BOScoin Crowdfunding FAQ: Frequently Asked Questions
Crowdfunding Overview
- Commencement: May 10th, 2017 (00:00 GMT)
- Conclude: June 20th, 2017 (00:00 GMT)
- BOS tokens for distribution: 276093688.786 (i.e. 6,902.342 BTC)
- Token exchange rate: 40,000 BOS : 1 BTC
- Currency accepted: Only BTC
- Minimum transaction amount: 400 BOS (or 0.01 BTC)
- Maximum transaction amount: 12,000,000 BOS (or 300 BTC)
Crowdfunding Details
1. How do you intend to use the Bitcoin contributions?
Please refer to the Fundraising Plan — https://medium.com/boscoin/ann-fundraiser-plan-16c81edeaa87
2. How many BOScoins tokens are available at the Fundraiser?
In total, 276,093,688.786 BOScoin tokens are on offer.
Any amount raised past this target will be returned to the address it came from, post the conclusion of the BOScoin fundraising event.
The minimum transaction amount is 400 BOS (i.e. 0.01 BTC), and maximum of 12,000,000 BOS (i.e. 300BTC) per account.
3. What happens when the available tokens are not all distributed by the end of the Fundraiser?
In the case where all tokens are not distributed at the end of the Fundraiser, the project will progress as planned. Un-distributed BOScoin tokens will be allocated to the Commons Budget (i.e. the Fundraiser raises 276,093,600, the remaining 88 BOS will be added to the commons account).
4. What is the expected value of BOScoin tokens after the Fundraiser event?
We cannot predict the value in advance — Similar to other currencies, the value is determined by market evaluation.
5. Can anyone participate in the Fundraising event?
Although the BOScoin Fundraising event if open to the general public, individuals are to ensure they are eligible to participate in this in accordance to the legal jurisdiction they reside under.
Crowdfunding Process
1. How do you obtain BOScoin tokens?
Participating the Fundraiser is a donation to the BOS Platform Foundation (BPF). For the donation, the BPF provides tokens which are exchangeable via the BOScoin Crowdfunding Dashboard. You will need to subscribe under “Join Crowdfunding” via the the BOscoin website (https://boscoin.io/member/join/?lang=en).
In the dashboard, you will be able to see the Bitcoin donation address. After the donation is confirmed, BOScoin tokens will show up in the account. This process may take up to 1 hour.
2. How do I purchase Bitcoins?
Initially, you will need to purchase Bitcoins, please see the video: (TOP 5 WAYS TO BUY BITCOIN IN 2017 — https://www.youtube.com/watch?v=lD8rZWhjSk8)
3. What if I send too little (below minimum amount)?
The minimum amount per transaction during the BOScoin Fundraiser is 400BOS (i.e. 0.01BTC). If you happen to make a transaction below this value, the amount of the transaction it will be returned to the address it was from, after the BOScoin Fundraiser has concluded.
4. What happens if I send BTC after the maximum limit is reached?
Our planning of the BOScoin on offer is fixed in accordance to our projected plan. Any amount received thereafter will be returned to the address it came from, after the BOScoin Fundraiser has concluded.
5. How are tokens distributed/allocated?
BOScoin tokens are distributed on a first-come-first-served basis, pending fulfillment of certain conditions, i.e.:
- Minimum transaction amount reached;
- Availability of BOS tokens for distribution.
Please ensure you participate as early as possible in order to not miss out.
6. Can I participate before the Fundraiser?
Unfortunately no. Participation is only available when the Fundraiser opens on 10 May 2017 00:00 GMT. A pre-fundraising event was opened to the general public between November 2016 — January 2017, which raised approximately US $3M, but this has concluded. Below provides a summary of the event:
- Period: 1st November 2016 to 31th of January 2017
- Participants: 519
- BOScoin tokens distributed: 133,906,311.214 BOS
- Equivalent BTC raised: 2,815.43 BTC
7. How do I view how many BOScoin tokens I receive?
During the BOScoin Fundraiser event, you may view how much BOScoin tokens are allocated to you via the BOScoin Crowdfunding Dashboard.
8. Are there any other ways to get BOScoin tokens without donating BTC?
Yes, by participating in our Bounty Program, you may be eligible for BOScoins tokens. More information is available via the link: https://medium.com/boscoin/boscoin-bounty-program-df301bc9899c
Purchasing Troubleshoot
1. How do I keep my account safe?
You will be provided a private and public key. It is important not to lose these keys as they are your wallet address (without these, you will not be able to make or receive cryptocurrency transactions) — Please ensure you do not share the private key with anyone otherwise they will have access to your tokens!
2. What happens if I mistakenly send tokens to the wrong address?
Sending tokens to the wrong address is irreversible. Please double check the transaction address before sending the funds. The BOS Platform Foundation is not responsible for lost tokens.
3. How do I get a refund on my contribution?
Unless the transaction does not meet the minimum transaction amount, there will not be any refunding process. However, once the Genesis Block is achieved, the equivalent BOScoin tokens allocated to your account will be available for you to use as your please (in accordance to the confines of the BOScoin Platform and exchanges that trade BOScoin tokens).
4. Why is my transaction ‘pending’?
Bitcoin transactions need to be confirmed by miners. It can take between 10 minutes to 1 hour for a transaction to be confirmed. Once confirmed, your BOScoin Crowdfunding Dashboard will be updated to reflect this.
5. I sent Bitcoins to the BOScoin address, but I still have 0 BOScoin tokens in my wallet — HELP!
Bitcoin transactions can take from 10 minutes to an hour to be confirmed; Once processed, you should be able to see the BOScoin tokens via the BOScoin Crowdfunding Dashboard once the transaction has been confirmed via the system.
6. If I lose my BOScoin Crowdfunding Dashboard password, does that mean I lose all my BOScoin tokens?
No, you can recover your password, by using the “Lost Password” option at the Join Crowdfunding Screen, or via the link https://boscoin.io/member/lostpassword/?lang=en
BOScoin Tokens
1. When and what is the Genesis Block?
The Genesis Block is planned for October of 2017. This milestone aims to have a wallet available for BOScoin token holders to be able to trade the tokens between each other.
2. Which exchanges will the BOS Platform be available on?
We are currently working to get onto exchanges. An announcement will be made to the public when the BOScoin Platform is listed on exchanges. — Please ensure you are subscribed to our newsletter to ensure you do not miss out on important information (https://upscri.be/a6e728).
3. When is the BOScoin wallet being released?
The BOScoin wallet will be release with the Genesis Block (planned for this October).
4. Will more information on the wallet be available?
Instructions to create a BOScoin wallet will be sent to fundraiser participants (and bounty program applicants) via email. Please ensure you can access your email. Your email will be crucial in receiving the BOScoin tokens from the Genesis Block as this is the only information we have on the account holder.
5. Can I trade BOScoin tokens?
BOScoin tokens will be available to trade once the Genesis Block has been achieved; whereby the BOScoin tokens in your account will be available to use as you please (in accordance to the confines of the BOScoin Platform and exchanges that trade BOScoin tokens).
BOScoin Platform
1. Can I run a node after the Fundraiser?
The BOS Platform will be release with the Genesis Block (planned for this October*) after which you may join the BOS Platform and run a node after its release — conditions on running a node are available on via the white paper (https://boscoin.io/wp-content/themes/boscoin/src/pdf/BOScoinWhitePaper.pdf).
2. Can I vote on proposals after the Fundraiser?
The BOS Platform will be release with the Genesis Block (planned for this October*), if you fulfill the requirements to vote, you may vote when voting occurs. More information on the voting process is available via our white paper (https://boscoin.io/wp-content/themes/boscoin/src/pdf/BOScoinWhitePaper.pdf).
3. Can you mine for BOScoins?
No, although there are BOScoin blockchain node operators, however the BOScoin platform is based on Proof-of-Stake (POS) and does not require nodes to mine. Users who run BOScoin blockchain nodes will receive freezing and confirmation rewards.
General Questions
1. How many BOScoin tokens will be in circulation at the Genesis Block?
There will be 500,000,000 BOScoin tokens in circulation on the BOS Platform at achievement of the Genesis Block. The token profile will be:
Fundraising events:
- Preliminary Fundraiser: 133,906,311
- Fundraiser Event: 276,093,688
Distributed (Stake):
- Foundation: 40,000,000
- Members: 40,000,000
- Bounty: 10,000,000
Additional information regarding the distributed stake:
- Foundation: The Foundation will use the set number of tokens to sustain a stake in the ecosystem and carry out the purpose of the foundation.
- Members: Members who participated in the development of the BOS Platform receive a share of BOScoin tokens.
- Bounty: Users who participated in the bounty program are rewarded BOScoin tokens.
2. Who are the parties involved with the BOS Platform?
BOS Platform Foundation: A non-profit Swiss foundation conducting the fundraiser and the entity in contract with agencies like BlockchainOS Inc. in order to develop and promote the BOS Platform.
BlockchainOS Inc.: A for-profit company based in South Korea contracted to build the BOS Platform.
3. What is a BOScoin / BOScoin Token?
BOScoins or BOScoin Tokens are the internal currency within the BOS Platform. Eligible participants in the Fundraiser will receive BOScoin tokens. The token may be abbreviated to BOS.
4. What is the current plan for the BOscoin Platform in terms of delivery?
- M0 Demo Day [May 2nd, 2017]: Trust Contracts Concept
- Fundraiser [May 10th, 2017]: Fundraising event commence (until 20 June 2017 00:00 GMT or until all allocated tokens have been distributed)
- M1 Alpha [July, 2017]: FBA + Trust Contract & Inference Engine based remittances (No incentive system)
- M2 Genesis [October, 2017]: Simple Trust Contracts with Inference Engine & Blockchain Explorer (with incentive system)
- M3 Nebula: Proposals and Voting Ontology development and application
- M4 Sirius: Self-evolving chain and SPV Mobile Wallets
(More information is available via the link: [INSERT LINK TO MILESTONES]
5. Where is BOS Platform Foundation headquartered?
The BOS Platform Foundation is headquartered in Switzerland. More information is available via the link: https://medium.com/boscoin/bos-platform-foundation-is-officially-registered-in-switzerland-2e36d512da24
6. What is an escrow and does the Fundraising event have an escrow?
Escrows are neutral third party/parties who hold and regulates transaction of funds between two parties. This Fundraiser does not have an escrow.
