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Title: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 12, 2018, 09:57:22 AM https://i.imgur.com/uuFz7ep.png (https://www.chynge.net/assets/videos/chynge-video.mp4) Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 12, 2018, 09:59:06 AM The money transfer business is a highly regulated activity. In Singapore, this business activity is regulated by the Money Changing and Remittance Businesses Act (Chpt 187) (the "Act") and related Notices. In Section 6.2, it states that the penalties may include fine and/or imprisonment. The key directors and shareholders of Chynge are Singaporeans, and we take this business very seriously, we take this Act very seriously, and early on when we started Chynge, we made a strategic decision to work with regulators with an application for a money remittance license in Nov 2015, and receiving said license two years later in Oct 2017.
I highlight the various parts of the responsibilities of a licensed money transfer operator (MTO) which form part of my responses to your questions: 1. Section 21 of the Act, regarding record keeping. 2. Section 24 of the Act, regarding the liabilities of directors and partners. 3. Section 26 of the Act, regarding customer segregated accounts. 4. Section 27 of the Act, regarding annual audits. Related to the Act, MAS Notice 3001. 5. Section 3.1.a of the Notice regarding customer due diligence. 6. Section 3.1.b of the Notice regarding high ethical standards. 7. Section 3.1.c of the Notice regarding assisting and cooperating with law enforcement authorities. 8. Section 4 of the Notice regarding Risk-based assessment and Risk Mitigation. 9. Sections 6.13 through 6.17 of the Notice regarding Know-Your-Beneficiary (KYB) Identification and Verification of Identity of Beneficial Owner. 10. Sections 6.19 through 6.32 of the Notice regarding Transaction Surveillance and Transaction Monitoring. 11. Sections 6.33 through 6.37 of the Notice regarding Non-Face-to-Face Transactions. 12. References to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chpt. 65A) by the Act and related Notices. 13. References to the Terrorism (Suppression of Financing) Act (Chpt. 325) by the Act and related Notices. -------- A. If you all are using Stellar, why would I have to use Chynge? The key difference is customer experience, for example, you are sending money from Singapore to your mom in Indonesia. If you are using Stellar, you would sell your SGD and buy XLM. You would then send XLM to your mom. Your mom (or you) would then sell XLM and buy IDR. With Chynge, you would give your SGD to Chynge in Singapore, and your mom would receive IDR in Indonesia. The customer experience is status quo, and there is no need for the Sender or Recipient to handle cryptos (XLM in this case). There is a lot of customer inertia in banks and money transfer operators, and changing the customer behavior from dealing with fiat and fiat only on both the Send and Receive sides to dealing with crypto is significant customer friction, and retards customer adoption. When a customer uses Chynge, the customer experience is sending money to mom. When you use Stellar, the customer experience is using crypto to send money to mom. Maintaining a status quo customer experience is the first step to customer adoption of the technology without their realizing that they did. Chynge abstracts the digitization of payments from the Customer (Sender and Recipient), reaps the benefits of blockchain and crypto, and passes those benefits in terms of costs and speed back to the Customer. B. How do you guys create liquidity pools? We can just do it with anchors on stellar isn't it? The Chynge Liquidity Pools guarantee the completion of the transaction. Sticking with the example of sending money from Singapore to Indonesia via Stellar anchors, you need to find anchors on both sides to trade XLM. If you can't trade XLM on either side of the transaction in Singapore or Indonesia, you can't send money to mom. At Chynge, we believe that we need to control both ends of the transaction to provide a compelling customer experience. Thus, staying with our example, we will have Chynge Singapore and Chynge Indonesia and they both will be licensed and regulated by the local authorities. Our Chynge Liquidity Pools ensure that transactions are matched, settled, and completed. C. I'm really not sure what other additional benefits there are to having a token. The Chynge Token, XCLP (say clip), is a store of value and a means of exchange very similar to XLM, BTC, and ETH. Unlike those classic payment tokens, XCLP has two additional benefits: as a store of exchange rate, and a store of AML (anti-money laundering). When a customer uses Stellar anchors (for SGD and IDR) to send money from Singapore to Indonesia, at the start of the transaction, she doesn't know how much the Recipient will receive in IDR until the transaction has completed. Customers do not want uncertainty; they will shop around for rates and go with the best rate (you will see this in Lucky Plaza for PHP, People's Park for RMB, City Plaza for IDR, etc. in Singapore). Singapore is a very competitive market with thin margins with major players such as Mustapha and the Arcade at Change Alley. The XCLP stores AML and the customer doesn't care about this. They know they are honest people, worked an honest day, and are sending an honest living back to their homes. The AML is our method to track compliance with the regulators. D. If the KYC are already done by the anchors, so Chynge is just another anchor. KYC is just one-third of the compliance requirement. There are two sides to a transaction. KYC is the Sender, and then there is KYB for the Recipient (Item 9 above) and then, there's transaction surveillance (Items 10 & 11). The bulk of compliance is in transaction surveillance and this is where Financial Institutions (FI) fail resulting in fines ($360B globally), loss of licenses (2 banks in Singapore), and jail terms (4 bankers in Singapore). Regulatory compliance can cost up to one-third in fees, and we apply technology to increase efficiency and effectiveness, and build that into the XCLP. E. If so, why the need for a token sale? Please refer to T below. F. I'm already using coinsPH to send peso tokens through stellar. This is an excellent example. MTO's are required to be regulated for outbound transfers but are not required to be regulated for inbound transfers. The Philippines market is unique in that it is one of the very few countries that require inbound transfers to be regulated, and that Coins.ph is a regulated entity for this business activity. Coins.ph is the Receive side of your transaction. You started somewhere else, say in the US (sell USD, buy XLM) or Singapore (sell SGD, buy XLM) before you can sell XLM to buy PHP. In Chynge, we would like to be at both ends of this transaction, the Send and Receive sides. Chynge is unique in that we've made a strategic decision to work with regulators, and to work with regulators in multiple jurisdictions. G. You can't remove FX risk just through liquidity pools though. In the Chynge Whitepaper, we describe perfect matches for both sides of the transaction. When you achieve perfect matches, the FX risks for both directions of the transaction are removed. Our transactions are on-sight, thus, there is no credit risk, and we use Stellar blockchain to record sub-transactions, thus, settlement risk is removed. FX risk is eliminated with perfect matches. This is classic hawala or hundi, a centuries-old practice. We've taken hawala from underground to above ground, and we've put hawala on steroids from 1-to-1 matching to n-to-n matching on blockchain. When transactions do not match, and one side is heavier than the other, the Liquidity Pools top up the difference. The FX rates are locked for both directions, and the FX risk is removed from the Customer. However, the FX risk has to go somewhere. The FX risk goes to Chynge and Chynge absorbs it. There is a risk premium to absorbing this FX risk, and this risk premium will be reflected in the FX spread. In an ideal case where both sides match, the FX rates are thin at single-digit bips. As you add FX risk, liquidity risk (due to low demand of the currency), and currency risk (due to currency controls by the central bank), the FX rates shall widen. Our target is to have FX rates of no wider than 30-50 bips which are significantly cheaper than the banks. H. And what are your liquidity pools? In an ideal world with perfect matches, there won't be a requirement for Chynge Liquidity Pools. The Liquidity Pools are to compensate the imbalances, if any, in counter-party transactions. There is a cost to Liquidity Pools and it is the exposure to real-world fluctuations in FX rates. We will build models to forecast how much liquidity is needed for, say three days of business, and then forecast FX rates. We then forecast the size of the Liquidity Pools based on these variables, among others. We also factor in seasonality such as Christmas, Ramadan, and Diwali for transactions to the Philippines, Indonesia/Bangladesh, and India respectively. I. Are any crypto VC or funds supporting? We are in discussions with many institutional crypto buyers, and are in termsheet negotiations with a few. We will be announcing some exciting news very soon. J. How does AI and machine learning help to implement secure transactions? The challenging part of regulatory compliance is in transaction monitoring. The current practice is via business rules with static thresholds or worse, via manual processes. We've gone through accelerator programs with United Overseas Bank (UOB) and PayPal, and we are looking forward to UBS next, where we've refined our AI/machine learning to predict customer mis-conduct related to money laundering (Item 12), terrorism financing (Item 13), and fraud. Our analytical models close the feedback loop based on decisions made by Compliance Officers and our models self-learn and self-adjust the thresholds in the business rules in real-time, and also detect patterns of patterns to create new business rules. We reduce compliance risks and increase the safety and security of our transactions for the betterment of our customers. K. You guys are using SCP right? And if so, that would be using stellar's in built cross-asset hopping to find the best FX no? We work very closely with Stellar on such concepts as Stellar Consensus Protocol (SCP), Lightning Network, and others. Markets such as the Philippines, Singapore, and Malaysia are highly competitive with large volumes and razor-thin margins. The best path for these markets are a straight line with a single hop, and one FX rate. However, with liquidity, or lack thereof, there may be a need for multiple hops such as RMB-SGD-PHP. We will look at single-hops, multiple hops via Chynge, and multiple hops via Stellar, and find the best rates for our Customers. L. If Dr. Malick is the one guiding, would that not be dangerous and risky? Just 1 person - and everything is kind of centralized, in terms of all the algorithms and etc. Dr. Malick is an expert in market risks for banks, stock exchanges, and he's publishing a paper with models on cryptocurrency risks and pricing. We don't look to Dr. Malick for day-to-day dealing, trading, or treasuries. He's not scalable. We have extensive experience in building analytical models, and will build models to optimize dealing, treasuries, and settlement. We will have hold-out samples to validate the models and refine the models with Dr. Malick's guidance. Dr. Malick will then periodically provide advise and guidance to refine the models in multiple markets. Thus, we will implement different models in different markets to reflect localized business requirements. M. What are the different currencies for the nostro accounts? The nostro accounts shall hold local currencies only. Thus, the nostro accounts in Indonesia, UAE, Brunei, the UK shall hold IDR, AED, BND, GBP respectively. We shall maintain nostro accounts in markets where we operate, and add nostro accounts as new markets come online. N. Is Chynge an SGD anchor yet? Not yet right. We are in discussions with Stellar on strategic items, and an anchor at multiple markets where we have licenses such as Hong Kong, Singapore, Brunei, UAE, and the UK, and adding new anchors as new licenses are awarded to Chynge. O. How are you guys different from other players? Ther e are so many remittance players using Stellar - and relatively successful ones. There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. We have a Smart Compliance engine to reduce the risks for money laundering (Item 12), terrorism financing (Item 13), and fraud. Our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. P. What's the token economics for the Chynge token? Are there any staking, incentives for holding? The Chynge XCLP token is a pure payment token plus a store of exchange rates and a store of AML. No staking and definitely no incentives for holding which will contravene the Securities and Futures Act (Chpt. 289) in Singapore. We are regulated by MAS thus we have to be extra careful with the other money-related Acts. In the whitepaper, tokenomics is described in Chapters 21 through 24. Q. If its a pure payment token... R. The pseudo smart contract code on the whitepaper is pretty horrible, its essentially just // comments I started out my career as a software engineer and //comments are key to documenting good code that is transferable to other software developers. The lines without the // are the actual commands to be executed to the computer. This pseudo-code will be converted to source code which will be published to github. As we develop the Chynge blockchain on Stellar with Lightning Network and produce new source code, we will follow these steps: pseudo-code as a bridge between business users and engineer, and source code that goes to General Availability (GA). Both the pseudo-code and source code shall be published for inspection by the community. S. I see that the team has experience in compliance, which is good. Why do a token sale, when none has any blockchain experience? The Chynge team including our stellar (not Stellar) Board of Advisors has a wide variety of experience comprising compliance, banking, enterprise software, analytics, marketing, legal, and working with multiple verticals including telcos, insurance, banking, airlines, and retail. Blockchain is yet another database, with a procedural language attached to it. Stellar is not perfect but we committed to the technology based on current knowledge and the features in the pipeline. We shall incorporate SCP and Lightning Network as these features GA. We are regulated in multiple jurisdictions and we can't write Chynge transactions to the public Stellar network. The Chynge transactions shall be written to a private Stellar blockchain to maintain data protection, customer privacy, and data sovereignty in compliance with regulators (Items 1, 2 & 3 above). T. Why not just stick to Chynge? Is it because everyone is doing a token sale and you can raise funds fast? There are many ways to raise funds including angel investors and institutions with pros and cons to either. An ICO is no different, and it may appear simple on the surface but in actual practice, the costs are high with respect to people, time, and money. This ICO is a token sale for the blockchain project and the Secondary Coin Offerings are for Liquidity Pools. We remain explicit and we will continue to use a blend of ICO, SCO, angels, equity financing, bond sales to optimize resources for Chynge. We will also implement industry best practices and work towards transparency to the best of our ability. For instance, we are subjected to audits (Item 4 above), and we shall share our auditor's report for FY2018 and the ensuing fiscal years with the community although we are not required to do so. This will instill confidence in the community as we continue our post-ICO activities. We appreciate your questions and are honored to respond to them. We continue a path of transparency with an ethical business conduct (Item 6) and close cooperation with law enforcement (Item 7) to raise the confidence of the community in the Chynge business, in general, and in the Chynge blockchain project, in particular. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 12, 2018, 10:00:48 AM Reserved number 3.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 15, 2018, 02:46:03 PM Thanks for the great support, so far we have more than 15k telegram members and the number is still growing.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ui_zakharchenko on June 16, 2018, 08:52:41 AM How much is your hard cap? what would happen if you didn't reach the goal? and How long will the campaign last?
How much sold tokens? thanks Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 17, 2018, 02:46:49 PM How much is your hard cap? what would happen if you didn't reach the goal? and How long will the campaign last? How much sold tokens? thanks We aim to sell a minimum of 80M XCLPs (USD 4M) by the end of this ICO, failing which participants’ funds will be returned. If you try to buy XCLP after we have reached our ICO hard cap of 560M XCLP is reached, your funds will be returned. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Krezz2017 on June 17, 2018, 03:05:10 PM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 18, 2018, 03:10:44 AM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Shadovka on June 18, 2018, 05:48:25 AM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 18, 2018, 05:23:18 PM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Stellar: The Choice of Chynge 10 Reasons We Built Our Blockchain Project on Stellar Do refer to the link below to see the 10 reasons on why Chynge chooses Stellar platform. https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Shadovka on June 19, 2018, 03:39:11 PM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Stellar: The Choice of Chynge 10 Reasons We Built Our Blockchain Project on Stellar Do refer to the link below to see the 10 reasons on why Chynge chooses Stellar platform. https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d Thanks for the providing the information link and i understand the advantages over using ethereum platform however in the current market big percentage of users are using ethereum wallets and not stellar wallets how will the ICO see this problem and the solution to it? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: MirkoIta on June 19, 2018, 10:35:32 PM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Stellar: The Choice of Chynge 10 Reasons We Built Our Blockchain Project on Stellar Do refer to the link below to see the 10 reasons on why Chynge chooses Stellar platform. https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d Thanks for the providing the information link and i understand the advantages over using ethereum platform however in the current market big percentage of users are using ethereum wallets and not stellar wallets how will the ICO see this problem and the solution to it? Since this seems a big project I think if people will find it valuable to invest in this ICO they will just exchange ETH or any other crypto they are holding into XLM Stellar. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: DAVETUN on June 19, 2018, 10:44:41 PM With the numbers of community members on telegram Hope Chynge will achieve its target goal in reaching the hardcap, What are the strategic plan setup against competitors in the space, as it has been observed that several dual ICO comes up daily in the space?
researching through your team, it quite inspiring, wishing the community success ahead. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 21, 2018, 02:42:58 AM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Stellar: The Choice of Chynge 10 Reasons We Built Our Blockchain Project on Stellar Do refer to the link below to see the 10 reasons on why Chynge chooses Stellar platform. https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d Thanks for the providing the information link and i understand the advantages over using ethereum platform however in the current market big percentage of users are using ethereum wallets and not stellar wallets how will the ICO see this problem and the solution to it? We decided to develop our blockchain project on Stellar and not on Ethereum (please refer to https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d). The wallet is a by-product of our blockchain project. We believe that our payments solution is compelling enough that token buyers are willing and ready for the slight inconvenience of creating another wallet to solve a very large business problem and bring financial inclusion to the masses. With the numbers of community members on telegram Hope Chynge will achieve its target goal in reaching the hardcap, What are the strategic plan setup against competitors in the space, as it has been observed that several dual ICO comes up daily in the space? researching through your team, it quite inspiring, wishing the community success ahead. There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. Money transfer is a commodity business and we recognise that. There is no customer loyalty and they will move for a fraction of a penny. Hence, our strategy (from early on) includes working with regulators to attain more licenses, working with partners for speed-to-market, and a combination of FinTech and RegTech to for operational efficiencies and scale. We also have a Smart Compliance engine to reduce the risks for money laundering, terrorism financing, and fraud. Furthermore, our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Shadovka on June 21, 2018, 01:54:35 PM The design of the project is interesting. He appreciated the joke with the stork and with the dollars in his beak. Good design of the project, the composition of a large team. There is not enough white paper with project details. Do check out on the telegram for the latest update. They constantly have great news pumping out frequently and you can see how serious and capable the team is doing behind the screen. why this project decide to make this ICO project available on stella wallets rather than the more commonly use erc20 wallet? Stellar: The Choice of Chynge 10 Reasons We Built Our Blockchain Project on Stellar Do refer to the link below to see the 10 reasons on why Chynge chooses Stellar platform. https://medium.com/chynge/stellar-the-choice-of-chynge-bf175ddd404d Thanks for the providing the information link and i understand the advantages over using ethereum platform however in the current market big percentage of users are using ethereum wallets and not stellar wallets how will the ICO see this problem and the solution to it? Since this seems a big project I think if people will find it valuable to invest in this ICO they will just exchange ETH or any other crypto they are holding into XLM Stellar. Since you are holding a legendary account in this forum i believe that you must have some valuable experience on choosing the ICO to invest in and what is your views of Chynge project? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: raddish on June 22, 2018, 04:04:11 PM Hi chynge in long term wise this ICO will definitely help crypto user in many of the transactions, but what i am interested to ask is that this project idea is not the very first one and i suppose some ICO does have this idea as well so what makes chynge unique comparing to similar projects?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 23, 2018, 03:40:12 PM The money transfer business is a highly regulated activity. In Singapore, this business activity is regulated by the Money Changing and Remittance Businesses Act (Chpt 187) (the "Act") and related Notices. In Section 6.2, it states that the penalties may include fine and/or imprisonment. The key directors and shareholders of Chynge are Singaporeans, and we take this business very seriously, we take this Act very seriously, and early on when we started Chynge, we made a strategic decision to work with regulators with an application for a money remittance license in Nov 2015, and receiving said license two years later in Oct 2017.
I highlight the various parts of the responsibilities of a licensed money transfer operator (MTO) which form part of my responses to your questions: 1. Section 21 of the Act, regarding record keeping. 2. Section 24 of the Act, regarding the liabilities of directors and partners. 3. Section 26 of the Act, regarding customer segregated accounts. 4. Section 27 of the Act, regarding annual audits. Related to the Act, MAS Notice 3001. 5. Section 3.1.a of the Notice regarding customer due diligence. 6. Section 3.1.b of the Notice regarding high ethical standards. 7. Section 3.1.c of the Notice regarding assisting and cooperating with law enforcement authorities. 8. Section 4 of the Notice regarding Risk-based assessment and Risk Mitigation. 9. Sections 6.13 through 6.17 of the Notice regarding Know-Your-Beneficiary (KYB) Identification and Verification of Identity of Beneficial Owner. 10. Sections 6.19 through 6.32 of the Notice regarding Transaction Surveillance and Transaction Monitoring. 11. Sections 6.33 through 6.37 of the Notice regarding Non-Face-to-Face Transactions. 12. References to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chpt. 65A) by the Act and related Notices. 13. References to the Terrorism (Suppression of Financing) Act (Chpt. 325) by the Act and related Notices. -------- A. If you all are using Stellar, why would I have to use Chynge? The key difference is customer experience, for example, you are sending money from Singapore to your mom in Indonesia. If you are using Stellar, you would sell your SGD and buy XLM. You would then send XLM to your mom. Your mom (or you) would then sell XLM and buy IDR. With Chynge, you would give your SGD to Chynge in Singapore, and your mom would receive IDR in Indonesia. The customer experience is status quo, and there is no need for the Sender or Recipient to handle cryptos (XLM in this case). There is a lot of customer inertia in banks and money transfer operators, and changing the customer behavior from dealing with fiat and fiat only on both the Send and Receive sides to dealing with crypto is significant customer friction, and retards customer adoption. When a customer uses Chynge, the customer experience is sending money to mom. When you use Stellar, the customer experience is using crypto to send money to mom. Maintaining a status quo customer experience is the first step to customer adoption of the technology without their realizing that they did. Chynge abstracts the digitization of payments from the Customer (Sender and Recipient), reaps the benefits of blockchain and crypto, and passes those benefits in terms of costs and speed back to the Customer. B. How do you guys create liquidity pools? We can just do it with anchors on stellar isn't it? The Chynge Liquidity Pools guarantee the completion of the transaction. Sticking with the example of sending money from Singapore to Indonesia via Stellar anchors, you need to find anchors on both sides to trade XLM. If you can't trade XLM on either side of the transaction in Singapore or Indonesia, you can't send money to mom. At Chynge, we believe that we need to control both ends of the transaction to provide a compelling customer experience. Thus, staying with our example, we will have Chynge Singapore and Chynge Indonesia and they both will be licensed and regulated by the local authorities. Our Chynge Liquidity Pools ensure that transactions are matched, settled, and completed. C. I'm really not sure what other additional benefits there are to having a token. The Chynge Token, XCLP (say clip), is a store of value and a means of exchange very similar to XLM, BTC, and ETH. Unlike those classic payment tokens, XCLP has two additional benefits: as a store of exchange rate, and a store of AML (anti-money laundering). When a customer uses Stellar anchors (for SGD and IDR) to send money from Singapore to Indonesia, at the start of the transaction, she doesn't know how much the Recipient will receive in IDR until the transaction has completed. Customers do not want uncertainty; they will shop around for rates and go with the best rate (you will see this in Lucky Plaza for PHP, People's Park for RMB, City Plaza for IDR, etc. in Singapore). Singapore is a very competitive market with thin margins with major players such as Mustapha and the Arcade at Change Alley. The XCLP stores AML and the customer doesn't care about this. They know they are honest people, worked an honest day, and are sending an honest living back to their homes. The AML is our method to track compliance with the regulators. D. If the KYC are already done by the anchors, so Chynge is just another anchor. KYC is just one-third of the compliance requirement. There are two sides to a transaction. KYC is the Sender, and then there is KYB for the Recipient (Item 9 above) and then, there's transaction surveillance (Items 10 & 11). The bulk of compliance is in transaction surveillance and this is where Financial Institutions (FI) fail resulting in fines ($360B globally), loss of licenses (2 banks in Singapore), and jail terms (4 bankers in Singapore). Regulatory compliance can cost up to one-third in fees, and we apply technology to increase efficiency and effectiveness, and build that into the XCLP. E. If so, why the need for a token sale? Please refer to T below. F. I'm already using coinsPH to send peso tokens through stellar. This is an excellent example. MTO's are required to be regulated for outbound transfers but are not required to be regulated for inbound transfers. The Philippines market is unique in that it is one of the very few countries that require inbound transfers to be regulated, and that Coins.ph is a regulated entity for this business activity. Coins.ph is the Receive side of your transaction. You started somewhere else, say in the US (sell USD, buy XLM) or Singapore (sell SGD, buy XLM) before you can sell XLM to buy PHP. In Chynge, we would like to be at both ends of this transaction, the Send and Receive sides. Chynge is unique in that we've made a strategic decision to work with regulators, and to work with regulators in multiple jurisdictions. G. You can't remove FX risk just through liquidity pools though. In the Chynge Whitepaper, we describe perfect matches for both sides of the transaction. When you achieve perfect matches, the FX risks for both directions of the transaction are removed. Our transactions are on-sight, thus, there is no credit risk, and we use Stellar blockchain to record sub-transactions, thus, settlement risk is removed. FX risk is eliminated with perfect matches. This is classic hawala or hundi, a centuries-old practice. We've taken hawala from underground to above ground, and we've put hawala on steroids from 1-to-1 matching to n-to-n matching on blockchain. When transactions do not match, and one side is heavier than the other, the Liquidity Pools top up the difference. The FX rates are locked for both directions, and the FX risk is removed from the Customer. However, the FX risk has to go somewhere. The FX risk goes to Chynge and Chynge absorbs it. There is a risk premium to absorbing this FX risk, and this risk premium will be reflected in the FX spread. In an ideal case where both sides match, the FX rates are thin at single-digit bips. As you add FX risk, liquidity risk (due to low demand of the currency), and currency risk (due to currency controls by the central bank), the FX rates shall widen. Our target is to have FX rates of no wider than 30-50 bips which are significantly cheaper than the banks. H. And what are your liquidity pools? In an ideal world with perfect matches, there won't be a requirement for Chynge Liquidity Pools. The Liquidity Pools are to compensate the imbalances, if any, in counter-party transactions. There is a cost to Liquidity Pools and it is the exposure to real-world fluctuations in FX rates. We will build models to forecast how much liquidity is needed for, say three days of business, and then forecast FX rates. We then forecast the size of the Liquidity Pools based on these variables, among others. We also factor in seasonality such as Christmas, Ramadan, and Diwali for transactions to the Philippines, Indonesia/Bangladesh, and India respectively. I. Are any crypto VC or funds supporting? We are in discussions with many institutional crypto buyers, and are in termsheet negotiations with a few. We will be announcing some exciting news very soon. J. How does AI and machine learning help to implement secure transactions? The challenging part of regulatory compliance is in transaction monitoring. The current practice is via business rules with static thresholds or worse, via manual processes. We've gone through accelerator programs with United Overseas Bank (UOB) and PayPal, and we are looking forward to UBS next, where we've refined our AI/machine learning to predict customer mis-conduct related to money laundering (Item 12), terrorism financing (Item 13), and fraud. Our analytical models close the feedback loop based on decisions made by Compliance Officers and our models self-learn and self-adjust the thresholds in the business rules in real-time, and also detect patterns of patterns to create new business rules. We reduce compliance risks and increase the safety and security of our transactions for the betterment of our customers. K. You guys are using SCP right? And if so, that would be using stellar's in built cross-asset hopping to find the best FX no? We work very closely with Stellar on such concepts as Stellar Consensus Protocol (SCP), Lightning Network, and others. Markets such as the Philippines, Singapore, and Malaysia are highly competitive with large volumes and razor-thin margins. The best path for these markets are a straight line with a single hop, and one FX rate. However, with liquidity, or lack thereof, there may be a need for multiple hops such as RMB-SGD-PHP. We will look at single-hops, multiple hops via Chynge, and multiple hops via Stellar, and find the best rates for our Customers. L. If Dr. Malick is the one guiding, would that not be dangerous and risky? Just 1 person - and everything is kind of centralized, in terms of all the algorithms and etc. Dr. Malick is an expert in market risks for banks, stock exchanges, and he's publishing a paper with models on cryptocurrency risks and pricing. We don't look to Dr. Malick for day-to-day dealing, trading, or treasuries. He's not scalable. We have extensive experience in building analytical models, and will build models to optimize dealing, treasuries, and settlement. We will have hold-out samples to validate the models and refine the models with Dr. Malick's guidance. Dr. Malick will then periodically provide advise and guidance to refine the models in multiple markets. Thus, we will implement different models in different markets to reflect localized business requirements. M. What are the different currencies for the nostro accounts? The nostro accounts shall hold local currencies only. Thus, the nostro accounts in Indonesia, UAE, Brunei, the UK shall hold IDR, AED, BND, GBP respectively. We shall maintain nostro accounts in markets where we operate, and add nostro accounts as new markets come online. N. Is Chynge an SGD anchor yet? Not yet right. We are in discussions with Stellar on strategic items, and an anchor at multiple markets where we have licenses such as Hong Kong, Singapore, Brunei, UAE, and the UK, and adding new anchors as new licenses are awarded to Chynge. O. How are you guys different from other players? Ther e are so many remittance players using Stellar - and relatively successful ones. There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. We have a Smart Compliance engine to reduce the risks for money laundering (Item 12), terrorism financing (Item 13), and fraud. Our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. P. What's the token economics for the Chynge token? Are there any staking, incentives for holding? The Chynge XCLP token is a pure payment token plus a store of exchange rates and a store of AML. No staking and definitely no incentives for holding which will contravene the Securities and Futures Act (Chpt. 289) in Singapore. We are regulated by MAS thus we have to be extra careful with the other money-related Acts. In the whitepaper, tokenomics is described in Chapters 21 through 24. Q. If its a pure payment token... R. The pseudo smart contract code on the whitepaper is pretty horrible, its essentially just // comments I started out my career as a software engineer and //comments are key to documenting good code that is transferable to other software developers. The lines without the // are the actual commands to be executed to the computer. This pseudo-code will be converted to source code which will be published to github. As we develop the Chynge blockchain on Stellar with Lightning Network and produce new source code, we will follow these steps: pseudo-code as a bridge between business users and engineer, and source code that goes to General Availability (GA). Both the pseudo-code and source code shall be published for inspection by the community. S. I see that the team has experience in compliance, which is good. Why do a token sale, when none has any blockchain experience? The Chynge team including our stellar (not Stellar) Board of Advisors has a wide variety of experience comprising compliance, banking, enterprise software, analytics, marketing, legal, and working with multiple verticals including telcos, insurance, banking, airlines, and retail. Blockchain is yet another database, with a procedural language attached to it. Stellar is not perfect but we committed to the technology based on current knowledge and the features in the pipeline. We shall incorporate SCP and Lightning Network as these features GA. We are regulated in multiple jurisdictions and we can't write Chynge transactions to the public Stellar network. The Chynge transactions shall be written to a private Stellar blockchain to maintain data protection, customer privacy, and data sovereignty in compliance with regulators (Items 1, 2 & 3 above). T. Why not just stick to Chynge? Is it because everyone is doing a token sale and you can raise funds fast? There are many ways to raise funds including angel investors and institutions with pros and cons to either. An ICO is no different, and it may appear simple on the surface but in actual practice, the costs are high with respect to people, time, and money. This ICO is a token sale for the blockchain project and the Secondary Coin Offerings are for Liquidity Pools. We remain explicit and we will continue to use a blend of ICO, SCO, angels, equity financing, bond sales to optimize resources for Chynge. We will also implement industry best practices and work towards transparency to the best of our ability. For instance, we are subjected to audits (Item 4 above), and we shall share our auditor's report for FY2018 and the ensuing fiscal years with the community although we are not required to do so. This will instill confidence in the community as we continue our post-ICO activities. We appreciate your questions and are honored to respond to them. We continue a path of transparency with an ethical business conduct (Item 6) and close cooperation with law enforcement (Item 7) to raise the confidence of the community in the Chynge business, in general, and in the Chynge blockchain project, in particular. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: raddish on June 23, 2018, 04:31:56 PM The money transfer business is a highly regulated activity. In Singapore, this business activity is regulated by the Money Changing and Remittance Businesses Act (Chpt 187) (the "Act") and related Notices. In Section 6.2, it states that the penalties may include fine and/or imprisonment. The key directors and shareholders of Chynge are Singaporeans, and we take this business very seriously, we take this Act very seriously, and early on when we started Chynge, we made a strategic decision to work with regulators with an application for a money remittance license in Nov 2015, and receiving said license two years later in Oct 2017. I highlight the various parts of the responsibilities of a licensed money transfer operator (MTO) which form part of my responses to your questions: 1. Section 21 of the Act, regarding record keeping. 2. Section 24 of the Act, regarding the liabilities of directors and partners. 3. Section 26 of the Act, regarding customer segregated accounts. 4. Section 27 of the Act, regarding annual audits. Related to the Act, MAS Notice 3001. 5. Section 3.1.a of the Notice regarding customer due diligence. 6. Section 3.1.b of the Notice regarding high ethical standards. 7. Section 3.1.c of the Notice regarding assisting and cooperating with law enforcement authorities. 8. Section 4 of the Notice regarding Risk-based assessment and Risk Mitigation. 9. Sections 6.13 through 6.17 of the Notice regarding Know-Your-Beneficiary (KYB) Identification and Verification of Identity of Beneficial Owner. 10. Sections 6.19 through 6.32 of the Notice regarding Transaction Surveillance and Transaction Monitoring. 11. Sections 6.33 through 6.37 of the Notice regarding Non-Face-to-Face Transactions. 12. References to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chpt. 65A) by the Act and related Notices. 13. References to the Terrorism (Suppression of Financing) Act (Chpt. 325) by the Act and related Notices. -------- A. If you all are using Stellar, why would I have to use Chynge? The key difference is customer experience, for example, you are sending money from Singapore to your mom in Indonesia. If you are using Stellar, you would sell your SGD and buy XLM. You would then send XLM to your mom. Your mom (or you) would then sell XLM and buy IDR. With Chynge, you would give your SGD to Chynge in Singapore, and your mom would receive IDR in Indonesia. The customer experience is status quo, and there is no need for the Sender or Recipient to handle cryptos (XLM in this case). There is a lot of customer inertia in banks and money transfer operators, and changing the customer behavior from dealing with fiat and fiat only on both the Send and Receive sides to dealing with crypto is significant customer friction, and retards customer adoption. When a customer uses Chynge, the customer experience is sending money to mom. When you use Stellar, the customer experience is using crypto to send money to mom. Maintaining a status quo customer experience is the first step to customer adoption of the technology without their realizing that they did. Chynge abstracts the digitization of payments from the Customer (Sender and Recipient), reaps the benefits of blockchain and crypto, and passes those benefits in terms of costs and speed back to the Customer. B. How do you guys create liquidity pools? We can just do it with anchors on stellar isn't it? The Chynge Liquidity Pools guarantee the completion of the transaction. Sticking with the example of sending money from Singapore to Indonesia via Stellar anchors, you need to find anchors on both sides to trade XLM. If you can't trade XLM on either side of the transaction in Singapore or Indonesia, you can't send money to mom. At Chynge, we believe that we need to control both ends of the transaction to provide a compelling customer experience. Thus, staying with our example, we will have Chynge Singapore and Chynge Indonesia and they both will be licensed and regulated by the local authorities. Our Chynge Liquidity Pools ensure that transactions are matched, settled, and completed. C. I'm really not sure what other additional benefits there are to having a token. The Chynge Token, XCLP (say clip), is a store of value and a means of exchange very similar to XLM, BTC, and ETH. Unlike those classic payment tokens, XCLP has two additional benefits: as a store of exchange rate, and a store of AML (anti-money laundering). When a customer uses Stellar anchors (for SGD and IDR) to send money from Singapore to Indonesia, at the start of the transaction, she doesn't know how much the Recipient will receive in IDR until the transaction has completed. Customers do not want uncertainty; they will shop around for rates and go with the best rate (you will see this in Lucky Plaza for PHP, People's Park for RMB, City Plaza for IDR, etc. in Singapore). Singapore is a very competitive market with thin margins with major players such as Mustapha and the Arcade at Change Alley. The XCLP stores AML and the customer doesn't care about this. They know they are honest people, worked an honest day, and are sending an honest living back to their homes. The AML is our method to track compliance with the regulators. D. If the KYC are already done by the anchors, so Chynge is just another anchor. KYC is just one-third of the compliance requirement. There are two sides to a transaction. KYC is the Sender, and then there is KYB for the Recipient (Item 9 above) and then, there's transaction surveillance (Items 10 & 11). The bulk of compliance is in transaction surveillance and this is where Financial Institutions (FI) fail resulting in fines ($360B globally), loss of licenses (2 banks in Singapore), and jail terms (4 bankers in Singapore). Regulatory compliance can cost up to one-third in fees, and we apply technology to increase efficiency and effectiveness, and build that into the XCLP. E. If so, why the need for a token sale? Please refer to T below. F. I'm already using coinsPH to send peso tokens through stellar. This is an excellent example. MTO's are required to be regulated for outbound transfers but are not required to be regulated for inbound transfers. The Philippines market is unique in that it is one of the very few countries that require inbound transfers to be regulated, and that Coins.ph is a regulated entity for this business activity. Coins.ph is the Receive side of your transaction. You started somewhere else, say in the US (sell USD, buy XLM) or Singapore (sell SGD, buy XLM) before you can sell XLM to buy PHP. In Chynge, we would like to be at both ends of this transaction, the Send and Receive sides. Chynge is unique in that we've made a strategic decision to work with regulators, and to work with regulators in multiple jurisdictions. G. You can't remove FX risk just through liquidity pools though. In the Chynge Whitepaper, we describe perfect matches for both sides of the transaction. When you achieve perfect matches, the FX risks for both directions of the transaction are removed. Our transactions are on-sight, thus, there is no credit risk, and we use Stellar blockchain to record sub-transactions, thus, settlement risk is removed. FX risk is eliminated with perfect matches. This is classic hawala or hundi, a centuries-old practice. We've taken hawala from underground to above ground, and we've put hawala on steroids from 1-to-1 matching to n-to-n matching on blockchain. When transactions do not match, and one side is heavier than the other, the Liquidity Pools top up the difference. The FX rates are locked for both directions, and the FX risk is removed from the Customer. However, the FX risk has to go somewhere. The FX risk goes to Chynge and Chynge absorbs it. There is a risk premium to absorbing this FX risk, and this risk premium will be reflected in the FX spread. In an ideal case where both sides match, the FX rates are thin at single-digit bips. As you add FX risk, liquidity risk (due to low demand of the currency), and currency risk (due to currency controls by the central bank), the FX rates shall widen. Our target is to have FX rates of no wider than 30-50 bips which are significantly cheaper than the banks. H. And what are your liquidity pools? In an ideal world with perfect matches, there won't be a requirement for Chynge Liquidity Pools. The Liquidity Pools are to compensate the imbalances, if any, in counter-party transactions. There is a cost to Liquidity Pools and it is the exposure to real-world fluctuations in FX rates. We will build models to forecast how much liquidity is needed for, say three days of business, and then forecast FX rates. We then forecast the size of the Liquidity Pools based on these variables, among others. We also factor in seasonality such as Christmas, Ramadan, and Diwali for transactions to the Philippines, Indonesia/Bangladesh, and India respectively. I. Are any crypto VC or funds supporting? We are in discussions with many institutional crypto buyers, and are in termsheet negotiations with a few. We will be announcing some exciting news very soon. J. How does AI and machine learning help to implement secure transactions? The challenging part of regulatory compliance is in transaction monitoring. The current practice is via business rules with static thresholds or worse, via manual processes. We've gone through accelerator programs with United Overseas Bank (UOB) and PayPal, and we are looking forward to UBS next, where we've refined our AI/machine learning to predict customer mis-conduct related to money laundering (Item 12), terrorism financing (Item 13), and fraud. Our analytical models close the feedback loop based on decisions made by Compliance Officers and our models self-learn and self-adjust the thresholds in the business rules in real-time, and also detect patterns of patterns to create new business rules. We reduce compliance risks and increase the safety and security of our transactions for the betterment of our customers. K. You guys are using SCP right? And if so, that would be using stellar's in built cross-asset hopping to find the best FX no? We work very closely with Stellar on such concepts as Stellar Consensus Protocol (SCP), Lightning Network, and others. Markets such as the Philippines, Singapore, and Malaysia are highly competitive with large volumes and razor-thin margins. The best path for these markets are a straight line with a single hop, and one FX rate. However, with liquidity, or lack thereof, there may be a need for multiple hops such as RMB-SGD-PHP. We will look at single-hops, multiple hops via Chynge, and multiple hops via Stellar, and find the best rates for our Customers. L. If Dr. Malick is the one guiding, would that not be dangerous and risky? Just 1 person - and everything is kind of centralized, in terms of all the algorithms and etc. Dr. Malick is an expert in market risks for banks, stock exchanges, and he's publishing a paper with models on cryptocurrency risks and pricing. We don't look to Dr. Malick for day-to-day dealing, trading, or treasuries. He's not scalable. We have extensive experience in building analytical models, and will build models to optimize dealing, treasuries, and settlement. We will have hold-out samples to validate the models and refine the models with Dr. Malick's guidance. Dr. Malick will then periodically provide advise and guidance to refine the models in multiple markets. Thus, we will implement different models in different markets to reflect localized business requirements. M. What are the different currencies for the nostro accounts? The nostro accounts shall hold local currencies only. Thus, the nostro accounts in Indonesia, UAE, Brunei, the UK shall hold IDR, AED, BND, GBP respectively. We shall maintain nostro accounts in markets where we operate, and add nostro accounts as new markets come online. N. Is Chynge an SGD anchor yet? Not yet right. We are in discussions with Stellar on strategic items, and an anchor at multiple markets where we have licenses such as Hong Kong, Singapore, Brunei, UAE, and the UK, and adding new anchors as new licenses are awarded to Chynge. O. How are you guys different from other players? Ther e are so many remittance players using Stellar - and relatively successful ones. There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. We have a Smart Compliance engine to reduce the risks for money laundering (Item 12), terrorism financing (Item 13), and fraud. Our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. P. What's the token economics for the Chynge token? Are there any staking, incentives for holding? The Chynge XCLP token is a pure payment token plus a store of exchange rates and a store of AML. No staking and definitely no incentives for holding which will contravene the Securities and Futures Act (Chpt. 289) in Singapore. We are regulated by MAS thus we have to be extra careful with the other money-related Acts. In the whitepaper, tokenomics is described in Chapters 21 through 24. Q. If its a pure payment token... R. The pseudo smart contract code on the whitepaper is pretty horrible, its essentially just // comments I started out my career as a software engineer and //comments are key to documenting good code that is transferable to other software developers. The lines without the // are the actual commands to be executed to the computer. This pseudo-code will be converted to source code which will be published to github. As we develop the Chynge blockchain on Stellar with Lightning Network and produce new source code, we will follow these steps: pseudo-code as a bridge between business users and engineer, and source code that goes to General Availability (GA). Both the pseudo-code and source code shall be published for inspection by the community. S. I see that the team has experience in compliance, which is good. Why do a token sale, when none has any blockchain experience? The Chynge team including our stellar (not Stellar) Board of Advisors has a wide variety of experience comprising compliance, banking, enterprise software, analytics, marketing, legal, and working with multiple verticals including telcos, insurance, banking, airlines, and retail. Blockchain is yet another database, with a procedural language attached to it. Stellar is not perfect but we committed to the technology based on current knowledge and the features in the pipeline. We shall incorporate SCP and Lightning Network as these features GA. We are regulated in multiple jurisdictions and we can't write Chynge transactions to the public Stellar network. The Chynge transactions shall be written to a private Stellar blockchain to maintain data protection, customer privacy, and data sovereignty in compliance with regulators (Items 1, 2 & 3 above). T. Why not just stick to Chynge? Is it because everyone is doing a token sale and you can raise funds fast? There are many ways to raise funds including angel investors and institutions with pros and cons to either. An ICO is no different, and it may appear simple on the surface but in actual practice, the costs are high with respect to people, time, and money. This ICO is a token sale for the blockchain project and the Secondary Coin Offerings are for Liquidity Pools. We remain explicit and we will continue to use a blend of ICO, SCO, angels, equity financing, bond sales to optimize resources for Chynge. We will also implement industry best practices and work towards transparency to the best of our ability. For instance, we are subjected to audits (Item 4 above), and we shall share our auditor's report for FY2018 and the ensuing fiscal years with the community although we are not required to do so. This will instill confidence in the community as we continue our post-ICO activities. We appreciate your questions and are honored to respond to them. We continue a path of transparency with an ethical business conduct (Item 6) and close cooperation with law enforcement (Item 7) to raise the confidence of the community in the Chynge business, in general, and in the Chynge blockchain project, in particular. Really appreciate the amount of work and effort you put in this thread to answer our queries especially this wall of text post iwill read it up on another day where i can fork out a substantial amount of time for this wall..... Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: raddish on June 27, 2018, 04:49:13 PM The money transfer business is a highly regulated activity. In Singapore, this business activity is regulated by the Money Changing and Remittance Businesses Act (Chpt 187) (the "Act") and related Notices. In Section 6.2, it states that the penalties may include fine and/or imprisonment. The key directors and shareholders of Chynge are Singaporeans, and we take this business very seriously, we take this Act very seriously, and early on when we started Chynge, we made a strategic decision to work with regulators with an application for a money remittance license in Nov 2015, and receiving said license two years later in Oct 2017. I highlight the various parts of the responsibilities of a licensed money transfer operator (MTO) which form part of my responses to your questions: 1. Section 21 of the Act, regarding record keeping. 2. Section 24 of the Act, regarding the liabilities of directors and partners. 3. Section 26 of the Act, regarding customer segregated accounts. 4. Section 27 of the Act, regarding annual audits. Related to the Act, MAS Notice 3001. 5. Section 3.1.a of the Notice regarding customer due diligence. 6. Section 3.1.b of the Notice regarding high ethical standards. 7. Section 3.1.c of the Notice regarding assisting and cooperating with law enforcement authorities. 8. Section 4 of the Notice regarding Risk-based assessment and Risk Mitigation. 9. Sections 6.13 through 6.17 of the Notice regarding Know-Your-Beneficiary (KYB) Identification and Verification of Identity of Beneficial Owner. 10. Sections 6.19 through 6.32 of the Notice regarding Transaction Surveillance and Transaction Monitoring. 11. Sections 6.33 through 6.37 of the Notice regarding Non-Face-to-Face Transactions. 12. References to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chpt. 65A) by the Act and related Notices. 13. References to the Terrorism (Suppression of Financing) Act (Chpt. 325) by the Act and related Notices. -------- A. If you all are using Stellar, why would I have to use Chynge? The key difference is customer experience, for example, you are sending money from Singapore to your mom in Indonesia. If you are using Stellar, you would sell your SGD and buy XLM. You would then send XLM to your mom. Your mom (or you) would then sell XLM and buy IDR. With Chynge, you would give your SGD to Chynge in Singapore, and your mom would receive IDR in Indonesia. The customer experience is status quo, and there is no need for the Sender or Recipient to handle cryptos (XLM in this case). There is a lot of customer inertia in banks and money transfer operators, and changing the customer behavior from dealing with fiat and fiat only on both the Send and Receive sides to dealing with crypto is significant customer friction, and retards customer adoption. When a customer uses Chynge, the customer experience is sending money to mom. When you use Stellar, the customer experience is using crypto to send money to mom. Maintaining a status quo customer experience is the first step to customer adoption of the technology without their realizing that they did. Chynge abstracts the digitization of payments from the Customer (Sender and Recipient), reaps the benefits of blockchain and crypto, and passes those benefits in terms of costs and speed back to the Customer. B. How do you guys create liquidity pools? We can just do it with anchors on stellar isn't it? The Chynge Liquidity Pools guarantee the completion of the transaction. Sticking with the example of sending money from Singapore to Indonesia via Stellar anchors, you need to find anchors on both sides to trade XLM. If you can't trade XLM on either side of the transaction in Singapore or Indonesia, you can't send money to mom. At Chynge, we believe that we need to control both ends of the transaction to provide a compelling customer experience. Thus, staying with our example, we will have Chynge Singapore and Chynge Indonesia and they both will be licensed and regulated by the local authorities. Our Chynge Liquidity Pools ensure that transactions are matched, settled, and completed. C. I'm really not sure what other additional benefits there are to having a token. The Chynge Token, XCLP (say clip), is a store of value and a means of exchange very similar to XLM, BTC, and ETH. Unlike those classic payment tokens, XCLP has two additional benefits: as a store of exchange rate, and a store of AML (anti-money laundering). When a customer uses Stellar anchors (for SGD and IDR) to send money from Singapore to Indonesia, at the start of the transaction, she doesn't know how much the Recipient will receive in IDR until the transaction has completed. Customers do not want uncertainty; they will shop around for rates and go with the best rate (you will see this in Lucky Plaza for PHP, People's Park for RMB, City Plaza for IDR, etc. in Singapore). Singapore is a very competitive market with thin margins with major players such as Mustapha and the Arcade at Change Alley. The XCLP stores AML and the customer doesn't care about this. They know they are honest people, worked an honest day, and are sending an honest living back to their homes. The AML is our method to track compliance with the regulators. D. If the KYC are already done by the anchors, so Chynge is just another anchor. KYC is just one-third of the compliance requirement. There are two sides to a transaction. KYC is the Sender, and then there is KYB for the Recipient (Item 9 above) and then, there's transaction surveillance (Items 10 & 11). The bulk of compliance is in transaction surveillance and this is where Financial Institutions (FI) fail resulting in fines ($360B globally), loss of licenses (2 banks in Singapore), and jail terms (4 bankers in Singapore). Regulatory compliance can cost up to one-third in fees, and we apply technology to increase efficiency and effectiveness, and build that into the XCLP. E. If so, why the need for a token sale? Please refer to T below. F. I'm already using coinsPH to send peso tokens through stellar. This is an excellent example. MTO's are required to be regulated for outbound transfers but are not required to be regulated for inbound transfers. The Philippines market is unique in that it is one of the very few countries that require inbound transfers to be regulated, and that Coins.ph is a regulated entity for this business activity. Coins.ph is the Receive side of your transaction. You started somewhere else, say in the US (sell USD, buy XLM) or Singapore (sell SGD, buy XLM) before you can sell XLM to buy PHP. In Chynge, we would like to be at both ends of this transaction, the Send and Receive sides. Chynge is unique in that we've made a strategic decision to work with regulators, and to work with regulators in multiple jurisdictions. G. You can't remove FX risk just through liquidity pools though. In the Chynge Whitepaper, we describe perfect matches for both sides of the transaction. When you achieve perfect matches, the FX risks for both directions of the transaction are removed. Our transactions are on-sight, thus, there is no credit risk, and we use Stellar blockchain to record sub-transactions, thus, settlement risk is removed. FX risk is eliminated with perfect matches. This is classic hawala or hundi, a centuries-old practice. We've taken hawala from underground to above ground, and we've put hawala on steroids from 1-to-1 matching to n-to-n matching on blockchain. When transactions do not match, and one side is heavier than the other, the Liquidity Pools top up the difference. The FX rates are locked for both directions, and the FX risk is removed from the Customer. However, the FX risk has to go somewhere. The FX risk goes to Chynge and Chynge absorbs it. There is a risk premium to absorbing this FX risk, and this risk premium will be reflected in the FX spread. In an ideal case where both sides match, the FX rates are thin at single-digit bips. As you add FX risk, liquidity risk (due to low demand of the currency), and currency risk (due to currency controls by the central bank), the FX rates shall widen. Our target is to have FX rates of no wider than 30-50 bips which are significantly cheaper than the banks. H. And what are your liquidity pools? In an ideal world with perfect matches, there won't be a requirement for Chynge Liquidity Pools. The Liquidity Pools are to compensate the imbalances, if any, in counter-party transactions. There is a cost to Liquidity Pools and it is the exposure to real-world fluctuations in FX rates. We will build models to forecast how much liquidity is needed for, say three days of business, and then forecast FX rates. We then forecast the size of the Liquidity Pools based on these variables, among others. We also factor in seasonality such as Christmas, Ramadan, and Diwali for transactions to the Philippines, Indonesia/Bangladesh, and India respectively. I. Are any crypto VC or funds supporting? We are in discussions with many institutional crypto buyers, and are in termsheet negotiations with a few. We will be announcing some exciting news very soon. J. How does AI and machine learning help to implement secure transactions? The challenging part of regulatory compliance is in transaction monitoring. The current practice is via business rules with static thresholds or worse, via manual processes. We've gone through accelerator programs with United Overseas Bank (UOB) and PayPal, and we are looking forward to UBS next, where we've refined our AI/machine learning to predict customer mis-conduct related to money laundering (Item 12), terrorism financing (Item 13), and fraud. Our analytical models close the feedback loop based on decisions made by Compliance Officers and our models self-learn and self-adjust the thresholds in the business rules in real-time, and also detect patterns of patterns to create new business rules. We reduce compliance risks and increase the safety and security of our transactions for the betterment of our customers. K. You guys are using SCP right? And if so, that would be using stellar's in built cross-asset hopping to find the best FX no? We work very closely with Stellar on such concepts as Stellar Consensus Protocol (SCP), Lightning Network, and others. Markets such as the Philippines, Singapore, and Malaysia are highly competitive with large volumes and razor-thin margins. The best path for these markets are a straight line with a single hop, and one FX rate. However, with liquidity, or lack thereof, there may be a need for multiple hops such as RMB-SGD-PHP. We will look at single-hops, multiple hops via Chynge, and multiple hops via Stellar, and find the best rates for our Customers. L. If Dr. Malick is the one guiding, would that not be dangerous and risky? Just 1 person - and everything is kind of centralized, in terms of all the algorithms and etc. Dr. Malick is an expert in market risks for banks, stock exchanges, and he's publishing a paper with models on cryptocurrency risks and pricing. We don't look to Dr. Malick for day-to-day dealing, trading, or treasuries. He's not scalable. We have extensive experience in building analytical models, and will build models to optimize dealing, treasuries, and settlement. We will have hold-out samples to validate the models and refine the models with Dr. Malick's guidance. Dr. Malick will then periodically provide advise and guidance to refine the models in multiple markets. Thus, we will implement different models in different markets to reflect localized business requirements. M. What are the different currencies for the nostro accounts? The nostro accounts shall hold local currencies only. Thus, the nostro accounts in Indonesia, UAE, Brunei, the UK shall hold IDR, AED, BND, GBP respectively. We shall maintain nostro accounts in markets where we operate, and add nostro accounts as new markets come online. N. Is Chynge an SGD anchor yet? Not yet right. We are in discussions with Stellar on strategic items, and an anchor at multiple markets where we have licenses such as Hong Kong, Singapore, Brunei, UAE, and the UK, and adding new anchors as new licenses are awarded to Chynge. O. How are you guys different from other players? Ther e are so many remittance players using Stellar - and relatively successful ones. There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. We have a Smart Compliance engine to reduce the risks for money laundering (Item 12), terrorism financing (Item 13), and fraud. Our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. P. What's the token economics for the Chynge token? Are there any staking, incentives for holding? The Chynge XCLP token is a pure payment token plus a store of exchange rates and a store of AML. No staking and definitely no incentives for holding which will contravene the Securities and Futures Act (Chpt. 289) in Singapore. We are regulated by MAS thus we have to be extra careful with the other money-related Acts. In the whitepaper, tokenomics is described in Chapters 21 through 24. Q. If its a pure payment token... R. The pseudo smart contract code on the whitepaper is pretty horrible, its essentially just // comments I started out my career as a software engineer and //comments are key to documenting good code that is transferable to other software developers. The lines without the // are the actual commands to be executed to the computer. This pseudo-code will be converted to source code which will be published to github. As we develop the Chynge blockchain on Stellar with Lightning Network and produce new source code, we will follow these steps: pseudo-code as a bridge between business users and engineer, and source code that goes to General Availability (GA). Both the pseudo-code and source code shall be published for inspection by the community. S. I see that the team has experience in compliance, which is good. Why do a token sale, when none has any blockchain experience? The Chynge team including our stellar (not Stellar) Board of Advisors has a wide variety of experience comprising compliance, banking, enterprise software, analytics, marketing, legal, and working with multiple verticals including telcos, insurance, banking, airlines, and retail. Blockchain is yet another database, with a procedural language attached to it. Stellar is not perfect but we committed to the technology based on current knowledge and the features in the pipeline. We shall incorporate SCP and Lightning Network as these features GA. We are regulated in multiple jurisdictions and we can't write Chynge transactions to the public Stellar network. The Chynge transactions shall be written to a private Stellar blockchain to maintain data protection, customer privacy, and data sovereignty in compliance with regulators (Items 1, 2 & 3 above). T. Why not just stick to Chynge? Is it because everyone is doing a token sale and you can raise funds fast? There are many ways to raise funds including angel investors and institutions with pros and cons to either. An ICO is no different, and it may appear simple on the surface but in actual practice, the costs are high with respect to people, time, and money. This ICO is a token sale for the blockchain project and the Secondary Coin Offerings are for Liquidity Pools. We remain explicit and we will continue to use a blend of ICO, SCO, angels, equity financing, bond sales to optimize resources for Chynge. We will also implement industry best practices and work towards transparency to the best of our ability. For instance, we are subjected to audits (Item 4 above), and we shall share our auditor's report for FY2018 and the ensuing fiscal years with the community although we are not required to do so. This will instill confidence in the community as we continue our post-ICO activities. We appreciate your questions and are honored to respond to them. We continue a path of transparency with an ethical business conduct (Item 6) and close cooperation with law enforcement (Item 7) to raise the confidence of the community in the Chynge business, in general, and in the Chynge blockchain project, in particular. Really appreciate the amount of work and effort you put in this thread to answer our queries especially this wall of text post iwill read it up on another day where i can fork out a substantial amount of time for this wall..... After reading through the text wall maybe i have miss out the part, how will chynge charges be like? What are the challenges chynge face in building such a transfer money system? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on June 27, 2018, 06:23:39 PM After reading through the text wall maybe i have miss out the part, how will chynge charges be like? What are the challenges chynge face in building such a transfer money system? That is the reason why Chynge had done a through research on the different technology and settle for Stellar platform. Stellar is able to conduct up to 1k transaction per sec. They even have went through stress test and it can be stretch to 3000 transaction per sec. In addition, another huge issue that Chynge is concerned about is the transaction fee. With the backlog of transaction, even bitcoin can clock up to as much as $5 per transaction fee. Stellar on the other hand can do instant transaction with fee up to a thousandth fee of what others offer. These are the two main reasons why Chynge also chose Stellar. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: magisterr on June 28, 2018, 06:22:27 AM Seems this is a first ICO on Stellar platform? Or they (stellar) launched ICOs already?
I see that softcap ~16 mln usd (80 mln XLM coins), but what hardcap here? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Leodalat on June 30, 2018, 07:33:57 AM I see PayPal among your partners, can you help me better understand how you will cooperate with each other? Will your token be used for trading on the PaPal platform? or something else?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: lipochka_s on June 30, 2018, 08:50:43 PM I congratulate the team and all ICO members - a soft cap is already there, and this means that the project will live! I like your project, and the team's work is trustworthy. I learned this topic, and I can say that the idea of translation is important and necessary! Yes, it's just everything that is not on the blockchain, it's not very popular and badly adds to the exchanges! How does the team plan to solve this problem?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on July 04, 2018, 09:25:00 AM Seems this is a first ICO on Stellar platform? Or they (stellar) launched ICOs already? I see that softcap ~16 mln usd (80 mln XLM coins), but what hardcap here? The softcap for this project is 80M XCLP (USD 4M) and hardcap is 560M XCLP (USD (28M). Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on July 04, 2018, 09:27:47 AM I see PayPal among your partners, can you help me better understand how you will cooperate with each other? Will your token be used for trading on the PaPal platform? or something else? Chynge was under the PayPal Incubator. The PayPal Incubator's nine month program offers: Prime co-working space at PayPal’s Singapore Development Center located at Suntec City. Structured learning conducted by experts in the FinTech industry on Finance and Technology topics. Coaching and mentorship by PayPal executives and subject matter experts. Access to talent from within and outside PayPal. Access to funding through PayPal’s network and VC connections. A collaborative environment where startups feed off each other’s energy, creativity and support. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: bitcircle on July 04, 2018, 09:37:18 AM Seems this is a first ICO on Stellar platform? Or they (stellar) launched ICOs already? I see that softcap ~16 mln usd (80 mln XLM coins), but what hardcap here? No it is not the first ICO on Stellar platform as I remembered SureRemit RMT is the very successful project on that platform. Idea of this project is also promising so it will get succeed to raise enough amount to keep continue there and you can find a lot of assets on that platform. https://stellar.expert/explorer/public/asset Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: magisterr on July 04, 2018, 09:20:41 PM Seems this is a first ICO on Stellar platform? Or they (stellar) launched ICOs already? I see that softcap ~16 mln usd (80 mln XLM coins), but what hardcap here? The softcap for this project is 80M XCLP (USD 4M) and hardcap is 560M XCLP (USD (28M). You mean 80m Stellar coin (XLM) or what is XCLM? 1 Stellar (XLM) cost now 0.2 usd. So 80 mln XLP is 16 mln usd. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: forestharvest on July 08, 2018, 12:59:56 PM Seems this is a first ICO on Stellar platform? Or they (stellar) launched ICOs already? I see that softcap ~16 mln usd (80 mln XLM coins), but what hardcap here? The softcap for this project is 80M XCLP (USD 4M) and hardcap is 560M XCLP (USD (28M). You mean 80m Stellar coin (XLM) or what is XCLM? 1 Stellar (XLM) cost now 0.2 usd. So 80 mln XLP is 16 mln usd. I believe XCLP should be the coin of this ICO. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Rengganis on July 08, 2018, 01:34:56 PM from this project thread I still do not understand the project is growing on what basis, but for the sale of coins that do have a good development, I will monitor the progress of this project in the future to know the benefits gained
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: necromastery on July 09, 2018, 07:24:36 AM Good to see Stellar platform is being used, really different with the other project that mostly using ethereum platform. Sometime, something different like this, gets a lot of attention from investors and other crypto enthusiasts. I am sure, this will not lose to those who use eth platform.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on July 09, 2018, 05:20:29 PM from this project thread I still do not understand the project is growing on what basis, but for the sale of coins that do have a good development, I will monitor the progress of this project in the future to know the benefits gained There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. Money transfer is a commodity business and we recognise that. There is no customer loyalty and they will move for a fraction of a penny. Hence, our strategy (from early on) includes working with regulators to attain more licenses, working with partners for speed-to-market, and a combination of FinTech and RegTech to for operational efficiencies and scale. We also have a Smart Compliance engine to reduce the risks for money laundering, terrorism financing, and fraud. Furthermore, our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 10, 2018, 06:30:01 AM from this project thread I still do not understand the project is growing on what basis, but for the sale of coins that do have a good development, I will monitor the progress of this project in the future to know the benefits gained There are many players that are not licensed and not registered. There are several players that are licensed and regulated. There are very few players that are licensed and regulated in multiple jurisdictions, and Chynge is but one of the few. Money transfer is a commodity business and we recognise that. There is no customer loyalty and they will move for a fraction of a penny. Hence, our strategy (from early on) includes working with regulators to attain more licenses, working with partners for speed-to-market, and a combination of FinTech and RegTech to for operational efficiencies and scale. We also have a Smart Compliance engine to reduce the risks for money laundering, terrorism financing, and fraud. Furthermore, our Chynge XCLP token locks FX rates and removes the FX risk from you, the customer. In the crypto world, removing the FX risk is supremely compelling. I must say this is starting to look quite good. You will have offices in the cities as well like the current fiat operators for sending money abroad? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on July 10, 2018, 11:23:10 AM Week 1 July 04 to July 10
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: 1 https://twitter.com/chynge/status/1014793752114708480 2 https://twitter.com/chynge/status/1014406459478532098 3 https://twitter.com/chynge/status/1014160219268509696 Tweet: https://twitter.com/DuyenNg17415667/status/1014859156518363136 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: dddudidd on July 10, 2018, 11:30:03 AM I see this project is good, but I still have not seen the achievement, can you show the achievement of the project to everyone
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: kimonjol on July 10, 2018, 11:39:18 AM I see this project is good, but I still have not seen the achievement, can you show the achievement of the project to everyone You can see the Chynge project achievement in his official website, where later stated it was going about this project and achievements that have been obtainedTitle: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: hirokazu on July 10, 2018, 12:13:37 PM The token can be stored in any stellar wallet as long as we are save the private key right ? Even which created on the https://www.stellar.org/account-viewer because I just know that's the official stellar wallet.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 10, 2018, 02:03:15 PM Week 1 July 04 to July 10 Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: 1 https://twitter.com/chynge/status/1014793752114708480 2 https://twitter.com/chynge/status/1014406459478532098 3 https://twitter.com/chynge/status/1014160219268509696 Tweet: https://twitter.com/DuyenNg17415667/status/1014859156518363136 This is the wrong thread. Go here for bounty: https://bitcointalk.org/index.php?topic=4463106.0 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: TwinBird23 on July 10, 2018, 04:04:47 PM Chynge is fighting financial crime with Chynge Central, a self-owned property rights solution. All customers and transactions are scanned by a combination of predefined risk and algorithm indicators so that suspicious behavior patterns are detected.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Brooku on July 10, 2018, 05:33:37 PM a promising project and will certainly be very useful for platform holders. hopefully the team will further develop innovation and promotion strategies for the success of this project.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 12, 2018, 07:48:24 AM The token can be stored in any stellar wallet as long as we are save the private key right ? Even which created on the https://www.stellar.org/account-viewer because I just know that's the official stellar wallet. Not an expert in Stellar, but as long as the trust line have been created there should not be an issue. If that were not the case Stellar would not be ranked what it is on cmc :P Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: traveler007 on July 12, 2018, 08:50:28 AM What different between Chynge.com and Chynge.net? Both is your sites, right? Why you have 2 sites? When platform for payment will be ready?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: minhdang2212 on July 13, 2018, 05:45:04 AM Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Love1989 on July 13, 2018, 05:54:35 AM projects with interesting and promising concepts, and will provide many benefits for both platform holders and investors. but in the thread you submitted does not display white paper, it will make investors hesitate with your project. hopefully there will be improvements for it.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: yudi09 on July 13, 2018, 06:04:06 AM After reading through the text wall maybe i have miss out the part, how will chynge charges be like? What are the challenges chynge face in building such a transfer money system? That is the reason why Chynge had done a through research on the different technology and settle for Stellar platform. Stellar is able to conduct up to 1k transaction per sec. They even have went through stress test and it can be stretch to 3000 transaction per sec. In addition, another huge issue that Chynge is concerned about is the transaction fee. With the backlog of transaction, even bitcoin can clock up to as much as $5 per transaction fee. Stellar on the other hand can do instant transaction with fee up to a thousandth fee of what others offer. These are the two main reasons why Chynge also chose Stellar. wow amazing, so later this project will provide benefits for traders with low fees? if like that I think will be much in demand by anyone, including me :). because most exchanges now have an expensive fee. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: CaVO32 on July 13, 2018, 06:18:01 AM Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries. the development should be fast since they know what they are doing. hopefully, they will not depend on the money that they are raising from their ICO. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Nina-coin on July 13, 2018, 06:24:19 AM Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries. the development should be fast since they know what they are doing. hopefully, they will not depend on the money that they are raising from their ICO. Experience in the public service or in large multinational corporations is very useful and can be decisive in the work of the project. But it can also have a negative impact, because sometimes enthusiastic enthusiasts manage to do what the same multinational corporations (Microsoft, for example), spend years and billions of dollars to no avail. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 13, 2018, 09:29:11 AM Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries. the development should be fast since they know what they are doing. hopefully, they will not depend on the money that they are raising from their ICO. Experience in the public service or in large multinational corporations is very useful and can be decisive in the work of the project. But it can also have a negative impact, because sometimes enthusiastic enthusiasts manage to do what the same multinational corporations (Microsoft, for example), spend years and billions of dollars to no avail. That is a good point. But for money wire abroad i cannot imagine that beind doable without corporate power. Coding however can be done better be enthusiasts indeed. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: JENREM on July 13, 2018, 09:01:10 PM a promising project and will certainly be very useful for platform holders. hopefully the team will further develop innovation and promotion strategies for the success of this project. Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries. the development should be fast since they know what they are doing. hopefully, they will not depend on the money that they are raising from their ICO. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: tuansemazi on July 14, 2018, 02:43:30 AM I think compliance with the law is a plus, but it is also a limiting point in the development of the Chynge project that is subject to the laws of other countries. This has limited the development of the project.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: marufnang on July 14, 2018, 03:11:36 AM a promising project and will certainly be very useful for platform holders. hopefully the team will further develop innovation and promotion strategies for the success of this project. Team, adviser with extensive experience in the field of banking. Strong advisors with broad knowledge of finance and management; Most of the people who have worked in the state apparatus (defense ministry, central bank) hold important positions, which makes it possible for Chynge to obtain a license to operate in other countries. the development should be fast since they know what they are doing. hopefully, they will not depend on the money that they are raising from their ICO. I think i should be agree with you that we should support the team, from the effort of the team to build chynge. That was a great effort in taking the project to this point, I really hope that the project will be success. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ProLumuc23 on July 14, 2018, 01:34:09 PM Chynge is fighting financial crime with Chynge Central.
All Chynge user transactions will be scanned by a combination of predefined risk and algorithm indicators so that a suspicious behavior pattern is detected. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on July 15, 2018, 05:08:15 AM Week 3 July 11 to July 16
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/besteICO/status/1016707474097868800 https://twitter.com/chynge/status/1016944872727560192 https://twitter.com/chynge/status/1017264426527817728 Tweet: https://twitter.com/DuyenNg17415667/status/1016834224366632960 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 16, 2018, 06:38:40 AM Week 2 July 11 to July 16 Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/besteICO/status/1016707474097868800 https://twitter.com/chynge/status/1016944872727560192 https://twitter.com/chynge/status/1017264426527817728 Tweet: https://twitter.com/DuyenNg17415667/status/1016834224366632960 Please dont post theese here. They belong in the bounty thread which can be located here: https://bitcointalk.org/index.php?topic=4463106.0 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Namita on July 17, 2018, 04:08:38 AM The project is very interesting and has good prospects for the future, we will see the next development hope many investors join to succeed in this project. Good luck
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Bziir on July 18, 2018, 03:16:35 AM The project is very interesting and has good prospects for the future, we will see the next development hope many investors join to succeed in this project. Good luck yes this is a very interesting project Chynge technology scans when a customer transacts with a combination of predefined risk and algorithm indicators so that a suspicious behavior pattern is detected. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 19, 2018, 06:35:08 AM The project is very interesting and has good prospects for the future, we will see the next development hope many investors join to succeed in this project. Good luck yes this is a very interesting project Chynge technology scans when a customer transacts with a combination of predefined risk and algorithm indicators so that a suspicious behavior pattern is detected. Crypto currency used to detect fraud, instead of the media focused part where it is ued for fraud and criminal activity. It may be one of thoose steps to make it more accepted :) Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 24, 2018, 06:23:39 AM Any new news to share here about the the progres of ICO, partnerships or development OP? :)
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on July 24, 2018, 10:46:14 AM Week 2 July 17 to July 23
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1018681804285329408 https://twitter.com/chynge/status/1019182645920403457 https://twitter.com/chynge/status/1019402506596597760 Tweet: https://twitter.com/DuyenNg17415667/status/1019035067903930369 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Brodika on July 24, 2018, 05:46:41 PM nice to see the amount of interest that has gathered towards this project since I last visited - great job!
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: mike0829 on July 24, 2018, 05:52:03 PM I love the fact that you have this FAQ thing up and running already. I did have some insane question but those were answered by your detailed write-up right away. I did not see any information on the hardcap and softcap though? Maybe I'm just blind?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Mi chael on July 24, 2018, 06:39:15 PM I think its a not bad project. Real estate market is very hot now. Will join bounti soon !
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: thedarknight789 on July 25, 2018, 03:47:25 AM Even though banks can transfer money for their customers instantaneously, they often profit from holding these funds as their cash ‘float’. Cross-border payment fees are saddled with hidden fees from corresponding banks, in addition to the already high service fees and large foreign exchange spreads.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 25, 2018, 06:58:15 AM I love the fact that you have this FAQ thing up and running already. I did have some insane question but those were answered by your detailed write-up right away. I did not see any information on the hardcap and softcap though? Maybe I'm just blind? The softcap is 80M tokens (which have been achieved). Hard cap is 560M tokens :) 1 BTC :122,745 XCLP 1 ETH :8,995 XCLP 1 XLM :3.8245 XCLP 1 XCLP : 0.05 USD Using the USD, soft cap 4 million USD and hard cap 28 million USD. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Mariia_BT on July 25, 2018, 07:02:49 AM I think its a not bad project. Real estate market is very hot now. Will join bounti soon ! the real estate market has always been popular. however, as before, so many projects in this direction arise. but I can not see their ideas in use. Of these projects, which began to deal with it a year ago. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: mrp1994 on July 25, 2018, 07:12:11 AM The team is impressive. I like that your road map is big and exact. Where are you located?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Samuiel on July 25, 2018, 07:27:14 AM A perfect project, interesting concept with a good team. Good luck!
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: HarrisPay on July 26, 2018, 08:17:18 AM The technology available today including big data, biometrics, artificial intelligence and machine learning, and blockchain has spurred financial technology (FinTech) companies to create new business models and new financial products to change the way we consume financial services
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on July 27, 2018, 07:38:56 AM I think its a not bad project. Real estate market is very hot now. Will join bounti soon ! the real estate market has always been popular. however, as before, so many projects in this direction arise. but I can not see their ideas in use. Of these projects, which began to deal with it a year ago. This is a payment project not real estate. Maybe you got the wrong thread :) Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on July 31, 2018, 03:54:20 PM Week 4 July 24 to July 31
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1021651260179722240 https://twitter.com/chynge/status/1022061568912121856 https://twitter.com/chynge/status/1022460361654427659 Tweet: https://twitter.com/chynge/status/1017624794915696641 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Nicholasa on August 01, 2018, 08:11:04 AM with a good concept and an interesting goal of course this project will get many investors to join and succeed in this project
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: John Nathan on August 01, 2018, 08:58:32 AM very interesting project. i think this project will pupm up.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on August 02, 2018, 07:43:44 AM very interesting project. i think this project will pupm up. Would be nice with some details as to why you are thinking this? Looks like a general comment for bounty. It is a interesting project, try to read up on it :) Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Emileetran on August 02, 2018, 11:55:23 AM Finaly one good choice after too many problematic coins.
The idea is fantastic. This can open a very wide opportunity to everybody. To developers on finding good jobs, to investors on gaining good rewards, to the whole crypto market for more confidence in future. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on August 08, 2018, 11:35:44 AM Week 5 Aug 1 to Aug 7 Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/DuyenNg17415667/status/1024644397772599296 https://twitter.com/lovelyhalim/status/1024920579776737280 https://twitter.com/chynge/status/1025204621176975360 Tweet: https://twitter.com/NasirXYZ/status/1024273114220253184 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Ginzink on August 13, 2018, 08:19:27 AM Week 5 Aug 1 to Aug 7 Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/DuyenNg17415667/status/1024644397772599296 https://twitter.com/lovelyhalim/status/1024920579776737280 https://twitter.com/chynge/status/1025204621176975360 Tweet: https://twitter.com/NasirXYZ/status/1024273114220253184 Wrong thread mate. This is the ann thread :) Maybe you were looking for the bounty thread? https://bitcointalk.org/index.php?topic=4463106.0 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Leeminhe on August 15, 2018, 04:50:32 PM After reading a profile of this project I have seen have great future prospects. Thus I also hope this project goes smoothly until the ICO is completed.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on August 18, 2018, 01:41:18 PM Week 6 Aug 8 to Aug 15
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1027019933836693504 https://twitter.com/chynge/status/1027019933836693504 https://twitter.com/chynge/status/1027748537415553024 Tweet: https://twitter.com/DuyenNg17415667/status/1027158462063472640 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: aksakov18 on August 18, 2018, 02:07:53 PM very interesting this project, but in every week what developments have been achieved, clearly there have certainly been positive achievements
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on August 18, 2018, 03:56:19 PM Week 6 Aug 8 to Aug 15
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1027019933836693504 https://twitter.com/chynge/status/1027019933836693504 https://twitter.com/chynge/status/1027748537415553024 Tweet: https://twitter.com/DuyenNg17415667/status/1027158462063472640 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: shakawaski on August 18, 2018, 06:12:07 PM It seems that many here see for the first time project, but as well as myself. It is probably necessary to study the project in more detail and only then to draw certain conclusions on the project and the team.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: nhatnhatkhongnhi on August 19, 2018, 02:22:43 AM The CLPX Tokens do not confer any ownership or security interest over Chynge’s assets or properties,
and do not offer any fixed or contingent assurance of financial return. CLPX Tokens do not constitute a collective investment scheme in any jurisdiction. This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction. This Whitepaper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by Issuer to purchase any CLPX Tokens nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: MakNoz on August 19, 2018, 12:02:19 PM I see the Chynge Team consists of financial services veterans, and are very aware of the current inefficiencies in the way money is transferred. the team presents cutting-edge technology to solve problems, save costs for individuals and businesses.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: hoangtubia on August 19, 2018, 04:07:17 PM Cross-border payments and remittances are slow and expensive with significant
regulatory hurdles. Even though banks can transfer money for their customers instantaneously, they often profit from holding these funds as their cash ‘float’. Cross-border payment fees are saddled with hidden fees from corresponding banks, in addition to the already high service fees and large foreign exchange spreads. Further, ever more complex and demanding regulatory compliance requirements on banks drive up the costs of doing transactions; these are then passed onto their customers. The global volume of cross-border payments is estimated at US $2 trn per year of which US $500bn are from migrant workers sending money home to their families. Although the fees for money transfers have dropped by 22% over the past decade, the actual fees remain high at 7-8% of Gross Transaction Value (GTV)*. The technology available today including big data, biometrics, artificial intelligence and machine learning, and blockchain has spurred financial technology (FinTech) companies to create new business models and new financial products to change the way we consume financial services. Chynge democratizes payments by making them instant, free, and safe. We mitigate reglatory risks related to money laundering, terrorism financing, corruption and other financial crimes. Our financial inclusive solutions put money back into local communities that can be used for developing infrastructure, education, healthcare, and social programs, to better the lives of our customers and those they love Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: yuvadeep on August 21, 2018, 12:40:08 PM People who want to transfer money especially one across the sea, therefore they can send money through the bank, or even through money transfer operators (MTO). MTO's acts as a single approach at a branch of the over-the-counter (OTC) services. Thus, they cannot provide 24/7 services like online banking and works only during the business hours. You can see a long queue at money transfers and this happens only during the time of festivals and at the starting month. Thus, the users who want to transfer need to wait for hours in a queue. Migrant workers face problems and need to wait in queue for long hours because they will get a chance on Sunday's as it will be there day off. Once, the money is transferred from the sender to the MTO, it takes 2-3 business days to reach to the recipient. The customer needs to pay a premium service fee for the money if he wants to get it faster. However, the customer is in a loss if he wants to transfer the money as he has to pay an extra charge.
The Chynge solution combines both the FinTech and RegTech. The FinTech begins an organization that helps in reduces the cost of the money transfer. The RegTech requests for an intelligent combination of business rules and artificial intelligence (AI), a machine that helps in avoiding the risks of money usually transfer involving foreign banks, terrorism financing, and avoiding fraud. Chynge plays an important role in the digitize payments on the Chynge blockchain and helps senders to transfer their funds instantly. Chynge creates liquidity pool that helps in eliminating their bank credits lines which are available for zero fees. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on August 23, 2018, 01:06:17 PM Week 6 Aug 15 to Aug 22
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/beyondblocks_/status/1026004894946353152 https://twitter.com/chynge/status/1031111471382421504 https://twitter.com/chynge/status/1030382352457822208 Tweet:https://twitter.com/DuyenNg17415667/status/1030818724192768000 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Salesin on August 24, 2018, 03:14:23 PM Chynge addresses a genuine need: remittances, general cross-border payments in key Asian markets (eliminating high costs and unnecessary intermediaries).
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: CWinner on August 24, 2018, 06:38:52 PM Uses Stellar - a good choice of DLT for cross-border peer-to-peer payments. Has a fairly experienced team at the helm.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Official_BlockFolks on August 26, 2018, 03:07:09 PM Thanks for all the support that the community is giving to Chynge. We are pleased to let everyone know that right now the chynge ico is ongoing so grab it while it last.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: yardq on August 26, 2018, 03:12:33 PM Hello! iLike ur project, where i can find more information about team?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: yudi09 on August 27, 2018, 07:26:17 AM Thanks for all the support that the community is giving to Chynge. We are pleased to let everyone know that right now the chynge ico is ongoing so grab it while it last. What results have been obtained at this time? I want to see how interesting the Stellar-based project can attract public attention. because I just saw a basic, basic addres project and was curious about the results. goodluck teamTitle: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: iMaker on August 28, 2018, 08:04:43 AM I'm eager to see how the team creates a high throughput, low latency closed-loop payments network and builds required liquidity pools to efficiently facilitate the cross-border p2p transactions.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: 9jaflick on August 28, 2018, 01:08:28 PM How much cash has been raised so far?
It seems like the website has not been updated for long now, or am I getting something wrong here, Or does it mean that no one is interested in investing on chynge project anymore? Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on August 30, 2018, 04:11:59 PM Week 6 Aug 23 to Aug 30
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1032547072119980032 https://twitter.com/chynge/status/1029995175093792768 https://twitter.com/ljxie/status/1029462395171745792 Tweet: https://twitter.com/DuyenNg17415667/status/1033013152634433536 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: sserge009 on August 31, 2018, 12:49:57 PM #Proof of Authentication
Bitcointalk username: sserge009 Forum rank: Hero Bounty: Content Creation Content Creation Link : https://www.youtube.com/watch?v=YOyXBYrP5ZQ&feature=youtu.be Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: marufnang on September 01, 2018, 03:49:20 PM I think that Chynge will simplified the way of money sending through cryptocurrency.
With chynge we'll be able to remove the hustle to trade the coins on each side (sender or receiver). Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Anycrypt on September 01, 2018, 11:41:47 PM I think its a not bad project. Real estate market is very hot now. Will join bounti soon ! the real estate market has always been popular. however, as before, so many projects in this direction arise. but I can not see their ideas in use. Of these projects, which began to deal with it a year ago. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on September 08, 2018, 03:44:02 PM Week 7 sep 01 to sep 07
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1028829867700154368 https://twitter.com/chynge/status/1026426597228703745 https://twitter.com/chynge/status/1026107003435773952 Tweet: https://twitter.com/DuyenNg17415667/status/1035551138689376257 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: finelife25 on September 13, 2018, 10:59:00 PM All transactions with payments are always of concern to me, tell me how the platform plans to protect its users from financial fraud?
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Hien08 on September 15, 2018, 05:18:03 PM Week 8 sep 08 to sep 15
Twitter Campaign Twitter URL:h ttps://twitter.com/DuyenNg17415667 Retweets: https://twitter.com/chynge/status/1025198391788093440 Tweet: https://twitter.com/DuyenNg17415667/status/1038453469223387142 Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: royalfestus on September 22, 2018, 11:59:26 AM To my knowledge, Today should be the last day of the ICO but no information any where to how much was raised so far. The site also seem not to display it again.
Chynge.net is already rated by Cryptolaboratory. All facts are here (https://ico-analytics.global/content/chyngenet-xclp). Don't miss it! Most times when I see references to those ICO rating sites, I like to ask their track record with project rating and performance after ICO. they are all looking for money and attention. Irrespective of their ratings a good project will perform.Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ololajulo on March 10, 2019, 07:53:54 PM Am worried about the relevance of this forum on ICO, its declining . People thought the forum was limited and adopted telegram but have seen a terrible change in attitude of project team after ICO to investors which is betraying that cant happen on this forum. This forum was an advantage to control team admin, the moderators were able to find admins and follow them up, protect forum members but now investors are regular victims. I hope soon things will get back to where it was when investors get back to their right mind. We might start demanding for active bitcointalk announcement thread like in the past
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: Prolifik on April 16, 2019, 12:32:05 PM Hello, what happened to the coin? No active admin telegram group, also bounty coins weren´t distributed for about 6 months. ::) :(
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: mrdeposit on April 16, 2019, 12:33:37 PM Hello, what happened to the coin? No active admin telegram group, also bounty coins weren´t distributed for about 6 months. ::) :( For bounty distributions, the situation is clear as the brightness of the sun. Active developers are not going to answer the questions asked by bounty hunters or investors on social media accounts.Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ololajulo on April 25, 2019, 08:34:33 PM Hello, what happened to the coin? No active admin telegram group, also bounty coins weren´t distributed for about 6 months. ::) :( For bounty distributions, the situation is clear as the brightness of the sun. Active developers are not going to answer the questions asked by bounty hunters or investors on social media accounts.Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: MirkoIta on April 27, 2019, 10:04:57 AM Hello, what happened to the coin? No active admin telegram group, also bounty coins weren´t distributed for about 6 months. ::) :( For bounty distributions, the situation is clear as the brightness of the sun. Active developers are not going to answer the questions asked by bounty hunters or investors on social media accounts.It was probably just a way to rob money from naive investors. If they aren't even replying (especially about bounty distribution) means they just cared to collect money and run away... Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ololajulo on May 13, 2019, 05:28:20 AM Whats the explanation for what is happening with this project? no token distribution, no update anywhere. Thats why I dont appreciate joining a project started by a newbie, they have nothing to loss if the project fails. they just disappear or go back to their previous account. It so sad the chairman is also inconsistent. A very busy chairman can just appoint one member from the team to attend to investors.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: MirkoIta on May 21, 2019, 09:47:20 AM Whats the explanation for what is happening with this project? no token distribution, no update anywhere. Thats why I dont appreciate joining a project started by a newbie, they have nothing to loss if the project fails. they just disappear or go back to their previous account. It so sad the chairman is also inconsistent. A very busy chairman can just appoint one member from the team to attend to investors. Considering that the OP has logged in 4 months ago for the last time and his/her last messages were in October replying to bounty requests and shilling for people to give them money for this "project"... I suppose you will never heard anything more from these scammers. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: royalfestus on May 29, 2019, 02:14:06 PM Whats the explanation for what is happening with this project? no token distribution, no update anywhere. Thats why I dont appreciate joining a project started by a newbie, they have nothing to loss if the project fails. they just disappear or go back to their previous account. It so sad the chairman is also inconsistent. A very busy chairman can just appoint one member from the team to attend to investors. Considering that the OP has logged in 4 months ago for the last time and his/her last messages were in October replying to bounty requests and shilling for people to give them money for this "project"... I suppose you will never heard anything more from these scammers. Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: ololajulo on November 17, 2019, 09:39:43 PM I hope this thread get active next year when the required regulation is passed in Singapore. This delay has hidden the face of the project chairman but I thought if other team members were active the telegram group could have been more engaging. I also have the fear of not spending the funds on other thing, however the fund was raised at a difficult time of the market and can ascertain the fund raised and amount.
Title: Re: [ANN][ICO]Chynge - World's First Payment Token with No FX Risk Post by: royalfestus on January 25, 2020, 02:21:57 PM Joe Tusin the CEO just announced the listing of the token and available on the project website. launching of the ChyngeX digital payments token (DPT) exchange at http://www.chyngex.io . I dont know how much they need advertisement for the project to create presence in the space while they get large with more listing. I expect an update on all social platform and roadmaps to follow the progress this year. Its a great news though.
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