Some investors asked some valid questions, and I like to address them on a case by case basis.
Question : The 500m coins they’re holding and dropping in circulation at any given time. Rate of release could devalue.
Answer :
People cant dump Boon Coins because no one will hold more than 6000 worth of boon coins at a time. We have a max cap of 6000 USD.
We can use many other coins in the platform, not just Boon Coin. Anyone can convert any alt coin to ethereum and use it in the platform. we are not dependent on just Boon coins to increase the revenue.
When someone use ethereum in the platform to hire someone, we immediately convert that into Boon dollars. In order to convert ethereum into Boon dollars, its converted into Boon coins and then to Boon dollars.
So always there is demand for boon coins if anyone does an activity in the Boon Tech platform.
500 million coin in supply is for token sale. We dont expect all the investors who hold the coin use this in the platform, some investors hold to gain value.
Basically Boon coin is only one currency used in the platform. But we need boon coin for hedging.
We are going to accept BTC, Zcash and LTC in the platform. Which means people can convert any coins to use in the platform.
Question :
The value of the coin, it’s a free service and then again it’s not. That’s confusing. As a free service, the value is strictly depending on adoption which at this point of course is a tough road ahead and therefore a very long investment.
Answer :
Our platform is not a free service, we have a revenue model.
Only service fees or project fees is free. We have membership fees and bid highlight fees. Thats our revenue model.
A freelancer can use the platform for free but if he want to bid for more projects and bid for projects with higher value, he has to buy the membership.
If a freelancer want to highlight a bid for a project then he has to buy it, just like in Google where you buy ads to put your company result on top of search result.
I think there is a confusion between free service charge and free service fee.
Service fee is free, not all membership.
This is also a recurring revenue, so we dont have to start each month from zero. We will have existing customers each month, just like Amazon prime.
Question : Adoption, how are they going to sway people to join this if crypto is the only way in. The roadmap shows fiat coming mid 2018. Is the roadmap still valid?
Answer : There are two type of people in the crypto community, one is totally against fiat adoption and other who are OK with fiat adoption.
Personally I want to adopt fiat in the platform because it will open up the market.
We already have the technology to adopt fiat in our platform. We use the same technology for hedging.
We will take a vote among the community and decide depending on how community votes. We will truly be decentralized and follow what our community wants.
I think its better for us to adopt fiat deposits in our platform and we immediaely convert into Boon coins.
But the freelancer will always receive the payment in Boon coins and then he can convert it into any other coins he wants to. So we will have value for boon coin all the time.
Question : Need to understand more about how freelance works on other sites. The bidding for example. If I put a job on there, if I get 100 bids, and do this twice, does it mean I have to pay after that? Or do you only pay for each accepted bid?
Answer : if you get 100 bids, you dont pay until you award a project to the freelancer of your choice. Bids just means there are certain number of people interested in your job.
It doesnt means you are paying all the bidders. Entrepreneurs dont pay freelancer once the entrepreneur accepts the job. Only if he is satisfied with the job.
You only pay the vendor once the job is complete. This principle is same for all marketplace pltforms, There is no upfront payment. Only if the work is completed satisfactorily.
Question : This is obviously in relation to the value of the coin. It’s all a bit confusing. Some are having trouble understanding because they have never used this type of service.
Folks are having trouble with 2 main things from what I can see. Mainly the Value, how would it be able to gain value if a constant flow of tokens are going into the ecosystem.
Answer :
Value of token and Price of token is different.
Value of token is not dependant on the number of tokens in supply, but the market cap of the company or business.
Lets take an example of existing two coins.
Edgeless and Santiment.
Both has a market cap of 111Million
But the coin price is different. EDG = 84 cents and SAN = 1.33 Cents.
This is because the number of coins in circulation is more for EDG.
But if an investor hold 1000 USD worth of coins, he get the same value for both EDG as SAN.
But he will hold more tokens for EDG less token for SAN.
Basically the number of tokens in the circulation ONLY alter the price of one token NOT THE VALUE OF THE TOKEN.
Value of the coin is not dependent on the number of token in the supply, but how much market cap we are trying to raise.
We are raising only 20 million for the token sale.
We will be raising the same amount in token sale if the number of tokens in circulation is 500 million or 100 million.
If the total number of tokens is 100 million, the cost of one token is 20 cents
If the total number of tokens is 500 million, the cost of one token is 4 cents.
But in both cases the value of token remains same.
If the number of tokens is 500 million, entrepreneur will have to pay 2500 boon coins for a $100.00 project.
If the number of tokens is 100 million, entrepreneur will have to pay 500 boon coins for a $100.00 project.
But the value of Boon coin remains the same even though the cost is different.
Question:
If those tokens are to be throttled, then again, how would the token gain value with so many in circulation. Is this a case where the main investors would be users of the platform?
Answer:
Coins gain value as the business grow. For example if our revenue grow to 50 million then our coin value will grow from 20 million hardcap to 50 million hardcap. When value of the coin grows, cost of the coin automatically grows.
So each of the coin will grow from the present value of 4 cents to 10 cents. We are not minting any more coins. Total value of Boon coins with the present market cap is 4 cents. So when the business grow the cost of the coin automatically grow.
This should be case for every coin out there. But in the crypto space usually hype factor and anticipation of announcement of partnership etc drives the coin high.
This is true for any project in this space.
Question : Comparison between Coilancer and Blocklancer
Highlights
Patent Pending : Boon has a patent pending for crypto currency volatility in the platform. Which means other two platform cant operate in US market with this technology in their platform. US market is closed for other two platforms.
Hedging against volatility : This is the biggest and most important feature Boon have which is lacking on other two platforms.
Especially for the job marketplace where majority of the jobs are 100 or less hedging against the crypto market fluctuations are mandatory.
Only Boon assumes the market will have a downside as well. Both other platforms assume that ether price will always go up.
But in real world ether can drops from 475 today to 350 tomorrow, all the freelancers agreed to do the job for 475 for an ether will walk away from that job if it drops to 350.
This create an uncertainty for Blocklancer and Coinlancer users.
Boon tech guards against crypto volatility with a patent pending technology
Personally will you use a platform where you dont know how much money you get paid for a job that will take a month to finish or two days even?
Both BlockLancer and Coinlancer are not that different from the fiat based companies. All have service fees, but Boon dont. When Freelancer started they had a 8% service fee, then they increase it to 10, 13% etc.
Same with upwork, its was 10% and then they increase it to 20% now.
Team :
Boon has 60 plus years of software development experience. Team from Oracle IBM, GE and Thomson Reuters.
Advisers:
Boon has VP of IBM, GE, Oracle, Yahoo and CitiBank in their team. Other two projects not nearly has Boons credentials.
Market Cap : Coinlancer has 75 million hardcap which is high. Blocklancer and Boon has hardcap from 15 million depending on how sales turns out.
Lawfirm : Boon has high profile law firm, other two projects lacking in this department.
Enterprise Ethereum Alliance : Boon is a member, other two has not until today which is Nov 26th 2017.
All in all Boon excels in every aspects of other two projects. There is nothing lacking in Boon which other two projects has an advantage.
