Few questions to TaaS team:
1. ICO structure:
-- Why do you set a fixed price to your token at $1? Why not $0.50 or $10?
Wouldn't it make more sense to have a fixed number of tokens, and let the ICO participants set the initial price (number of tokens/total funds raised)?
-- Why you decided to have a bonus structure based on total amount of funds collected and not based on time? It looks "pumpy", like those power hour bonuses. Wouldn't it make more sense to have a weekly based bonus decrease?
2. This Cryptographic Audit sounds a lot buzz words and nothing much. Please explain how it is more based on the following:
-Proof of Reserves - everybody is using the same exchanges, nothing "cryptographic" here
-Auditable Exchange accounts - good idea, how does a view-only API key fits into this bombastic buzz phrase "Cryptographic Audit"?
-Proof of reserve - basically you will provide the public address of the crypto asset, so people can the balance and transactions? Is there more than that in this "Cryptographic Audit" feature?
3. If I understood correctly, the smart contract will hold the funds, is that correct? If so, it is a BIG BIG BIG NO GO. We had The DAO fiasco, and smart contract holding and managing funds is still couple of years ahead.
If you think you can put all the honey in one pot and be smarter than the entire community - well, good luck. I can't see how investors will keep their funds in a smart contract.
4. Do you have an escrow?
thanks
Thank you for questions, Daparski.
1. There is a misunderstanding that a price of a token is high. In fact, $1 price in the context of itself means absolutely nothing -- the price was chosen arbitrarily so that every investor, no matter how large or small, could participate.
2. Please read white paper for more information to your questions. I will note that Cryptographic Audit is not a technology in itself, but a name for multiple monitoring and auditing techniques that we created and assembled. The goal of TaaS is to provide maximum transparency for investors to set high security standards for blockchain industry.
3. Smart contract does not hold any funds -- it only disperses them whenever they are deposited to it. Funds are stored cold-storage.
4. We have something better: HLB International (hlbi.com), a world-wide network of independent accounting firm and business advisors, will be holding a thorough audit of ICO's use of proceeds. It is a much safer way to protect investors from fraud.
thanks for your response. I believe most questions are still unanswered.. (highlighted them for your convenience).
1.
In fact, $1 price in the context of itself means absolutely nothing
I am not a financial wizard, but it kind of makes me wonder.. How come the price that one pays means nothing?
Why not capping the number of tokens you will issue and let the ICO participants set their initial price?
The only asset you should set is the number of tokens (shares). The price of each share is not for you to decide, but for the ICO participants/market.Still waiting for an answer about the second part - "
Why you decided to have a bonus structure based on total amount of funds collected and not based on time?"
I will add a new ICO-related question, hope you don't mind:
Why not setting a cap for the ICO? You should know how much maximum funds you need and cap it accordingly. I mean a real, realistic cap target and not that 101,000,000 USD.
2. I am sorry, but all I see is more buzz words - "The goal of TaaS is to provide maximum transparency for investors to set high security standards for blockchain industry"
The view only APIs provide some level of transparency, but I am missing to see the high security standards.What is so special about "Proof of Reserves"? You anyway will need to use Poloniex, Kraken, and maybe another 1-2 major exchanges, like 99% of all traders do.
What am I missing here?
Another unanswered question:
Proof of reserve - basically you will provide the public address of the crypto asset, so people can view the balance and transactions? Is there more than that in this "Cryptographic Audit" feature?3.
Smart contract does not hold any funds -- it only disperses them whenever they are deposited to it. Funds are stored cold-storage.
So the smart contract does not interact with the money in any way?
If so, who has control over the cold storage?
4. Escrow refers to money held by third-party on behalf of transacting parties.
I guess the question is
Who will hold (have control, private keys and such) over the funds collected during the ICO?
