☑ [ANN] ☰ [ ICO 06|04|2017 ] ☰ Humaniq

1.) Mathematics on caps must be way more clear as to what your top tier cap is. If you have not already worked this cap out I cannot understand how it's viable firstly as a product and as an ICO - even with a flexible cap you must work out forward caps.
It’s simple. The number of tokens are/will be linked to a certain amount and it will not be changed after whatever time and whatever circumstances.

2.) Who holds the address that can deploy more tokens?
Humaniq team

3.) Who holds the address that can stop transfer of tokens and otherwise?
Humaniq team

4.) Who and what specific definitions are these accounts under - is it one person of multiple people?
One person. We are moving forward to establish an escrow that will be controlling migration to a new smart contract.

5.) Who is auditing this cap scale if there is no scale in the first place. Please break down in simple mathematical terms what are your scales and project scales.
In simple mathematical terms, the scale of the emission is represented in the whitepaper. So ICO + pre-ICO amount is 100%. The second phase of emission mints that amount until the cap of 500% is reached.

6.) What are the current problems in this smart contract that needs changing apart from the issues that were pointed out? For you to transfer and migrate to a new smart contract.
Currently there are no issues in smart-contract that needs to be addressed, but due to stage of heavy development there is always a possibility for migration to a new smart contract that actually delivers new features.

7.) Does the above create a new level of token issuance?
No, emission model is clearly stated in our whitepaper and will never be changed.

8.) Knee Jerk reactions are not a part of the due diligence process - what is part of due diligence is processing the smart contract you and your team made.
Knee Jerk reactions are represented in conclusions that were made from the due diligence and not in the due diligence itself.

9.) With regard to offchain transactions how is this verified if you are not using the blockchain technology itself? Again questions must be asked about this.
Actually there are no offchain transactions. Offchain is the way we migrate to a new contract, i.e. we process blockchain for every user balance in the current token and create a new token with the same set of user’s balances. This action can be validated by a 3rd party observer, so the offchain migration is fair way to migrate to a new token.

10.) Why is there a switch in the emission address? What is the rationale for this - this address should be owned by the team or otherwise - that is why who holds it is extremely important.
So the emission logic during the ICO differs from the emission logic after the ICO, when new tokens will be granted for every new user who passed biometric identification process. That is why we need a contract function that allow us to change the contract-emitent of the tokens.

11.) No-one has framed you as malicious or untrustworthy, the due diligence has been done on code. Code is what you create it is not about personal opinion or otherwise. Personally I really liked the Humaniq project until this issue was brought to me. The reason code is open source is because there should be audits on it to protect the crypto community / your userbase and otherwise.
We are frankly thankful for your time spent on the audit and pointing this out.

12.) If you want to go with a centralized distribution model thats fine with complete control of your team and organizational members - but please announce this because that in itself is not decentralization.
Distribution model is clearly stated in the whitepaper of the project. The one who have carefully read the whitepaper can easily be assured that we act totally aligned with our previous statements about emission.

13.) Why not use an independent escrow for cap baselines.
This is one of possible solution that our team is considering at the moment.

14.) Why no 3rd party audit of this smart contract before launching and otherwise?
As we said before, there are no bugs or mistakes in the smart contract, but there are decisions that were made to deliver a best tradeoff between speed of moving forward and openness to the community. Our team’s actions are fully auditable by 3rd party observers and cannot go unnoticed by the community.

Finally Humaniq team would like to thank ICOCountdown for the time spent on asking those questions. We hope our answers satisfied both ICOCountdown and their subscribers and we will continue our work and implement our plans presented in WhitePaper and RoadMap.

Thank you.