Dear members of the Coss community, we have compiled an FAQ list for you. This is by no means a finished task; we will add on to it as time goes by. These questions will also be posted on Reddit, and will replace the current FAQ posted there.
These questions are separated into categories :
- General Questions
- Fee Spilt Allocation
- MyEtherWallet
- Deposits/Withdrawals
- KYC
- COSS Fork/COSS upgrade to ERC223
General Questions
What is my trading limit?
There is currently no limits until the new KYC procedures are live.
Is COSS a decentralized exchange?
No, it is not a decentralized exchange.
Why is the website buggy?
Because it is still in beta. We are improving every day.
Where is the COSS team and exchange based out of?
We are located in Singapore.
How are the 200M tokens distributed?
After ICO the ICO holders did a vote on how to organize the tokens as not all tokens got sold in ICO. This is the result. Also known as option B.
- 80,000,000 COSS sold in ICO.
- 50,000,000 COSS reserved for a future funding pool. It will generate revenue shares after the distribution;
- 10,000,000 will be locked for charity — we will donate the revenue shares to the charities chosen by the community;
- 20,000,000 COSS will go to CAP* (COSS Affiliate program). It will generate revenue shares only once distributed;
- 30,000,000 COSS allocated to DEV/Shareholders/Staff/Bounty etc. (including the lockup);
- 10,000,000 COSS will go to Investor Deck presentation SG** (will not generate revenue until distributed).
How does a trading promo work on Coss ?
Companies/Token issuer commits a promo value based on last ICO price (if the promo takes place immediately after ICO) or based on current trading price for existing tokens.
So far we have commitments ranging from $30,000USD to $150,000USD
A typical trading promo might last 30 days, whereby the top 50 traders in terms of volume might split the pool:
- Top 10 splits 30% of the pool
- Next 10 splits 25%
- Next 10 splits 20%
- Next 10 splits 15%
- Next 10 splits 10%
Do note that this is just a typical example and that different promos might have different specific numbers/features.
Fee Split Allocation
What is COSS Fee Split Allocation?
All transaction fees generated in cryptocurrency on the COSS.io exchange and through its payment gateway will go into a 50/50 split with holders of the COSS token, every week.
The more tokens you hold, the more fees you will get.
All non ERC20 tokens ( BTC, BCH, WAVES, ARK, LISK, NEM and LTC ) will be converted into ETH before it’s sent to the DAO.
As a result, your weekly FSA will consist of ETH ( from converted non-ERC20 tokens ) as well as ERC20 tokens.
Where should I save my COSS tokens to get part in the Fee Split Allocation?
To get your portion of the fee split allocation, you need to hold your COSS tokens either on your coss.io account or in MyEtherWallet (MEW). If you use MEW, you would need to do some configuration to receive your FSA. Use this tutorial: https://coss.io/coss-token-based-fee-split-allocation-tutorial
What is the circulating supply at the moment and how many tokens will share Fee Split Allocation?
Approx. 105M.
CoinMarketCap has not updated their data, even though we have already provided them our APIs.
What is the DAO doing? How does the DAO distribute non ERC-20 fees to COSS holders?
The DAO calculates, divides and distributes your weekly FSA. It does not store any cryptocurrency. The coins itself are stored in cold wallets. The values get added to your respective cryptocurrency wallets on coss every week. All non ERC20 tokens ( BTC, BCH, WAVES, ARK, LISK, NEM and LTC ) will be converted into ETH before it’s sent to the DAO.
What is the payout formula?
The formula for determining the weekly payout :
[(Daily Trading Volume) x 7 x 0.002 x 0.5]/93 mil = payout per coin. Multiply this by how many COSS you hold.
Do take note that this is NOT a exact formula, because trading fees vary from trader to trader. The trading fee ranges from 0.04% to 0.2%.
Use Coss Calculator to get a general idea of payouts. Do note that this website is a fan made website and is not officially affiliated with coss.io.
Where do I receive my part of the fee split?
It will be added to your balance for each currency listed on coss.io. In other words, it will be added to each wallet for each currency listed on coss.io.
If you choose to distribute your FSA, you would then have 2 options :
Send it to your wallet for that currency on coss.io
OR
Send it to a wallet of your choice.
When will I receive my part of the fee split?
The snapshot will always be done on the first block that occurs after 4 pm Singapore time on Mondays. Thereafter, the actual distribution usually takes place a few hours after that.
What do I do if I have missing DAO distributions?
The majority of the missing distributions have had their fees credited correctly and the pending distributions cancelled out. This means the remaining DAO balance has the missing amount and you would need to distribute again.
If your missing distribution has not been resolved, send a new support ticket.
MyEtherWallet ( MEW )
How do I add COSS as a custom token in MyEtherWallet?
How to activate token fee split allocation in MyEtherWallet?
Use this tutorial: https://coss.io/coss-token-revenue-share-tutorial
Deposits/Withdrawals
Help! I have made a wrong deposit! What do I do?
Please contact support@coss.io
We would like to seek your understanding that wrong deposits typically take time to rectify. While other exchanges typically ignore or charge hefty fees for correcting wrongful deposits, we provide it out of goodwill.
Why does my transaction(deposit/withdrawal) take so long?
On this topic, COSS puts security above convenience and we hope our users appreciate that. There are multiple transactions in play that a user doesn’t see when depositing and withdrawing as we store all cryptocurrencies offline. So please allow some time for transactions to clear.
We understand this is not ideal for traders looking for an arbitrage opportunity, but we will not compromise security over convenience in this matter. 10–30 minutes on most ERC20 tokens and 1–3 hours for BTC as a general rule (but with exceptions both ways).
Where can I see the status of my withdrawal?
When you do a withdrawal, COSS will send you two emails. The first is just a confirmation about the request being made, the second one contains a link and you will need to confirm the withdrawal. When you confirm the withdrawal the withdrawal process is started.
You can still cancel your withdrawal as long as it’s not confirmed. To see the status of your withdrawal, go to ACCOUNT -> HISTORY -> DEPOSITS & WITHDRAWALS. If the status (type) is showing as “withdrawal (pending user confirmation)” then it hasn’t been confirmed. Find the email and confirm via the link! It can be cancelled from the Action column. If the status is “withdrawal (processed)” then it’s sent from COSS to the network to be processed. In this case, there is a small icon just right of the hash you can press to lookup the transaction.
KYC
What is the approval time for KYC?
Normally within 24 hours. During spikes in applications, KYC approval may take a little longer. We are currently reviewing our FATCA Compliance policies. All U.S. Person KYC submissions may experience significant delays. Users will be updated on our approach to adopting FATCA.
What documents must we submit?
- Documents should be valid( please check the issue date );
- Photos/Scans of both sides of documents should be uploaded;
- Scanned images should be in color and in high resolution (at least 300 dpi);
- Allowed formats: JPG, GIF, PNG, TIFF or PDF;
- File size should be no more than 10 MB;
- Photos/Scans should not be older than 3 months
What if my document is in another language?
You would have to use a translation service. Usually, lawyers are able to provide that service, or you would have to obtain English language versions of your documents from your banks
Can I be registered as a company instead of an individual?
Currently, this is not possible, and we will not accept your KYC application.
COSS Fork/ COSS upgrade to ERC223
What do I do about the COSS token fork?
The ERC20 coss token has been replaced with the new ERC223 coss token on the coss exchange.
If you have coss tokens on the coss exchange then you do not have to do anything.
I still have old tokens, what do I do?
If your tokens are stored on MEW, Ledger or Trezor, you would need to connect to MEW and load all your tokens. Your new ERC223 Coss tokens will then be loaded. Bear in mind, your own coss tokens will still be there, but it is essentially invalid.
Why are there 2 COSS tokens listed in MEW?
The new Coss ERC223 token address is
0x9e96604445ec19ffed9a5e8dd7b50a29c899a10c
Etherscan would not be able to show the new coss tokens until after a tx has been made on the address.
If you did not re-do the identifier after the fork, you will need to do the smart contract identifier again. Please follow this tutorial: https://coss.io/coss-token-based-fee-split-allocation-tutorial
Why do I see suspiciously cheap Coss tokens for sale at decentralised exchanges ( eg, Etherdelta)?
The old invalid tokens are still circulating in decentralised exchanges. We advise users to not buy them. The new Coss ERC223 token address is
About Us : COSS stands for Crypto-One-Stop-Solution and represents a platform, which encompasses all features of a digital economical system based on cryptocurrency. The COSS system consists of a payment gateway / POS, an exchange, a merchant list, market cap rankings, a marketplace, an e-wallet, various coin facilities and a mobile platform. The COSS platform unifies all transactional aspects that are usually managed by means of FIAT money, and offers multiple cryptocurrency-related services in one place. The list of potential features of the platform can be infinitely extended, and will continue growing as the platform evolves.
Join in the community at our various channels :
- Telegram Announcement Channel : https://t.me/COSSchat
- Telegram General Discussion Channel https://t.me/myCOSS
- Facebook : https://www.facebook.com/cosscrypto/
- Twitter : https://twitter.com/cosscrypto?lang=en
- Reddit : https://www.reddit.com/r/CossIO/
- YouTube : https://goo.gl/hd6tBg
