SELF TOKEN FAQ
SELF TOKEN aims to create an immersive entertainment ecosystem through the film The Last Thieves (2019) along with digital asset SELF. This article breaks down common FAQs into three major parts:
I. What is SELF
II. How do you buy SELF
III. SELF’s blockchain & economic theory in layman terms
I. WHAT IS SELF
Q: What is SELF? What can you do with it?
A: SELF is a unique digital asset that will be released in tandem with the film The Last Thieves 2019 to create an immersive entertainment business model that aims to connect virtuality and reality.
To learn more：https://www.youtube.com/watch?v=dtg6rOFmc_Q
In the movie, SELF is a digital asset created by the protagonist. In real life, SELF is developed by our engineers using blockchain technology (similar to eth or bitcoin), where individuals will be able to purchase and hold this token in their crypto wallets. For 100 SELF, individuals can redeem a movie ticket at partnered theaters that play our movie. SELF can also be used in partnered restaurants and bars. Currently, SELF TOKEN has partnered with over 7 restaurants chains and will set up an intermediary platform to ensure that everyone can use their tokens to purchase movie tickets.
＊Questions regarding how to buy SELF please visit [ II. Buying SELF & Related Questions ]
Q: What sets our film The Last Thieves 2019 apart from existing movies?
A: The Last Thieves will be the first blockchain corporate warfare film to be released in Asia. Directed by Taiwan’s new director Jack Hsu, Hong Kong’s famous actor and director Eric Tseng, and Yeh Jufeng, producer of record-breaking Our Times. The film is expected to start shooting October 2018 and will be released Q3 of 2019.
In the movie, our digital asset SELF will play a pivotal role along with its release in real life, allowing viewers to experience a truly immersive experience.
View The Last Thieves concept footage: https://youtu.be/sVZq6c2Z7gE
Q: Why use SELF?
A: Every time you use SELF for recreational purposes, you’re essentially mining rewards. We are able to create this fair and transparent rewards system through blockchain technology. Individuals accumulate points based on each their how much they promote the movie, support the growth of our ecosystem through social media sharing, and/or consume at related restaurants and bars. By rewarding your contributions, we are creating an immersive entertainment ecosystem together.
Q: What’s the difference between SELF, bitcoin, and other altcoins?
A: SELF is not a form of stock or futures, instead, it can be viewed as something that’s more similar to a utility token.
Cryptocurrency can be roughly divided into three categories: payment, utility, and security. SELF is based on the utility type used for real life applications. Compared to some existing cryptocurrencies and altcoins that offer no practical use, SELF’s tech team has developed a business model that ensures the actual use of SELF starting with movies and entertainment.
SELF’s economic model developed by Dr. Lam (Ph.D. in Economics at the University of Chicago) is supported by academic theories allowing us to be more confident in SELF’s real life applications.
Q: What does SELF’s immersive entertainment business model look like?
A: The SELF ecosystem is an immersive entertainment ecosystem that links virtuality to reality. We expect to launch three services: SELF Dapp, SELF Play, SELF Live to better connect reality to the stories in the virtual world. Altogether, we are creating physical spaces that provide immersion, a whole new entertainment experience for the public.
The SELF ecosystem is divided into three phases:
Proof of Concept (POC) is expected to kick off with film The Last Thieves, promote the SELF Dapp, and provide the first experience of using SELF to pay.
Proof of Service (POS) will begin with the launch of SELF Play, allowing the film industry and other partners to experience it first. At the same time, we will be expanding the ecosystem to other areas in Asia.
Proof of Business (POB) aims to have successfully completed all our business plans, expanding the immersive entertainment ecosystem to a global level. This will redefine entertainment as borderless, bridging nations, bridging virtuality and reality.
Q: I want to purchase SELF. How do I get started?
A: First, you must create a crypto wallet. This part is simple and can be completed in 5–7 steps. See online tutorial for detailed steps. You can find the crowdsale timeframe on on our official website.
II. Buying SELF & Related Questions
Q: How do I join the crowdsale? Where can I find details?
A: The time to enter crowdsale is from 9/3 to 10/31. For more details, please see our official website https://selftoken.co.
Q: Will the price of SELF fluctuate?
A: Cryptocurrencies in the secondary market are bound to have fluctuating prices, so it is impossible to guarantee growth in value. However, the SELF team has provided users a chance to participate and shape the entertainment ecosystem so as long as they regularly promote and use SELF. In doing so, the value of SELF should naturally remain stable.
In addition, SELF differs from other digital assets in its inherent practicality. Available for use starting within the movie industry, SELF is expected to become more popular once The Last Thieves is released, with people looking to join SELF’s immersive entertainment ecosystem.
Q: When can SELF be officially used?
A: Beta testing will take place at SELF BAR by the end of 2018. At the latest, SELF will be viable to use to purchase tickets once The Last Thieves comes out in theaters next summer.
Q: What’s the volume of SELF? Is there a limit? How do I buy SELF, and how does the mining reward mechanism work?
A: The first phase will release 200 million SELF. After all the phases, there will be around 1 billion SELF. The method of purchasing is based on the first phase. In the subsequent phases SELF will be released as mining rewards. more information regarding mining mechanisms can be found in our whitepaper.
Q: If the price of SELF skyrockets on exchanges, to what will SELF’s value be based on?
A: Cryptocurrencies in the secondary market are bound to have fluctuating prices. However, with SELF’s “Movie Ticket Vault” design, one site of use will have stable value no matter how much the price of SELF changes, wholly independent from exchanges and other sites of use. When the value goes up, SELF users may go to a restaurant and use very few SELF to eat a big, grand meal; and during times when the market collapses and the value of SELF drops, there is a figurative vault specifically designed for users to take shelter in. No matter how much SELF’s price changes in the market or exchange, we want to make sure that in the movie theater, “the value of SELF will not become zero, nor will it fluctuate.”
Bitcoin payment frequently meets the issue of price fluctuations. Buying one thing today or tomorrow, or even the day after, would require different amounts of Bitcoin because its value fluctuates too much too quickly. And because Bitcoin does not have any gold reserve to fall back on, there is the constant fear of it crashing at any time. This is only further diminishes the willingness of using blockchain as a new means of consuming. With our “Vault” design, as long as you go to the theaters, 100 SELF can be exchanged for a movie ticket. This is a feature designed by the SELF team to ensure the stability of the digital asset for a specific site of consumption. Without this feature, the price of a movie ticket will constantly vary as the of SELF fluctuates at different times, resulting in inconsistent consumer experience.
III. Blockchain Technology and Economic Theory
Q: What is ERC20 / ERC721 / ERC860?
A: Questions related to the technology side can be found within our white paper, but a general summary is as explicated below:
- ERC20: This is the technical standard for all digital assets and cryptocurrency, and will support everyone to use and trade through Ethereum wallets.
- ERC721: This new standard works to allow users to convert their digital assets for a movie ticket. Not only can it create unique ticket vouchers based on unique identification, this standard also simplifies the booking process and can enrich the moviegoing experience.
- ERC860: The technical standard allows the SELFER character cards to evolve, with each TOKEN bound by a hierarchy of different smart contracts, altogether giving a true sense of immersive entertainment. 「ERC860：Custodian-Client Contract Standard」was developed by Jeff, Tina, and their team members, and is one of the few ERC agreements supported by academic papers in the blockchain world. It is a much more flexible and secure agreement than ERC721, enabling developers in Ethereum to do more. The SELF proposal will be the first practical application of ERC860.
Q: What is the economic theory in which SELF TOKEN accumulated scores are based on?
A: The ADVOCATOR SCORE mechanism is based on an economic incentive system developed by Dr. Tom Lam, who received a Ph.D. in Economics in the University of Chicago. This system will allow the value of our digital assets to grow, thus granting participants rewards based on their consumption behavior. This mechanism also boosts all the value of merchants and creators within the ecosystem, making them more accountable through blockchain’s transparent and untamperable ledger. Lastly, the scores would allow participants to freely in the secondary market, creating a global feedback system.
Q: How should interested merchants join the SELF ecosystem? How do we contact SELF to discuss opportunities for collaboration?
A: Please reach us through contact@selftoken.co. A professional will assist you promptly.
