Hello all,
My team and I are creating a cryptocurrency based on Cryptonote. We want to do an ICO; and we want to do it right! Our concept is to create the coin, a wallet app, and an exchange of course. First we are building apps for iPhone and Androids where all of the funds for these apps will go into the exchange immediately adding value by having currency ready for trade into and out of our coin. We are considering no fees for exchange and minor (if any) spread.
Second, our wallet app will take advantage of iPay and Android Pay for purchasing. This will work by exchanging our coins into the app owner's local currency (mostly USD for now) right before purchase into the wallets used by iPay and Android Pay. Our coin only has a 15 second verification cycle in order to make purchasing fast enough.
Here are the bullet points:
- We will have an exchange with a USD account filled through an app portfolio.
- No one owns the exchange and coin voting rights will be used to determine operations.
- Our wallet app uses iPay and Android Pay for purchasing.
- Cryptonote provides anonymity so no reporting to any centralized government is necessary.
- We are not looking for a high valued coin; rather we want it to be as fungible as possible (spendable).
- We are trying to make this an easily mined coin.
- All Retailers who choose our network to receive transactions become miners! This means Retailers actually make money from transactions and we don't charge any fees!!
I humbly ask all who read this to provide suggestions and comments to help us conduct a proper ICO? Please be as detailed as possible on technical issues. We want to do this right. We are currently in testing and things look good.
Thank you all in advance!!
P.S. Moderator - If I posted this in the wrong forum then please let me know so I can adhere to your rules.
Since this is focused first on the United States here is some reading for you.
https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf Since from what I can see what is planned here is a
Centralized Virtual Currency (ICO) as opposed to a
De-Centralized Virtual Currency, FinCEN registration and AML/KNC would be a requirement.
This is not legal advice. I would strongly advice professional legal advice in particular among other things with respect to the FinCEN guidance and what is being proposed here.