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Author Topic: [ANN][ICO] IdeaFeX --- Marketplace for Tokenized Real-World Assets [Q&A]  (Read 2394 times)
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March 23, 2019, 06:37:19 PM
Last edit: June 23, 2019, 07:54:23 AM by IdeaFex_Support
 #1

New on 23 June 2019:

IdeaFeX is upgrading the crowdsale format+ adding new incentive structures.



New crowdsale format

We will shift our token sale with ETH to a smart-contract-based format that does not require user registration. We will continue to offer EUR, BTC, BCH, LTC, XLM, and XRP purchase options on our website. Nevertheless, you will receive your IFX immediately after the confirmation of your purchase.

Originally, we proposed registration and KYC requirements, because these are needed for operating an exchange. If you are only interested in purchasing the tokens, the official stance of the regulators is that KYC is recommended. Hence, we will keep KYC requirements only for EUR purchases. Please keep in mind that we nevertheless are vehemently against money laundering. Our tokens will be listed only on reputable exchanges where KYC will likely be enforced. We reluctantly remove KYC because with smart contract we cannot fully enforce KYC.

This change requires us to modify the pricing structure of IFX slightly, because we will need to denominate IFX in ETH. We have decided to price IFX at 1 ETH = 2000 IFX. The bonus structure is updated to:


  • 0 ~ 20% sold: 40% bonus
  • 20% ~ 40% sold: 30% bonus
  • 40% ~ 60% sold: 20% bonus
  • 60% ~ 80% sold: 10% bonus
  • 80% ~ 100% sold: 0 bonus

That is to say, 1 ETH will get you 2800 IFX if you purchase before 20% of IFX is sold.

Since the goal of this update is to improve the transparency of our crowdsale, we will publish the smart contract on GitHub.




New Incentive Structure

IdeaFeX and IFX will be a success only if we have a large community. To incentivize community growth, we have decided to reward all Confirmed User Registration, KYC Confirmation, and Referral:

Registration: Every user who registers at https://ico.ideafex.com and confirm his/her email address will be credited 50 IFX on their account.

KYC: Every user who passes KYC after registration will further be credited 50 IFX.

Referral: Each time a user passes KYC, his / her REFERRER will be credited 50 IFX. There is no limit to the amount that a referrer can earn. All other elements of the referral award listed in our Token White Paper remain unchanged: the referrer can continue to earn awards after our service launches.

The award tokens are recorded in our database. These tokens come from our community fund, independent of the crowdsale. Withdrawal requests will open in July. The token count will add added in our next server update. However, all actions since the opening of our registration are valid.

Withdrawals will be free if you have at least 1000 IFX on your balance.

All winners of our Airdrop Competition will receive their tokens in the beginning of July. To be able to receive the tokens, please register your ETH address at https://ico.ideafex.com and go to Purchase => Purchase with ETH => register your ETH wallet. This way, we will record your wallet. Purchase is not required.




What is IdeaFeX?

IdeaFeX combines e-commerce-like experience and blockchain solutions for financing and investment. We present an easily-navigable marketplace that supports new classes of real-world assets, notably exotic assets and product futures, much of which have so far been illiquid and/or indivisible. Examples of these assets include business assets, commercial real estate, infrastructure, collectibles, inventory, and valuable goods, etc. Currently, inefficient processes, unnecessary restrictions, and misaligned interests plague financing and investment. Access–cost–flexibility and access–returns–stability are two notable sets of tradeoffs where existing alternatives continually disappoint fundraisers and investors. Combining marketplace format, auction method, and exchange support, IdeaFeX offers transformational combinations of high access, low cost, high flexibility, and high liquidity to new asset classes that can quickly grow into a trillion-dollar market.

To know more about our project, please visit https://www.ideafex.com. Our Token White Paper is also available there: https://www.ideafex.com/docs/IdeaFeX_twp_v1.1.1.pdf.



IdeaFeX Token (IFX)

A vibrant user community is essential in achieving our goal. Therefore, we have designed the IdeaFeX Token (IFX) with five functional features that benefit our user community and drives active use:

1.   Discount: Using IFX to pay fees allows users to receive discounts. This discount applies to both fundraisers and investors, in both primary and secondary markets.
2.   Referral award: After a new user registers as an investor with the unique referral code, each time s/he uses IFX to pay fees the original referrer receives an award.
3.   Staking: Fundraisers can stake IFX for their asset listings. When other criteria have been exhausted, staking will improve search ranking.
4.   Fundraising bonus: Additional discount to fees apply when the fundraiser accepts IFX exclusively in their financing.
5.   Token burn: We systematically reduce the total supply of IFX by burning at least 10% of the tokens that we collect through fee payments.

To our initial token sale, we allocate 40% of the total supply of IFX. Another 30% is put aside for potential future token sales (to be approved by community vote). For community-building, including local IdeaFeX communities, we allocate 15% of the tokens. The team reserves 15% of the tokens, which cannot be sold within the first three years.




Referral Offer

The IdeaFeX Token has the referral award function that incentivizes the referral of new active users. After the new user registers with the unique referral code, each time they pay fees using IFX the referrer receives 20% of the IFX collected. Referral award has no expiration date, though it works only with direct referral.

During our ICO, for each new user that purchases more than 100 EUR worth of IFX, the referrer receives 10 IFX credited directly to his/her account after ICO.

Because the accounts of the referred users will be carried over from our ICO to our launch, starting early in building a large pool of referred users is the best strategy for earning referral awards continuously into the future.



How to participate?

Simply register at https://ico.ideafex.com and retrieve your unique referral code. Please beware that basic level of account verification is necessary to claim the awards, which will be unfrozen after the conclusion of our ICO.



Competition Offer

IdeaFeX invites enthusiasts to spread the word about our project via social media engagements. By performing these actions, each participant earns “entry points”. Every day, three winners will be randomly selected based on entry points, and each will be awarded 2,000 IFX (IdeaFeX Token). Thus, by earning more points, you can maximize your chance of winning. You can also invite friends to participate; each time a friend enters, you earn an additional entry point.


How to participate?

We are using a special tool that tracks your participation. The tool can be found on https://www.ideafex.com/ifx#competition, and links to it will be shared among our social media channels. To enter, simply follow the instructions.

Please beware that to registration at https://ico.ideafex.com with basic level of account verification is necessary to claim the winnings, which will be available after the conclusion of our ICO.

Three winners will be selected randomly everyday. They will be announced across our social media channels: Facebook, Twitter, Telegram, and BitcoinTalk. Winners will also be included in a public spreadsheet viewable and verifiable by the public. At the conclusion of our ICO, winnings will be credited directly to the winners' accounts in one go (multiple wins across several stages of the competition is possible).




Public Review Offer

IdeaFeX invites the public to contribute objective reviews of our project. These reviews can be published in a range of formats, including videos, articles, blogs, posts on forums, and posts on review sites (such as ICO Bench), etc.

High quality reviews will be awarded with IFX (IdeaFeX Token): 10,000 IFX for first prize, 5,000 IFX for second prize, and 2,000 IFX for third prize. There is no limit to the number of reviews that can be awarded each prize. We plan to cap the winners to 3%, 7%, and 15% of all valid entries, though we reserve the right to adjust the percentages to ensure high quality entries are awarded while spamming is not. Criteria for quality assessment include but are not limited to:

•   Understanding of our project
•   Accuracy of presentation
•   Quality of writing

Reviewers are also encouraged to combine his/her reviews with Referral program entries where appropriate (e.g. it would be inappropriate on public forums and review sites but perfectly legitimate on videos, articles, and blogs that you manage).



How to participate?

Reviewers are encouraged to share the links to his/her reviews by replying to this thread as well as our Reddit thread, https://www.reddit.com/r/ideafex/comments/bt5hek/ideafex_referral_registration/, in order to be assessed for review prizes.



Signature Campaign

We also invite forum members to our Signature Campaign that focuses on our Referral and Competition offers.

By wearing this signature, you can participate in our Referral and Competition programs easily. We do not have further requirements on your activity on this forum. You will be able to boost your earnings in these programs easily.



How to participate?

You are welcome to create your own signature with your own referral codes.



FAQ


What is IdeaFeX?
IdeaFeX unlocks potentials in information technologies and blockchain solutions for financing and investment. We present an easily-navigable marketplace that supports new classes of real-world assets, notably exotic assets and product futures, much of which have been illiquid and/or indivisible. Our unique auction method together with our innovative adoption of distributed ledger technology empowers fundraisers and investors with efficiency and robustness hitherto unseen.


Why are we building IdeaFeX?
Currently, inefficient processes, unnecessary restrictions, and misaligned interests plague financing and investment. Combining marketplace format, auction method, and exchange support, IdeaFeX offers transformational combinations of high access, low cost, high flexibility, and high liquidity to new asset classes that can quickly grow into a trillion-dollar market. We identify openness, easy navigation, efficiency, and robustness as our unique selling propositions.


How do we prevent scams?
Our marketplace is fully compliant with all pertinent asset trading, payment, and exchange regulations. This means all users, including fundraisers, pass KYC (Know Your Customer) background checks. Moreover, for exotic assets a qualified custodian (such as a bank) will be named by the fundraiser, while for product futures and traditional securities external audit is required.


Why are we using blockchain? Is it really needed for a centralized platform?
With blockchain tokenization, we keep the separation between our marketplace and investments made against listed assets. The fundamental ownership and cash flow of these investments will be tenable independent of our marketplace, thus providing extra robustness. Moreover, it makes listing, trading, and exchange much more cost-effective. Therefore, even though blockchain is not necessary for a centralized platform, it makes the most important records of the investments decentralized.


Who can list an asset on IdeaFeX?
Anyone, individuals or companies, can use IdeaFeX to list tokenized assets, so long as they pass KYC (Know Your Customer) background checks and produces audit reports from qualified external parties or certified custodians.


Why do we collect your personal information, and how will we use it?
IdeaFeX is serving in a regulated industry and is required to comply with KYC (Know Your Customer) procedures that prevent terrorist financing, money laundering, and other criminal activities. We are committed to the protection of your personal information and will never sell or exploit your personal information, including usage preferences, for financing gains.


For more informatino, you can always find us on

Twitter https://twitter.com/ideafex_com
Facebook https://www.facebook.com/ideafex
Telegram https://t.me/ideafexgroup



We would love to hear your comments and questions on IdeaFex!

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March 23, 2019, 11:01:06 PM
 #2

Are you going to do token sale? Huh
Sorry it is not clear from me from what you have posted.
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March 24, 2019, 10:15:23 AM
Last edit: March 25, 2019, 06:06:17 AM by IdeaFex_Support
 #3

Are you going to do token sale? Huh
Sorry it is not clear from me from what you have posted.

Hello!

We are preparing our company to token sale. We hope everything will be arranged to start in May.
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March 25, 2019, 06:11:12 AM
Last edit: March 25, 2019, 06:22:09 AM by IdeaFex_Support
 #4

Another question in the FAQ:

What is a tokenized asset?
Strictly speaking, representing an asset as a token on a distributed ledger equates to creating a title of ownership that, instead of being a paper with a signature, is instantiated as a smart contract on a distributed ledger. In effect, the token is a contract between the holder and the custodian of the asset, and it needs to have legal ground to be enforced.

From the point of view of asset managers, a tokenized asset is a virtual object that acts as a share in an underlying physical asset. On IdeaFeX, these tokenized assets are always fulfillable, physically delivered or otherwise. One can also consider the token as an investment instrument that is backed by physical wealth. For example, a copper mine can be tokenized, and the resulting tokens are shares of ownership in the copper mine. In comparison, most currencies of the world today are not backed by physical ownership of any underlying physical asset. For example, one cannot exchange a euro or dollar for a fixed amount of gold as it used to be the case.

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March 25, 2019, 10:11:12 PM
 #5

How can I be sure you are not scam?
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March 26, 2019, 08:57:40 AM
Last edit: April 02, 2019, 09:46:57 AM by IdeaFex_Support
 #6

How can I be sure you are not scam?

Four points:

  • We're a legitimate company from France, not some islands.
  • Our team members listed on our website are real people.
  • We have already sent our Token White Paper to the regulatory authority. [Erratum]Our ICO will be whitelisted before it begins.
     We have just met with AMF (the French regulators) yesterday. It appears that the "whitelisting" option will only become available towards the end of 2019, due to the fact that the law (PACTE) which prescribes for this being delayed in the senate.[/Erratum]
  • Moreover, we'll release a demo before our ICO begins, and we plan to launch our marketplace later this year.

We know that 90% of the ICOs / STOs today are scams. The clue should be that those projects are very unlikely to be profitable at all by reading into their white papers.

In contrast, our project can be very profitable. We just want to source starting funds & build the user community at the same time using the ICO format.



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March 27, 2019, 02:25:28 PM
 #7

If we are a startup,How we can tokenize our assets?Are you going to tokenize them?Who will value them?What about jurisdictions?

Thanks for the question. Let's run them one by one:

Quote
How can we tokenize our assets?

For a startup, a range of assets can be tokenized: business assets (exotic asset), valuable goods (product future), and shares and bonds (traditional securities). The details can be somewhat different.

  • The most interesting is perhaps business assets. Suppose you're a startup that needs assets to run a business, perhaps in the form of a factory or a fleet of rental cars. Instead of obtaining a loan or equity-backed investment, you can tokenize these assets before they're purchased. Your custodian will ensure that the funds are not misused; and part of the cash flow generated by these assets will go to reward your investors.
  • Another interesting option is if you have a valuable goods, such as fine wine or deep tech products. You can tokenize them and allow buyers to purchase them before they are physically available. This shares many qualities of commodity futures.
  • With securities, it's simply an STO.


Quote
Are you going to tokenize them?

No. We're a marketplace, which you can consider an intermediary. You as the startup is ultimately tokenizing your assets.


Quote
Who will value them?

In short, the market will value them. We introduce a unique auction method. This allows optimal valuation. Details can be found in our White Paper.


Quote
What about jurisdictions?

Assets that are not securities can be purchased freely by investors. Assets that are securities, on the other hand, are somewhat more restrictive. As we are inside the EEA (European Economic Area), European passporting allows more freedom. However, the same cannot be said about e.g. USA. For this reason, we will have to roll out our global support gradually.

Please understand that we're launching a compliant marketplace. Our compliance work doesn't stop at running our own ICO --- we need to ensure that all assets types that we support on our marketplace are compliant to the groups of users that we open them to.
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March 27, 2019, 03:46:37 PM
 #8

The idea of the project seems to me new and promising , but I have a question , if the team does not raise money on their token sales , what will happen to the money of investors ?

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March 27, 2019, 03:55:23 PM
 #9

The idea of the project seems to me new and promising , but I have a question , if the team does not raise money on their token sales , what will happen to the money of investors ?

maybe they will refund all the investment that they collect during the token sales
when will the team share the info about the token sales?
like how many tokens that are sold during the ICO? How much the minimum and maximum money that they wanted to collect during the ICO?

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March 27, 2019, 09:46:05 PM
 #10

Where is your company registered?

Hi, the company is registered in France.
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March 27, 2019, 09:59:07 PM
 #11

The idea of the project seems to me new and promising , but I have a question , if the team does not raise money on their token sales , what will happen to the money of investors ?


Thanks for your question,

What do you mean by 'not raise money' and 'money of investors'? Is it the case where we don't raise much money?

Our marketplace will launch later this year. We will continue to sell our tokens on our own market once it launches.

It's important to distinguish us from some non-profit or open-source projects, where the business model is different. In those cases, a large community is necessary for the tokens to function, and the viability of the project depends on the functioning of the token.

In our case, the token is a way for us to build our community while raising funds at the same time, mostly for marketing. Only when we raise very little money (<1/4 million) will it be "not enough". We'll then raise funds from alternative sources. In any case, because we will continue to sell the tokens after we launch, we don't plan on returning investors' funds. Our token has very functions that, we believe, can help boost our marketplace after launch (while giving benefits to users continually). There's no plan to abandon it.
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March 27, 2019, 10:19:24 PM
 #12

The idea of the project seems to me new and promising , but I have a question , if the team does not raise money on their token sales , what will happen to the money of investors ?

maybe they will refund all the investment that they collect during the token sales
when will the team share the info about the token sales?
like how many tokens that are sold during the ICO? How much the minimum and maximum money that they wanted to collect during the ICO?

Hi,

Part of the information about the token sales is already available insider the Token White Paper, in the Token Supply and Issuance section.

Some recaps:

  • We'll put 40% of the tokens for the ICO.
  • Unsold tokens from the ICO will go for sale on our own marketplace one it launches.
  • They will be priced starting from 0.1 EUR. With 0.01 EUR increments after each 10% is sold. Thus, if all the tokens are sold in the ICO, the maximum amount will be 58 million EUR.
  • We don't have a soft cap. In our answer to the previous question, we addressed the case where very little money is raised in the initial token sale.

We have submitted our Token White Paper to the authorities for white-listing. Once we get their green light, we will announce the dates of our ICO.
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March 28, 2019, 03:27:09 AM
 #13

Where is your company registered?

Hi, the company is registered in France.

Do you have offcial registration address?


In the footer of our website is the address.

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March 28, 2019, 10:58:43 AM
 #14

The project looks promising but how can startups tokenize themselves and what are the token types you are going to support?


Thanks for your questions. Let's address the two one by one.


Quote
How can startups tokenize themselves?


Legally speaking, startups (and indeed other persons or organizations, including mature companies, that raise funds on IdeaFeX) are tokenizing their assets themselves. Nevertheless, it's not an effort for which the fundraiser is solely responsible:

  • For physical assets (e.g. exotic assets), an external custodian is usually required.
  • External audit may also be required, particularly when no custodian is involved.
  • We will help the fundraisers with the technical issues of tokenization and cash flow.

You see, while fundraisers are the ones ultimately issuing tokens, they aren't the only ones involved.


Quote
What are the token types?


We support three main token types: Exotic Assets, Product Futures, and Traditional Securities.

For an illustration, please see our one-pager (unfortunately, this account is new and we cannot post images for the moment): https://www.ideafex.com/docs/IdeaFeX_op_v1.pdf.

For further details, we encourage you to read our Token White Paper.
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March 28, 2019, 11:45:22 PM
 #15

You have a well-written whitepaper and a detailed technical discussion about your token utility value.
One way to present that you have a well-thought-out project.
However, owed to the reputation of most failed ICO projects, it is very hard now to raise funds via this method.
Is there another option for you to acquire funds other than holding your ICO?
 

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March 29, 2019, 07:27:49 AM
 #16

What are you going to tokenize on your platform?


Hi,

We're open to several general classes of assets. They're referred to as Exotic Assets, Product Futures, and Traditional Securities.

In our Token White Paper, you can see that we currently identify the following assets:

  • Exotic Assets: Collectibles, Business Assets, Infrastructure, Real Estate
  • Product Futures: Inventory, Valuable Goods
  • Traditional Securities: Shares, Bonds

For more details, please refer to the Features Deep Dive section of the white paper.
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March 29, 2019, 07:35:16 AM
 #17

You have a well-written whitepaper and a detailed technical discussion about your token utility value.
One way to present that you have a well-thought-out project.
However, owed to the reputation of most failed ICO projects, it is very hard now to raise funds via this method.
Is there another option for you to acquire funds other than holding your ICO?
 


Thanks for you comment.

Yes, alternative financing options are available. However, we must acknowledge that another (side) effect of "the reputation of most failed ICO projects" is that it is also harder than before to raise funds without pursuing an ICO if you are working on blockchain-related projects.

At the same time, while an ICO is much more difficult to organize than before and the results are much more lackluster, we can circulate a token (IdeaFeX Token, IFX in this case) that can bring some additional features to our service. We think that this token can help us drive volume and thereby activity on our platform after launch.

With these in mind, we plan on holding our ICO right when we have a demo launched.
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March 29, 2019, 07:42:49 AM
 #18

What kind of auction method you are going to use?


Hi,

It's essentially an evolution of Dutch Auction and more specifically what's called OpenIPO (the best known example of which is Google's IPO).

The most important modification is that, like bidding on eBay, the investor can now increase his/her bid.

For more details, I encourage you to read the Features Deep Dive section of the Token White Paper.

Thanks
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April 01, 2019, 09:37:57 AM
 #19

Hello, when have your company was founded?


Hi,

We started working on this project in January 2018, though we only registered the company this year in France. This is because before we generate income or receive external funding registration is not essential.
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April 01, 2019, 09:45:40 AM
 #20


hi, will we get any rewards for holding tokens?

Hi,

No ==> IFX is a "utility" token. There is no "use" in just holding it. Instead, a holder can:

  • Use IFX to pay fees on the IdeaFeX marketplace and receive discounts in fees;
  • Stake IFX when you list an asset and boost your search ranking;
  • Refer others to actively use the IdeaFeX marketplace and IFX, and receive referral awards; and
  • Accept IFX when you list an asset and receive further discounts in fees.


At IdeaFeX, we are building a legitimate marketplace for real-world assets. Tokens are designed specifically to encourage usage. IFX is not a payment instrument or "money". There's no "interest" or "APR" for holding.

Nevertheless, in order to give token holders the confidence, we have a "Token Burn" feature to gradually reduce the total supply. To know more, please read our Token White Paper (section The IdeaFeX Token --- Token Features) carefully: https://www.ideafex.com/docs/IdeaFeX_twp_v1.1.pdf
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