ICO website is containing deceitful wording regarding claimed security of the setup
This is completely false. The only thing that can be embedded in and Ethereum contract is Ethereum based assets such as MKR, REP and DGX. Every other crypto will have to be held in custody in centralized hot and cold wallets managed by we don't know who (no information provided). The whole matter of how funds will be handled is completely ignored in spite of the fact this is probably the most important aspect of this project.
Storage of assets: not covered
Audit of assets: not covered
Change of service provider: not covered
Counterparty risk warning: not covered
Transfer of assest in case of change of service provider: not covered
Who stores the assets of open managed funds: not covered
Whether ICN holders get dividends: not covered
The nature and calculation of ICN holders dividends (if applicable): not covered
The whitepapers are more highlevel sales pitches than whitepapers and explain strictly nothing about how the whole thing is going to work technically.
This is really underwhelming.
As far as I can tell, there is nothing preventing this thing from becoming TheDAO meets MtGox
Quote
We employ state-of-the-art security technology for you, with the storage of fiat and digital assets embedded into an Ethereum contract!
This is completely false. The only thing that can be embedded in and Ethereum contract is Ethereum based assets such as MKR, REP and DGX. Every other crypto will have to be held in custody in centralized hot and cold wallets managed by we don't know who (no information provided). The whole matter of how funds will be handled is completely ignored in spite of the fact this is probably the most important aspect of this project.
Storage of assets: not covered
Audit of assets: not covered
Change of service provider: not covered
Counterparty risk warning: not covered
Transfer of assest in case of change of service provider: not covered
Who stores the assets of open managed funds: not covered
Whether ICN holders get dividends: not covered
The nature and calculation of ICN holders dividends (if applicable): not covered
The whitepapers are more highlevel sales pitches than whitepapers and explain strictly nothing about how the whole thing is going to work technically.
This is really underwhelming.
As far as I can tell, there is nothing preventing this thing from becoming TheDAO meets MtGox
Whitepaper on storage of assets will be published by us and given to the community for discussion. We'll make it "open source" and set an industry best practice / standard.
Any news of the whitepaper on storage of assets?
no yet, may be soon, let them do the ico first, and then whitepaper
