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.
Xavier Phillips
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!
Daniel Gomez
I didn't get in :(
William Ward
> there is no incentive for either side to commit fraud I'm not sure how much you understand about people like me who just like watching others suffer. I would literally spend 48 hours straight just scamming the ENTIRE network of sellers if I could, for no financial gain, at all.
Luis Gutierrez
i wanted to get in, but the team looks shady and I cant bring myself to do it
Caleb Brown
u reatards....this is intended shilling right after closing their ico whitelist ?
They're using individual addresses too for the ICO. Meaning you're not even guaranteed to get your tokens. You just send it to the address.
Would not by.
Carson Perry
You didn't actually read the post, did you?
Objectively wrong.
Andrew Hernandez
It's actually better this way. No Gwei wars
Grayson Garcia
FUCK YES
Evan Martinez
Icos are dead on arrival.
Angel James
this is 1:1 the same thing that was already posted once the ico whitelist closed. nice shill. at least mix it up a bit next time so it wont be so obvious you shithead
Christian Ramirez
Grats
Ethan Morales
I got the whitelist e-mail stating that it will be on Nov 7th, but the countdown on their site stops in 3 days, whats going on there?
t. brainlet
Matthew Morgan
Makes sense, however, I have never had any problems not receiving what I ordered from ebay or amazon and I've made at least a thousand small orders from small sellers. The only time where I did not receive what was advertised the seller either refunded me immediately or customer service refunded me my money after the seller ignored my messages. Giving the buyer that much power is not going to attract big well-respected sellers.
Liam Morales
What's the whitelist for this one? You need your passport and shit or just your address?
Asher Thomas
1. Those places don't accept crypto as payment
2. Even if they did (they don't) this is more geared toward over the counter stuff. Aka, how can you trustlessly buy a plushy from plushtard?
Ryan Myers
I have multiple stage 2 accepted whitelisted emails by the way.
