So, who’s looking after my money?
We’re working as hard as we can to build a new gaming experience for everyone. But you probably work pretty hard too, and as a contributor to TriForce Tokens, you’ve got a right to know that your money is as protected as it can be.
The crypto world is largely unregulated. There’s no Financial Services Compensation Scheme. Contributing to a token sale means that 100% of the money you offer is at risk. But there’s a difference between risk and recklessness. After all, there’s risk every time we get out of bed in the morning: it’s just that most of us don’t go skydiving blindfolded.
So, we thought we’d take a moment to look at the ways we’re protecting the money that contributors like you are giving us to build our gaming community — and offer some advice to help you allocate your money wisely to other token opportunities.
Why Identity Verification matters to you as well as us
Just because crypto is an unregulated environment, doesn’t mean we can’t behave in a disciplined way. We’ve put in place exactly the sort of identity verification tools used by banks and other financial institutions to protect all of us.
Before you even contribute, your identity will be confirmed by an independent third party screening provider (Cynopsis Solutions of Singapore). This includes presenting government-authorised ID documents like a passport or drivers’ license. Your documents will be checked across several global government databases, and only people who pass all the checks will be added to the whitelist for investment. Cynopsis have fulfilled this function for many other token sales.
Clearly, this means that we know the identities of all the people who put money into TriForce Tokens, and ensures that we prevent our token sale for being used for money laundering purposes. But how does that protect you?
Well, money launderers are not interested in our success, they are interested in swapping their cash and getting out quickly. So our other contributors — people like you — could find themselves at the mercy of someone who just wants to quit. We don’t want that sort of contributor, and we’re not going to let it happen to us or to you.
Our advice: Never participate in a token sale for a business with no ‘KYC’ (Know Your Customer) identity verification process.
There’s no vault: this is digital
You might not like traditional banks (a lot of what’s going on in the cryptocurrency movement is a reaction against traditional banking!), but you’ve got to admit, they know how to dig a basement vault.
But cryptocurrencies are digital. There is no vault. And as they have increased in value and popularity, the number and inventiveness of cyberattacks has increased too.
Put simply: nobody’s perfect, and thieves are highly motivated people. So it’s up to all of us to do what we can to protect crypto value.
That’s why we’ve worked with the UK consultancy, IT Governance, to gain our CyberEssentials Plus Certification. It means that we have the policies and procedures in place to protect not just our own data, but our customer data too. It means that if we suffer a cyberattack, we have the optimal management systems in place to secure and protect their data. We’re also currently working on achieving the even more demanding international ISO27001 accreditation.
What you do with your cryptocurrency investments is up to you: best practice today is to use a hardware wallet to store tokens and coin. But you can be sure that if you contribute to TriForce Tokens, we’re putting security first.
Our advice: Demand independently verified end-to-end security for token transactions and storage.
Your money stays yours until we achieve
We’re delighted that people from all over the world are contributing to TriForce Tokens. But to keep your money safe, we won’t see a penny of it until we honour our commitments. We’re working with coinpayments.net, the world’s first and largest coin payments processor with hundreds of token sales under their belts, to protect our contributors’ funds in an independent escrow. Here’s how it works:
An initial Smart Contract means that (just like a crowdfunding campaign), if TriForce Tokens doesn’t attract its minimum goal of $500,000, any money contributed is automatically and immediately returned to the contributors.
That’s good news for everyone, because $500,000 is not a number that’s been plucked out of the air. It’s a good assessment of the reasonable amount we need to achieve market penetration and unlock the opportunities in our business plan. So if we didn’t raise that minimum amount, there would be a much lower chance of us achieving success and creating a good return for our contributors. The minimum raise is all about ensuring that anyone who contributes does so with a fair chance of getting a return. (There’s also a hard-cap of $60M for the same reason).
Once you have made your ETH contribution, coinpayments.net control and protect those funds in a “cold wallet” — the crypto equivalent of an escrow account, disconnected from the wider internet. The cold wallet system has the added benefit over, for example, a lawyers’ client account of being directly connected and attributable to you via a digital signature. The TriForce Tokens business will have immediate access to only 25% of the funds to progress the business.
The other 75% will be made available by coinpayments.net in tranches of 25% at a time, conditional on TriForce Tokens achieving specific milestones:
· 25% immediately released
· 25% on the official beta release of the TriForce Tokens API, player and developer platforms
· 25% on the official beta release of player behavioural analysis and honorary system
· 25% on release of the final production ready version of the entire technology stack including anti-piracy system
The TriForce Tokens team only get money for achievement, and they are therefore incentivised to consistently outperform on your behalf.
Many other token sales do not use escrow accounts. You should also be wary of opaque relationships between crypto ventures and payment/escrow service providers: if the escrow is in some way affiliated with the token sale operator, the protection of your funds cannot be assured.
But more important is the incentivisation of the management team. With our almost uniquely transparent and arms-length entitlement scheme, TriForce Tokens is ensuring that your money is not available to the team unless the project continues successfully — funding is institutionally allocated to the project and that alone.
Our advice: Look for technologies that protect your contribution, but look for people to be incentivised to act ethically, too.
Buying TriForce Tokens involves substantial risk of loss and is not suitable for every contributor. The valuation of the TriForce Tokens may fluctuate, and, as a result, you as an contributor could lose your full contribution. Before deciding to participate, you should carefully consider your objectives, level of experience, and risk appetite.