This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Project name: Xungible
Currency: XGBL (5847424C00000000000000000000000000000000)
Issuing account: rMy6sCaDVF1C2BT3qmNG6kgjVDZqZ74uoF
Distribution accounts: rhymALu4ZkvSyX5pBimToVK4jVyxCbgosc, rQh72iaRNMwA8h4miLiSNYwUnPdiA1KoQx, rBHJ9Ux391anbV3qanuYTr4nZcHU7WnmMp, rhNGkxn7WnH9Cjs296iau2rLRCBj5ewY84
This is revision number 1, signed October 4, 2022 by rBHJ9Ux391anbV3qanuYTr4nZcHU7WnmMp
Description: Xungible is a decentralized social media application with NFTs. Xungible is multi-chain and allows users to mint their social media posts, moment, creations and art. Think Instagram combined with Opensea!
Currently creators and collectors are spread across several platforms to buy/sell/share & market which is fragmented and divisive, where Xungible will do all this in one place. Our aim is to bring social media users to the XRPL, Blockchain and NFTs.
We envisage a user being able to pull out their phone, take a photo, mint it (on a network of their choice) and share it on one platform. create, share, mint - Xungible.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
The XGBL token will be utilized within the Xungible platform to buy and sell NFTs in it's first instance. XGBL will also be utilized in future functions on the platform.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
Future versions of Xungible will include gamification features (PTE gaming) that will require XGBL.
Whitepaper/sales material: https://xungible.com/assets/pdfs/Whitepaper2.pdf
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: The issuer does not have a bug bounty program.
The self-assessment is made on behalf of a legal entity (for example the issuer is a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://xungible.com/Website information: The website should disclose the following information:
- Details of the legal entity: official name and registry code, company headquarters mailing address
- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Business plan: A business plan should entail:
- the amount of revenue and expenditure by area of activity
- obligations related to the issuing of the token
- the technical administration of the company
- operational strategy
- the intended activities related to the token
- general principles of risk management and strategy of risk management
- policy for the financing of activities.
The issuer has developed a business plan for the next 3 years.
Risk assessment: A risk assessment should include identification of, assessment of impact and likelihood and mitigation measures and status of implementation for applicable risk scenarios.
The issuer has conducted risk assessment and implemented risk management activities.
Internal policies: Critical internal policies are necessary to manage risks.
The issuer has adopted and implemented appropriate internal policies and procedures in the areas of information security, business continuity, risk management and accounting.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
|October 4, 2022