So here is what I have so far, please look over it and tell me what you think.
PROJECT INFINITEThe proposal is very simple, we aim to offer an online savings trust which will offer various percentage rates depending on the length of time you wish to save. The interest will be paid via donations that are secured into a pot. We will only offer interest when there are sufficiant funds!
There will be various percentage rates.
The interest is provided by people with an interest in seeing infinitecoin succeed.
There will be no loans and no involvement of fiat currency so should be able to opperate in any country currently.
Interest will be displayed via a real time ticker.
The website will be funded via advertising for crypto related products.
Various ways to save.The main idea here is to encourage people to save and also to distribute wealth as well as promoting a coin that we feel is really great. We will accomplish this in a few different ways, lets take the points above and explain each one a little more.
There will be various percentage rates.The rates offered will look like this.
10 days = 1%
20 days = 2%
30 days = 2.5%
60 days = 3%
120 days =5%
The interest is provided by people with an interest in seeing infinitecoin succeed.This is arguably the most interesting part, unlike other banks that favour the 1%, with this bank, the 1% will be the ones that provide the interest! Distributing some of their wealth to the masses.
We can not make coins out of thin air like other banks, so as soon as the pool has run dry we could no longer offer the service until the pool is replenished, there are several ways this can happen. There can be further donations or coins can be purchased via revenue made by the avertising. So in essence this will be a non profit organisation.
So far the pot for infinite coins stands at 520,000,000! This will reward a lot of savers!
There will be no loans and no involvement of fiat currency so should be able to opperate in any country currently.There should be no issues of infringements of any laws in any countries. But never the less there are plenty of options for hosting. Germany for example has declared that crytocurrencies are exempt from taxation.
Interest will be displayed via a real time ticker.My personal favourite. Who doesn't like a real time ticker? There is something hypnotic and soothing about watching those numbers flying round. Imagine how great it will be to watch your money growing in real time!
The website will be funded via advertising for crypto related products.As mentioned previously we will have advertising but only for crypto related products or services, ensuring the further promotion of this great new crypto wonderland! All the proceeds will go to purchasing IFC's in order to offer further interest to more savers and to fund the running costs of the website. Purchasing the IFC's will also create demand!
Various ways to save.We want you to have as much control over your money as possible, this is why we are trying to impliment 3 possible ways that your funds can be 'deposited'...
Option 1: You send us your coins and we hold onto them in an offline wallet for greater protection.
Option2: You store your coins inside your own wallet, the wallet is then monitored via the blockchain to ensure they stay there for the chosen time period.
Option 3: We will send you an encrypted wallet, you then simply sync the wallet and deposit the chosen amount and we will give you the encryption key when the time period is up.
These are subject to change depending on what is possible to do. If we can pull this one off it could be the begininng of true decentralized banking!
ConclusionThis is a great solution for online saving in the crypto realm and is only a first step in what I think is the right direction. There is a lot of work to be done but we aim to have this up and running as soon as possible!
If things go well, we could eventually open this up for whichever coin demanded it.
