ICO in a country that won't sweat it in a niche that actually needs the product. You wouldn't expect to hear about it on Reddit, would you.
Update: Reftoken started trading on OKEx January 17th 2018. _________
The pre-sale started on October the 2nd and the only ‘rave’ was a short LinkedIn post stating 20% of the target of RefToken’s pre-sale hit in ~24 hours. It is easy to imagine the internal conflict an average retail crypto investor must be going through though: ,,B-but they did more than a colorful splash page! And they are not basement hipsters - these are actual business people, man?! Are you quite sure it is an ICO?”
What it is:
It is called RefToken and it’s a system built on top of Ethereum blockchain.
The RefToken website doesn’t brand the type of affiliate business at all but you’ll know where you stand the moment you look at the team behind the token.
The people behind RefToken:
ENGINEERING: Oleksii Matiiasevych, formerly from Tether.io
DATA: Manuel Ramirez
Err, an ICO advisor? He claims to be member of the Enterprise Ethereum Alliance but the EEA website doesn’t mention him.
You can meet the team at two blockchain events in the near future - the RefToken people will be attending DevCon3 in Cancun on November 1 - 4 and the Blockchain conference in Malta on the 7th of December.
How the platform should work:
RefToken is a token needed to communicate with the platform. There will then be another token for commissions called COM, pegged at 1 USD. Theis way affiliates will earn in cryptocurrency without exposing themselves to the volatility.
Two realistic examples from the RefToken whitepaper:
Developer creates an app and sets up a commision structure that pays 5 EUR per sign up with the condition that the account is accessed 3 times within 5 days of registering and in which at least 10 turns are played. Without smart contract, affiliates depend on the publisher telling the truth and the publisher has to create mechanisms to detect fraudulent account creation.
A company planning its ICO would offer partners and publishing houses a bounty paid in its own cryptocurrency for referring contributors.
Does it have a potential?
It is solving a problem that has been plaguing the industry for years - kinda. RefToken is a great platform for places like NitrogenSports: a gambling website that does affil and runs only on crypto. As long as all the client’s business is on a blockchain the process can be transparent. The problem comes with casinos that accept both fiat and crypto: Could there be a way to ‘port in’ the fiat deposits trustlessly as well?
This is not a new problem. From cryptoinsider, May 2017:
A parallel trend is emerging, which could lead to the adoption of self-executing blockchain-based transaction the banking system. In the context of the forthcoming Blockchain for Finance Conference in Singapore (June 20-21, 2017), FinTech Network and Zerado have produced a whitepaper on smart contracts for banks.
Smart contracts for banks are something that would make a lot of things easier but it’s something that banks would have to implement, too. That is not quite in the powers of any token founders.
This lack of port between fiat and crypto is an important limitation. Sure, bitcoiners love their NitrogenSports, and there are projects on Ethereum like Edgeless too - but the real business is with the old houses that might be gradually adding Bitcoin funding option without moving fully onto the blockchain.
That doesn’t seem to bother RefToken people at all, though - the RefToken whitepaper section stating the market opportunity starts with “As the Ethereum DAP ecosystem expands downstream towards B2C oriented applications…” So instead of solving a problem for the old system, RefToken aims to create a great marketing platform that would be so good it would convince both businesses and marketers to consider a system fully in crypto, eventually making cryptocurrency-based apps closer to normal from the point of view of the retail customer.
The RefToken pre-sale and ICO
RefToken picked a date for their presale following the deployment of a demo. It is live and out there at https://demo.reftoken.com/.
The token presale was supposed to start at some point in September but actually started on October 2nd 2017. And who’s talking about it? Nobody on Reddit I’m sure. The market is flooded with token sales and ICOs by now and RefToken didn’t get anything near the attention of BAT, despite the similar niche and a glaring gap in the market.
The ICO is going to start on November 17th 2017 but you are still not late to get in during the pre-sale phase.
The pre-sale started on October 2nd 2017 and is set to end on October 17th. Target is at 4300 ETH.
Malta is not a bad country to have ICO in, if you missed the news:
“The idea is that virtual currency would be introduced within a controlled framework to test proposed controls and legislation but without there being any bearing on the wider local economy,” sources said. “Mock rollout of virtual currency due shortly: Idea raised by the Malta Gaming Authority” - Times of Malta
About the token:
- Symbol REF
- ERC20 token
- Total of 50M tokens
- Presale price: 100% Bonus limited to 4300 ETH (200 RFR/ETH)
- ICO price: 100 RFR/ETH on day 1 increasing to 50 RFR/ETH on day 30.
You can join the pre-sale here, they want your e-mail, name and phone number confirmation.
The purpose and role of the token is quite clearly defined in the first section of their T&C, which boils down to “it is not a security”.
REF are intended to be used for affiliation and other referral-based transactions and services […] Ownership of REF carries no rights, express or implied, other than the right to use REF as a means to obtain Services, and to enable usage of and interaction with the Platform […] REF are not intended to be a digital currency, security, commodity or any other kind of financial instrument.
The funding will be used to finance further development of the platform, such as an integrated ad exchange, commission splitting to allow affiliates to collaborate and a platform for freelance gig offers in exchange for commission share.
RefToken Social Channels:
Edited by u/KarlVonBahnhof.