Hi tempus,
I apologize for the delay. As Brian noted, we are in Nashville for the Distributed Health conference. I'll try to answer your questions one by one:
Blockchain:
How I understand it so far there won't be inflation of the token, right?
The token’s valuation is based on supply-and-demand as generated on the Platform and exchanges. There will be no artificial inflation of the token itself by BurstIQ.
What will be the incentive to secure the underlying Blockchain/Burstchain?
The incentive for securing the Platform is dictated in the permission blockchain arena by legal and ethical enforcement. If you a a more specific question we will try to answer.
Will it be a truly decentralized system or more like a private Blockchain?
Currently the platform is a permissioned blockchain (private distribution). As the platform evolves and the other encryption techniques are productionalized (see white paper), the plan is to allow for non-permissioned (public distribution) of the Burstchain.
Will the project, at least the Blockchain, be Open Source?
Currently, the source code is not open source. However, we are evaluating some options around open sourcing parts of the Platform.
Business-model:
I understand the basics of the economical system of the platform, and I like it - but what is the business model of the company behind?
Our business model has two primary revenue sources for the company: BurstIQ takes a small percentage on all BiQ transactions on the platform, and we have strategic partnerships (co-development, marketing and/or distribution) with revenue sharing or royalty provisions. In terms of our roadmap, our first priority is to grow the ecosystem – bigtime. We’ve been heads-down in development mode for the last two years, and during that time, we partnered with a number of large business customers to validate the platform and make sure the core capabilities were sound. Now that the platform is operational, we’re ready to grow. Our next big development milestone is to add the consumer interface, so that people can start going onto the platform and controlling their own data. That's why we're doing this BiQ token sale. The BiQ token will be the currency for all transactions on the BiQ Ecosystem, from data queries to buying products and services to donating data for research. By offering BiQ tokens now at a discount, we can start building a community of early adopters for when the BiQ Ecosystem launches in early 2018.
Regarding the Token Sale:
Is there any source to keep track of the sale, about how much already was sold etc.?
For the public crowdsale, yes we plan to have a tracking system of tokens sold and goals obtained. We have not released info about our pre sales at this time.
Is there a minimum cap?
We did not set a minimum cap.
What would happen with unsold tokens in case the crowdsale would not be sold out?
The unsold tokens would be placed back into the BurstIQ pool for a possible use at a later date.
Would be great to get answers on my question. I really like the idea and I have not much doubt about the expertise of the team. What I'm a bit critical about is the lack of deeper infos. The legal documents seem to be longer than the whitepaper - obviously you have very good lawyers! ;-)
As for the legal, yes we have retained Cooley for our legal team and I would agree they are very long, but we are following the advice or our legal team.
I hope that helps. If you have any other questions, please don't hesitate to ask.
Many thanks for the reply and no need to apologize. Very understandable that there is a lack of time if you guys are on a conference. To clarify my question regarding "incentive to secure the blockchain" - it's meant economically. The Bitcoin-protocol pays BTC to the miners. Other blockchains have similar designs. I understand that it will not start as a decentralized system, so it's not a topic for now. But since you say that it's a goal to decentralize the system and that there will be no inflation of that kind, I don't understand how to pay those who would run and secure a decentralized blockchain. Why I asked those questions in general is because: This project could very well turn out as a pearl between all the crap that is hyped up in this space. It doesn't get much attention until now, what is not a contra for me personally. Usually I try to find projects I believe to see longterm potential in, while being under the radar of a majority. But, my concern is: You say that there is no minimum-cap, what would mean in worst case that you might get much less than anticipated and needed. Let's say, as extreme scenario: Only $3 millions. That would be a limitation of possibilities. You also say that the crowdfunding won't be a decision about the total supply - all what won't be sold will go back to the company. The total supply multiplied with ICO-price is not cheap. I don't even say it's not justified - hard to ever make such estimations and your project is obviously farer developed than a lot of others that only start as concepts. But it's at least a consideration that you'll need additional crowdfunding rounds or maybe to sell on an exchange once/if your token gets listed. Result would be pressure on the price. While I like a lot about this project, that is something that makes it a bit unpredictable. Is there any Plan B in case that you don't reach something like a minimum goal and how to proceed in such a case? I'm sure that you know pretty well what you need for certain scenarios from "at least" to "best case". Btw, what I said about the legal documents wasn't meant critical. Actually I see that as a sign of professionalism, even if scary ;-) Thank you for all your questions. As you have said the current implementation is a trusted peer based system. BurstIQ or a provider will be hosting the system just as we are today, due to the fact that patient data (PHI) must be secure and encrypted. All public blockchains are transparent and do not provide the required level of protection. That is where our permissioned blockchain solves out for PHI data. As the platform evolves along the published roadmap, the ability to publicly distribute the nodes securely will mature. At that time we will release the public version. We have also enabled a large-scale analytics functionality on our blockchain that allows queries to scale at nosql speeds. We have obtained our first phase patent on this design. As for the plan B, you are correct that current ICO/crowdfunding projects projections are hard to exactly plan outcomes. We have put together a high level plan for different funding amounts. Anything in the 2-6 million dollar range puts us in the acceptable range moving forward. Acceleration plans come in the 10M, and 20M range, and the moon shot comes in the 50M range. Our offices are in the health care mecca for IT right now (Denver, Colorado), and have a very good footprint and following with the local community. We plan to use a portion of the proceeds to invest in other healthcare startups and healthcare technologies to expand the number of solutions on our platform into the 100s and eventually, 1000s of applications and services. We currently have two large universities on the platform, (UCHealth and UTMB) and are actively integrating two other large-scale health systems (hope to be able to announce soon, again legal). We are also working with 3-5 other large-scale hospitals. We will publish a press release in the next few days announcing a partnership with a vendor that would connect us to all the major healthcare insurance providers and would put millions of users on the platform. (Stay tuned for that press release.) If this crowdsale only hits our minimum, we would just not be able to scale as fast as we would with large raises of tokens. But again, we are already profitable. This token sale is more to accelerate the development and adoption of the consumer version of the platform. Okay, thank you for the answers! |
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Hi tempus,
I apologize for the delay. As Brian noted, we are in Nashville for the Distributed Health conference. I'll try to answer your questions one by one:
Blockchain:
How I understand it so far there won't be inflation of the token, right?
The token’s valuation is based on supply-and-demand as generated on the Platform and exchanges. There will be no artificial inflation of the token itself by BurstIQ.
What will be the incentive to secure the underlying Blockchain/Burstchain?
The incentive for securing the Platform is dictated in the permission blockchain arena by legal and ethical enforcement. If you a a more specific question we will try to answer.
Will it be a truly decentralized system or more like a private Blockchain?
Currently the platform is a permissioned blockchain (private distribution). As the platform evolves and the other encryption techniques are productionalized (see white paper), the plan is to allow for non-permissioned (public distribution) of the Burstchain.
Will the project, at least the Blockchain, be Open Source?
Currently, the source code is not open source. However, we are evaluating some options around open sourcing parts of the Platform.
Business-model:
I understand the basics of the economical system of the platform, and I like it - but what is the business model of the company behind?
Our business model has two primary revenue sources for the company: BurstIQ takes a small percentage on all BiQ transactions on the platform, and we have strategic partnerships (co-development, marketing and/or distribution) with revenue sharing or royalty provisions. In terms of our roadmap, our first priority is to grow the ecosystem – bigtime. We’ve been heads-down in development mode for the last two years, and during that time, we partnered with a number of large business customers to validate the platform and make sure the core capabilities were sound. Now that the platform is operational, we’re ready to grow. Our next big development milestone is to add the consumer interface, so that people can start going onto the platform and controlling their own data. That's why we're doing this BiQ token sale. The BiQ token will be the currency for all transactions on the BiQ Ecosystem, from data queries to buying products and services to donating data for research. By offering BiQ tokens now at a discount, we can start building a community of early adopters for when the BiQ Ecosystem launches in early 2018.
Regarding the Token Sale:
Is there any source to keep track of the sale, about how much already was sold etc.?
For the public crowdsale, yes we plan to have a tracking system of tokens sold and goals obtained. We have not released info about our pre sales at this time.
Is there a minimum cap?
We did not set a minimum cap.
What would happen with unsold tokens in case the crowdsale would not be sold out?
The unsold tokens would be placed back into the BurstIQ pool for a possible use at a later date.
Would be great to get answers on my question. I really like the idea and I have not much doubt about the expertise of the team. What I'm a bit critical about is the lack of deeper infos. The legal documents seem to be longer than the whitepaper - obviously you have very good lawyers! ;-)
As for the legal, yes we have retained Cooley for our legal team and I would agree they are very long, but we are following the advice or our legal team.
I hope that helps. If you have any other questions, please don't hesitate to ask.
Many thanks for the reply and no need to apologize. Very understandable that there is a lack of time if you guys are on a conference. To clarify my question regarding "incentive to secure the blockchain" - it's meant economically. The Bitcoin-protocol pays BTC to the miners. Other blockchains have similar designs. I understand that it will not start as a decentralized system, so it's not a topic for now. But since you say that it's a goal to decentralize the system and that there will be no inflation of that kind, I don't understand how to pay those who would run and secure a decentralized blockchain. Why I asked those questions in general is because: This project could very well turn out as a pearl between all the crap that is hyped up in this space. It doesn't get much attention until now, what is not a contra for me personally. Usually I try to find projects I believe to see longterm potential in, while being under the radar of a majority. But, my concern is: You say that there is no minimum-cap, what would mean in worst case that you might get much less than anticipated and needed. Let's say, as extreme scenario: Only $3 millions. That would be a limitation of possibilities. You also say that the crowdfunding won't be a decision about the total supply - all what won't be sold will go back to the company. The total supply multiplied with ICO-price is not cheap. I don't even say it's not justified - hard to ever make such estimations and your project is obviously farer developed than a lot of others that only start as concepts. But it's at least a consideration that you'll need additional crowdfunding rounds or maybe to sell on an exchange once/if your token gets listed. Result would be pressure on the price. While I like a lot about this project, that is something that makes it a bit unpredictable. Is there any Plan B in case that you don't reach something like a minimum goal and how to proceed in such a case? I'm sure that you know pretty well what you need for certain scenarios from "at least" to "best case". Btw, what I said about the legal documents wasn't meant critical. Actually I see that as a sign of professionalism, even if scary ;-) |
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Usually, when it's hard to get answers on questions within 2 days, there are 3 possible scenarios:
1) A team doesn't have enough time.
2) A team doesn't believe it's necessary.
3) A team believes answering on certain questions would do more harm than good
I believe you'll understand that it's not possible for me to buy into the pre-sale and/or crowdfunding without having answers on those questions. In case those answers were already given somewhere, links to those sources would also be fine.
Or 4, our team has been traveling down to Nashville for a Healthcare Blockchain summit. Sorry for the delayed response, will get to your answers here shortly. We absolutely believe answering all questions is important. Our CEO, is one of the speakers at this summit. DISTRIBUTED: HEALTH 2017 https://health.distributed.com/Okay, thank you! P.S.: I consider 4 as 1, but with given reason - additional thank you for that  |
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Hi everybody! Very interesting platform - got my attention because of the S&C-article btw: https://www.smithandcrown.com/sale/burstiq-tokensale-blockchain-hosted-medical-record-storage-health-marketplace/I have a couple of questions: Blockchain:
How I understand it so far there won't be inflation of the token, right? What will be the incentive to secure the underlying Blockchain/Burstchain? Will it be a truly decentralized system or more like a private Blockchain? Will the project, at least the Blockchain, be Open Source?
Business-model: I understand the basics of the economical system of the platform, and I like it - but what is the business model of the company behind? Regarding the Token Sale:
Is there any source to keep track of the sale, about how much already was sold etc.? Is there a minimum cap? What would happen with unsold tokens in case the crowdsale would not be sold out? Would be great to get answers on my question. I really like the idea and I have not much doubt about the expertise of the team. What I'm a bit critical about is the lack of deeper infos. The legal documents seem to be longer than the whitepaper - obviously you have very good lawyers! ;-) Best regards, tempus Usually, when it's hard to get answers on questions within 2 days, there are 3 possible scenarios: 1) A team doesn't have enough time. 2) A team doesn't believe it's necessary. 3) A team believes answering on certain questions would do more harm than good I believe you'll understand that it's not possible for me to buy into the pre-sale and/or crowdfunding without having answers on those questions. In case those answers were already given somewhere, links to those sources would also be fine. |
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Hi everybody! Very interesting platform - got my attention because of the S&C-article btw: https://www.smithandcrown.com/sale/burstiq-tokensale-blockchain-hosted-medical-record-storage-health-marketplace/I have a couple of questions: Blockchain:
How I understand it so far there won't be inflation of the token, right? What will be the incentive to secure the underlying Blockchain/Burstchain? Will it be a truly decentralized system or more like a private Blockchain? Will the project, at least the Blockchain, be Open Source?
Business-model: I understand the basics of the economical system of the platform, and I like it - but what is the business model of the company behind? Regarding the Token Sale:
Is there any source to keep track of the sale, about how much already was sold etc.? Is there a minimum cap? What would happen with unsold tokens in case the crowdsale would not be sold out? Would be great to get answers on my question. I really like the idea and I have not much doubt about the expertise of the team. What I'm a bit critical about is the lack of deeper infos. The legal documents seem to be longer than the whitepaper - obviously you have very good lawyers! ;-) Best regards, tempus |
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Interview with the Lykke Team – Sergey Ivliev
In this interview, we have Sergey Ivliev with us. Sergey is Lykke Co-Founder and COO and was recently named the Best Risk Manager in Russia and CIS. Watch Sergey sharing his thoughts on the blockchain, current financial system, and of course, Lykke.
(...)
https://www.lykke.com/city/blog/team-interview-sergey
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This project is constantly spammed on multiple slack-channels. I've deleted the spam about 10 times just in the Lykke-Slack. Just my personal opinion but I wouldn't ever buy into a project that is "advertised" that way, even if I would like the idea - what is absolutely not the case. Just another ETH-smart-contract-ICO with the idea to combine two hypes - 3dprinting plus blockchain. Good luck...
Developers of 3DES don't use spam marketing. May be there are some guys that working for bounty use it. I asked to PM about any issues with it. We don't like this too. We (developers) use only official mailing in business slack channels (not channels of other crypto projects). Thanks! Okay, so the spammers are bountyhunters. There must be some kind of procedure that a bounty-hunter shows you what he does and you pay him, right? How is that done with slack-channels? Just btw: It's not a big problem to delete the spam - just a few clicks, but sometimes three times per day. The problem here is yours: All who find your project and this thread, because they are annoyed like hell, will come to their own conclusions. We won't pay them after this situation))) We have enough money for white marketing without bountiests-spammers) I think he means perhaps there is something in your method to evaluate the work of a bounty hunter, which encourage them to spam. Exactly. My question is not if spammers are paid but how a bounty hunter, who posts stuff on slacks, WOULD be paid. Because, in all honesty: I don't believe the story about a bounty hunter who is "out of control". Whoever spams all the channels does that with multiple different mail-addresses and, after getting banned, joins again and again on many different slacks and posts his stuff on different channels per slack. Since that is some work I doubt that it's a guy who acts on his own. I don't even believe that it's a bounty hunter, because how would he prove is "work" without also proving that he is a spammer? And why should it be necessary to ask for PM's to get a username? In short: I believe that this team follows a spam-strategy because that would fit in the broader picture of using the combination of two hype-technologies while providing pretty much nothing that is really interesting. Whitepaper: https://3des.network/static/documents/en/whitepaper.pdf?id=7792369c6ff26429957a2457cfd9ff49 .....6 pages without much info but fancy graphics. There seem to be reasons for a lack of attention and the need to spam. |
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This project is constantly spammed on multiple slack-channels. I've deleted the spam about 10 times just in the Lykke-Slack. Just my personal opinion but I wouldn't ever buy into a project that is "advertised" that way, even if I would like the idea - what is absolutely not the case. Just another ETH-smart-contract-ICO with the idea to combine two hypes - 3dprinting plus blockchain. Good luck...
Developers of 3DES don't use spam marketing. May be there are some guys that working for bounty use it. I asked to PM about any issues with it. We don't like this too. We (developers) use only official mailing in business slack channels (not channels of other crypto projects). Thanks! Okay, so the spammers are bountyhunters. There must be some kind of procedure that a bounty-hunter shows you what he does and you pay him, right? How is that done with slack-channels? Just btw: It's not a big problem to delete the spam - just a few clicks, but sometimes three times per day. The problem here is yours: All who find your project and this thread, because they are annoyed like hell, will come to their own conclusions. |
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I understand this kine and there is a stock exchange? But please tell me why I should buy this coin, what is it good for?
LKK represents ownership - like a share (100 LKK = 1 share of Lykke Corp). |
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This project is constantly spammed on multiple slack-channels. I've deleted the spam about 10 times just in the Lykke-Slack. Just my personal opinion but I wouldn't ever buy into a project that is "advertised" that way, even if I would like the idea - what is absolutely not the case. Just another ETH-smart-contract-ICO with the idea to combine two hypes - 3dprinting plus blockchain. Good luck...
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Long term hodler here.
Lykke really needs to burn/destroy more than 50% of the total supply.
1,285m Coins with just 267m (~20%) in circulation is a joke.
The team is dumping lykke's to keep price down/get profit for themselves.
Beautiful product though.
That suggestion seems to make sense if we focus (only) on the short-term-price of LKK. But: LKK represents ownership and burning supply would mean to shift ownership from founders and company to 'everybody else'. And why would the founders do that? They all are hard working to make Lykke a success and Richard Olsen, for example, is not only the one who started this project and works hard for it, but also the biggest Investor. And out of the perspective of those who invested in LKK: Doesn't it feel better if those who work everyday on this have some skin in the game? Lykke is really not about a short-term-market-move-project. Technically LKK has all "features" of a cryptocurrency. But since it represents ownership it's not that dependent on a wide distribution like it's the case in usual CC's. |
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USA still out of bounds?
Yes, but there is some progress: United States:
The legal entity of Lykke Securities (SEC Broker) has been registered with the state of New Jersey, which means that Lykke Securities is officially recognized as a New Jersey company. The registrations for the legal entity Lykke Dealer (CFTC Broker) have been completed at U.S. Federal, state, and city levels. The U.S. National Futures Association has issued an ID for Lykke Dealer. United Kingdom:
Lykke UK has onboarded an additional cryptocurrency liquidity provider. The MTF application process is being discussed, and an FCA representative had been allocated. An application package in compliance with MiFID (II) standards is in the process of being updated for submission. Cyprus:
Lykke Cyprus is one step away from achieving its licenses. The Lykke Investment Firm is in the final stage of being authorised by the Cyprus Securities and Exchange Commission, and it is ready to serve clients for trading, portfolio management, and investment advice and research. We have already received a response from the Central Bank of Cyprus for our Electronic Money Institution license, which has also proceeded to the next phase. The Lykke EMI will be ready to serve any type of client for all electronic payments. Singapore:
Lykke Singapore has established a Singapore holding company called Lykke Corp Pte Ltd. We will be establishing two new entities as subsidiaries in the next few months: Regulated Exchange Activities and Asset Management. We have also defined our regulatory MAS licensing strategy, which includes RMO, or the Exchange Licence; SVF, or E-Wallet; Custody; Remittance Licence; Asset Management; and Crowdfunding. In addition, we have prepared our roadmap for unregulated products in the area of non-securities trading, namely Singapore Wallet, and we are localizing the Terms and Conditions and the Know Your Customer and Anti-Money Laundering processes for the wallet application. |
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