There are chances this project can succeed, but its not going to be easy with current approach.
We are slowly but steadily moving from "game of intranet of blockchains" to "internet of blockchains" era which means that how new services are going to be monetized on-chain will dramatically change.
Major issue is that if access to the service is limited in any way through the doggines of the payment process that alone is a huge blocker for inception of any dApp or service type platform that uses blockchain for the settlement.
Here are few examples of apps that have no chances to succeed even if they are delivered:
* those that force people to use particular coins they don't have, don't want to use or are in general not liquid
* those that reward their turk's or nodes with the same illiquid token from previous point
* those that don't require any token for the business to operate while product should be sold to investors as security not utility token.
* other legal issues, that might arise due to nature of business, I would try to avoid term "signal providing" in close proximity to SEC
If on top of that network is not compatible with an interoperable layer with its own side-chain it's a major flag for investors to reconsider unless CAP is low as it clear that future decentralized payment options will come as secondary not first layer solutions and include huge premiums on micropayments + scaling of the product if it succeeds would be extremely hard.
So what I would suggest is
* make legal docs part of publicly available content
* consider to run settlement layer on the side-chain within one of the interoperable blockchain networks
* consider selling a security/equity instead of utility token
* redefine payment and ensure flawless micropayments even if that means they would be centralized
than we might start talking $$$
Kind Regards
first of all, thank you for the comments and suggestions. I'll try to address your points in my answer:
* make legal docs part of publicly available content
We all know that legal has to catch-up with the technology and the enormous amount of innovation in the blockchain sphere.
here is what we can say about legal so far:
We are incorporated in Malta, and they are currently building up a legal framework, which has been published and which will come into force probably around the 1st Nov 2018. Since we've been incorporated, have a working product and users that are testing it (close circle for now), Knoks has a transitory period of 12 months to comply with the regulation for service providers - meaning we have at least 12 months to apply for the proper license.
* consider to run settlement layer on the side-chain within one of the interoperable blockchain networks
Our product will not be dependent on recurring micropayemnts, although we might consider implementing a payment channels solution like raiden - either on ethereum or on any popular chain (ethermint, definitely). But these type of solutions and services have to be implemented after we've developed our core business which is the platform and all its functionality.
* consider selling a security/equity instead of utility token
We have, and decided it is not the right time for that (yet)
* redefine payment and ensure flawless micropayments even if that means they would be centralized
We will ensure the best quality of service for receiving payments with the lowest possible fees but we will keep the user experience a priority.
* those that force people to use particular coins they don't have, don't want to use or are in general not liquid
We won't force anyone to purchase our token if they don't like the product and want to use it. This is why we will have a sign-up bonus, which will provide enough free tokens (to use on the platform on a non-withdrawable base) for new traders to use. The amount is not finalized yet, but it should be enough for around a month of usage. After that, if said trader likes the platform and the value they are getting from it - they will need to purchase coins on the open market.
As for the liquidity - this is more of a consideration for the knosker (the signal providers) that will earn tokens from published knoks.
Since they will earn tokens per (resolved) signal, we don't see a situation where a lot of signals will be resolved at the same day for same knokser. Even if this is the case, a couple of hundred or even thousand $ worth of tokens can be easily sold on the market without affecting the price much.
