and forecast on them. The team is considering adding an automated filtering system which will be automatically hiding the low interest projects from the WINGS DApp main page, in order to allow more space for those projects that are found interesting.
A solution for the FR revoking issue will be deployed soon, thus FR penalties will be amended to assure a fair penalty in case of forecast cancellation. A retroactive solution is also being considered.
The locking mechanism is also going to be reviewed, taking into account community concerns of a global lock, compared to per-project lock as it was in Alpha.
Last but not least, we will start providing more information about the next WINGS stage on which we have been working for a while — the launching of the WINGS blockchain which aims to make WINGS more versatile, solve a multitude of technical limitations and support new types of uses and applications. The exact how & when are still being cooked up, yet we will provide more details soon, including an updated roadmap which will take into account all the recent research results.
As always, we would like to thank all our community members, who stay with us and continue to support the project, despite the recent events.
We would also remind everyone that WINGS is available on Bittrex:
https://international.bittrex.com/Market/Index?MarketName=btc-WINGS
https://twitter.com/wingsplatform
