Important questions for ICONOMI.
1. How much have you invested in ICONOMI before the
ICO launch date? I.e. how much will be taken from the ICO funds to cover your past operational costs?
2. What tools will you use for trading? Your own software? Will ICONOMI own that software too? Will ICN holders have access to that tools or an ability to use them?
3. Who and how will take the decisions about the profits distribution? For example, to reinvest a certain amount in the new features development or to pay as dividends?
4. Who and how will take another important management and strategic decisions in ICONOMI? Cashila? ICN holders? In what way?
5. I read about the voting system in the whitepaper. Can you give us some more details? Who will be eligible to vote? Who will decide when and what questions to vote for? Is voting system based on Ethereum smart contracts?
6. The Operator will be Cashila for the first two years, right? What’s the procedure for the Operator changing?
7. Who will audit your Ethereum smart contracts?
8. Will all the
ICO funds be released from the Escrow at once or by parts?
I know the Escrow funds will be released after the first fund launch. What are the criteria for a successful fund launch? For example, if the fund will be launched but the cryptocurrencies will be accepted only, does it qualify for the Escrow release? Did you sign any agreements with the Escrow key holders? Can you publish them, maybe partially?
9. Will we know the names of ICONOMI experts who are to manage The ICONOMI.PERFORMANCE FUND? Do they have a successful trading history?
10. CoinFunds Whitepaper (
https://www.iconomi.net/ICONOMI_Whitepaper.pdf) question.
Table 2 (page 9).
How did you choose the tokens for Table 2?
There are 9 tokens but these are not the lower 9 tokens from the Table 1.
11. Will you sign any contracts with people depositing with fiat?
Good questions.
Addressed here. I would like to see more discussion to address them with additional expectations where needed in a blog post.
1. How much have you invested in ICONOMI before the ICO launch date? I.e. how much will be taken from the ICO funds to cover your past operational costs?
We invested all the knowledge we got from operating Cashila.com. We start developing idea and start working on the product at the beginning of this year. All work before the ICO is considered as an investment into ICONOMI.
2. What tools will you use for trading? Your own software? Will ICONOMI own that software too? Will ICN holders have access to that tools or an ability to use them?
There won’t be trading tool, but fund management platform. It will be a proprietary software created and managed by Cashila as service operator and owned by ICONOMI shareholders. ICN will be owners in this case and will have same access to the platform as everyone else.
3. Who and how will take the decisions about the profits distribution? For example, to reinvest a certain amount in the new features development or to pay as dividends?
As described in Whitepaper all profits will be distributed to ICN token holders as long as we have ICO assets. After that revenue split 30:70, service operator 30%, ICN token holders, 70%. But as long as we have funds raised during ICO 100% of revenue will go to ICN token holders.
4. Who and how will take another important management and strategic decisions in ICONOMI? Cashila? ICN holders? In what way?
For first 24 months Cashila is the service operator, where Cashila management is making all important decisions communicated publicly in best possible way.
5. I read about the voting system in the whitepaper. Can you give us some more details? Who will be eligible to vote? Who will decide when and what questions to vote for? Is voting system based on Ethereum smart contracts?
ICONOMI will be issued on Ethereum platform as a smart contract, thus voting will be on Ethereum as well. Every keyholder at certain block will be eligible to vote. Wisdom of the crowd does not work here. The only question that will be ever to vote will be which operator to choose. Every two years there will be a vote for which operator to choose. Everyone will be able to apply. 50% + 1 wei will win the winning vote. If no one will gain sufficient majority contract will take first 50% + 1 wei of the voted members and create a new round of votes all until we have one sole winner.
In case of extraordinary events. A single vote with at least of 75% participation and ⅔ or majority votes will be able to push for a extraordinary meeting which can take place at anytime and vote for a new service operator.
A small but reasonable amount should be charged to apply as a candidate in order to prevent spamming with millions of anonymous accounts.
6. The Operator will be Cashila for the first two years, right? What’s the procedure for the Operator changing?
Every 2 years there is general voting where 50% + 1 wei is winning combination. At any given time there might be extraordinary voting event where yet to decide amount of voting will need to take place (probably 50%) where the only voting question will ever be if we wanna change current service operator. If result will be to change, then ordinary voting for new operator will happen afterwards.
7. Who will audit your Ethereum smart contracts?
Deja Vu. But we might get 2nd audit as well.
8. Will all the ICO funds be released from the Escrow at once or by parts?
I know the Escrow funds will be released after the first fund launch. What are the criteria for a successful fund launch? For example, if the fund will be launched but the cryptocurrencies will be accepted only, does it qualify for the Escrow release? Did you sign any agreements with the Escrow key holders? Can you publish them, maybe partially?
Fund launch is when funds are publicly open and individuals are able to invest in them. In fiat and cryptos. It’s a trust game. Gasper from Xaurum and Max from Lisk have their own project behind them and Alexander is a well known and respected in the community and no one has incentive to play in anything but the best faith. For example, if Max as a single keyholder for Lisk releases funds for no reason, then he jeopardises Lisk. And being dedicated to Lisk that much, he for sure won’t betray community trust that he was building for quite some time (even before Lisk).
We signed no “old economy” contract, but you can find all escrow partner’s confirmation of being keyholder in our OP.
9. Will we know the names of ICONOMI experts who are to manage The ICONOMI.PERFORMANCE FUND? Do they have a successful trading history?
Not trading history. This is not about trading. But investing into right project. Names will be published at the launch of the fund. Jani will be one for sure. With successful investing history.
10. CoinFunds Whitepaper (
https://www.iconomi.net/ICONOMI_Whitepaper.pdf) question.
Table 2 (page 9).
How did you choose the tokens for Table 2?
There are 9 tokens but these are not the lower 9 tokens from the Table 1.
According to: categorisation, market cap, trading volumes. Within each category we defined it it is winner takes it all or if there can be more winners. This week a blog with release on ICONOMI.index will be published with better explanation of that.
11. Will you sign any contracts with people depositing with fiat?
No. Terms of use define that. Bank deposits are with us and we have a track of what each user got for it’s bank deposit - in order to avoid chargebacks.
