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.
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.
