Topic: [ANN] [PRE-ICO] [PRODUCTS ✅] EtherAce Decentralized Asset Speculation Platform - page 15. (Read 1852 times)

ANNOUNCEMENT:

Our speculation dAPP featuring our Over/Under contract has been taken down for now off our website due to Oraclize issues on the Ropsten testnet. The dApp will be redeployed once we can confirm it is working again! Sorry for any inconvenience and we will announce when it is back up!

For transparency here is our smart contract on Etherscan: https://ropsten.etherscan.io/address/0x8466bc490d87b01d7b0d0f9b5682a806e49966d6 , you can see the last callback from Oraclize was executed 2 hours and 9 minutes ago and the next bet placed sent a transaction to Oraclize as it should but never received one back.

You can also view our chat with Oraclize support here: https://gitter.i m/oraclize/ethereum-api , as we work to resolve this issue immediately! Thanks all.

*Edit: The link to the Oraclize support chat was blocked as suspicious so we separated the 'i' and 'm' above. Just copy the full link ending at '-api' and remove the space to view the chat!

Hey JanEmil,

Our hard market cap is set to 5,200,000 million USD because that is how much capital is required to execute the project as described on our website, Whitepaper and other articles. This is relatively low compared to other projects you may have participated in the past. The EtherAce Team is solely focused on raising what is needed to build the platform, sustain it and nothing more. We believe when we complete building the platform as described we will be rewarded through dividends from our share of the total token supply (15%) rather then raising a higher sum of capital then necessary which may sabotage the project's ICO sale or waste our community supporters money.

The dividends payment will continue as long as the platform is used. This is because the dividends are formed from the service fees from the derivatives market and chance game suite which will exist as long as somebody uses the platform and what the 'house' earns in our chance game suite.

Let me know if you have any more questions ! Thanks.

Hey Mr.Jovetic,

Good question ! Those are something called arbitrage platforms. Basically they monitor different exchanges for different markets. Say one exchange is selling BTC at $8,000 USD and another is selling BTC at $7,998. These type of platforms let you buy from the $7,998 platform and sell on the $8,000 USD platform, and you make profit through the price spread.

Our platform is not an arbitrage platform. The part of our platform I believe you are unclear about is our decentralized derivatives market. Our market operates in a similar way that an exchange works. Users can execute actions similar to 'buy' and 'sell' on an exchange. On our platform they are called 'Over' and 'Under' (for our first speculation contract O/U) or 'long' and 'short'.

Users directly trade, speculate and bet on the prices of different underlying assets (like BTC etc.) against each other. An example of how this would work on our first speculation contract and the general concept is:

The price of BTC is at $8,000 USD. Dave believes in 5 minutes the price will be below $8,000. He creates an O/U contract on our platform and sets the price at $8,000, chooses the option to bet 'Under' and sets the price contention period for 5 minutes. Alexa has a contrasting price view or goal to Dave. She believes the price will be above $8,000 USD. So she joins the contract Dave created and chooses to bet on the 'Over' option. Now when the 5 minute contract duration is up our smart contracts retrieve the current price of BTC and either Dave or Alexa will make profit, depending if they chose the correct option.

This is different from an exchange in many ways. The main difference is users do not actually buy or sell the assets our platform supports. They only bet on the price of the underlying assets. This makes our platform lightweight, cheaper, faster, more convenient, secure and scalable. Functionality this supports includes shorting (betting the price will go down), hedging (protecting your portfolio from possible losses, if you hold any coin ex. BTC, believe it is going down in price, and don't wish to sell because you believe in the project or future or because its cheaper to hedge on our platform then sell on an exchange, you can short it on our platform, making profit to cover possible loss from your actual portfolio), longing (betting the price will go up).

We are releasing our O/U contract later today as well as a video on how it works, so you can more easily try it out or watch if this explanation was not clear. If you have further questions on how it works please do ask!

Hey kotwica666,

Thank you for the accurate reply ! We're happy to get help from this awesome community.

Hey electronicash !

Thanks, I'm glad you find it an interesting project ! As kotwica666 accurately and kindly responded we addressed the anonymity of the team in our Whitepaper. We will be posting a more in-depth article on why we are anonymous and why it should not affect our project negatively on our Medium account in the near future.

We currently have one beta out for our first gambling dApp, Flip, on the Kovan test-net that you can test out here: https://flip.etherace.io/ or from the 'BETA FLIP DAPP' button on our homepage of our website! As you noticed our first speculation contract Over/Under beta will be released today, June 13th ! We will be making the release publicly today !

As for how will you know this project is real, from our products, and the team delivering on par with the Roadmap laid out. You can also check our Github progress here: https://github.com/etherace . We will make announcements on all our communication channels when we release the beta O/U today, and you can test it out and this will hopefully help prove this is a real project !

Thanks for your interest in our project and platform ! Any other questions please do not hesitate to ask.

I heard about some special platforms that monitor the price changes on the global market, choosing the right one and you're able to make some profit on the differences of the price and so on.
Is your project the same one?

Why is your market caps for your sale that low?

The dividend payment will continue for how long?

"... the team does not wish to be the centralized owners of what can be considered
an illegal business. Remaining anonymous will help the EtherAce platform to be truly
decentralized and protect it from ever being stopped or taken down in the future."

You can read that, and more on page 26 :

https://etherace.io/whitepaper/EtherAce_Whitepaper_v1.0.1.pdf

didn't read the whitepaper but i got into the website to check whats there so i'll check this june 13th as said for the beta.
quite an interesting project but i find no team profiles in the website, how do we know this is real?   i navigate all the links there but find nothing.

It is my pleasure ! If you have any other questions please do ask. Or if you wish to chat about the project, message us on here or any of our other dedicated communication channels.

Thank you for the in-depth answer

Hey JanEmil,

For sure! Yes our platform supports cryptocurrency price speculation. As you will see in our first speculation contract Over/Under, we will be starting by supporting BTC, ETH, and LTC.

However as you noted, we are not only supporting cryptocurrency speculation. We have a broader vision for our platform and that is to be used for traditional financial markets such as oil, gold, precious commodities etc. Users will be able to speculate on the prices of these the same way done in traditional centralized derivative markets today.

Why have we chosen this path? While the cryptocurrency speculation market is quite large at $35 Billion our platform has much more potential to also unlock the biggest financial market in the world; traditional derivatives at $1.2 Quadrillion! Traditional and 'regular' investors (people who invest in traditional commodities such as gold) will be able to take advantage of our platform as well! They'd use the EtherAce Platform over current platforms they're using now because the blockchain technology we use enable greater qualities that current existing platforms.

We are building/built our platform in a modular, lightweight way which is how we are able to support not only cryptocurrency's but also traditional assets. Our platform is a speculation platform, users speculate on prices of the underlying assets we support. They do not actually trade the assets as they would on an exchange. Currently they will only be exchanging Ether on our platform. This makes our platform cheaper, faster, secure, more accessible and convenient. Users do not need to worry about security of assets purchased on our platform because they do not purchase anything. There are no withdrawal fees, no multiple assets to manage in several wallets, only Ether is required to use our platform on any asset we support.

We hope this answered your question JanEmil , let us know if you have any further questions !

Can you tell more about asset speculation? You support cryptocurrency price speculation - right? But as I read it also financial markets like oil. Could you tell more how you plan to do that?

Hey kotwica666,

Glad you found what you were looking for in our Whitepaper. If you have further questions please ask.

The bounty pool does not get adjusted automatically to the ratio of sold tokens as the team tokens do. This is to be able to properly pay out anyone who participates in our bounty campaign. In the case of 'leftover' tokens from our bounty campaign, they will be burnt to reduce the bounty token pool amount as close as possible to 5% of the total supply. This way we can properly pay all bounty participants while still reducing the bounty allocation to it's proper ratio.

The bounty payment will be distributed within a week from the end of the ICO sale. This could be within a week from August 16th, 2018 or earlier in the case of the ICO sale selling out earlier.

Hopefully this answered your question! Please let me know if you have any other questions.

Is it possible to find some informations about dev team - if so, link please. ( I can not find it on website )
I already found info about anonymity in whitepaper.


Do the bounty pool will be also adjusted to the ratio of sold tokens?

When the bounty payment will be made?

Hey Dale.Hart707,

Thank you for the listing we will be sure to add some more information !

Thanks for your time.

Hello! I am editor from icoholder.com. Your IСO was added to our listing and now is available to investors: https://icoholder.com/en/etherace-22425 You can edit your Page by adding more information about your ICO after verification and also verify team members to improve ranking. 

Hey freemind1,

Hope all is well !

Yes, we plan to burn all the tokens that are not sold in the ICO through an automated process by our token sale smart contract. The team allocated tokens, initially 15% of the total supply will also be burnt to match how many tokens were sold in the ICO to keep the ratio the same at 15% of the total supply.

Please let us know if that answered your question and ask us any other questions you may have !

Hi team, what plans do you have for the tokens that are not sold in ICO? Will be burned or blocked by smart contract?. Thanks!

Glad for the support JanEmil ! Please do join our bounty campaign. actmyname is a very good bounty manager !

If you have any questions or wish to chat please feel free on here or on other dedicated communication channels.