Opening StatementTo all the members of our community and to anyone reading this, we want to thank you for believing in this project and having faith in our team. Whether you have already invested or you are considering investing, we want to again thank you for giving us this opportunity. Our project is aiming to doing something truly revolutionary and that is to bring cryptocurrency to the masses. A lot of the world lives or spends a considerable amount of time on social media platforms. Our project would allow for a new way to interact on social media by creating an easy to use currency that can be sent from one person to another over social media platforms. As we will explain further in a few minutes, we are creating a new chain and swapping our community to that chain. In doing so we are taking this opportunity to rebrand and fix some of the things that we feel could hold this project back from reaching its full potential. That bring us to today and we are proud to announce the SocialSend Coin with the ticker symbol SEND.
What is SocialSendIt’s a currency that can be easily sent across various social media platforms like facebook, twitter, youtube and google+ among others. Its extremely fast with near zero transaction fees. The key feature is that it's easy to use and no prior setup is needed for someone receiving a transaction. That is the most important part; which is someone can receive a payment having never heard of cryptocurrency and with no prior setup (i.e. wallets) and still be able to spend the money. The person receiving the payment will have the ability to open up PayPal and turn that cryptocurrency into their local FIAT currency.
How does it workLet's say Lisa has a friend traveling abroad and she lost all her money and needs money fast. She can do a bank transfer or she could use a global money transfer company like Western Union, but these and other options are slow and cost a lot of money. With our platform, she could send her friend money instantly while interacting with her on social media. With the push of a button her friend would have the money in a second and quickly transfer it into the local currency where she is by using PayPal.
What stage of development is SocialSend currently inThe project is 90% done and currently being tested. The code is written and we are now working on integrating different features into the platform such as the PayPal integration. We are also working on an E commerce integration so that stores can receive payment easily in cryptocurrency. Also of important note is that this is a platform and can work with multiple currencies.
Masternodes and Staking RewardsSocialSend is Proof of Stake coin. It is a Dash clone based off of Pivx code and has PoS x11 Quark algorithm. You can earn returns by keeping coins in your wallet (staking) or by holding a masternode. Masternodes are used to secure the network and speed up transactions. The average ROI% for staking is 35% and the average ROI% for Masternodes is 70%. The returns need to be verified and are not exact, but instead are the rewards that we anticipate SocialSend to pay.
To obtain a masternode 6,250 coins are needed. There is no set amount needed to earn staking rewards in the wallet but the more coins you hold the more likely you are to get rewards. To be ensured of getting rewards it is recommended to hold at least 3,000 coins.
Also of important note is that blocks are twice as fast at 30 seconds. This means rewards are sent to twice as many people in a day and there are faster confirmation times.
Not just a coin, but a platformThe unique technology that makes all this work is the platform and not our currency. Almost any cryptocurrency can be used on the platform. This means that this platform can be licensed to other currencies so that when someone goes to use the platform they could choose from a variety of cryptocurrencies. This also means that SocialSend will have a significant revenue stream from licensing out the platform so that other currencies can expand into social media by paying a fee. This opens up the whole cryptocurrency universe to being able to easily send their currencies across social media. This isn’t just about our currency, but it's about opening up all of social media to all of the cryptocurrencies.
In the near futureWe will be adding a well documented API to the SocialSend platform which allows other users to integrate with it on their website to accept payment and/or send payment. An example of use would be Twitch streamers who accepts tips. Users can donate their cryptocurrency to these streamers who earn a living streaming. The possibilities are endless for all the ways this can be used.
CapYou may have noticed that to get a masternode you need to hold 6,250 coins. In our previous coin it was a requirement to hold 25,000 coins. The reason for the difference is because we are lowering the number of coins by a 4 to 1 ratio. We are also increasing the cap to make sure that we have enough coins to do the swap. We have to insure that we have enough coins to perform the swap without issues. As of now, we have no way of knowing how many coins will be needed for the swap but we are producing enough so that we can definitely complete the swap without issues. Any coins left over after the swap will be considered for the development fund or burned.
Most cryptocurrencies have raised millions of dollars and exchanges charge exorbitant fees for listings, so it is very hard to compete in that environment. So having a development fund is one of the major changes from our previous coin. There is simply no way we can reach the full potential of this coin without having a development fund. This will give us the resources to to become one of the major currencies in this market and have the opportunity to grow into the currency for all of social media.
The numbers for the CapIn regards to the exact numbers for our market cap, they are as follows 37,500,000 coins will be the maximum number created. We anticipate using 22,750,000 coins for swapping out our community from Piex to SocialSend. There is a very real chance that we will exceed these numbers for swapping because of the drama that has occurred with the exchange, but we are prepared for this possibility. We will not allow the issues from the last swap to derail this one and we have taken several steps to insure this goes smoothly. There are 7,884,000 coins set aside to pay for the rewards from staking and masternodes. That would leave us 6,875,000 coins to use as our cushion incase we need more coins for the swap. Any coins left over after the swap will be considered for our development fund or burned.
Swap ProcedureWe will be taking a snapshot of all wallets in 48 hours time. Please move all your coins to your wallets. Only coins in wallets at the time of the snapshot will be swapped. This will take place Sunday night at 10pm UTC. The swap is expected to begin 8 days later on Monday November 13, 2018. We hope to be able to finish the swap within a week. We will keep the community updated on the details as we proceed forward. The one thing that is locked right now is that the snapshot will be taken in 48 hours.
Exchanges In regards to exchanges, we have set aside money and have a plan on how to get listed in the prominent exchanges. The plan is to get listed in some of the newer exchanges like Kucoin, Coss and possibly Cobinhood. We are also planning paying for listing in Yobit at the same time. We also have some smaller exchanges like TradeSatoshi who we are in discussions with regarding listings as soon as possible. Our next step will be to get listed in Cryptopia and we anticipate this taking roughly 60 days. The reason for this is that the listing cost is approximately 5 bitcoins. We don’t have anywhere near that amount of money to pay that listing right out of the gate. We will need for some exchanges to be open for at least a month so that their is a market for our SocialSend coin. We need to sell some in order to list with Cryptopia, but we can’t do that on the first day. We can’t allow our coin to start trading and within a day or two try and sell off five bitcoin worth of coins. It would dump the price for everyone. We will slowly over the course of the first month sell enough so that we can pay the listing fee on Cryptopia. We also anticipate having a decent chance of getting listed on bigger exchanges like Bittrex and Poloniex if we get off to a good start in the next 2 to 3 months.Those exchanges are looking for unique currencies to list and we feel our coin has a good shot at getting their attention. We will do everything possible to get listed on prominent exchanges as soon as possible.
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