XSPEC & WISP Change Everything

Standard

If you did not read the blog post I wrote yesterday about the changes happening with XSPEC (Spectrecoin) and WISP, you should go read it now for context and to see how drastically everything changed in 24 hours.

What Is Happening At XSPEC?

First of all, this has escalated from a amicable split where both teams agreed to help each other, to an all-out war of words. Both teams feel betrayed, and are not shy about saying so. The negotiations have halted, and new plans have been made. Here is a link to download the statement from Mandica on XSPECs position. I will summarize below if you don’t feel like reading.

XSPEC Statement On WISP

In summary, Mandica claims @jbg was paid by the community to provide a GUI update to the wallet and for @bryce to work on stealth staking. She claims not only has @jbg not provided the updates, he has refused to show any proof of work for them when Mandica asked to see them.

@jbg denies these charges, saying any pay he received was for general work on the code, not specifically for the new 1.4 wallet. He claims entire conversations referred to in the PDF never actually happened.

In addition, there is a claim that @vvc, one of the core team members for WISP, attempted to get the current XSPEC blockchain by renaming it to WISP on the Cryptopia exchange. This was actually a decision made by the original core team to update the name of the coin, and, from WISPs position, not related to what is happening now.

The XSPEC plans will continue after some time is spent reviewing the current code to determine if the current state. Without @jbg, the only coder, working on it, it is difficult for the XSPEC team to ascertain where the project truly stands. This will push any development releases on XSPEC back months as they start from scratch without the benefit of any coding @jbg may have done in 2018.

There is some information about the plans from WISP available as well in the WISP Discord and I want to share that here. To summarize, WISP will now be a new coin, not a fork of XSPEC, so anything is possible. @jbg has the experience and code to take an open sourced coin such as PIVX, and modify it to use the latest TOR technology if he wants. I use PIVX as an example because they have many stealth features of their own already, and working Masternodes, which may add new possibilities to WISP.

The plan is still to drop 1:1 WISP for XSPEC holders, though the specifics of how this will work have not been announced. Being on a new chain built on source from an existing coin brings some challenges, including not being listed and easily exchangeable on any current exchanges. This will not be an issue with WISP though. The decision has been made to only list the new currency on decentralized exchanges such as BISQ.

The logic of this decision to only list on DEX’s is based on never being able to be a fully private coin while sending and receiving through centralized exchanges that require your personal information. This will probably result in WISP not being worth much for a long time because there is very little volume on any decentralized exchange at the moment. The DEXs are only less than a year old in most cased though, so adoption will happen as time goes on.

From the statements made and the plans I have seen, it appears @jbg is determined to have WISP be the most private coin in existence. The circumstances surrounding this split are what has made this concept possible… no other coin I know of has plans to stay as anonymous as WISP. A year ago not enough progress had even been made on decentralized exchanges for this to be possible. This decision also means I would not expect to learn much about the developers or core team, so users and investors will have to put a lot of trust into @jbg to stick around.

In my experience with XSPEC and crypto in general, I know people are not going to stick around WISP to see what happens. You will have the crowd, mostly the XSPEC supporters, who immediately sells every WISP they are given in the 1:1 drop. Then you will have the angry people who initially claim to support the project, then watch the price plummet and sell when there is no release in the first month. These people will act like complete idiots in Discord before selling, which is already happening… it is hard for me to believe people are getting free WISP coins and are already trolling, before the coin is even created. If you don’t like your free coins when you get them, sell them.

So, where does this leave the two sides? It is hard to say for certain. Mandica was great at making update promises, but terrible at meeting the deadlines, before she went out with health issues. If Mandica’s claims in her statement about @jbg are true, we can reasonably expect the WISP promises never to come to fruition. All I know as someone who has watched XSPEC since the beginning is, progress is slow, and only @jbg has made any deliveries with code changes.

I do not know either @jbg or Mandica personally, so I cannot do more than go by what I have witnessed and what I see in Discord. I have been staking XSPEC for over a year now, and plan to keep doing so until more information is available. I am fortunate to already have cashed out much more than I originally invested in XSPEC, so I can afford to wait and see.