New Changes Coming To ERX! HUGE Audit Dept. Revamp!

Day 1,043, 14:09 • Published in USA USA • by AidenAstrup

Hello ERX Users!

As of tomorrow, all withdrawals and deposits will have a 1% fee added to them. Note that this is not for our profit line! Admin charges us a fee to use the API system which allows us to give you instant deposit and withdrawal processing. We are simply covering that charge. If admin removes the fee, we will as well. We do not intend to add fees onto random transactions, only when there is some cost behind them.

NEW FEATURES!

You will be happy to know though that we have some great changes coming to ERX! We’ve heard your voices, listened to your demands and complaints and we are proud to announce some great features coming to the ERX system.

The largest development is what we feel will bring the most change for the simplest investor. A new classification of shares will be created, currently called “Certified Listings”. This list will contain 5-15 corporations which have been selected by a Board of experienced economic minds inside ERX. The corporations on this list will be hand-picked by the Board and forced to follow a strict set of rules, making sure they publicly announce income, revenue, spending, etc as well as other rules. This will create a set of corporations that the everyday investor can feel safe investing in. Certified corporations will be 100% backed by the faith and credit of t’jelle.

Many users have complained about inactive corporations and even CEOs who have an IPO and then disappear. This has driven me mad as well, and I have spent the past few months devising a way to rid ERX of these problem listings. The next release will erase all corporations from ERX who have never sold a share since they joined ERX and have been around for at least 60 days. In addition, corporations with shareholders which have not sold a share in 60 days will be put on a “watch list” for a new watch-dog department underneath our current Audit Dept. Should a corporation be deemed inactive, ERX Auditors will freeze the listing - restricting the buying and selling of shares and begin the process of getting money from the CEO to repay investors.

Audited corporations will also have to reapply for their audited status every 30 days. This will ensure that inactive corporations are quickly demoted to an unaudited status after 30 days and taken care of by our Audit Dept as stated above. It will also make sure that a CEO doesn’t clean up their act for the Audit Dept and then start scamming investors. They will have to constantly maintain decent business practices if they wish to maintain an audited status for their corporation. In order to help cover the costs of the increased surge in audit requests, the initial audit application will cost 5 Gold - this also ensures that CEOs are dedicated to their listing. Renewals will have a .5 Gold fee attached. These fees are very small and help in paying for the increase in staff needed to go through all the applications. Over the next week, we will be reviewing the fee and deciding if it should be changed, the numbers in this article are not final.

We are sure that these changes will greatly improve the investment sentiment in eRepublik, allowing investors to feel safe with their money on ERX. Obviously, these changes don’t mean that we think everything is perfect now - we are going to continue working on even more great features and tweaks to make ERX better.

These changes should arrive within the next week or so, we are working on getting our new programmer all set up.

AidenAstrup
CEO of t'jelle - Parent Company of ERX & t'jelle Bank