Topic: [ANN][ICO]✅✅✅ WHITELISTING NOW! Verify - The Future of Reputation ✅✅✅ - page 8. (Read 31495 times)
November 14, 2017, 06:18:10 AM
Hi guys! Just saw this on twitter and decided to drop him, cool ico! Will definitively invest a bit.
November 14, 2017, 01:47:34 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.
November 14, 2017, 01:43:44 AM
promising project, looks like we need this in the future.
November 14, 2017, 01:33:14 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, 12:56:35 AM
So how do CRED tokens work? Is it the medium for e-commerce exchange that is used on Verify?
You'll find much more detail in our whitepaper.“Transactions over the Verify protocol can only be processed if they have an associated “insurance policy”, which is funded using CRED tokens. These insurance policies are conceptually similar to transaction fees on traditional credit card networks and are also evaluated as a percentage of the original transaction amount. However, their primary purpose is to ensure that both buyers and sellers are protected and that buyers can be reimbursed if they are unsatisfied with the transaction.”
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?
November 14, 2017, 12:26:45 AM
So how do CRED tokens work? Is it the medium for e-commerce exchange that is used on Verify?
Another great question! Think of CRED tokens as an insurance policy on a transaction, any transaction. We convert 1% of the total transaction value to CRED. On the flip side, we extend credit to sellers for advance payment based on their credit ceiling (also in CRED).
Since demand for CRED tokens grows with transaction volume, this creates a deflationary force on the CRED price (all other things equal), causing the price to rise. This increases the total credit that we can extend to reputed sellers at any given time.
You'll find much more detail in our whitepaper.
November 13, 2017, 10:47:59 PM
So how do CRED tokens work? Is it the medium for e-commerce exchange that is used on Verify?
November 13, 2017, 03:14:35 AM
New signature campaign- https://bitcointalksearch.org/topic/verify-signature-campaign-ended-5-slots-only-00325-weekly-2395889
Join now!
Join now!
November 12, 2017, 02:33:40 PM
UPDATE: We've just announced that we're reducing our hard cap from $14.5M to $2.25M (Link here)
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Most token-sales these days set out to raise as much as possible; after all, why not? They take advantage of high demand and give themselves valuations that no sane VC would grant.
Not us.
We’d like to announce the caps for our upcoming tokensale:
- Soft-cap: $1.5m
- Hard-cap: $2.25m (Yes, you read that right: $2.25m, not $225m)
A new approach
Instead of raising all the funding the company could ever need in its lifetime (at great risk to contributors), we’re taking a different approach. Raise enough for 18 months of funding and demonstrate traction.
These limits are derived from our detailed roadmap (Section 6.1 in our whitepaper) that now includes estimates for every milestone of our product development cycle.
Develop a scaled-down version of our grand vision, find customers and start making revenue. If we’re able to reach the aggressive targets we’ve set, then we’ll unlock a follow up token-sale that we’ve provisioned (at a higher token price, naturally).
We have a huge vision for the future, but we also take our responsibility towards our contributors very seriously.
Our tokensale begins on the 29th of November. Sign up at https://verify.as/ to get updates
---
Most token-sales these days set out to raise as much as possible; after all, why not? They take advantage of high demand and give themselves valuations that no sane VC would grant.
Not us.
We’d like to announce the caps for our upcoming tokensale:
- Soft-cap: $1.5m
- Hard-cap: $2.25m (Yes, you read that right: $2.25m, not $225m)
A new approach
Instead of raising all the funding the company could ever need in its lifetime (at great risk to contributors), we’re taking a different approach. Raise enough for 18 months of funding and demonstrate traction.
These limits are derived from our detailed roadmap (Section 6.1 in our whitepaper) that now includes estimates for every milestone of our product development cycle.
Develop a scaled-down version of our grand vision, find customers and start making revenue. If we’re able to reach the aggressive targets we’ve set, then we’ll unlock a follow up token-sale that we’ve provisioned (at a higher token price, naturally).
We have a huge vision for the future, but we also take our responsibility towards our contributors very seriously.
Our tokensale begins on the 29th of November. Sign up at https://verify.as/ to get updates
November 12, 2017, 01:47:18 PM
Dev, where is your team?
Physcially, they're based in Belarus. On the website, you'll find them under the Team section. Here's a screenshot:
November 12, 2017, 10:41:00 AM
Dev, where is your team?
November 11, 2017, 01:12:44 PM
just want to know if any photos or LinkedIn profile for every team member?
Yep, it's all on the website (under Team). We've included LinkedIn accounts for every member of the team underneath the member's photo
November 11, 2017, 10:50:37 AM
just want to know if any photos or LinkedIn profile for every team member?
November 11, 2017, 05:20:46 AM
Did you think about Utrust and how it's scam (see utrust ANN)? How this is better
Thanks for writing in. We actually drafted up an in-depth comparison between Utrust and Verify here: https://medium.com/@verify.as/so-hows-verify-different-than-a4c09a40909b
Happy to answer any more questions you have.
November 11, 2017, 04:32:10 AM
Did you think about Utrust and how it's scam (see utrust ANN)? How this is better
November 10, 2017, 10:59:35 PM
I won't be investing because it is too much of a risk. There are too many similar projects, what makes this project different?
We actually made a post about this. There are many similar projects, but what they primarily lack is industry experience (which demonstrates itself in secondary points like lack of a coherent, practical solution for both parties of the transaction, lack of a feasible go-to-market strategy, etc.). We've summarized the differences between Verify and various other players in the Medium post here.
You guys don't even have any prototype concepts that we can look at, sorry I will not be investing.
It's crucial to check that the team actually has an execution record, and I'm glad you asked about this! We've got 5 folks on our team working on an MVP that we're planning to release prior to the token sale date of Nov 29. We'll be deploying that to our website, as well as adding it to our official Github page. Added a reminder to PM you as well when it's up.
November 10, 2017, 09:39:16 PM
(PS: Team welcome to add sale details)
Thanks, we tried adding some details but all pending verification.
Looks like you have made some good contributions! Is there anything you submitted that is not up yet?
November 10, 2017, 10:41:38 AM
Does this mean applications would be built on top of Verify? How will you share users' data with other applications on top? what will you share? what is considered private?
Great questions! Yes, we allow approved applications built on the Verify protocol to access and affect the reputation data for participants. We define reputation data in our whitepaper, at an abstract level, as consisting of two things: a computed rating, and a confidence score. An example of someone's "reputation" is [★★★★☆, 11]. This is the basic data shared with applications, along with an ID that uniquely identifies the participant. We plan on sharing more details about this as we develop the Verify OAuth interface and publish our Partner API documentation.
November 10, 2017, 08:48:07 AM
Does this mean applications would be built on top of Verify? How will you share users' data with other applications on top? what will you share? what is considered private?
November 10, 2017, 07:43:00 AM
Thanks -- why bitcoingarden though?
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