Topic: [ANN][ICO] BlockBits DAPP - Death of the SCAM ICOS (Read 923 times)

They have all the details on the website. Just take a look.

Great idea to protect investors from scams. It is a needed step for mass adoption.

Thank you, please sign up for an account at https://bounty.blockbits.io so you can receive your tokens.

croatian ann
https://bitcointalksearch.org/topic/m.31626713

Join our Telegram Community Channel -> https://t.me/blockbits

❗️DO NOT SEND ETHEREUM TO FAKE ADMINS ❗️THERE'S NO PRESALE/PRIVATE SALE OUTSIDE OUR WEBSITE❗️
❗️AND WE WON'T ASK FOR MONEY/ETHEREUM THROUGH EMAILS.❗️

ADMINS:
@MickySocaci
@vladmorar
@DoomBike
@Lynceus
@concorde_81

❗️USEFUL LINKS❗️
WEBSITE: https://blockbits.io
WHITEPAPER: https://docs.blockbits.io/extra/offering/BlockBits-Offering.pdf
DOCUMENTATION: https://docs.blockbits.io/
SMART CONTRACTS: https://github.com/blockbitsio/smart-contracts
VIDEO: https://www.youtube.com/watch?v=a9XyQlwCj6c
TWITTER: https://twitter.com/blockbitsio
MEDIUM: http://medium.com/blockbitsio
BITCOINTALK: https://bitcointalk.org/index.php?topic=2697086.0;all
ICOBENCH: https://icobench.com/ico/blockbits

Here are some questions asked by our community members and also our answers.
We are getting traction on this project and we think that this is a good opportunity for members that are not yet part of it to find more detailed information (technical and non technical).

Q: Can I have a look at some Blockbits related smart contracts?
A: Sure, just take a look at https://github.com/blockbitsio/smart-contracts

Q: Under WP '3.1 Description', for "Platform testable risk indicators", what are the these indicators?
A: You can find detailed information in our documentation at https://docs.blockbits.io/project_risk/

Q: Under WP '3.2.4 Direct Funding Payments', who is the 'vault's owner'?
A: The investor is always the vault owner, each investor gets one, no matter which funding method do they choose (direct or milestone).

Q: Can the ICO participants view the content of the vault?
A: Yes all vaults are public, and a contributor can choose to validate their own vault on etherscan using ( https://github.com/blockbitsio/smart-contracts/blob/master/build-merger/FundingVault.sol ), since all of them are created by the FundingManager (which is the contract factory, all must be the same).

Q: Under WP '3.2.14 Fully open source', for the github repository, to confirm if it will be privately shared or public.
A: Take a look at https://github.com/blockbitsio/ The project contains the 2 repos (source code and documentation) where everything we have is in source format, which includes diagrams / code / tests / forks of support projects like truffle and solc-binary, coverage tests and results, just about anything we could see as useful to anyone wanting to contribute to our project.

Q: Under WP '4.1 Phase 1 - Proof of Concept', it's dated 'June 2017 - January 2018' with many deliverables. Would like to have a glimpse of those deliverables (except the last 3 items).
A: Everything in the specified list is available ( except the mobile application which we are currently redesigning for better usability ).( https://docs.blockbits.io/ page has urls pointing to these )

Q: When do you plan to hold the AMA session?
A: We are available for interviews any time, and for AMA sessions we are currently waiting for the community to grow larger for it to even make sense (anyone can come and ask anything they need information about here). You can find all the information regarding contacting us on the official website.

Q: Would be visually helpful if you could indicate the estimated YYYY/MM for 'Development Milestone 1' to 'Development Milestone 7': Doable?
A: The milestones are specifically estimated in days and not dates, because any can be postponed if issues arise ( postponing can only be accomplished through a proposal accepted by investors )

Q: There seems to be no one within the core team that have experience in the evaluation of companies for equity investments (eg. angel investment background)?
A: The team is composed of co-founders that have been in the software scene for 15-20 years, helping other companies achieve their goals. Some of us own small businesses and have come together to create a product that will help this space evolve into a safer market for both investors and projects.

Q: Who within the team will be coding the smart contracts, backend & frontend, or is it external at this moment esp. for the smart contracts?
A: Part A of the smart contracts is already written ( upgradeable architecture, funding, milestones, voting, independent organization, code upgrades ), they're used for the actual funding of this project, and have been written mostly by me ( Micky Socaci ) with help from @Lynceus and Mihai ( @DoomBike ), as well as audited by the community.

For any aditional questions or suggestions feel free to contact us using all available media channels listed on our official website.

Blockbits.io Team

Media #BlockBits #75497de9

Some updates from the Core Devs:

Bounty portal - quality of life improvements
- The content crawler can now detect referal links even if you forgot to add your key
- You can now view your points + refferal points + totals in the my entries section
- Original content ( translations / videos / articles / blog posts ) are now awarded 1000 points ( up from 100 )

Keep in mind, the referal visit points are excluded from any calculation at this stage, as they are awarded at the end of funding.

When it comes to understanding how ICOs work, how Smart Contracts work, over 60% (if not more) than all investors get overwhelmed. The platform proposed by Blockbits manages to protect the investor and also the Founders of the ICO based on it. Backed by experienced investors, newcomers can learn and educate themselves based on elders.  I think the main point of this platform is to protect the ICOs network. Imho, this might be the future of all upcoming ICOs. At least you can sleep well knowing that if the project based on the platform is unsuccessful you can get your precious ETH back not only in the pre-funding and funding stage but also based on future ICO's milestones. Good strategy for newcomers and also an incentive for future ICO devs.

As every real case transposed into code, the WP and all the technical documentations of Blockbits ICO are quite long (took me around 2 days to read all, including the SC) but once you understand the basics, things come natural and you ask yourself why they did not do it before. Ofc there always will be space for code upgrades, but the devs are open minded people, very receptive to upgrades and sugestions.

This will be a good project since only REAL ICO's will be created through this Platform.

Keep up the good work, will keep an eye on this.

Great project.  Definitely deserves more exposure given the increasing number of scam ICOs these days.

In my opinion, because people are still greedy, they want the most amount of interests / money in the least amount of time.

They don't pay enough attention to what is happening around, or what might happen to their investment, they kinda have only a final profit floating before their eyes.
Because, let's be honest, still too many people look at any ICO as a $ factory, and those people doesn't give a dime about security, innovation, evolution..

And then average Joe goes to.. say a landing platform, and dream about becoming a millionaire over night, not because he is not well intended, but this much he can understand.
And same Joe then comes to Blockbits, doesn't understand a word of it, he sees that his money is locked, and no profit till release, so it must be something that doesn't worth his attention / investment.

I am not trying to say that most people are dumb, but they definitely act as such. While at the beginning there were more technical people (alongside criminals) involved in crypto, in general, the more mainstream it became, the more uneducated people joined. And the rate of the ones who are really interested, does understand, and able to see the bigger picture, is less and less.

This is only a theory of mine, it could, or not, be the real reason. I am doing my best to educate the people around me, who are opened to learn and gain not just wealth. Probably many others could do the same.

This is literally one of the best projects out there. I don`t know why you are not getting more steam.

Hi necromastery,

The total token supply is calculated in the following way:

Each contribution, mints tokens based on the amount of ETH that is sent into the contract you choose to fund.

There are 3 inputs and 2 periods:

Contract Name   Address (Ethereum - MainNet)
InputDirect   0xb05faba79ac993dc1ff7e3a0a764c3d0478cdc1f
InputMilestone   0x91ca47b9ec3187c77f324281a1851f4b991103f1
InputMarketing   0xdfe06d5a4534fbe955eebe8a4908ef596763c2a4

Both InputDirect and InputMilestone - are funding inputs that create a personal smart contract ( funding vault ) that stores received ETH and tokens you bought until the 1st of May 2018.

InputDirect
- releases your locked ETH if funding has not met soft cap.
- releases your tokens if funding is successful

InputMilestone
- releases your locked ETH if funding has not met soft cap.
- releases your tokens if funding is successful in a percentage ( see the end of the post for percentage list ) that is assigned to each milestone, once said milestone is complete.
- if for any reason a milestone fails and investors vote that it's failed, you can take the remainder of your investment back.

InputMarketing ( period 4th of feb - 10th of March )
- Gives you 20,000 tokens for 1 ETH
- Is a funding input that sells tokens directly to your wallet.
- ETH collected is used exclusively by our marketing team, for google ads / youtube video promotions and ico listing promotion.

PRE-ICO - InputDirect and InputMilestone, will give you 9800 Tokens per 1 ETH (40% bonus).
ICO - InputDirect and InputMilestone, will give you 7000 Tokens per 1 ETH.


Total supply:
At the end of the funding period, based on total supply sold, another 40% is minted for the project team ( split against team / advisors / early investors / marketing partners ).
At the same time a pool of 3% is minted and allocated to the Bounty Manager contract, that will then send tokens out to participants.

The project 40% pool will stay locked for a period of at least 2 years while development milestones get implemented and validated by investors.

To resume:
If you believe in the project and want to help us with marketing, yes you are taking some of the risk with us, you get a bonus for doing so.
If you want to risk nothing, use direct or milestone funding, and you'll be able to take your funds back if we don't manage to get enough traction in order to get funded.

Trustless:
Everything described here and more is already implemented and running the DAPP deployed to the main ethereum network.
You can find the full list on https://github.com/blockbitsio/smart-contracts
As well as attached to each contract on etherscan.io

In the next following weeks we will be adding a new area on our website that will allow you to view how each transaction works and affects the system.
i.e: if you send ETH to DirectInput, it travels to the Funding Entity, which validates it, then passes it along to the Funding Manager that instantiates a new personal Vault ( if none exist ), sets you as an owner on it, then sends the ETH to it.

The "hard part" is already done, the blockchain code is already there, we just need to assemble an intuitive and user friendly interface for you guys


Milestones contract -> https://etherscan.io/address/0xb4e8d821b5b43fca08f5986d9b52a8dc00565cc5#readContract
Milestone Percentages:
1 - Minimalistic Platform - 20%
2 - 3rd Party Launch Functionality - 20%
3 - Code Upgrade Tools and Token Buyback - 10%
4 - Basic Risk indicators and Collaboration tools - 15%
5 - Advanced functionality - 15%
6 - Token Holder Upgrades - 10%
7 - Full Decentralization - 10%

---------------------------

Hope i've answered your questions and feel free to ask anything.
By the way for discussions feel free to join our telegram channel https://t.me/blockbits
Cheers, Micky

Hey dev team, is the total token supply will be determined based on how much ethereum is collected? and when the locked token will be unlocked? what percentage per period? I wish your project will running well on collecting fund although a little quiet here.

That video really help to understand the business process.
Thanks for making it!

Hi luv2709, there is none at the moment, the same way there is no recovery for your wallet, you have a key, you loose it, it's gone.

We're trying to collect as little information about you as possible.

So make sure to save it somewhere safe.

hint: that's why we have the welcome message saying you should save it.

note: If you do loose it, and are on telegram, and you've linked you bounty and telegram account, we can setup a system to retrieve your password.

Hey Mickys
There are no option for recover password in portal platform.if i forgot my password then how can i recover it? bcos email address not require in portal.

At this stage the whole point of the ICO is to raise funds that will help speed up the development of the platform.
That being said we are actively working on a demo for you and will present it in the future when it's ready.

Is there a site where I can see the platform?

A detailed explanation of how BlockBits works, let us know what you think

BlockBits - In Code We Trust

We have created a new DAPP codebase that resides in the Ethereum Blockchain.
That code is used for everything the platform needs, like token generation, allocation, funding acceptance, milestones, voting.

This means there are no centralized servers, no single point of failure.

To answer your question: We are using the same code that every project that launches through Blockbits will.

I read on your website that you launch your project " through the very code submitted here as MVP". What exactly does your code do?

Hi stopmaster200, the token allocation for the bounty program is going to be done at the end of all funding stages, specifically on the 2nd of May 2018.

For more details please check out the Official bounty program details

Micky.

When will the bounty tokens be received?
Thanks

A very good project to start the year......hope to participate in the bounty campaign 

The bounty program will commence on the 14th of January 2018 and we will post an update about it.
Until then feel free to read the documentation on how the distribution works.
https://docs.blockbits.io/bbt_bounty/