Great replies from verify! Interesting to hear about this and will be looking forward to it's release. So hard to find a good ico nowadays.
Thanks a lot!
Topic: [ANN][ICO]✅✅✅ WHITELISTING NOW! Verify - The Future of Reputation ✅✅✅ - page 7. (Read 31495 times)
November 15, 2017, 09:28:52 AM
Thanks a lot!
November 15, 2017, 09:18:55 AM
Thanks for the announcement. Your project sounds interesting, Have any signature bounty here? I have just become jr.mem so I really want to join.
November 15, 2017, 08:56:58 AM
Great replies from verify! Interesting to hear about this and will be looking forward to it's release. So hard to find a good ico nowadays.
November 15, 2017, 06:31:04 AM
A reputation based blockchain project for transactions can certainly find it's place in modern cryptomarket, considering that there are lots of trust issues.
Exactly! As Verify grows, it becomes the default option for verification, and this pushes growth even faster. The distance between the most popular reputation solution and the next best will grow exponentially. This is the perfect time to be building a trust layer for the blockchain.
November 15, 2017, 05:16:53 AM
One thing I find great about this project is that such a system has not been pushed out and become successful, and I liked how it was compared to PayPal and the other sites, to prove how it is better than that.
Thanks!
What would the max credit ceiling be, in percentage of the total payment? Is there a way to recover these losses through the advance payment that the seller gets?
The credit ceiling is established in fiat (so, a $ amount) that represents the maximum advance payment the seller can get. The seller cannot withdraw this in cash. It is solely used for advance payment on transactions that the seller receives. The credit extended to a seller is essentially a negative balance on their account, and we settle this balance before paying out the seller for any future transactions. We have alot more detail around this mechanism in Section 4.3.2 of the whitepaper (relevant quote below):
What is your goal in providing an advanced payment to sellers? Also, will the rest of the payment only go through when the buyer receives and inspects the item, or before that?
Sellers hate using escrows because it chokes their cash flow. We make this a non-issue, in the long term. Payments are made in full 3 days after the buyer receives the item (and sooner for sellers with reputation).
Sorry to ask so many questions, but I know escrow is a hard service to manage, especially when dealing with physical shipping, so I'm trying to get a better understanding and see if there are any loopholes. 
Happy to answer these questions, and any others you have! We describe various attack vectors in Section 4.3 on Abuse Prevention. Definitely read that if you're interested in learning more.
November 15, 2017, 04:42:15 AM
A reputation based blockchain project for transactions can certainly find it's place in modern cryptomarket, considering that there are lots of trust issues.
November 15, 2017, 04:32:09 AM
So is the more credit have the larger advance payment that you can receive. But then what about sellers new on the network? Do they have to send the product first before attaining payment?
New sellers have $0 credit ceiling so it's effectively an escrow situation. That changes the moment they start getting orders and completing them successfully -- gaining reputation. We're considering a method where a referrer to the platform might be able to "share" their reputation with the people they invite as a way to bootstrap reputation quicker, but that's not fully formed. You have to be really, really careful about various attack surfaces for reputation systems especially when bootstrapping data. It's why we have several PhDs in trust/reputation systems on our team.
November 15, 2017, 04:18:03 AM
One thing I find great about this project is that such a system has not been pushed out and become successful, and I liked how it was compared to PayPal and the other sites, to prove how it is better than that.
I want to clarify some doubts about the CREDS tokens and the buyers/sellers in one of your previous replies.
For example, the seller could have made many small transactions with high quality expectations, earning the seller a high rep and trust. Now the seller has another deal that worth a very large amount, so the credit ceiling would be a significant amount too. What is your goal in providing an advanced payment to sellers?
Also, will the rest of the payment only go through when the buyer receives and inspects the item, or before that? Sorry to ask so many questions, but I know escrow is a hard service to manage, especially when dealing with physical shipping, so I'm trying to get a better understanding and see if there are any loopholes.
Hope your ICO will be successful, really looking forward to the launch and your service in the near future, and hope it gains success!
I want to clarify some doubts about the CREDS tokens and the buyers/sellers in one of your previous replies.
Here's how it works: Verify Payments operates just like an escrow for sellers that have no reputation. As the reputation of sellers improves, they get a credit ceiling (maximum advance payment that they are allowed to get on orders) that increases proportionally with their reputation -- until it results in instant payouts for practically all of the sellers transactions.
If the sellers "scams" the buyer (e.g. delivers the wrong product), the actual damage would be limited to the credit that has been extended to that seller (since transactions outside the ceiling are escrowed). We have various controls in place to determine the credit ceiling that is safe to extend to a seller, based on their proven previous performance plus a delta. Credit is extended by the Verify Fund, for which we've dedicated 15% of the token supply for use strictly as an incentive for usage of the network.
What would the max credit ceiling be, in percentage of the total payment? Is there a way to recover these losses through the advance payment that the seller gets? If the sellers "scams" the buyer (e.g. delivers the wrong product), the actual damage would be limited to the credit that has been extended to that seller (since transactions outside the ceiling are escrowed). We have various controls in place to determine the credit ceiling that is safe to extend to a seller, based on their proven previous performance plus a delta. Credit is extended by the Verify Fund, for which we've dedicated 15% of the token supply for use strictly as an incentive for usage of the network.
For example, the seller could have made many small transactions with high quality expectations, earning the seller a high rep and trust. Now the seller has another deal that worth a very large amount, so the credit ceiling would be a significant amount too. What is your goal in providing an advanced payment to sellers?
Also, will the rest of the payment only go through when the buyer receives and inspects the item, or before that? Sorry to ask so many questions, but I know escrow is a hard service to manage, especially when dealing with physical shipping, so I'm trying to get a better understanding and see if there are any loopholes.
Hope your ICO will be successful, really looking forward to the launch and your service in the near future, and hope it gains success!
November 15, 2017, 01:53:42 AM
you are making a token and want to collect millions for it for service that is already out there .
localbitcoin,paxful and many more
localbitcoin,paxful and many more
LocalBitcoin and Paxful are both used for buying bitcoin using fiat. None of these services have anything to do with eCommerce or reputation.
your answer means that you guys do not know anything about what you are doing
Dude are you bashing for the sake of bashing or you actually know what you are saying? have you ever used any of those services you mentioned?
Paxful is for buying bitcoins not trading goods and stuff.
localbitcoin is to buy and sell bitcoins not trading goods and stuff.
November 15, 2017, 01:52:23 AM
okay i have read some of links you posted and again what you offering is already out there in the form of localbitcoin paxful for buying and selling currencies and in the form of epay amazon for buying and selling items and many more sites almost every big marketplace site have this already built in and there is insurance too like in amazon
what your system offer different from the normal rating and comment system?
what your system offer different from the normal rating and comment system?
Thanks for going through these! There's a tactical difference, and there's a broader strategic difference.
Tactically, our entry strategy is through sellers. Sellers get:
1. Lower fees (1% vs up to 30% on Amazon)
2. Immediate payouts for sellers (vs. delayed payouts on practically every marketplaces in existance)
3. Reputation data on Verify is portable, and can be used on other platforms (so they aren't hostage to one company, see Uber/Amazon/etc)
Strategically, think about how amazon/ebay/etc are only available in certain jurisdictions: you can't do Paypal withdrawals in many places in MENA, and you can't really use Amazon's seller central there either. The blockchain democratizes access to payments, but you can't conduct commerce on top of a payments infrastructure alone: you need trust. Verify provides that trust.
November 15, 2017, 12:32:25 AM
How do they ensure that both buyers and sellers are protected? How are CRED tokens able to reimburse the transaction? After all, they are only a small percentage of the transaction? Does Verify itself pay back the customers if the vendor decided to commit a scam?
Here's how it works: Verify Payments operates just like an escrow for sellers that have no reputation. As the reputation of sellers improves, they get a credit ceiling (maximum advance payment that they are allowed to get on orders) that increases proportionally with their reputation -- until it results in instant payouts for practically all of the sellers transactions.
If the sellers "scams" the buyer (e.g. delivers the wrong product), the actual damage would be limited to the credit that has been extended to that seller (since transactions outside the ceiling are escrowed). We have various controls in place to determine the credit ceiling that is safe to extend to a seller, based on their proven previous performance plus a delta. Credit is extended by the Verify Fund, for which we've dedicated 15% of the token supply for use strictly as an incentive for usage of the network.
November 14, 2017, 06:05:02 PM
your answer means that you guys do not know anything about what you are doing
Feel free to read through all the posts on our blog related to Ethereum and Reputation: (a few sample links below)
what your system offer different from the normal rating and comment system?
November 14, 2017, 02:26:04 PM
your answer means that you guys do not know anything about what you are doing
Feel free to read through all the posts on our blog related to Ethereum and Reputation: (a few sample links below)
November 14, 2017, 12:50:41 PM
you are making a token and want to collect millions for it for service that is already out there .
localbitcoin,paxful and many more
localbitcoin,paxful and many more
LocalBitcoin and Paxful are both used for buying bitcoin using fiat. None of these services have anything to do with eCommerce or reputation.
your answer means that you guys do not know anything about what you are doing
November 14, 2017, 08:58:23 AM
Hi guys! Just saw this on twitter and decided to drop him, cool ico! Will definitively invest a bit.
Thank you for the vote of confidence!
November 14, 2017, 08:57:32 AM
you are making a token and want to collect millions for it for service that is already out there .
localbitcoin,paxful and many more
localbitcoin,paxful and many more
LocalBitcoin and Paxful are both used for buying bitcoin using fiat. None of these services have anything to do with eCommerce or reputation.
November 14, 2017, 08:54:48 AM
How long will you be raising the funds for? 2.25 is a low amount
We're expecting it to last 18 months -- until we achieve the 3rd milestone. The goal is to only raise what we need (more explanation in our Medium post here).
Details in Section 6.1 of the whitepaper, and included below:
November 14, 2017, 08:43:24 AM
you are making a token and want to collect millions for it for service that is already out there .
localbitcoin,paxful and many more
you know how much it cost those sites to start ? probably couple of thousands not millions
but ya why not collect millions for something that will never need more than couple of thousands at best
localbitcoin,paxful and many more
you know how much it cost those sites to start ? probably couple of thousands not millions
but ya why not collect millions for something that will never need more than couple of thousands at best
November 14, 2017, 07:12:23 AM
How long will you be raising the funds for? 2.25 is a low amount
November 14, 2017, 06:27:49 AM
promising project, looks like we need this in the future.
Thanks, we agree! We recently announced a massive reduction in our token sale hard cap (now just $2.25m) because of our confidence in our execution ability.
ooo, why the reduction? pretty big
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