have someone tried the Genesis Vision demo app?? it seems great project.. thw more i read the more I cant wait to see where can this lead us
.. just in case you are interested, there are the answers from genesis vision at 4 questions jrockz asked on reddit.
Questions after reading GVT whitepaper
u/jrockz
Hi all,
A few questions after reading the whitepaper.
1) The following claim is made on the whitepaper:
"Investors have additional protection, due to the fact that all managers have a real trading history that cannot be faked."
My question is, is this the only system in place for protecting investors? What if I spend a year building up a good management portfolio, then run away with a big portion of money?
2) They also state "Special service verifies that there were no history amendments, using received hashes and IPFS data"
What is this special service they are speaking of? Is it something that exists or that they will create?
3) They talk about the need for possibly switching from Ethereum if the project scale becomes too big for ETH, and state the following:
In case of blockchain platform change, all Ethereum tokens will be migrated. Token quantity and conditions for holders will remain unchanged.
Wouldn't this have a massive effect on the ETH market? If this project gets big enough to the point where they can no longer use ETH, wouldn't migrating that massive quantity of tokens ruin market prices? How can they expect to uphold token quantity and conditions? What are their plans for people who are storing these on wallets that don't support the new currency they want to swap to?
4) Development budget statement:
The budget and components are planned, assuming that our fundraising efforts will reach the estimated maximum amount. Otherwise, a part of the components will have to be abandoned, and the budget will be reduced for the remaining features
Where can I find information on the budget goals?
Maybe I don't understand fully. Any help is appreciated, thanks
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genesis-vision
Hi jrockz! Thank you for your questions!
1) Funds on manager’s account are protected by the integration plugin in the trading platform/exchange. In fact, manager can’t withdraw investors money and run away.
2) We are talking about our own service, that we will develop for this purpose specifically. To be honest, there is no rocket science there, and the process of conformity check between initial data and hashes, stored in the blockchain is quite straightforward.
3) ETH market (and the cryptocurrency market in general) is extremely volatile, so the effect on the market is possible. However, we don’t think such volumes are enough to ruin or even to move it significantly.
The migration process is not automated. In fact, token holders will claim their new tokens through a specific gateway. This allows to maintain the same quantity/conditions and avoid specific wallet problems, since users can migrate their tokens when and where it’s comfortable for them.
4) The information about ICO goals and the full development plan + approximate roadmap for the next 3 years you can find in the whitepaper. However, I think the most interesting information at the moment is our actual plans, considering the amount that we attracted. These updates can be found in our recent blog article:https://blog.genesis.vision/genesis-vision-ico-wrap-up-448ea7fafe47
If you have any questions left – you’re welcome!
