Veeky Forums you've made me a lot of money and its time for me to give back. I've done some research on this and really, really liked what I found. I'm going to outline my findings here on an upcoming ICO called Confido.
Basically, with Confido you don't need to trust someone to ship you something after you pay. You send money to a smartcontract that only releases to the seller 24 hours after the item delivers.
Lets say we want to buy a ChainLink plushy from that ChainLink user, instesd of sending him BTC/ETH and just hoping/trusting he sends the item, we use Confido to create the smartcontract that spies the FedEx shipping number using ChainLink as the Oracle. You don't need to deal with eBay or Paypal or any centralized corporation that doesn't even accept Crypto anyway. Your escrow is literally a SmartContract!
Why is this just being created now? Well, remember the "Oracle problem?" There have been Oracles out there but they were difficult to implement and - of course - they were centralized. Now with ChainLink, we can create SmartContracts that read external data - in this case, FedEx/UPS data (through a ChainLink) so it knows when to release funds.
My first thought was: "well what either party commits fraud?" Confido has a really clever solution to this built into the smart contract. If you receive a box of coal instead of a plushy, you as the buyer can just freeze the funds in escrow. That way they don't get released to the seller. This creates a huge disincetive for fraud from the seller's perspective because they won't get paid, and they waste money on shipping. Once a contract has been held up by the buyer, only the buyer can release the funds to the seller.
But what if the buyer commits fraud - can I just claim I got coal instead of a plushy to get my money back? No you can't - your funds are in escrow, and you don't actually get your money back unless the seller authorizes the refund. Thus, there is no incentive for either side to commit fraud short of pure spite (there is just no tangible/monetary benefit you can receive by trying to defraud eachother). For the .00000001% of buyers or sellers that truly are spiteful despite zero benefit to themselves, eventually Confido will implement Kleros.io, which is a dispute resolution blockchain, as an intermediary.
Brayden Reyes
Why tokens? I know what you're thinking - why the hell do we need tokens for this? This part is really cool. First I need to explain that the cost for using this service is 0.7% of the transaction cost, which is so SO much lower than centralized escrow payments that charge 5%+, and the cool thing here is that you don't actually need to pay using Confido tokens! I believe you will be able to pay in most major blockchains, but certainly Ethereum at the very least. Now, that 0.7% fee goes to the token holders! The tokens entitle you to a divident payment from all the people around the world using Confido. The second use for the tokens is the ability to use the service without the 0.7% fee!
Overall, its a really cool concept that doesn't have much downside given how low the market cap. They are only raising $400,000 in their ICO. If you read their whitepaper, they talk about how they think the ICO space is messed up and abused, and they are only asking for what they need. The devs aren't rockstar, YCombinator-backed, venture capital millionares getting even richer - they're just dudes our age living the dream by trying to solve a real problem for real people, and I think they found a good one to solve.
Like I said, there isn't that much downside. If you get in the ICO, the cap is only 2 ETH anyway.
I'll be hanging out to answer any questions - do your own research and good luck!
Cameron Russell
hmm... op actually sounds like a pretty cool guy. thanks for the tip
Christian Jones
You know what OP, looks fairly decent. Thanks for the tip.
Ryder Lopez
This will be impossible to get into with all the shilling pre ICO. Thanks OP.
Angel Hernandez
You fucking piece of shit you were supposed to stay quite till after ICO.
Julian Diaz
I applied for the whitelist a couple hours ago and havent heard anything
Is it closed? Or what?
Thomas King
OP how do I get into ICO desu Cryptonewbie des
Adrian Richardson
It's shit, and has like a 500k ICO cap because they realize they couldn't sell out any more.
This vaporware coin is avalon and that shitty dice ICO all over again.
In before someone says I'm fudding to get into the ICO, lol. You can have it buddy.
Caleb Bennett
Just registered, thank you OP
Ian Thompson
>huff-paint article
Stopped reading there, get fucked op
Hudson Allen
Im convinced there is a biz pump and dump group behind all this confido shilling in recent days. So many threads pop up recently where OP shills about this and some other anons immediately praise the ICO but then tell OP to SHUT IT DOWN and DELET! But it never gets deleted.... Looks like a pretty elaborate pump and dump attempt here. Be cautios anons!
Oliver Taylor
>Receive item >File dispute >"I'll cancel the dispute if you give me 10%" Wew lad.
Logan Lewis
Nice might throw a couple ETH at it.
Levi Wilson
holy shit im so buying this ICO now
Lucas Nelson
Well this sounds a lot like a security. Will there be KYC during the ICO?
Joshua Young
No that is not the case. Skepticisim is healthy, but you have to consider the alternative explanation: this actually might be a really promising coin that people are excited about.
This isn't even trading yet - it hasn't even ICOd. There aren't even any holders of the tokens yet. There is nothing to "pump," and people who get in the ICO won't even be able to contribute more than 2 ETH. People are saying to "delet this" because they fear that the more people that apply for the ICO, the lower chance they have of getting in or more competition they will have for the uncapped period of the ICO
Jack Sanchez
oh look, another useles startup that solves a minor problem that no one will give a fuck about
this board is becoming more of a joke each day.
Jonathan Morales
Yes, I asked the Dev on telegram and he said that American's will be prohibited from participating
Zachary Williams
Let's not forget about the seller scams which will surely be a result of this flawed system. > Scammer plays the numbers game > Sells 10 items, updates smart contracts with bogus unrelated tracking numbers > 1/10 buyers forget to dispute within grace period > Scammer profits > All 10 buyers lose their money
How do people see this concept as a great idea?
Adrian Baker
Doesn't seem like a minor problem to me. This could revolutionize e-commerce.
Jaxon Wilson
I bought a ChainLink plushy the other day and was nervous about trusting someone I've never met. I definitely would have used Confido if it existed at the time.
Actually, I still havent gotten my plushy...
Caleb Williams
As in I can click a checkbox to deny my nationality?
Samuel Richardson
I think its an ID KYC, but I'm not 100% sure
Colton Torres
Most obvious paid shilling campaign for a scam ICO I've seen in a while. The team is just a few college grads with zero credentials or real world experience and no product or partnerships to speak of.
>but my huffpo article Can be bought for $300-$1000 if you know where to look.
You can't build a real business of this caliber for $500k. $500k must be the maxmium number they calculated they could raise from gullible investors given that $500k was about the number Avalon raised. Wouldn't surprise me if these are the same guys behind Avalon doing a rebrand of their scam.
One of their shills will probably say I'm FUDing so I can get in. I don't care because I'm passing on this bullshit. Hopefully I can save some newfags from falling for this scam.
As much as I dislike regulations and the SEC, I hope they come in and give these guys what's coming to them.
Blake Allen
I swear this board is like a shitty game that has the draw distance set to minimum. Do you people have any idea what it takes to get user adoption and retention? How many hundreads of milions are spent on advertising and continuous development. If you believe some neckbeards can actually be a threat to the likes of eBay and OLX, you really are deluded.
There are 2 scenarios to this: 1. it will never get user adoption because they won't have the money to spend on advertising and even if they did, normies won't give a shit. At best it would be a niche business. 2. it might actually get some user adoption, and at that point every major platform that already has millions of users will implement it's own oracle if that's what it takes to keep their users.
This shit reminds me of BAT all over again.
John Baker
Because half of them are shills and the other half are gullible idiots. If you wanted evidence we're roaring into a bubble, this thread is it.
Chase Morales
I tried to lay out the most logical case I could for this project, and I am geuinely excited for it/prepared to personally use it. I suggest you go on the telegram and talk to the devs
Brody Brown
>and at that point every major platform that already has millions of users will implement it's own oracle It was supercomputes tier
>Whitelist registration will open soon for the main ICO (stage 1 and 2)
>The first 200 on the whitelist will have access to stage 1 and 2. Everyone else will have access to stage 2 only.
>Stage 1 of the ICO is a guaranteed contribution with an individual cap of 2 ETH
>Stage 2 of the ICO is a first come, first served crowdsale with a 5 ETH individual cap
>Total ICO contribution = 1250 eth for 10,500,000 tokens
Samuel Foster
Thanks for this, I should have included this originally
Zachary Bailey
>what is a start-up
ideas are big business
your eBays and your Amazons buy up small start-up companies like this all the time
Jayden Hernandez
Did you get in on the pre-sale?
I guess I'm too late to make the stage 1 ICO now but still worth a few ETH
John Reed
Are you seriously going to trust guys who look like this with your money?
It makes me angry that these fuckers are going to become millionaires with this bullshit and then drop the project when they can't milk it anymore.
Ayden Campbell
>trust them with your money You'd have to be a total cuck to think of it like that. Am I going to trust a project with a $400,000 initial market cap to 100x and my measly 2 ETH with it regardless of what the devs actually do just because the project sounds promising? Fuck yes.
Austin Thompson
>ideas are big business nope. Ideas aren't worth shit. Name 3 investors/companies that actually invested or bought an idea from a team of no-names. If you actually find an example of an idea being bought or invested in, 99.9% of the time it's from a team that already did some cool shit before.
It is true that they buy start-ups. Can you guess on what criteria? The number 1 criteria is user adoption. Do you actually believe anyone would buy this shit for the tech? I know guys that could probably reproduce this tech in less than a month. Amazon's development team would need 2 weeks at most to do what these faggots are doing.
I'll fuck off now cause it's hopeless. You better prove me wrong anons and buy this shit fast. Put your money where your mouth is.
John Sanchez
It's $400,000 market cap ICO. If you've been here long enough you should know what this means. Take it or leave it.
Dominic Wilson
a lot of companies are being bought for their tech, look at magic leap they don't even have a product and they're worth 4 billion
Jaxson Brown
Yes, Liam looks like a good guy
Jaxson Long
Haha I was thinking the same thing. Liam is exactly the kind of guy I want developing a project like this
As for the FUDders, I think you're all wrong but EVEN IF YOU WERE RIGHT... it's a fucking 400,000k ICO. How is this not obvious to you
Robert Carter
Thanks OP and thank you fudders, gonna go all in on this shit.
Connor Stewart
>shitcoin has tech that can literally be reproduced in less than a month by a competent dev >compares this shitcoin's tech to magic leap
Parker Green
Liam, yes, but not the other three, especially Jewst.
Jason Richardson
We should avoid shilling this before ICO registration closes in all seriousness.
Cooper Cox
No.1 - Just left Raqqa after becoming an ISIS bag holder
No.2 - working on this as well as being an Elliot rogers impersonator
No.3 - shilling his coin in order to moon his stack so he can buy more guns than Paddock and carry out Mandalay bay 2.0
No.4 - chad of the team, 1-3 girls are sucking his cock and taking loads in their asses on the down low
Angel Bell
>t. shill this thread is just paid shills talking to each other
