Topic: [ANN] Auctus - Smart Contract Powered Retirement Planning - page 27. (Read 54425 times)

Thanks for clarification! Now I have enough info to make a decision

what's pre-sale going on , where can check it .is it success?

Hi again, art3719.

I am sorry if I didn't make myself clear in the last post. When I wrote:


what I meant regarding the founders of the Auctus Project is that we consider all the members listed in the team section of the website and whitepaper to be founders and these names are disclosed.

We have made the cost estimation to define the minimum cap and hard cap for the ICO. We will present it publicly in details before the ICO that starts in November.

Keep in mind that our ICO is still one and a half month from now, some of the practices you are pointing are in our plan for the ICO, we want some things to be more solid before we announce it, and for the presale some pieces of information were not in the stage where we could officially announce it, as some points are being revised by "still unofficial" consultants and advisors.

Between presale and ICO we will launch the demo of the platform and announce the partners and advisory board, and the reason we will give a bonus of 25% for presale supporters is exactly the fact that they are showing support even before we can disclose every information.

Thank you for prompt reply!
So did you decide to not disclose names of founders due to strategic purposes or contractual reasons?
TBH I don't remember any ICOs that keep such info undisclosed except probably some gambling platforms...
Also would be nice to see some cost estimation (i.g. how much you are planning to spend for R&D, marketing and so on). It is actually normal practice to provide such information.

Dear art3719,

Thank you for asking those valid questions. Some of the information we will not be able to disclose right now for strategic purposes as well as sometimes contractual reasons. But we'll try to answer your questions as accurate as possible.

Please note that we are not at ICO stage, but pre-sale stage. Our priority right now is to secure financing for all the ICO related expenses. We are aware that several things still need to be disclosed/done prior to the ICO.

1. Who are the founders of Auctus?
We consider the team of 12 to be founders. Yes a few had initial talks, but we commonly decided to launch this project.

2. Who is the CEO?
We don't have a CEO at this stage. If at some point we feel that it's necessary, we will determine and announce one.

3. Who else from your staff has any relevant experience in pension fund's management? Clarify please what exactly is this experience?
From the 12 team members, only Vinicius; and you are right about the length of his employment. However, it's not a junior role he is holding. Rest be assured, that we are being advised by several senior executives (20+ years experience). This being said, pension fund employees with very long tenure, usually are a bit 'company blind'. When Vinicius entered the pension industry, he saw right away what could be improved by blockchain. Of course we cannot run Auctus just with engineers. At this stage a lot of development is necessary, but we are getting industry feedback from several senior mentors. Further down the line we will add more pension fund professionals to the team. We will also announce a proper advisory board prior to the ICO.

4. Who is responsible for legal issues?
We are getting legal advice from a Swiss law firm. We will disclose the name as well prior to the ICO as we have an agreement that only kicks in after meeting some pre-sale targets.

5. Why do you think that existent pension funds will be willing to accept the inconvenience associated with migration to the new platform? How are you going to incentivise them to do so?
I think you need to distinguish between western, well run pension funds with high end, but expensive pension fund management systems and smaller pension funds for example in emerging markets. We have defined a minimum viable product (MVP) which can improve operations at smaller pension funds right away at a very low cost. We will start to penetrate the market with these smaller ones.

6. Do you have any preliminary agreements with existent pension funds?
We have two preliminary agreements with pension funds. They want to see the Demo first before we can officially announce a partnership. We hope to be able to announce a pension fund partnership prior to the ICO.

7. Almost all countries have very strict legal requirements and limitations as to accounting standards for pension funds. Why do you think that local authorities will be willing to control pension funds in other way (by auditing smart contracts)?
Our full scale pension fund platform needs a lot of buy in. However, our MVP doesn't. It's a gradual process, not an all at once approach.

8. How are you going to use $27 000 000 of proceeds from ICO? Do you have any cost estimations?
The higher the raised funds, the more international we can go. There are significant advantages to deploy fast in as many jurisdictions as possible. As you righteously noticed, it's not an easy process. The MVP is, but if we want to expand our services, we need a lot of buy in from several stakeholders, preferably in as many jurisdictions as possible. We have a cost estimation to be able to run Auctus profitably at USD 5m. In that case we would just start in one or two jurisdictions, but not our prefered strategy.

9. What is the legal status of your company.
We are running under a Swiss limited liability company. We might change to a corporation limited by share ownership (Swiss Aktiengesellschaft) in case we choose to give equity ownership to some key partners or investors.

Hello,

According to Linkedin most of your staff joined Auctus about 4 months ago.
The only person from your team who has minimal expiriense in pension funds is Vinicius Melo. He had previously worked for just 8 MONTHS at pension fund not even at managerial position and according to Linkedin it was his FIRST JOB BEFORE AUCTUS. BTW he  was graduated from University just 1 year ago and his specialisation is MECHANICAL ENGINEERING.

Taking into account that you are going to raise $27 000 000 I kindly ask you to provide everybody with following information:

1. Who are the founders of Auctus?
2. Who is the CEO?
3. Who else from your staff has any relevant expirience in pension fund's managment? Clarify please what exactly is this expirience?
4. Who is responsible for legal issues?
5. Why do you think that existent pension funds will be willing to accept the inconvenience associated with migration to the new platform? How are you going to incentivise them to do so?
6. Do you have any preliminary agreaments with existent pension funds?
7. Almost all countries have very strict legal requirements and limitations as to acounting standards for pension funds. Why do you think that local authorities will be willing to control pension funds in other way (by auditing smart contracts)?
8. How are you going to use $27 000 000 of proceeds from ICO? Do you have any cost estimations?
9. What is the legal status of your company.

Thank you in advance
and sorry for my English

There is no minimum, there is only a maximum cap of 10 ETH / whitelisted address.

how many is the min cap to invest for presale?

yes ,i already add bookmark ,there is only one day ,pre-sale will start . i am sure will join this great project .

Please read carefully those instructions.
Do not trust slack DMs and emails, be aware of phishing attempts and scams!
Bookmark our blog and website addresses

https://medium.com/auctus/guide-to-securely-participate-in-the-auctus-pre-sale-b9e4ca6854b1

Well, Tommorow's Pre-ICO day. So anyone are you ready to take a part ?   

Wow. The pre sLe will be start in one and half day. Hope this pre sale going smooth and all white listed people invest for long term in this good project. I support you from the beginning...

May I know how many total applicants applied for getting whitelisted to participate in the pre-sale campaign of your project.

Whitelist closed! Thank you all for participating. Presale starts at Oct 3rd and we'll soon post instructions $AUC $ETH

great news ,everything is ready right ,and just wait for ico start .hope will be sold out quickly ,

Thanks for your response, I will have a look!

Hello, our smart contract code for presale is already available at https://github.com/AuctusProject/AuctusToken/blob/master/contracts/AuctusPreSale.sol , we are working closely with other project devs to audit it.

Will be any audit of the presale smart contract code?

Sounds good and logical, this is a project that needs full support from traders and investors who want and are looking for legit project and long term project, I have made a good decision choosing Auctus for the right project to participate.