Topic: [ANN][Pre-ICO] MedChain - SEC Filed, Open to unaccredited US investors! (Read 12081 times)

Will be announcing our first set of Advisory Board members in the next day or two;

HIPAA Compliance training

I think this is a unique project, I hope this project will develop quickly and have many investors around the world, I will support you good job and always fighting.

the very moment when the project (development) itself is good, but whether a token (crypto currency) is necessary - is a big question that I ask very often myself

MedChain creates a new health ecosystem that allows dApp infrastructure to be safe for storing Health Records. This platform performs Electronic Medical Records encrypted and fragmented across the network to prevent malicious attacks and hacking attempts.

The main specialization of the innovative platform will be the protection of medical services on the Internet. It`s very important to keep information between doctor and patient safety and blockchain technology can easily provide this. I think this project will show itself and I trust in his future.

This project giving every patient to have their own medical records in the blockchain community for reference. I think it`s necessary for anyone and the project will be successful in the future.

Medchain already has products and is developing features. DPS patients are built on the MedChain platform being developed for smartphones, tablets and desktops, iOS and Android. This project has potential in the long term.

Here is the MedChain's Greek ANN and Bounty Page:

ANN - https://bitcointalksearch.org/topic/annpre-icomedchain-949-4489198
BOUNTY - https://bitcointalksearch.org/topic/bountymedchain-500000-token-4420726

I was thinking more in terms of fully subscribing a $15m offering after having accrued 500 unaccredited investors. Regulation A+ unaccredited investors would also count toward the limit, but at that point we will be better poised to deal with the potential cost... Or we could limit investments from unaccredited investors so our total continues to stay below 500. Total investors before registration would be required is a combined 2000.

Awesome post.  Thanks for taking the time to write it.

I assume you mean "reached our Reg CF goal" not "reached our Reg D goal".

That is an ugly reality, which is why I assume you are going Reg D 506 next for accredited only.  Then you will take your <500 unaccredited + X accredited and file for an A+?  I assume that the non-accredited investors gained in the A+ do NOT work against the 500 limit?

Whoops, didn't mean to strike the Reg D talks.

StartEngine does allow for crypto in Reg D and A+.

1. The SEC does allow concurrent offerings, though concurrent offerings with different terms could be a potential headache.

To that point though, we were nearing a little conundrum... Section 12(g) of the Securities Exchange Act of 1934. While the JOBS Act did address the threshold for security registration we currently estimate as many as 400-450 of our investors of the ~500 are unaccredited. If we extended, and reached our Reg D goal it's feasible that we would have 500 unaccredited investors in addition to total assets in excess of $10 million.

This would prevent us from using an exemption from registration, instead requiring us to register our security. This would be a massive financial burden on the company.
More information here: https://www.sec.gov/info/smallbus/secg/jobs-act-section-12g-small-business-compliance-guide.htm

So you aren't going with CoinList for your RegD?  I've heard they are a tough nut to crack regarding platform... very selective regarding which coins they will list.

My understanding is that StartEngine will allow crypto for Reg D and the A+, so why move platforms?  Is it to access a "different" list/set of investors?  If so, I guess that makes sense.

Regarding ending the CF, I guess I'm not sure why you would unless:

1.  The SEC frowns upon having two different types of offerings happen at the same time for the same entity

or

2.  You are looking to free up the 6% holdback for chargebacks, which in your case is only around $30k...

Just seems like leaving the door open might yield some additional investment... but looking at your progress, it seems that the bulk of the funds were raised in the first 30 days...

Rick, thanks for the info... Not sure if the KYC changes depending on level of investment on a Regulation CF, but presumably StartEngine just does the minimum necessary checks.

From a crypto payments/investment perspective we still aren't accepting them. StartEngine did a joint press-release with their Escrow partner PrimeTrust on the day it was 'supposed' to be ready for our offering.
See: https://www.businesswire.com/news/home/20180420005069/en/StartEngine-PrimeTrust-Announce-Reg-CF-Crypto-Escrow

I sent out a poll to our StartEngine investors and followers that indicates over-all support for another extension. Not sure if 'No' answers are aware it won't speed up the creation of our Network and any distribution to end the offering now.



So chances are another amend to extend is on StartEngines dime. We're in talks with CoinList.io about our Regulation D 506(c)

Heard from StartEngine that the functionality is still potentially over a month away. Very disappointing.

Opening a way to the possibilities of globalize data across every health service around the world.
That possibilities will makes health service could be maximize, since every records of the patient will be shared across the medical service to help ease of medical attention for the patient.

Medchain is a project that is engaged in health, this will be very helpful for the progress of our health. This application is able to provide a good solution for our survival.
Hope this project can be smooth and coming many investors.

Just a quick followup.  The investment cleared.  All in, it took around 8 days from credit card authorization to confirmation from Start Engine regarding the funding clearance.  They really didn't do much in the way of KYC, basic name, address, stated income, etc. 

How did you do from a crypto payments perspective over the last 7 days?  Any takers?

Awesome, tell them to stop by and say 'Hi' to Eric Lafleche our Chief Marketing Officer, he just landed in Thailand!!(really, 5 minutes ago)

Great! xenchain.io co-founders Steve Rao (CEO) and Vincent Wong (CTO) are there now, attending TokenoMX in ChiangMai, Thailand.

You can find our team information at: https://medchain.us
Or on the offering page itself: https://startengine.com/medchain


Thank you!

its an awesome,good for this and hope will grow more for this project.

I did not find the team. This is an important circumstance. I hope we get the information.

Happy to hear you decided to invest! I've heard good and bad from people about the KYC process, including annoyance at having to constantly reconfirm investment.

We've also -finally- received an 'official' update on crypto investments... April 20th... *groan* StartEngine has offered to cover the cost of us amending our offering to extend, and I believe we will take advantage of that offer to allow non-accredited cryptocurrency investors a chance to get in at this most advantageous stage.

Edit: If an investment hasn't cleared prior to a close the money will get disbursed to the 3rd party escrow account, then to us after the clearing period.


I have been working closely with our CTO over the last weeks, we have deployed an internal blockchain and private IPFS, we will be hosting a workshop at Colorado University of Boulder showcasing some of this work this coming weekend. In the next 1-1.5 months we should be ready to launch a minimum viable product demo as we transition into our Regulation D 506(c) offering for accredited investors only. We are hopeful that our platform will be launch ready in late Q4 2018 early Q1 2019.


Due to the potentially regulated nature of our token, at this time it's difficult for us to provide bounties in the traditional sense; it would have to be in the form of a work compensation agreement and have significant out-of-pocket legal costs for us. As this funding round comes to a close we'll be better poised to approach the subject.

any plans for bounties

They’ve been pretty open with their communication.

cool project, Transforming Social Media Marketing with be using Smart Contract to abolish the escrow for Influencer-Brand dealings. good luck and i wait bounty campaign

An interesting idea. Tell me when the work will be completed?

Ah.  Good to know, sounds like you’ve got a very proactive team.  I invested; though I wonder if the funds will clear prior to your anticipated close... looks like the funds take 10 days to clear SE’s automated clearinghouse and you might be closing in <5 days.

What happens if the timing is not aligned?  Also it took <3 min to invest... pretty quick.  I was also a bit surprised that the subscription docs weren’t sent by start engine or even linked to the payment page... maybe a bit TOO streamlined?

How long will you keep the offering open?  Until you hit the $1m+?

No trouble yet, hopefully none will come about!

StartEngine is acting as the Electronic/Stock Transfer Agent on our behalf. But due to the nature of a Regulation CF offering I can't discuss the 'terms' of the offering, which may broadly include what someone 'gets' when investing. We do have a Pitch Deck available, and our Form C filed with the SEC includes the subscription agreement.

Surprisingly few people have watched the video; but that might have to do with StartEngines layout.

The reason we can't accept cryptocurrency is entirely because StartEngine has so far refused to make it available for Regulation CF offerings despite offering it for Regulation D 506(c) and Regulation A+ offerings. If I had to make a guess as to their reason it has to do with the wording in the JOBS Act requiring a specific kind of 3rd party escrow account for the offering. At this time I'm not entirely sure when it will become available, if at all, which is extremely frustrating for us.

We've been able to run Facebook ads after contacting Facebook and supplying them with our Form C offering documentation filed with the SEC. (Proving we're a real company, with a regulated offering)

Be careful not to double post (create two posts in a row).  Some MODS get pissed when they see it and will ding your profile.

So, what docs does someone get if they invest?  Whitepaper?  Subscription agreement?  Offering circular?  Deck?

Or do they just watch an explainer video and swipe their card?  Why can't you take crypto instead of fiat?  When will this change?

Can you still run Facebook ads?  I heard they banned all crypto related adverts, same as twitter and google.

We’re pleased to announce that Steve Wishstar has joined the MedChain team as Chief Technical Officer.

Steve is an experienced CTO and hands-on Sr. Software Engineer with extensive experience working on projects for NASA Ames, Lockheed Martin and Raytheon. He has a demonstrated history of producing maintainable code, developing automated test driven architectures, and solidifying full-stack integrity; with roles leading teams up to 15 engineers and software/website designers we’re confident he will be an exceptionally valuable addition to the team.

He also brings additional patent experience to help protect our IP as development gets more focused.

Upcoming events:

April 14-15
We’re sponsoring the CU Blockchain Summit at University of Colorado Boulder and hosting a blockchain workshop for students starting to familiarize themselves with this innovative technology.
For additional information visit: https://summit.cublockchain.org/

April 17-19
We’re sponsoring the TOKENOMx crypto-conference in Chiang Mai, Thailand which represents our first footsteps into the East Asia market, we’re excited about potential partnerships and relationships this will generate for us.
For tickets and information visit: https://tokenomx.com/

April 19-20
We’re sponsoring the Global Blockchain Summit in Denver Colorado, be sure to get your tickets for the event while they last and come say hi to the MedChain team!
For tickets and information visit: https://globalblockchainsummit.com

StartEngine is getting 6-8% of the raise for KYC/AML, that means they are already receiving 30k+.

Not using their ad company, we started using them before they marketed any such thing. I'm trying to be very engaging on Social Media but it gets hard with the limits on 'term' language.

Legal is already way (way) above that, but those numbers will all be part of our disclosures. 99% stateside investors so far.

Thanks so much for your interest and the merit!

Hm.  Interesting that you would have gone CF before the Reg D 504 from family & friends.  So, if this wasn't the ICO, then StartEngine didn't charge you $25k, their fee is only $5k.  I would think that the KYC / AML checks that they are doing on the investors alone is worth the rake.  Are you also doing the 5% advertising reinvestment through their captive ad company?  Seems like you are getting some great interest of FB, which is typically a pretty fickle crowd.  Props to you for getting back to them on all the questions, I think that is half the battle.

Regarding office space... it's interesting that RIOT Blockchain is in Castle Rock too... such a small town for two notable Blockchain entrants.

The CF has to be profitable for you.  Figure $28k in rake, another $30k in ads, $5k legal and maybe $5k accounting and you are still up $332k.

Are you getting most of your investors stateside or international?

Watching you with great interest, and hopeful for your success! (I awarded your first ever merit point on BitcoinTalk!)

Following this offering we will be conducting the more typical Regulation D 506(c) or 'Reg D' for accredited investors only. When we are ready to deploy our software/blockchain we will be conducting our Regulation A+ ICO to take the Token 'public', so to speak. (Currently projected for late 2018 early 2019)

not bad the result of pre-sale . i want to know when will crowd-sale  ,the market fall down ,i really want to know the plan .

We've raised over $400,000 so far from about 450 investors.

StartEngine has been 'okay'. They've been promising we would be able to accept cryptocurrency investments since Early December, but still have not made good on that promise. There's been a few other oddities, but their 5-8% take is a necessary evil with this sort of raise, as a Title III offering must be through a 'Funding Portal'. The limitation on advertising on a 'Regulation CF' offering, coupled with strict KYC and only fiat investments has also caused some irritation not usually seen encountered in ICO's avoiding US regulation.

We're currently looking for suitable office space in the Greater Denver area; My co-founders home is listed as the current office address, he is the also CEO of Zynex Medical, a publicly traded Medical Device company(ticker:ZYXI), so I don't think it should cause any red flags.

In rough numbers, how much have you raised thus far?  How has start engine been?  Worth the $25k + rake?

Have you had any questions about using your home address as your office address in your collateral?  I just wonder because it looks like a nice home, and I wonder if it's been a net positive or if it is throwing red flags?

Either way, I wish you the very best of luck!!

We're very excited about how helpful functional interoperability will be! We're still early in development but we'll have beta opportunities closer to 2019.

I just stumbled across your project by chance. I am a health scientist with over 15 years of experience and see the issues with EMRs frequently impeding our ability to answer questions with data. A project with like would be quite helpful if it could succeed.

I have a graduate degree in biostatistics and am involved with a lot of statistical computing (modeling data to answer particular questions, in programming languages dedicated to mathematical statistics). If you even encounter a need of that sort, I would be open to helping, just pm me. Regardless, good luck.

Chief Technical Officer and Lead Developer announcement in the coming days! 

Short interview about MedChain at Day4Crypto

https://www.youtube.com/watch?v=fiDnNHl8ikQ

MedChain is making arrangements to sponsor the following upcoming events:

CU Blockchain Summit April 14th-15th

Global Blockchain Summit in Denver April 19th-20th

The Denver - Day 4 Crypto exhibit was a great success! We'll know for next time to bring more than 100 business cards!

Stay tuned for exciting news about our latest team members!

Be sure to join our Telegram for the most up to date news on MedChain

Transforming Healthcare Data Management with MedChain

Put relatively simply; the framework consists of our API referencing our Distributed Ledger for hashes pointing to sharded patient information on our Distributed Storage Network. Smart Contracts on our Distributed Ledger will govern segmented access control to facilitate regulatory compliance.

'Producing' records isn't our goal(?) that's up to the providers using our software; storing them in a HIPAA compliant manner without centralized silo's and facilitating interoperability(sharing between systems) is our goal.

Is it possible to detail the medical framework for electronic records? What exactly is meant? And how long does it take to produce them?

Gene Libov, Chief information Security Officer at CloudMedX and former Director of Security and Technology at Blue Shield of California – Insurance and Health plan provider.

We are very excited to have Gene on board; information security should be the top priority of any company dealing with patient data, we’re confident his guidance will be invaluable to our company moving forward.



Dr. Erika Beerbower, Clinical Content Specialist at IBM Watson Health.

We are equally excited to have Erika on the team; IBM Watson is paving the way for Artificial Intelligence and IBM Watson Health the way for effective care and positive patient outcomes.
IBM is currently training Erika in blockchain technology and with nearly 10 years of clinical database maintenance experience we expect her to bring high levels of insight to the team.



Additionally, we’re pleased to announce Alex Bowman recently joined the team as our Creative Director and deserves much of the credit for our new look and www.MedChain.us

Remember to get your tickets for the Denver Day4Crypto at www.DenverD4C.com - I'll be there March 10th with Alex Bowman from 8am to 7pm!

Will be announcing our first set of Advisory Board members in the next day or two;

One a former Director of Security & Technology at Blue Shield California, currently Chief Information Security Officer at CloudMedX.
One a doctor, currently a Clinical Content Specialist at IBM Watson Health.

Probably because we're not paying a team of people to run around screaming our name.

Surprised that this hidden gem is going under the radar, good stuff here.

MedChain will be attending and Sponsoring the D4C conference in Denver, Colorado. March 10th.

www.DenverD4C.com

Thanks Roadster, we're excited about our progress so far.
Here's our SEC filing in-case anyone is curious: https://www.sec.gov/Archives/edgar/data/1726640/000166516017000720/0001665160-17-000720-index.htm

Saw a couple of ads for this today, looks like they are finally doing some marketing.

This is a great project. It appears to be gaining momentum VERY quickly, already $300,000 raised on StartEngine.

I encourage anyone to check it out!

https://www.startengine.com/medchain

StartEngine, our funding portal, has indicated that they will be accepting cryptocurrency in the next 2-3 weeks.

This project has a good concept that will make the patient more convenient and accurate in diagnosis and treatment. I will anticipate every updates of this project.

Thank you for your interest! We hope it does well too!

Let us know if you have any questions!

I find this project very interesting indeed. Using blockchain technology to establish a better and more secure EMR sounds good to me. Working in the healthcare field and being a nurse who uses EMR all day long I think this might be a good thing. I hope this project does well.

Thank you for adding us to Concourseq.io!

Thank you for that!

If anyone has any questions I can answer let me know, be aware that per SEC Regulation CF law I cannot discuss the "terms" of the offering here, you will have to get that information from our StartEngine offering page.

Hi everyone! Just added MedChain ICO to my website https://concourseq.io/Q/MedChain. ConcourseQ is a collaborative due diligence community that researches and reviews ICOs. Anyone with an account can submit information to your page, so we are reaching out to this community to get you all involved in the discussion. Thanks! PS: If you have any questions about filling in the info, feel free to ask us in our discord group: https://discord.gg/j8RBAwB