There are only a few hours left to sign up for the whitelist. Some of you are alright, so here you go.
Veeky Forums, you've made me a lot of money with ChainLink and SmartCash, and its time for me to give back. I've done some research on Confido and really, really liked what I found. I'm going to outline my findings here on an upcoming ICO called Confido.
Key take aways are this:
(1) lowest marketcap I've ever seen for an ICO. There is just an insane amount of upside for this if you are able to get in the ICO or get in early. ($400,000)
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.
Nathaniel Rogers
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!
Ethan Torres
D E L E T T H I S
Luke Gutierrez
threadly remainder: Confido uses Chainlink
Wyatt Davis
hmm thanks op. signed up
Jonathan Harris
Eh ill bite Not like it'll crash instantly after the actual release.
Chase Ross
This. >See Confido >$400,000 hard cap >Super easy 10x >Realize no actual product until 2019 >Realize it uses Chainlink >Realize the marketcap is going to crash post ICO
Lucas Collins
Verrrrrry interdasting. I think i will contribute to said ICO
