Outdated announcement

[dordanut]

How is your cryptocurrency different from many others?

Can your project be implemented on any other blockchain?

SavAct is a unique cryptocurrency aimed at ensuring the safety of online purchases.

Thanks SavAct we can get rid of fraudulent online stores

At the moment I do not understand how SavAct will distinguish fraudulent online stores from honest ones.

Does the online store immediately receive payment about the buyer?

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[macmac49]

Are you planning to do an IEO or the traditional ICO? I would recommend you to go for IEO's on trusted exchanges, it's very difficult to get investors if you went to the ICO route. Most investors don't see the assurance that they get from ICO compared to IEO.

IEO is now in trend, but having paid $ 300,000 for IEO, the exchange does not guarantee that you will sell all tokens

[SavAct]

As I understand it, your first product was SavAct wallet.

Now your developers have come up with the idea of creating an entire ecosystem that stimulates safe online shopping.

We submitted our first patent way before the distribution of the SavAct app. Thus, our plans with the “ecosystem” were made from the very start.

[SavAct]

After you sold goods and shipped them to the customer, the customer can just destroy your funds with no reason or control at all (very bad for an anonymized market). As a seller you just have to trust the buyer. Savact worte in their PoC that this literally wont happen often, but derived that conclusion from an absolutely unrelated dataset using ebay customers , which is worthless.

Please argue reasonably. The logical derivation in the PoC has been described in detail, see pages 5 to 6. Please read this passage carefully and check out what you didn't understand about it instead of simply dismissing something as being “worthless”.
There are many logical reasons why the rate of punishments should be even lower, see for example page 10. We always considered the worst assumptions for SavAct in the calculations. Even then, SavAct saves the sellers a lot of money.
Regarding your concerns, please have a look at this chart from the PoC:
Table 3 - Fraud possibilities in comparison if no agreement can be found. Successful fraud is marked using red underlined font.
When using direct payments with cryptocurrencies there is a high risk that the seller does not deliver the goods. After all, the seller already got his payment. When using SavAct however, neither party benefits from scam. The risk of the seller won’t be exactly 0% anymore, but still very close to it and because of the increased trust, the seller would be able to increase his sales figures over his competition.
If you ever paid with cryptocurrencies before, and did not receive your purchase, you would definitely appreciate having SavAct as an option.

[SavAct]

Apparently they already had an ICO, which I can only guess failed because they are not revealing any numbers. Smelly fishy, so its a no for me, DYOR

We wished back then to start our presale very early. But at the time we had not done a lot of marketing yet and thus had no large audience. Because of that we decided to move the presale to another date.
And now we wish to build an audience and spread the word before we announce an exact date for the presale.
For this reason we updated our documents and added more easy to understand details, submitted another patent, published a study that acts as the proof of concept and are now continuing our publishing of SavAct.

[SavAct]

That is, SavAct will become an intermediary between all online stores and customers?

You want to make online shopping safe and that’s a great idea

SavAct works without the involvement of a third party. So you still keep all the benefits of cryptocurrencies while making e.q. fake shops not worthwhile.

Your project is interesting, but I do not understand how SavAct will feature the real Internet - shops from fake when I  onlin-shopping.

Legitimate online shops that allow payments with SavAct offer the buyer a high degree of trust and security. After all, if they do not deliver their product the buyer could invalidate their payment.
Fake online shops that allow payments with SavAct can be denied their payment by simply invalidating the transaction due to scam.
If you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

[traxer112]

Are you planning to do an IEO or the traditional ICO? I would recommend you to go for IEO's on trusted exchanges, it's very difficult to get investors if you went to the ICO route. Most investors don't see the assurance that they get from ICO compared to IEO.

From the WP it is not stated clearly but I guess it is ICO, though IEO are good but somehow ICO are still operational it just needs boost on marketing. IEO is a good choice this time as it is trend it might get some good investors too but the team should pick the exchange that has big volumes or prefer the centralize one.

I think that the SavAct team should have a large budget for the investment round.

It takes a huge budget to organize IEO

[SavAct]

That is, SavAct will become an intermediary between all online stores and customers?

You want to make online shopping safe and that’s a great idea

SavAct works without the involvement of a third party. So you still keep all the benefits of cryptocurrencies while making e.q. fake shops not worthwhile.

Your project is interesting, but I do not understand how SavAct will feature the real Internet - shops from fake when I  onlin-shopping.

SavAct is a cryptocurrency that enables bought services, goods, voting results etc. to be delivered within an optional time limit. A transaction, recorded in the blockchain, may also contain, besides from the recipient’s address, details like product names or a time limit for delivery. If the product does not arrive within the time limit, the payment may be withdrawn before the time limit runs out. Therefore, the vendor is forced to satisfy the customer. Withdrawn payments are not returned to the buyer but instead they are distributed among token owners and miners and additionally support the development of the system. This ensures that customers do not abuse this function for their own benefits, but only make use of it if they feel betrayed by the vendor. Chapter 2 of the White Paper offers a more detailed explanation and gives a few examples.
For independent and decentralized systems, it is natural that one party, either seller or buyer, has to bear a higher risk. The buyer bears it when using current cryptocurrencies as he must hope for the paid product or service to be delivered. SavAct balances this risk among both parties and the Proof of Concept describes that it saves real vendors more money that the established trustee systems.
So if you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

[odoziaku]

Are you planning to do an IEO or the traditional ICO? I would recommend you to go for IEO's on trusted exchanges, it's very difficult to get investors if you went to the ICO route. Most investors don't see the assurance that they get from ICO compared to IEO.

IEO is a waste of money.

If you pay up to $ 100,000 for IEO, you won’t attract the same amount of investment.

IEO on the TOP exchange costs up to $ 5 million

[Hibrabase]

Since whiteweb and darkweb markets are in essence not the same, you cannot simply conclude from one to another. I´m quite surprized you even tried that and build a theory around it, which because of its missing logic is worthless. The „very low“ risk of the seller because of the increased “trust” when using your currency, is just an assumption, sadly not proven in the PoC and disregarding the fact that illegitimate cancellation of transactions would leave the seller with empty hands and thus in disadvantage compared to escrow services. I guess that lack of reasoning may be one of the causes you missed out on your ICO in the first place.

[devod]

That is, SavAct will become an intermediary between all online stores and customers?

You want to make online shopping safe and that’s a great idea

SavAct works without the involvement of a third party. So you still keep all the benefits of cryptocurrencies while making e.q. fake shops not worthwhile.

Your project is interesting, but I do not understand how SavAct will feature the real Internet - shops from fake when I  onlin-shopping.

If you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

See also Q5 and Q8 of our FAQ:
SavAct is a cryptocurrency that enables bought services, goods, voting results etc. to be delivered within an optional time limit. A transaction, recorded in the blockchain, may also contain, besides from the recipient’s address, details like product names or a time limit for delivery. If the product does not arrive within the time limit, the payment may be withdrawn before the time limit runs out. Therefore, the vendor is forced to satisfy the customer. Withdrawn payments are not returned to the buyer but instead they are distributed among token owners and miners and additionally support the development of the system. This ensures that customers do not abuse this function for their own benefits, but only make use of it if they feel betrayed by the vendor. Chapter 2 of the White Paper offers a more detailed explanation and gives a few examples.
For independent and decentralized systems, it is natural that one party, either seller or buyer, has to bear a higher risk. The buyer bears it when using current cryptocurrencies as he must hope for the paid product or service to be delivered. SavAct balances this risk among both parties and the Proof of Concept describes that it saves real vendors more money that the established trustee systems.
So if you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

That is, all online stores that do not accept SavAct cryptocurrency are obviously fraudulent?

[SavActInfo]

Have you already received a patent for your development?

Do you have a license to store digital assets?

We start our business in Singapore because legal implementation is easier there. More information on the legal situation can be found in our legal terms.

I heard cryptocurrencies are banned in Singapore. It's true?

Many projects do not accept investments from citizens of the USA and Singapore

ICOs were banned in China, but not in Singapore. The USA are commonly excluded from ICOs, because they otherwise require fulfilling complex requirements. These are very cost intensive which is why we excluded USA from our sales for the time being.

[Vladkrus]

Are you planning to do an IEO or the traditional ICO? I would recommend you to go for IEO's on trusted exchanges, it's very difficult to get investors if you went to the ICO route. Most investors don't see the assurance that they get from ICO compared to IEO.

IEO is a waste of money.

If you pay up to $ 100,000 for IEO, you won’t attract the same amount of investment.

IEO on the TOP exchange costs up to $ 5 million

If that were the case, but not a single project would conduct IEO.

I think you're wrong. Now IEO is the only way to attract investment in blockchain projects

[hippy86]

Since whiteweb and darkweb markets are in essence not the same, you cannot simply conclude from one to another. I´m quite surprized you even tried that and build a theory around it, which because of its missing logic is worthless. The „very low“ risk of the seller because of the increased “trust” when using your currency, is just an assumption, sadly not proven in the PoC and disregarding the fact that illegitimate cancellation of transactions would leave the seller with empty hands and thus in disadvantage compared to escrow services. I guess that lack of reasoning may be one of the causes you missed out on your ICO in the first place.

It is possible that now SavAct team is finalizing the strategy and ideas of its project.

At the moment, the project needs to be finalized, but the idea is very useful for Internet users.

[vshet78]

Are you planning to do an IEO or the traditional ICO? I would recommend you to go for IEO's on trusted exchanges, it's very difficult to get investors if you went to the ICO route. Most investors don't see the assurance that they get from ICO compared to IEO.

Judging by the information on the site, the SavAct team has not yet decided how exactly they will attract investments.

Most likely they will conduct IEO, because this is now the best way to attract investment

[saimon92]

Have you already received a patent for your development?

Do you have a license to store digital assets?

We start our business in Singapore because legal implementation is easier there. More information on the legal situation can be found in our legal terms.

I heard cryptocurrencies are banned in Singapore. It's true?

Many projects do not accept investments from citizens of the USA and Singapore

ICOs were banned in China, but not in Singapore. The USA are commonly excluded from ICOs, because they otherwise require fulfilling complex requirements. These are very cost intensive which is why we excluded USA from our sales for the time being.

In order to accept investments from US citizens, accreditation is required.

Is this such a difficult process?

Especially since I think you are counting on the US market

[wahyuzein]

That is, SavAct will become an intermediary between all online stores and customers?

You want to make online shopping safe and that’s a great idea

SavAct works without the involvement of a third party. So you still keep all the benefits of cryptocurrencies while making e.q. fake shops not worthwhile.

Your project is interesting, but I do not understand how SavAct will feature the real Internet - shops from fake when I  onlin-shopping.

If you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

See also Q5 and Q8 of our FAQ:
SavAct is a cryptocurrency that enables bought services, goods, voting results etc. to be delivered within an optional time limit. A transaction, recorded in the blockchain, may also contain, besides from the recipient’s address, details like product names or a time limit for delivery. If the product does not arrive within the time limit, the payment may be withdrawn before the time limit runs out. Therefore, the vendor is forced to satisfy the customer. Withdrawn payments are not returned to the buyer but instead they are distributed among token owners and miners and additionally support the development of the system. This ensures that customers do not abuse this function for their own benefits, but only make use of it if they feel betrayed by the vendor. Chapter 2 of the White Paper offers a more detailed explanation and gives a few examples.
For independent and decentralized systems, it is natural that one party, either seller or buyer, has to bear a higher risk. The buyer bears it when using current cryptocurrencies as he must hope for the paid product or service to be delivered. SavAct balances this risk among both parties and the Proof of Concept describes that it saves real vendors more money that the established trustee systems.
So if you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.

That is, all online stores that do not accept SavAct cryptocurrency are obviously fraudulent?

This means that trust in little-known online stores that refused to use SavAct is much less than in online stores that accept SavAct cryptocurrency

[dannycorta]

Are your team planning to participate in blockchain conferences in Asia? I would like to get to know your team more closely and discuss your idea

[Moon2018]

Do you have preliminary agreements with cryptocurrency exchanges about listing your coin?

Do famous blockchain experts support you?

[nima_fk]

Have you already received a patent for your development?

Do you have a license to store digital assets?

We start our business in Singapore because legal implementation is easier there. More information on the legal situation can be found in our legal terms.

I heard cryptocurrencies are banned in Singapore. It's true?

Many projects do not accept investments from citizens of the USA and Singapore

ICOs were banned in China, but not in Singapore. The USA are commonly excluded from ICOs, because they otherwise require fulfilling complex requirements. These are very cost intensive which is why we excluded USA from our sales for the time being.

In order to accept investments from US citizens, accreditation is required.

Is this such a difficult process?

Especially since I think you are counting on the US market

In order to require KYC confirmation from investors, the company must obtain a license to store personal data. This is a long and expensive process.