In this post we decided to answer few frequently asked questions.
1. What will drive the growth of the token’s price?
- VITO is the VISO system’s internal cryptocurrency. Demand for VITO derives from the fact that a huge infrastructure will be built within the project’s framework to let customers make fast and easy VITO payments in any outlet without having to convert VITO into fiat currency. That way, customers will be able to make easy VITO-to-fiat-money conversions, with the fiat money credited to their bank cards. What’s more, 20% of the commission collected from all VISO payment system-based transactions will be contributed to the VISO fund, which will support the VITO.
2. Could you explain the link between the demand for VISO cards and the value of VITO? Will VISO be a cryptocurrency card?
- Card demand triggers VITO demand, as VITO is a tool for exchanging cryptocurrency for fiat currency and back. The amount of VITO is limited, meaning the price will increase. VISO cards will not be cryptocurrency cards but rather regular (Visa, MasterCard) debit cards. What makes these cards valuable is that we provide a fast and convenient method for issuing these cards without causing customers to go to a bank and that we ensure the instant exchange of cryptocurrency for fiat money and vice versa without engaging the services of any intermediaries.
3. How can I refill a VISO card? Are currency exchanges the only places I can refill my VISO card?
- You can replenish your VISO card using either of these methods: (1) via cryptocurrency (to do this, click on Refill Card in your wallet and specify the amount; the wallet will automatically exchange your VITO for the fiat currency of your choice); (2) the conventional way (using a wire transfer, a p2p (card-to-card) transfer).
4. How is commission calculated when withdrawing VITO into a VISO card?
- The commission is 1% of the amount withdrawn.
5. What’s the token’s backing?
- VITO tokens are not backed by anything in the conventional sense but they rely on technology that we hope will change the world in the next few years.
6. Why are you using the Waves technology?
- The VISO technology implies the high frequency of VITO exchange by cardholders. Ethereum lacks in performance, and per-unit transaction costs are too high for our project to handle. Also, the Waves platform has been developing in the right direction before our eyes, and their plans on ramping up transaction speeds are part of their progress.
7. When are you going to go public?
- We will break the listing process down into several steps: we will first float the token on several exchanges right after the Token sale ends on March 25, 2018; and within the following six months, we will list the token on the remaining exchanges. At this time, we plan on launching the token on DEX and EXMO. Talks are also underway with other exchanges.
8. Will you put a freeze on the tokens after the Token sale?
- No, there will be no freeze.
9. Can I track VISO card transactions?
- Cardholders can track their VISO card-based transactions by requesting a statement. Third-party users cannot track VISO card-based transactions.
10. How soon will I be able to order a plastic card?
- Under our roadmap, the cards will become available in the spring of 2018.
11. What is the authentication procedure to get a PRO card?
- We’re working on it. Most likely, it will take the form of a Skype call during which you will be requested to hold your ID in front of the camera. Anyway, you will not be required to show up at a Georgian bank.
12. What approach have regulators taken to your activities? Won’t they put in place too many controls the way they have in China? And then again, will distribution depend on whether the point of sale has the app? I don’t understand how it works without breaking the law. Please explain to me as you would to a child: how would I make a VISO card payment in, say, a coffee shop?
- The laws of many countries forbid points of sale to take direct cryptocurrency payments. However, points of sale can connect to any number of payment systems to accept national currency-based payments. For Georgia, these payments will be denominated in the Georgian lari. When installing a VISO SMART terminal, the point of sale signs an agreement to operate the VISO payment system. When the point of sale takes cryptocurrency as payment, currency conversion occurs at the payment system level, and the point of sale is paid in the Georgian lari. When using a VISO card, you pay in the card’s currency, and the point of sale simply receives a response that the payment system has approved the transaction. That way, VISO cards are accepted by all points of sale that take VISO or MasterCard, which can’t create any legal problems for the point of sale during payment acceptance.
In Georgia, we are launching our project in full compliance with the regulator’s requirements. Beyond Georgia, SMART terminals will mostly be distributed in countries that have no legal restrictions on trading in cryptocurrency.
13. A question on cryptocurrency types convertible into VITO and further on into fiat money. Suppose I have some exotic altcoins in my wallet, other than BTC/ETH/WAVES. Then how will a user be able to put the altcoins in a VISO WALLET? Should the user first exchange the altcoins for BTC/ETH/WAVES and, only after doing so, interact with the VISO system through the internal VITO token?
For now, we’re only planning BTC/ETH/WAVES support. We will provide support for other currencies as we go.
