[ANN][Pre-ICO] MedChain - SEC Filed, Open to unaccredited US investors!

[PotatoFlakeSTi]

Ah.  Good to know, sounds like you’ve got a very proactive team.  I invested; though I wonder if the funds will clear prior to your anticipated close... looks like the funds take 10 days to clear SE’s automated clearinghouse and you might be closing in <5 days.

What happens if the timing is not aligned?  Also it took <3 min to invest... pretty quick.  I was also a bit surprised that the subscription docs weren’t sent by start engine or even linked to the payment page... maybe a bit TOO streamlined?

How long will you keep the offering open?  Until you hit the $1m+?

Happy to hear you decided to invest! I've heard good and bad from people about the KYC process, including annoyance at having to constantly reconfirm investment.

We've also -finally- received an 'official' update on crypto investments... April 20th... *groan* StartEngine has offered to cover the cost of us amending our offering to extend, and I believe we will take advantage of that offer to allow non-accredited cryptocurrency investors a chance to get in at this most advantageous stage.

Edit: If an investment hasn't cleared prior to a close the money will get disbursed to the 3rd party escrow account, then to us after the clearing period.

An interesting idea. Tell me when the work will be completed?

I have been working closely with our CTO over the last weeks, we have deployed an internal blockchain and private IPFS, we will be hosting a workshop at Colorado University of Boulder showcasing some of this work this coming weekend. In the next 1-1.5 months we should be ready to launch a minimum viable product demo as we transition into our Regulation D 506(c) offering for accredited investors only. We are hopeful that our platform will be launch ready in late Q4 2018 early Q1 2019.

any plans for bounties

Due to the potentially regulated nature of our token, at this time it's difficult for us to provide bounties in the traditional sense; it would have to be in the form of a work compensation agreement and have significant out-of-pocket legal costs for us. As this funding round comes to a close we'll be better poised to approach the subject.

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[Kenely]

I did not find the team. This is an important circumstance. I hope we get the information.

[Behiri]

its an awesome,good for this and hope will grow more for this project.

[PotatoFlakeSTi]

I did not find the team. This is an important circumstance. I hope we get the information.

You can find our team information at: https://medchain.us
Or on the offering page itself: https://startengine.com/medchain

its an awesome,good for this and hope will grow more for this project.

Thank you!

[xenchain]

April 17-19
We’re sponsoring the TOKENOMx crypto-conference in Chiang Mai, Thailand which represents our first footsteps into the East Asia market, we’re excited about potential partnerships and relationships this will generate for us.
For tickets and information visit: https://tokenomx.com/

Great! xenchain.io co-founders Steve Rao (CEO) and Vincent Wong (CTO) are there now, attending TokenoMX in ChiangMai, Thailand.

[PotatoFlakeSTi]

April 17-19
We’re sponsoring the TOKENOMx crypto-conference in Chiang Mai, Thailand which represents our first footsteps into the East Asia market, we’re excited about potential partnerships and relationships this will generate for us.
For tickets and information visit: https://tokenomx.com/

Great! xenchain.io co-founders Steve Rao (CEO) and Vincent Wong (CTO) are there now, attending TokenoMX in ChiangMai, Thailand.

Awesome, tell them to stop by and say 'Hi' to Eric Lafleche our Chief Marketing Officer, he just landed in Thailand!!(really, 5 minutes ago)

[rickC137]

Happy to hear you decided to invest! I've heard good and bad from people about the KYC process, including annoyance at having to constantly reconfirm investment.

We've also -finally- received an 'official' update on crypto investments... April 20th... *groan* StartEngine has offered to cover the cost of us amending our offering to extend, and I believe we will take advantage of that offer to allow non-accredited cryptocurrency investors a chance to get in at this most advantageous stage.

Edit: If an investment hasn't cleared prior to a close the money will get disbursed to the 3rd party escrow account, then to us after the clearing period.

Just a quick followup.  The investment cleared.  All in, it took around 8 days from credit card authorization to confirmation from Start Engine regarding the funding clearance.  They really didn't do much in the way of KYC, basic name, address, stated income, etc. 

How did you do from a crypto payments perspective over the last 7 days?  Any takers?

[sarfield]

Medchain is a project that is engaged in health, this will be very helpful for the progress of our health. This application is able to provide a good solution for our survival.
Hope this project can be smooth and coming many investors.

[Nggedebus]

Opening a way to the possibilities of globalize data across every health service around the world.
That possibilities will makes health service could be maximize, since every records of the patient will be shared across the medical service to help ease of medical attention for the patient.

[PotatoFlakeSTi]

Happy to hear you decided to invest! I've heard good and bad from people about the KYC process, including annoyance at having to constantly reconfirm investment.

We've also -finally- received an 'official' update on crypto investments... April 20th... *groan* StartEngine has offered to cover the cost of us amending our offering to extend, and I believe we will take advantage of that offer to allow non-accredited cryptocurrency investors a chance to get in at this most advantageous stage.

Edit: If an investment hasn't cleared prior to a close the money will get disbursed to the 3rd party escrow account, then to us after the clearing period.

Just a quick followup.  The investment cleared.  All in, it took around 8 days from credit card authorization to confirmation from Start Engine regarding the funding clearance.  They really didn't do much in the way of KYC, basic name, address, stated income, etc.  

How did you do from a crypto payments perspective over the last 7 days?  Any takers?

Rick, thanks for the info... Not sure if the KYC changes depending on level of investment on a Regulation CF, but presumably StartEngine just does the minimum necessary checks.

From a crypto payments/investment perspective we still aren't accepting them. StartEngine did a joint press-release with their Escrow partner PrimeTrust on the day it was 'supposed' to be ready for our offering.
See: https://www.businesswire.com/news/home/20180420005069/en/StartEngine-PrimeTrust-Announce-Reg-CF-Crypto-Escrow

I sent out a poll to our StartEngine investors and followers that indicates over-all support for another extension. Not sure if 'No' answers are aware it won't speed up the creation of our Network and any distribution to end the offering now.



So chances are another amend to extend is on StartEngines dime. We're in talks with CoinList.io about our Regulation D 506(c)

Heard from StartEngine that the functionality is still potentially over a month away. Very disappointing.

[rickC137]

So chances are another amend to extend is on StartEngines dime. We're in talks with CoinList.io about our Regulation D 506(c)

Heard from StartEngine that the functionality is still potentially over a month away. Very disappointing.

So you aren't going with CoinList for your RegD?  I've heard they are a tough nut to crack regarding platform... very selective regarding which coins they will list.

My understanding is that StartEngine will allow crypto for Reg D and the A+, so why move platforms?  Is it to access a "different" list/set of investors?  If so, I guess that makes sense.

Regarding ending the CF, I guess I'm not sure why you would unless:

1.  The SEC frowns upon having two different types of offerings happen at the same time for the same entity

or

2.  You are looking to free up the 6% holdback for chargebacks, which in your case is only around $30k...

Just seems like leaving the door open might yield some additional investment... but looking at your progress, it seems that the bulk of the funds were raised in the first 30 days...

[PotatoFlakeSTi]

So you aren't going with CoinList for your RegD?  I've heard they are a tough nut to crack regarding platform... very selective regarding which coins they will list.

My understanding is that StartEngine will allow crypto for Reg D and the A+, so why move platforms?  Is it to access a "different" list/set of investors?  If so, I guess that makes sense.

Regarding ending the CF, I guess I'm not sure why you would unless:

1.  The SEC frowns upon having two different types of offerings happen at the same time for the same entity

or

2.  You are looking to free up the 6% holdback for chargebacks, which in your case is only around $30k...

Just seems like leaving the door open might yield some additional investment... but looking at your progress, it seems that the bulk of the funds were raised in the first 30 days...

Whoops, didn't mean to strike the Reg D talks.

StartEngine does allow for crypto in Reg D and A+.

1. The SEC does allow concurrent offerings, though concurrent offerings with different terms could be a potential headache.

To that point though, we were nearing a little conundrum... Section 12(g) of the Securities Exchange Act of 1934. While the JOBS Act did address the threshold for security registration we currently estimate as many as 400-450 of our investors of the ~500 are unaccredited. If we extended, and reached our Reg D goal it's feasible that we would have 500 unaccredited investors in addition to total assets in excess of $10 million.

This would prevent us from using an exemption from registration, instead requiring us to register our security. This would be a massive financial burden on the company.
More information here: https://www.sec.gov/info/smallbus/secg/jobs-act-section-12g-small-business-compliance-guide.htm

[rickC137]

To that point though, we were nearing a little conundrum... Section 12(g) of the Securities Exchange Act of 1934. While the JOBS Act did address the threshold for security registration we currently estimate as many as 400-450 of our investors of the ~500 are unaccredited. If we extended, and reached our Reg D goal it's feasible that we would have 500 unaccredited investors in addition to total assets in excess of $10 million.

This would prevent us from using an exemption from registration, instead requiring us to register our security. This would be a massive financial burden on the company.
More information here: https://www.sec.gov/info/smallbus/secg/jobs-act-section-12g-small-business-compliance-guide.htm

Awesome post.  Thanks for taking the time to write it.

I assume you mean "reached our Reg CF goal" not "reached our Reg D goal".

That is an ugly reality, which is why I assume you are going Reg D 506 next for accredited only.  Then you will take your <500 unaccredited + X accredited and file for an A+?  I assume that the non-accredited investors gained in the A+ do NOT work against the 500 limit?

[PotatoFlakeSTi]

To that point though, we were nearing a little conundrum... Section 12(g) of the Securities Exchange Act of 1934. While the JOBS Act did address the threshold for security registration we currently estimate as many as 400-450 of our investors of the ~500 are unaccredited. If we extended, and reached our Reg D goal it's feasible that we would have 500 unaccredited investors in addition to total assets in excess of $10 million.

This would prevent us from using an exemption from registration, instead requiring us to register our security. This would be a massive financial burden on the company.
More information here: https://www.sec.gov/info/smallbus/secg/jobs-act-section-12g-small-business-compliance-guide.htm

Awesome post.  Thanks for taking the time to write it.

I assume you mean "reached our Reg CF goal" not "reached our Reg D goal".

That is an ugly reality, which is why I assume you are going Reg D 506 next for accredited only.  Then you will take your <500 unaccredited + X accredited and file for an A+?  I assume that the non-accredited investors gained in the A+ do NOT work against the 500 limit?

I was thinking more in terms of fully subscribing a $15m offering after having accrued 500 unaccredited investors. Regulation A+ unaccredited investors would also count toward the limit, but at that point we will be better poised to deal with the potential cost... Or we could limit investments from unaccredited investors so our total continues to stay below 500. Total investors before registration would be required is a combined 2000.

[mpufatzis]

Here is the MedChain's Greek ANN and Bounty Page:

ANN - https://bitcointalk.org/index.php?topic=4489198.0
BOUNTY - https://bitcointalk.org/index.php?topic=4420726.0

[dangtotes]

Medchain already has products and is developing features. DPS patients are built on the MedChain platform being developed for smartphones, tablets and desktops, iOS and Android. This project has potential in the long term.

[Businesscase]

This project giving every patient to have their own medical records in the blockchain community for reference. I think it`s necessary for anyone and the project will be successful in the future.

[active706]

The main specialization of the innovative platform will be the protection of medical services on the Internet. It`s very important to keep information between doctor and patient safety and blockchain technology can easily provide this. I think this project will show itself and I trust in his future.

[TGBgraib]

This project giving every patient to have their own medical records in the blockchain community for reference. I think it`s necessary for anyone and the project will be successful in the future.

MedChain creates a new health ecosystem that allows dApp infrastructure to be safe for storing Health Records. This platform performs Electronic Medical Records encrypted and fragmented across the network to prevent malicious attacks and hacking attempts.

[so_stupid]

the very moment when the project (development) itself is good, but whether a token (crypto currency) is necessary - is a big question that I ask very often myself