Topic: [ANN][OAX] openANX - Real World Application of Decentralized Exchanges - page 100. (Read 135479 times)

I answered question about KYC 


Here is the question from Phi on Telegram:

"i have a question from the audit report regarding kyc
 Initial post sale token transfers require prior KYC verification of the sender and some consideration needs to be given as to how KYC verification is enacted outside the contract. It is not entirely clear why these initial transfers are KYC encumbered though I’m told it may be a regulatory requirement. The KYC requirement will likely present as a disincentive for token purchase.  Many investors who may wish to remain anonymous may not realise this encumbrance exists.  Such cases could lead to protracted negative publicity toward the project and frustration on behalf of the investor.

 Token holding can become anonymous after the first transfer. KYC verification may make more sense when the owner wishes to redeem their OAX tokens for OpenANX governance powers though contract does not provide for this.

The token itself appears to have no intrinsic value apart from being redeemable for governance power with OpenANX. Lacking in intrinsic value and being burdened by KYC buy in requirements leaves a pessimistic view that the sale will be unattractive and the token may not perform well in the market. The 1 and 2 year locked tokens may be effectively worthless once they are unlocked leading to possible shortfalls in current and future funding.

While these opinions are beyond the scope of the code review, I feel they must be addressed and made public prior to the funding launch."
 is that summary above true?"


Also here is the answer from Dave Chapman:

"Hi Phi, and thanks for the question.  The Foundation has sought counsel from  law firms in Hong Kong and the United States as to the potential legality of conducting the token sale. As there are no established directives or clear polices from regulators, the Foundation has undertaken a prudent approach to conduct the token sale in compliance to relevant legislation and regulations. The counsel has recommended that the foundations complies with established KYC and AML standards and procedures to disincentivize the utilization of the token sale as a vehicle for money laundering or other illicit activity. All KYC information will be collected and maintained in accordance to strict data protection policies therefore the participants and the foundation will be in privity of the KYC information and a disclosure will only be made should it be required by a law enforcement agency as part of a regulatory or criminal investigation. The foundation believes, in openness and transparency and thus it is compelled to follow all relevant legislation and conduct the token sale with the highest level of integrity.  Please let me know if this helps."

https://web.telegram.org/#/im?p=@openanxteam

You may check the OpenANX OAX Contract Code Review
https://docs.google.com/document/d/1HBMY3v-_-JGZ9hzzcNYnyMyfQRukfetNifNUr57MW8g/edit

"An ERC20 token can be issued in greater number after it is locked?", "Locked or not?"
I'll pass these question to the tech specialists, will be back with answers.

same question, anyone can answer this ?

An ERC20 token can be issued in greater number after it is locked?  I thought locking the supply prevented more from being issued.

Will KYC be required for some people in order to activate their tokens and make them transferrable, or would that have taken place before the tokens were issued if it were necessary?

This question has been answered before, but I'm still curious for an answer: the "value" of a token will be determined by the benefits from a token, such as voting rights on the platform. What the other rights will be is still unknown.

Why would people invest in tokens, if the "value" proposition is yet unclear?

1. "The pool of OAX has been allocated as follows, but may be adjusted at the Foundation’s discretion"
   3. TOTAL SUPPLY AND ALLOCATION OF OAX, Page 4 at Memorandum:
   https://www.openanx.org/en/assets/documents/openANX_Information_Memorandum_ENU.pdf
  
   Despite the "legal" possibility it's very unlikely to change.

2. Not yet transferable. The tokens will be activated (making them transferable) on or about 29th of July.

Thank you for the continued interest to the OAX platform, bitcoinrocks!)

Thanks for the interest to the project, Visin!

1. The soft cap of 13M OAX has been met, that means that the openANX founders can conclude the token sale at their discretion.
 
2. The OAX foundation can work with the current raised amount. The additional token sale will happen on the prototype platform (Q2 2018).
Aside from the token sale, the company already have very valuable partners and will continue to work with them.

3. I hope too. Thanks for suggestion!

Set it to 100,000 gas limit.

Have you found the slider? MEW updated and now it's situated at the right TOP corner.

I thought the token supply was locked at 100,000,000.  The team can increase the supply if they want to?

Are the OAX we've received transferable currently?

How will they do it though? Since they have money to promote their project advertising it on the television or certain websites would bring more investors into openANX right? Once the ICO is over there is only so much that they can do since they hyped the coin through regular campaign advertising.

This is great news, 21,880,551.69 OAX has been sold. 

I think ICO is to bring investors into project.

1. http://forum.ethereum.org/discussion/1518/ether-unit-converter-wei-finney-szabo-btc
    
   1 Gwei = 1/1 000 000 000 Ether

Since the minimum for the ICO is met is there any talk about ending the ICO early to make the coins more valuable then it is right now?

Once the ICO is over how will you guys bring more investors into your project? I hope that you guys advertise on the T.V's in China.

Thanks for your reply. I see that you guys recommend 100.000+ gas with a Gwei of 60. How much ETH would that approximately be?  

EDIT: I can not select the amount of Gwei in MyEtherWallet, so I can't select 60 Gwei. Any suggestions?

Want to contribute..

Thanks for the interest, Dvd1989!
You'll be able to view your OAX contribution and balance in MEW
Check the “How-to-Contribute” Guidebook for Users, How to Contribute to OAX from MEW starts on Page, 8:
https://www.openanx.org/en/assets/documents/openANX_User_Guide_ENU.pdf

If I send ETH from MyEtherWallet, will the OAX tokens be transferred to my MyEtherWallet automatically (after some time)?

No, the Token Sale is still going.
The clear announcements about any changes to the Bounty program will be posted at its thread.

so the ICO is done for now?

Here is the new invitation link to Slack, welcome:

https://join.slack.com/openanx/shared_invite/MjAyNDA2Mjc1MzYzLTE0OTgyMDk2MDktM2Y4NWU2YjFlMA

Thanks for your opinion, guys!

1. "Members  are  not entitled  to  any  economic  rights" - Yes, you are right.  OAX token holders only get privileges of the memberships they own. It is not limited to only voting, ie: third party service provider membership grants ability to be service provider. Possibly something will be changed during the development, there are a lot of forces and deep minds are involved in the process and the platform just gets its final shape.

2. "People need profit", "no value" If you want to know if you'll make money if you'll invest, it's not something that the openANX team can talk about as staff. Ultimately, if people like the project idea, and can understand it now, they could get involved. Later, when a prototype will be able obviously there'll be more interest as people will be able to see what they're getting.

You can exchange OAX once it's tradable on exchanges ( July 29, or possibly earlier if the Token Sale will end sooner)

When the OAX platform will start to work there should be the increasing demand on Token and supply will be dwindling.
"The initial number of issued OAX Tokens is 100,000,000; as there is no planned
inflation, the number of outstanding tokens would be reduced over time as activity
on the openANX platform increases"
Project Deck, Page 23: https://www.openanx.org/en/assets/documents/openANX_Project%20Deck_ENU.pdf

The team is expecting that in the case of success the user base will grow exponentially. Nobody can predict the future though.
You can read more about the Metcalfe's law: https://en.wikipedia.org/wiki/Metcalfe%27s_law

The main aim of the openANX team once the Token Sale will be finished is to concentrate on building a consortium of companies and platforms to integrate,
and the team will do this with the huge passion.

Only you to decide to be involved on the early stage, or later when the working prototype will be released, or just stay an observer.