Service Termination Announcement

Dear GFT supporters and presale participants,

Over the last few months, we had numerous conversations with representatives of banks and financial organizations located in 4 jurisdictions. However, we haven't reached an agreement that would satisfy our requirements by means of low-cost worldwide payment settlement. Without payment provider, GFT Network will be unable to keep the declared service fee rates on global gift certificate transfers.

In this light, we have decided that the best approach is to terminate the project and refund all our GFT token holders as we feel that it's the right thing to do in order to protect our early supporters.

Starting January 3 at 6:00 PM (UTC+0) the trade in GFT/XLM will be open on Stellar Decentralized Exchange (accessible from any Stellar wallet with DEX support or stellarterm). We will place a buy order to buy back all tokens for 2.0317 XLM per GFT. Owners of GFT tokens will thus be given the opportunity to sell all their tokens for a fixed price per token (~ 1.77 USD per token at the moment of publication).

This refund process will be carried out automatically before January 12, 2018.

Upon refund completion, all GFT-related public services and websites (including gft.network, community.gft.network, 2the.pub) will be terminated.

Please contact our support team (support@gft.network) in case of any additional questions. We will work with our community on a case by case basis.

Our team is deeply sorry to make such announcements, but we have no choice at this point. We are really grateful to our supporters who believed in us and shared our vision.

During the community pre-sale GFT tokens were traded at 0.25 USD/GFT on multiple markets, including XLM, BTC, ETH, LTC, USDT, XMR, WAVES, ZEC, ETC, DASH, and others. Private investors purchased a significant amount of GFT tokens for USD and EUR.

We offer the same refund rate, 0.25 USD/GFT. XLM/GFT refund orders are updated daily, following the indicative XLM/USD exchange rate from CoinMarketCap (https://coinmarketcap.com/currencies/stellar/).

If you have any questions regarding the refund process, please send a PM with your case description. Our support engineers will do their best to assist you.

Black Friday. US traditional sale that has already become an international trend. It's everywhere: on TV, radio, billboards, in your email box. And now it comes to the blockchain.

We are excited to announce the launch of the GFT Pay, checkout service by GFT Network. Our development team designed robust and flexible platform with simple integration into any website. It's a one-stop solution that features both product checkout and remittance services, uncovers unique blockchain payment possibilities for online retailers who want to accept GFT tokens.

This new option opens GFT settling instruments to a wide range of internet businesses: internet commerce, on-demand marketplaces, crowdfunding platforms, small business, and digital distributions.

GFT Pay is already working and you can use it to save on gifts for upcoming holidays! Don't miss the chance to order an amazing electric skateboard brought to you by the Char(G)iot for 999 GFT.

It's a limited Black Friday/Cyber Monday deal, only 25 skateboards are available at this price. Free worldwide shipping included! Purchase it here: https://chargiot.com/


The GFT Pay widget is designed to fit into any website. It can be configured to run in a popup or standalone mode. Price, shipping details, texts, images and other checkout settings can be configured in the admin interface. The service is built on top of the blockchain, so payment confirmations are immediate; the order can be paid in two or more transactions.


So far the service is available only for our enterprise customers, but we are planning to open it for public use soon.

Want to use our payment platform in your e-gift/e-commerce/loyalty projects? Build your own service on top of the GFT platform API. Contact us and we will offer a tailored solution focused on your business requirements.

(* charg(G)iot boards are manufactured and shipped by the Chargiot Co)

It’s been a while since the last progress updates were published, and we have a lot of news to share.

Current status

During the last two months, GFT Network team has been working on the marketing material preparation for public service launch and platform improvements. The only thing still missing is the official financial institution behind the project.

Negotiations with potential partners take much longer time than expected. Although multiple banks and companies expressed intense interest in GFT Network, the existing legal system and regulatory requirements do not cover blockchain operational routines and taxation procedures. Such conditions result in continuous discussions with lawyers, management, and official regulators. Despite the confidence in the planned result feasibility, we have to admit that we are behind the schedule described in project roadmap. The GFT Treasury funding phase and service launch are delayed.

Due to this situation, our team decided to reach required tokens liquidity by establishing a partnership with consumer-oriented services and bring GFT tokens to online retailers in the first place, while our CFO and lawyers keep working on the original plans.

Currently, our developers are preparing the platform for API integration with 3d-party services, and we are planning to launch first online sale widget powered by GFT tokens in the following month. The roadmap and information on our website will be updated to reflect corrected plans.

GFT buy-back program

Our goal is to build a financial instrument fully trusted by people and companies. We appreciate credit of trust our community supporters gave us by purchasing GFT tokens during the presale phase, and we want to reassure you that we follow our liabilities. Lately, one of our early adopters sent us an email with the presale refund request. Following the principles of free exchangeability and circulation, we are establishing GFT buy-back program. Since today we will be regularly setting orders on the Stellar decentralized exchange, so anyone will be able to exchange GFT tokens back for XLM at the presale price.

Thanks for your support. Keep following us to receive the latest GFT Network news.

There were a lot of attempts to adopt Bitcoin-backed platforms for micropayments in general, and gifting services in particular.

A few common problems of cryptocurrency usage in daily purchases:

• Extra-high volatility.
• Transaction confirmation period is much longer compared to credit cards.
• High transaction fees even on micropayments.
• To reclaim the fiat value, cryptocurrency needs to be exchanged on exchanges.

Who would purchase a gift card if nobody can tell how much it will cost tomorrow? For example, you want to say thank you to your partner for a help with some business, so you are sending him a gift certificate for a dinner in a cool restaurant. Just imagine how angry he would be (and how it would be uncomfortable for you) if he visits the restaurant in a week and the waiter says that he needs to pay 30$ more by himself (because Bitcoin and all other cryptos lost 20% of value during last two days).

With such volatility the Bitcoin (Litecoin, Ether, Dash, <add yours>) is not an option for e-gifts.


P.S. Sorry for the late response. Sometimes we just don't receive email notifications regarding thread replies from the Bitcointalk. 
Our support team will be manually checking for the forum replies in the future.

We aren't worried about the China. Our lawyers are working with the most recent regulatory acts in order to add some corrections in our terms of use before the public service launch.

Of course, the Chinese market is huge and it's one of our primary strategic goals. However, we can safely do without it.

In any case, we keep working on the project regardless of the situation on the market. We have some exciting news. Official update is to be published in a week or two.

As you could see from our previous post, we are preparing everything for the global start. It requires wide venue support and listing on top exchanges.

So far we can't say exactly when GFT token will appear on primary exchanges because news from China really shook all crypto-related businesses. The panic on the markets makes everything more complicated. Exchanges are changing their routines and procedures to match latest US and Chinese regulatory acts.

Nevertheless, the GFT Network team is determined to bring the product to market. We truly believe in the idea and invested a lot of time and efforts in GFT. The team will never abandon the project.

Follow us on Twitter to receive latest updates.

The Stellar network requires all accounts to hold a minimum balance of 20 + 10 * (count of orders or trustlines) XLM.
Therefore, you need at least 40 XLM (20 XLM reserved balance, 10 XLM for GFT trustline, and 10 XLM for order itself) + 0.00001 XLM for transaction itself to place an order on Stellar network.
You have only 30 XLM on your account, so the wallet shows an error.

When you set an order, you pay only transaction fee (0.00001 XLM), 40 XLM will be frozen on your account balance and you will be able to reclaim the whole amount later, after you sell your assets.

I asked devs to send you 10 XLM. Now you are able to place an order. You can see transaction details here: https://stellarchain.io/address/GDL5AYKUBWIETGGQYI23SXCD2C2NTIPVPEGUKTPYSQJN7ROOMKAHPR2A

In case of any further question regarding your account, please send us a direct message or e-mail (support@gft.network).
This thread is for general questions regarding GFT Network only.

Not quite sure what you mean. You can sell your bounty reward on the Stellar exchange at current market price.
https://stellarterm.com/#exchange/XLM-native/GFT-gft.network

We are working on listing GFT tokens on major crypto exchanges. So if you want exchange your GFT for fiat currencies directly, you have to wait till we finish integration.

There are plenty of various Stellar wallet implementations. See the full list here: https://www.stellar.org/about/directory#wallets
If you prefer web-wallets, try https://saza.io/ or https://stellarterm.com/

All major Stellar wallets support custom assets, therefore you will be able to hold and trade GFT tokens using your preferred wallet without any limitations.

GFT Network progress update

The promo presale went smoothly, we received great response from the community. Thanks again to all participants.

Our primary goal for the next few months is to connect at least 500 venues to the GFT Network. Our marketing department is focused entirely on restaurants. We have been extremely busy preparing the online advertising campaign for venues. And it already brought some promising results – so far we received 22 restaurant listing requests from all over the world.

GFT token is listed on the Stellar decentralized exchange, but we need it to be listed on at least 3 major exchanges to make GFT really decentralized and trusted asset. Our management and dev team are working closely with exchanges, so we hope to see GFT/BTC pairs on major markets by the end of 2017.

Before the second tokensale phase we need to prepare everything for the global start. It will be launched as soon as we reach our current goals.

CURRENT GOALS
Restaurant requests: 22/500
Exchanges: 1/4

We will keep publishing regular updates here to inform the community about our progress.

Please check your email, I've sent your wallet details.

In order to create a trustline, you need to have at least 30.001 XLM on your Stellar account (20XLM is an amount reserved by Stellar Network, and 10XLM for each trustline you establish). Please verify that you have enough funds on your account.

Send me a PM with your Stellar address. I'll check for other possible errors.

Yes, you'll receive funded and ready-to-use wallet, compatible with all Stellar clients.

UPDATE: Affiliate bonus program is finished.

Translation bounty rewards will be transferred within 24 hours.

Thanks to all participants!

🎉 GFT promo tokensale is finished. 🎉

66% (1,985,122.39 of 3,000,000) GFT tokens distributed.

Thanks to the community and all participants!

Stay tuned and do not miss the second presale phase.

Thanks!

Definitely! That's why we are trying to offer 0% fees on Wire/ACH/SEPA transfers to the owners. They will promote us if our solution will be cheaper than credit cards acquiring. Also, the venue receives the whole gift card nominal regardless of the actual order amount (you may want order only a coffee and croissant for 13$, but the owner will get 15$ from 15$-worth gift card).
Besides that, we have designed and sent to printing the first portion of promo table-tents with our advertisement.

The global platform is one of our key benefits.
You see, e-gift card business is a large multi-billion industry. Only in the US, there are 4-5 services with business model resembling our 2THE.PUB service(our solution for restaurant business), the market itself is highly fragmented.

We introduce both B2B and B2C (2THE.PUB and EasyGifts) solutions to cover all business needs. Simple and completely free SAAS services for small business (see our 2THE.PUB and EasyGifts services), tailored solutions for enterprise customers and our "platform+finance" services with low fees for e-gift integrators. We don't want to compete with local companies, we want to cooperate with them.

The idea is really good, but, as you mentioned, it may work only for urban areas with high concentration of our partner venues.

So true! Almost any tech startup is dead in a year without great marketing.

I will discuss your proposals with our CEO.

Thanks a lot for your advice, @wisard!
A pleasure for me.

Stellar Network is a blockchain.
Saza (saza.io) is one of the wallets for Stellar.
Lumen (XLM) is a Stellar currency.

One can use Saza wallet to receive/send/trade XLM and other assets on the Stellar Network, including GFT.

Our marketing team is preparing both online and offline advertising campaigns + direct sales. We have tested AdWords, banners, and referral traffic acquisition channels. CPA/CPS affiliate networks are on the way.
And, of course, we put high hopes on press and bloggers.

We are already working closely with restaurants to start accepting certificates immediately after launch. So far we received more than 40 requests from the restaurant owners.
To run service globally we need at least 400-500 venues worldwide.

Franchise and restaurant networks are the most perspective clients. For example, The Subway has 44,583 restaurants in 113 countries. Truly vast opportunity.

There are no limitations on our side. Any venue can join the GFT Network in a few clicks. The only possible bottleneck is our support team responsible for venue ownership validation and general customer support.
However, we don't expect any serious problems.