FREQUENTLY ASKED QUESTIONS
When is the OpenCT Token Sale?
The OpenCT Token Sale will begin on Monday April 2, 2018 at 12:00PM UTC.
It will last 28 days - ending on Monday April 30, 2018 at 12:00PM UTC.
What is the name of the OpenCT Token?
The OpenCryptoTrust Token will be called an “OCT Token”.
What is the minimum contribution?
There is no minimum. Because of volume concerns - participation below .01 Ethereum will have a 72 hour processing delay.
Will the OpenCT Token be Ethereum based?
Is the Token Sale Capped?
The minimum cap of Pre-Token Crowdsale funds to be raised will be equivalent to the sale of 10M OCTb Tokens. This is the equivalent of $7.5M USD. If that minimum cap condition is not met, the smart contract will reverse itself automatically and the money (crypto or traditional FIAT) will be paid back to the investors.
Do you have the Smart Contract On Github and Etherscan?
Yes, we will be making the links available shortly.
What other means of contribution will be accepted besides Ethereum?
The available crypto payment methods will be ETH and BTC, and possibly others. The traditional FIAT payment methods will be debit/credit cards, PayPal, and wire transfer. Fiat is accepted to provide an easier way for inexperienced users to directly purchase the digital token (instead of going through an exchange and buying Ethereum first).
Can I send from an exchange?
Yes, but if contributing with ETH you need to be able to send data alongside the transaction, so make sure your exchange or wallet can do so.
Are there bonus periods?
During the course of the Token Crowdsale, instead of following a bonus structure common in the crypto world, the OCTbToken price will follow an increasing linear function where:
> The price of the first Token will be equivalent to the regular price of the Pre-Token Crowdsale (US$ 0.75) multiplied by a 25% increase factor (US$ 0.9375 equivalent in ETH); and
> The price of the last Token will be equivalent to the regular price of the Pre-Token Crowdsale (US$ 0.75) multiplied by a 75% increase factor (US$ 1.3125 equivalent in ETH).
For more specific details and use case examples please refer to section 4.3 of our White Paper.
When will OCT first be listed on an exchange?
The OCTbToken will be available for trading 4 weeks after the conclusion of the Token Crowdsale at selected exchanges.The selected exchanges will be shared with the OpenCT community in a timely manner.
How do I acquire and store OCT tokens during and after the Token Sale?
What happens to unsold OCT Tokens?
Unsold Tokens during the Pre-Token Crowdsale and the Token Crowdsale will be burned out to protect the integrity of the whole project.
Can I mine OCT?
The OpenCT platform has a unique rewarding structure for its users. It supports both Proof of Stake (PoS) and our uniquely developed Proof of Duration (PoD) so rewards can be enjoyed in a very democratic fashion. It is possible to participate and receive rewards with as little as 1 token and based on how long you have held this token our rewarding algorithm is designed to ensure you are on equal footing with a blockchain producing participant who holds 100 Tokens (assuming it has been held for a duration far less than you).
Privacy & Security
OpenCryptoTrust (OpenCT) FAQ
OpenCryptoTrust, or OpenCT, is a robust, high performance blockchain platform that provides the stability and trust from which transformative applications can be built that disruptively solve industry specific problems and thus accelerate Business to Business (B2B) adoption of Blockchain. Our first focus is on two solutions for the telecommunications industry, Blockchain as a Transport (BaaT) and a Blockchain-defined wide area network (BD-WAN).
In our case, blockchain does not simply play an integral role within our project - it is the core of our platform. In order to facilitate our telco-managed killer applications and services, we are not only running everything over OpenCT - our hybrid blockchain network - but we actually modified the blockchain protocol itself in order to provide ultimate security and the controlling features necessary for successful and efficient data transport. This will include programing to trigger transactions - such as self-executing smart contracts - all tailored to the security, regulatory, legal, and executable standards of the telco industry.
We have an amazing truly global team Mayande Walker: Chief Operating Officer Moustafa Amin, our Director of Business Development, is based in Cairo, Egypt. Eric Cavalier, our International Director, who is heading up our CryptoValley office in Zug, Switzerland - his time is split between France and Thailand.
Most of our blockchain development team is in Germany.
From a Telco standpoint we have legends:
Jeff Doyle (known as “the godfather of routing protocols”). Jeff is our CTO and is based in Denver, CO. Paul Valenzuela - “Mr. 60 Hudson” who is our Chief Strategy Officer based in NYC focusing on managing our telecommunication partnerships globally.
For legal concerns and other initiatives supporting our incorporation in Zug, Switzerland (Crypto Valley), we are engaged with a couple of well-known law firms including MME. From a KYC and ALM standpoint, we are very fortunate to have a partnership with Identity Mind in Silicon Valley, who is also helping us to automate the verification of U.S. accredited investors. One unique marketing positioning for OpenCryptoTrust was the need for us to engage two PR firms – JSA, which focuses on the telecommunications industry - and Melrose PR, who focuses on Blockchain and Cryptocurrency PR.
The focus of OpenCryptoTrust today is the Telecommunications industry. Our killer apps solve specific problems for our core market such as false or impractical bandwidth market valuation, significant delays (30 - 90 days) in provisioning, security and encryption that is poorly implemented. Our solutions to these problems result in improved services as well as significant cost savings for telco consumers. For OpenCT this is a huge win - our clients and partners are inspired to adopt our killer applications because they solve immediate problems and this will drive thousands upon thousands of transactions within our network and thus bolster the demand for our OCT tokens.
We have a tremendous advantage considering we don’t have any known competitors. To date, no one is focusing on leveraging blockchain for core telco infrastructure. We see ourselves as bridging the gap between these two powerful industries - we feel fortunate that we have captured the attention of many telco companies who have reached out directly to us for partnerships and the ability to distribute our killer apps.
The OCT token is a utility token and thus is the fuel needed to unlock the services associated with our applications. It is possible to directly use the developed applications and leverage the OCT token much like a license for use. By owning OCT tokens, participants have a chance to become block producers (or “miners”). OpenCT has created a custom-developed mining algorithm called Proof of Duration (PoD). When used in combination with Proof of Stake (PoS), it grants miners the benefit of a far faster, more democratic, and energy efficient approach. PoD rewards block producers for holding on to their tokens, therefore the longer you hold your OCT Tokens, the more you’ve invested. Unlike so many other crypto projects - OpenCT has built an entire ecosystem and community around our blockchain. All these factors drive high growth potential of our token.
We are looking to raise $130M maximum. Reaching this goal would enable us to hit our Mars Shot planning scenario which includes having the capital to support the development of killer applications for 7 different verticals including Finance, Healthcare, Energy, and Supply Chain. We already have industry-specific solutions in various stages of development. Our team has decades of experience implementing cutting edge technologies for these verticals – we have significant insight into the problems they face. On our website we have a project overview slide that details the various scenarios we have planned for pending a successful ICO.
We are open to investors from any country that is not subject to international trade sanctions and in which ICOs are allowed. Unlike so many ICOs who have simply banned the US investor market - we made a conscious choice to file a Regulation D, Rule 506(c), which provides a safeharbor exemption from federal securities law registration if the only investors who participate are “accredited investors”.
Because we are building our OpenCT platform to be a scalable and robust decentralized platform, there is always the concern that the crypto world of block producers (“miners”) are flooded with ICO opportunities and it may be challenging to realize the level of participation we desire. We would love to have many millions of nodes spread across the globe. To ensure that we reach our “global node goal” we have taken the following measures:
1. Designed a token distribution strategy that includes a budget to support a 5-year plan of rewards - we have in fact allocated 37.5 million tokens towards this strategy.
2. Our developers have designed a VERY light weight application (for block production) that can run in the background of any basic computer. No expensive processors or a town’s worth of electricity is needed!
Of course. We have a minimum cap of $15M which if not reached will trigger an automatic return of invested capital to investors. For the protection of our investors we have built into our smart contract (audited and verifiable on GitHub) coded instructions to automatically refund to each investor if the min-cap is not reached.
When executed thoughtfully the ICO market is phenomenal. Decentralized networks and the blockchain itself are clearly the future. The coming regulation (from FINMA, SEC, and other financial governing organizations) should be embraced by all. It means that there will be protection for ICO participants and investors. Most people are aware that a large number of ICOs will fail - often because the projects themselves don’t really require tokens or blockchain technology itself - but in many cases because they miss the point of why an ICO is needed in the first place. Its goal should never be JUST to raise money. The goal of an ICO should be to build a sustainable community - the goal should be to build an ecosystem of support for a powerful decentralized network.
You should invest in our project because you will be investing in a platform that has extremely high growth potential. Our team has decades of experience executing the practical applications of emerging technologies and it shows in the approach we’ve taken with blockchain-based solutions for telecommunications. OpenCT will challenge the characterization and standardization of the communication functions within telecommunications and will remove significant cost impacting inefficiencies in the traditional telco model that exist today. This is a rare opportunity to be part of something disruptive, innovative and poised to permanently alter the landscape of the telecommunications industry, and to be reap the financial reward. Remember, the earlier you buy in the more invested you are, so buy now!
Is OpenCT or OCT related to Bitcoin or Ethereum?
Bitcoin, Ethereum and OpenCT are all decentralized ledgers powered by a blockchain. Bitcoin was the first public blockchain and introduced the first truly decentralized form of electronic cash. Ethereum followed suit by including smart-contracts in its platform, allowing a greater range of application to be developed. OpenCT focuses on building a platform that supports core enterprise Telecommunications applications that solve specific problems. Since the applications are tailored to the security, regulatory, legal, and executable standards of the Telecommunications industry - adoption of the blockchain platform is easy.