Hi folks, sorry for the late responses, the pre-sale starts in 4 days so as you can imagine we've been pretty busy, thanks for your patience.
What documents should I submit in order to undergo KYC procedure? Currently, many projects require as proof of address of residence, Bank statements or pay mobile services, unfortunately my Bank does not provide in the statement the address of residence of clients, so for me it is a problem
Hi Morgan, for our KYC we'll need proof of ID such as passport or driving license and a recent proof of address if your ID doesn't have your address on there. For your proof of address you don't have a bank statement you can use Household utility bill (eg gas, electric, water or fixed line telephone but not a mobile phone bill). It must be no more than three months old and show your name and current address. You can also use a credit card bill, tax bill or voter registration letter
take my congratulations) 4.8 rating is not bad! But why is not 5 points? It's all due to a not enough number of Milestones?
Because only for this point is not scored the maximum like
Yes it simply due to the milestones, as the project moves forward over the enxt few months we should see that rating go from 4.8 to 5.0! Meanwhile, we have a comprehensive technical paper which outlines our approach. This paper has been reviewed by our advisor, David Ives, who is the ex-CTO of Crowd Cube, one of the world’s largest equity crowdfunding platforms.
Should we not reach our minimum funding threshold, the contributions from our main token sale will be refunded to all investors. Contributions from the Pre-Sale phase will not be refunded and will be used to continue development of our MVP and schedule another coin offering in the future. There are no airdrops planned but we’ve run a couple of competitions on Telegram and we’ll review it over the next few weeks
https://i.imgur.com/SEZVlT9.pngCould you comment a scheme on 18 page of WP? It is very difficult to understand what it is.
It is quite a complicated diagram, it shows the relationships between all the kinds of user the platform has; project founders & backers, platform moderators and admins and the services and databases they'll need to access. These are the user journeys through the platform and it's critical to have these mapped out for our MVP build.
Devs, on validated interest topic on the website you mentioned that there are great interest on projects side to be listed. Could you name some of them or it is confidential info still for now? I just hope we will here big names for collaboration, hope it will be on the very first steps of your product launching.
We will very shortly have a whole section of our website dedicated to the projects that we have recieved so far, so will be able to see them in more detail there. We have had a huge variety of projects rannging from farming initatives in Ghana, a football academy in Nigeria, an exo-skeleton for people that have lost movement in the hands in the UK, a sustainable food intiative in Canada and an Australian country music artist who wants to fund their next album. This is really excitng as it shows the global potential of our platform.
Early listing of the OAK token on digital currency exchanges, shortly after completion of the ICO would ensure contributors have a viable exit strategy as well as to allow new users into your ecosyste (WP 4.2.) But what if this would hard dump your token? People who will get bonuses will fix their profit and sell token lower ICO price!!
In the short term, to be frank, we expect there will be dumping by some initial ICO participants. However, this is something quite common among many ICOs, whether they have a large pre-sale bonus or not, and is not something in our immediate control.
The pre-sale token cap of 7m ACO is not a huge percentage of the overall pool
- Max supply is 90m ACO, if we reach the hard cap
- If we just reach our standard funding goal, there will be ~45m+ ACO)
- The bounty program has been allocated 150k ACO
There are other measures we’re taking to mitigate against coin dumping.
We expect the MVP to be ready by late Q2/early Q3
- We maintain active outreach with the community and demonstrate active development occurring to show people that the coin isn't dead, even though the price may have taken a dip
- Release our platform only a few months after the ICO, giving the token real utility and recruiting actual users into the token ecosystem (and thus generating demand for it)
We have designed token growth & stability mechanisms which should further limit the impact of dumping and ensure adoption and growth of users entering the token ecosystem at an early stage
- more info on this can be found in our one-pager and whitepaper
In short, yes we expect there will be some dumping and there's nothing we can do to prevent it completely, however I do think the way we've designed it and plan to move forward with Acorn's platforms and mechanisms a short time after the ICO completes can minimise the impact of dumping and make sure it only lasts a short time.
In which currencies do you accept contributions? What wallets do you recommend to use?
We will only accept donations in Ethereum and you can use any wallet that will accept ERC-20 tokens. We're big fans of the security that comes with hardware wallets such as Trezor but always encourage people to do their own research before choosing a wallet.
Will the burning of the token, if not all will be sold during ICO? Thanks for the answer.
Hello dev, you forgot to answer this question because it is really important for many investors. Will you burn the unsold tokens or not? and when?
if you burn coins after entering the exchange then this can raise the value tokens
Thanks Coindest definitely an important question, AUruHM had commented on it earlier in the thread but we should have expanded upon it so thanks for the opportunity to do so. If our token sale exceeds the minimum threshold USD 5M, but we do not reach our target of USD 50M in ETH equivalent, we will consider issuing a second tranche of ACO tokens at a later stage. Once we have attained our funding target, we will disable new minting immediately and will never hold another token sale again.
I believe in your success but 50 million in ETH equivalent is very big amount on nowadays. More and more ICO projects have recently reached $10-20 million.
It means that you will burn the tokens at the last moment?
USD 50 M is a large amount but for us to be a truly global platform it is necessary, it also is inline with amount that existing crowdfunding platforms have raised through traditional means, for example Indiegogo has raised USD 56M through various rounds. Once we hit our target we will not ever to go through any further funding. We will not need to burn any tokens as we will only mint enough inline with our raise.
Thanks for the great answer. I agree 50 million is the amount that will allow the project to exist and prosper for a long time in the current situation with the cryptocurrency. But if on the ICO are not going to be as successful as expected and the next rounds will not bring much fees. Do you have else options how to attract funds after ico?
If our minimum threshold is not reached the contributions from our main token sale will be refunded to all. Contributions from the Pre-Sale phase will not be refunded and will be used
to continue development of our MVP and schedule another coin offering in the future.
If our token sale exceeds the minimum threshold, but we do not reach our target of USD 50M in ETH equivalent, we will consider issuing a second tranche of OAK tokens at a later stage. Once we have attained our funding target, we will disable new minting immediately and will never hold another token sale again. In this case, we will speak with the community of token holders to see which they think is going to be the most viable way forward – another raise after the MVP or just create the business from where we are. This will be fairly straightforward at, say $7m – we would beuild the MVP, get traction and do a second raise. At something like $30m+ we would move forward without any raise and freeze the token number. In between those sorts of figures we would see what the token holders want to do.
Acorn guiding principle is minimal intervention. The platform should should encourage users creativity by keeping rules, requeriments and intervention to the minimem. Well...what about scamers? How will you beat them
what a plan? A lot of people see in crypto just way to get easy money, but not the to make world better. And as we see they win for now.
As with with ICOs people backing any project on any platform should always conduct their own research before contributing money towards it. Unfortunately in life there will always be those who will seek to decieve others which is why people must use their own common sense before parting wth their money. We have a range of review steps to counter this. The first is simply moderation of the project, which would have to pass a legal test. The second is whether it is ethical, for which we have an ethics board. The third is the backer community who – as stated above – will scrutinise before they invest. There are other flags we will monitor such as how they interact with their community and conduct their raise. Overall fraud in crowdfunding is actually quite low – the study quoted in the whitepaper is less the 5%, but we have as many mechanisms as possible in place to filter out bad actors.
actually i dont understand the real role of this project.
ICO itfelf is a crowdfunding platform
you aimed on developing countries but there is no place for crowdfinging
you have restrictions in USA citizen participation - it is not good
people gett token they wants do profit but not good words only
Hi Zavulon 1988, the aim of this project is to be bring free access to crowdfunding all around the world not just in developing countries. Platforms like Kickstarter ignore most developing countries which is why we can have such a big impact there as well as in countries already serviced by reward crowdfunding platforms that can use ours for free.
We nee to be clear here about the difference between the ICO - our crowdraise - and the platform - where we help others to raise. Our ICO excludes US citizens because of the SEC's view on securities. US citizens will not be banned from the platform we create, just the ICO.
People who buy the token gain profit if the utility increases and the token goes up in value, so a global platform is the best way to achieve this.
Title reads Kickstarter for Blockchain, hmm okay?
Next it reads "free crowdfunding", what in the actual reality does it even mean?
Are you trying to fund projects for free? That's great, then why are you even conducting an ico?
It's absolutely free! To clarify what we're trying to do - we're building a crowdfunding platform that's free to use. So just like Kickstarter this platform is for traditional businesses, not other ICOs. This means small community projects in Kenya or a teck project in California. At the moment the other platforms charge fees, we want to make it free and open access. This means we need to raise money to build the platform, so we're doing an ICO
Without the ICO there is no free platform and no global platform that's really accessible in developing countries. There's a good quick overview of the problem we're trying to solve and our solution to it in the one-pager on the website.
Could you show us prototype or site image as of now?
Hi Saimonji_miko, We are currently building our MVP, if you head to our website aco.ai you can see our roadmap and technical paper which will provide more detail around this. Also we will have a page on the wbesite going live in the next few days which will showcase projects people wish to crowdfund on our platorm upon its completion.
Guys, why your bounty campaigin do not allowed for Junior Members. I`ve learned your WP and wanted it to be mine first bounty but ....
Hi Bujuman, sorry you can't take part, please don't take it personally. We had to limit the program a little and this seemed the best way to do it at the time.
Why did you choose the Ethereum platform for your tokens? The Ethereum network suffers from heavy loads. Now there are many alternatives: NEM, QTUM, NEO. The communities of these platforms are very friendly and willing to invest.
Devs, are you in a position to tell which exchanges you are considering? Or am I being premature?
Hi SparkIt. We're considering a few smaller ones we hope to announce in the coming weeks and we're working on the requirements for the smaller exchanges. We can't announce any at the moment I'm afraid but we hope to soon.
