What is a token sale?
A token sale which could be termed in various ways including but not limited to Initial Coin Offering (ICO) or Crowdsale or else is a mechanism through which high-impact, promising high-tech ventures like BitSchool raise the needed startup fund for technology development and business/operations setup. This is how it works: the ventures use the blockchain technology to create smart contracts that will develop and issue tokens, and these tokens will be sold and exchanged into commonly traded cryptocurrencies such as Ether or BitCoin or else through the token sale which cryptocurrencies in turn could be exchanged into fiat currency (aka cash) to be spent on the ventures' developing key technologies and establishing and managing their businesses and operations. So people who believe in the ventures' business models and their prospects and thus are interested in facilitating these developments and establishment purchase tokens issued by these ventures by sending their cryptocurrencies (again Ether and/or BitCoin or else) to the ventures' designated smart contract addresses through the token sale. The token sale is not only the best startup funding option for both high-impact, potential ventures like BitSchool as it allows them to raise money without sacrificing equity stakes to professional investors, but also very beneficial to token-sale participants - mostly ordinary people compared to professional financiers - as it gives them the opportunity to get involved in the development and success of great ventures. After the token sale is finished, the tokens will be listed on cryptocurrency exchange(s) and token holders can either trade them into other cryptocurrencies or cash them out on the exchange(s), or more likely use them to make transactions to purchase products and/or services on the ventures' developed platforms.
What is the BitSchool Token (BSCH) and what is its main value from a purchaser's point of view?
BitSchool Token (BSCH) is a virtual currency to be used on the BitSchool Platform. BSCH is issued to secure the required seed money to develop and grow BitSchool and will be used in online transactions and purchases at BitSchool. More precisely, the BSCH can be used to purchase tutoring services or related products and/or can be used to purchase or renew the license of the AI Adaptive products and services as well as the Interactive Web Solution (IWS), which will be an effective online lecturing application to be mainly used by tutors. In particular, customers will be encouraged and incentivized to pay in BSCH for the AI product line and IWS as the purchase price when using BSCH will be fixed at half the cash price, meaning customers will get a 50% discount whenever they purchase these products with the BSCH for the first year following the launch of the BitSchool Platform (this discount is subject to annual review and renewal). Of course other than using the BSCH on the BitSchool Platform, BSCH holders can also exchange BSCH to other cryptocurrencies or cash out at cryptocurrency exchanges that trade the BSCH.
I noticed that you have a number of token reward programs. Can you please explain how a user is eligible for these rewards?
We grant tokens as reward through the Tokening process. Just to give you a snapshot overview, Tokening is processed for various activities including but not limited to referring new customers or tutors to our platform, simply leaving honest services reviews, reaching a certain customer status set by your usage frequency of our platform, participating in the development and improvement of our platform, and expanding and managing the AI Database as Course Admins. For more details about the Tokening, please refer to the relevant section in the whitepaper.
At first glance, your GoGreenFund looks like a goodwill gesture. But there are many similar charity types of initiative that end up being just a name. Why is your GoGreenFund different and how do you plan to sustain it?
The GoGreenFund is the Green Education component of BitSchool, only possible because of the existence and advancement of the blockchain technology. The GoGreenFund will be formed through the BSCH funds allocated by the Token distribution plan, certain portion of the BitSchool�s transaction fee (currently 2% per transaction is under consideration), and donation from philanthropic BSCH holders. We have plans to list the GoGreenFund as a formal charity in the UK. The GoGreenFund will endow scholarships in the form of BSCH to low-income students to provide equal learning opportunities across the globe and also award transaction-fee waiver vouchers to tutor volunteers to reward their volunteer activities provided to low-income students. In a nutshell, at BitSchool, we believe that the GoGreenFund will become a benchmark example of how high technology can and should be used for the greater good in the world.
What is the embedded put option?
For the first year following our BitSchool launch, we will fix the BSCH exchange value to BitSchool's fixed price products such as all AI products to max[BSCH's current market value, BSCH's ICO end value], which means the BSCH exchange value will be set to the greater of the two values. By this formula, BSCH holders do not have to worry about the BSCH value fluctuation as no matter how deep the BSCH's market value drops, the holder's BSCH value when purchasing the AI products will have a minimum value of the BSCH's ICO end value. So for instance, let's assume that the holder bought the BSCH at the BSCH's ICO end value of 0.2USD and two months later the BSCH's market value drops to 0.1USD. Also let's assume that the Adaptive AI Assessment costs 10USD. Normally, without the aforementioned value fix in place, the holder must pay 50 BSCH (considering the 50% discount extended to BSCH purchases) whereas if she had purchased the product two months ago, she would have only needed to pay 25 BSCH. However, following the value fix formula, the greater of [0.1USD, 0.2USD] will be taken (which in this case is 0.2USD) as the BSCH value and consequently the holder only have to pay 25 BSCH despite the BSCH's value drop. In contrast, let's assume the BSCH current market value increases to 0.5USD, then you will use the 0.5USD as the BSCH exchange value when you purchase the AI products and only have to pay 10 BSCH. This value fix is basically a put option guaranteeing that the BSCH's value on the BitSchool Platform will not drop below the BSCH's ICO end value. We intend this scheme to act as an effective counter measure against any BSCH value fluctuations unrelated to the true performance of the BitSchool Platform but rather forced by speculative market movements.
How could the token exchange value be over twice as much as the token current market value on your platform?
If you combine our embedded put option with the 50% discount given to the AI products, you will see that the BSCH exchange value to the AI products is at least twice as high as the BSCH current market value (in dollar terms) at all times. Let me illustrate it for you. For example, let�s assume the AI Assessment�s dollar price is 10USD. Then when you purchase by BSCH, you actually have to pay 5USD worth of BSCH. Also let�s assume that the current value of 1BSCH is 1USD, then you have to pay only 5 BSCH for the AI Assessment, turning the value of 1BSCH on the BitSchool Platform into twice the BSCH current market value because in the absent of the 50% discount, you would have had to pay 10BSCH. If you include the put option, the BSCH exchange value is always equal to or greater than twice the BSCH current market value.
What is a presale and why do you have it?
The presale constitutes only 1% of the total BSCH supply amount. The fund collected through the presale will be allocated to cover the development, business and marketing expenses occurring in relation to and before the Crowdsale.
Is the BSCH token ERC20 compliant?
BSCH has been developed based on the ERC20 protocol of the Ethereum blockchain and can therefore be stored on any Ethereum compatible wallet which supports the ERC20 protocol. The ERC20 protocol has not only allowed for wallet standardization where developers are able to streamline a solution to hold the various tokens being created, but it also defines a set of functions within the Ethereum network. By adopting the ERC20 protocol in our token sale, we ensure our processes within the Ethereum network are as smooth as possible, and allowing our community to effortlessly store the BSCH.
Is BSCH a currency or security?
BSCH is a utility token meaning it's mainly developed to be used for the transactions on the BitSchool Platform. BSCH is neither a Fiat currency (aka cash) nor a security. It does not represent share, ownership, control, voting rights, and/or share of profits or revenue in BitSchool. BSCH is not redeemable, associated with financial return, and backed by an underlying asset and does not represent an investment contract. For more detailed information, please check the BSCH Functionality section set out in the Terms of the Token Sale published on this website.
Do you accept BitCoin or other altcoins in your token sale?
The BitSchool token sale only accepts Ether (ETH) for the exchange of BSCH.
What is a Min Cap?
Min Cap is the critical-mass fund required to start building the BitSchool Platform. It is set at 4,000,000 BSCH. If we�re unlucky with our fund raising campaign and end up reaching only the Min Cap, we will still be able to develop our tutoring-service network and basic AI prototypes, but will also have to rely on talent contributions from the global education and technology community. In addition, we will reach out to other funding sources.
What happens if the Min Cap is not reached?
In the most unluckiest event as life is full of uncertainty and surprises, and we fail to reach the Min Cap of 4,000,000 BSCH when the Token Sale period ends, we will have to look for other venues to raise our required startup money and will refund 100% of the fund we received from the token sale participants. But let's all hope this is just a conceptual worst-case scenario and it will never realize!
What is a Max Cap?
The Max Cap simply states an Token Sale goal of BitSchool and is not a requirement to start the BitSchool Platform development and launch. Meeting the Max Cap will create the perfect world for us and we will have sufficient funds to develop all planned advanced AI products that include machine-learning capabilities, all the requirements of our tutoring-service platform, form our global organizations, operations and teams, and execute ambitious global marketing strategies.
What happens if the Max Cap is not reached?
Max Cap is put in place as a security measure only and is just a simple fund-raising goal. As it is the situation for any high-impact, promising venture, if we fail to hit the Max Cap, we might want to look for additional funding in the future as the needs arise.
What is your refund policy?
Actually refund is always most important for everyone, so please take some time and refer to the No Refund Policy section set out in the Terms of the Token Sale published on this website. In a nutschell, though, refund is given only in the event that we fail to reach the Min Cap of 4,000,000 BSCH set forth in the whitepaper.
When will the token sale start and end?
The presale starts on 19 Mar 2018 09:00(GMT) and ends on 16 Apr. 2018 09:00(GMT). The crowdsale starts on 14 May 2018 09:00(GMT) and ends on 11 June 2018 09:00(GMT). Please mark your calendar and don't miss the super days!
What's the minimum amount of ETH you can use to buy BitSchool token?
The minimum amount of ETH to purchase BSCH in the Token Sale is 0.01 ETH.
What is the value of 1BSCH at the Token Sale?
The BSCH value will be tied to Ether so it may fluctuate as per the volatility of the Ether value in the market. The smart contract will automatically issue and exchange 6000 BSCH for 1ETH and therefore 1BSCH is worth 1/6000 ETH. So, for example, if the ETH current market value is $1350, the BSCH current market value in dollar terms is 0.2USD. However, note that the exchange ratio from BSCH to Ether may change depending on Ether�s market value.
What is the BitSchool smart contract address to where I should send my ETH to purchase BSCH?
Details of BitSchool's smart contract address (BitSchool's ETH wallet) to receive Ether in the Token Sale will be announced at least 48 hours before the start of the presale and crowdsale respectively on the BitSchool website - www.bitschool.io.
However - In order to see the published smart contract address, you WILL need to create an account on BitSchools website.
BEWARE that BitSchool will never share the presale and crowdsale smart contract address directly with anyone through any channel other than the BitSchool website. Therefore, DO NOT TRUST any other addresses you might see on Telegram, Twitter, Facebook, Reddit or any other media channels or websites. The BitSchool smart contract address published on the BitSchool website is the ONE and ONLY OFFICIAL BitSchool ETH wallet to where you should send your ETH to participate in the BitSchool Token Sale.
How to participate in the token sale and what are the ERC20 compatible wallets?
When you send Ether to the BitSchool smart contract address to purchase BSCH, use any one of the following ERC20 compatible wallets and do not send directly from cryptocurrency exchanges or you will lose your BSCH. FYI, we do not recommend or endorse any particular wallet, but the official MyEtherWallet and MetaMask are most commonly used:
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser addon)
- Mist (Desktop)
- Parity (Desktop)
- imToken (iPhone)
- imToken (Android)
Note:Incompatible wallets include any exchanges such as Coinbase, Poloniex, Kraken, Bitstamp, Bitfinex, Gatehub, Bitrexx and else. Exodus and Jaxx aren't compatible either. Those who transfer Ether on these sites will not receive BSCH after their fund remittance.
You can find instruction demonstrating how to participate in the Token Sale using the MyEtherWallet by the following link and you can apply the instructions to any other personal Ethereum wallet.
[MANUAL coming soon]
Where can I find the source codes of your smart contract?
The source codes of our smart contract are published on Github.
What's the best way to store my BSCH safely?
does not recommend or endorse any measures to store cryptocurrency. However, BSCH complies with the ERC20 protocol and thus can be stored in any ERC20 compatible wallets. It is recommended by security experts to store cryptocurrency in offline, cold storage wallet which is kind of an external storage device, or write down the private key on paper. Also it is the expert opinion to not leave large crypto holdings on centralized exchanges as they are prone to hacking attacks and to not make backups of your private key in your email, on your desktop, or in your Google Drive, etc.
What kind of information do I need to provide to participate in token sale?
Your first name, last name, email, contact number, address including country of residence, date of birth and your public wallet address.
Are you conducting the KYC?
We have thorough KYC procedure in place including but not limited to the submission of copies of passport or utility bills if required.
What citizens or residents are barred from participating in the token sale?
The token sale participants guarantee that they are in compliance with the applicable law, rule and regulation of the jurisdiction where they are citizens of or reside. Citizens and residents including their representatives, or legal entities incorporated and registered in the USA, China, South Korea or any other countries barring its citizens, residents or registered entities from participating in an ICO are not allowed to participate in the BitSchool token sale. Ensuring your compliance with the applicable law, rule and regulation with respect to the participation in the Token Sale is your sole responsibility.
If I send my ETH to a wrong smart contract address, can I still get my BSCH?
If you send your fund to the wrong smart contract address, your participation will be invalid and you will not receive any BSCH and BitSchool is not liable for any such loss. Therefore, when sending Ether to participate in the BitSchool Token Sale, participants shall double-check and ensure that the spelling of the BitSchool smart contract address is correct.
I already bought tokens but now I changed my mind. Can I get my money back?
No refunds will be given with respect to the token sale. For more details, please refer to the No Refund Policy section set out in the Terms of the Token Sale published on this website.
When will I receive the tokens?
Token will be distributed and delivered to the Token Sale participants' wallets within fifteen (15) days after the crowdsale ends.
How will you maintain and manage the fund raised through the Token Sale?
The fund raised through the token sale will be stored in an offline cold multi-sig wallet which will require three private keys out of four to authorize the release of funds. So this is technically equivalent to setting up an escrow service leveraging the blockchain smart-contract technology. The four private keys will be separately and independently held and managed by four core members of BitSchool, and stored in four separate safe deposit boxes at a bank. Once the fund releases Ethers, they will be exchanged into fiat currency which will be then deposited at a reputable bank and executed according to the Public Fund distribution plan. To guarantee a transparent and accurate distribution and execution of the Public Fund, BitSchool will outsource the audit of the Public Fund execution process periodically to an external auditor.
What's your treatment of unsold BSCH?
All unsold BSCH will be donated to the BitSchool GoGreenFund and be used to provide Scholarships to Low-Income Students and BSCH vouchers to Tutor Volunteers.
When will the BSCH be listed on exchanges and which ones?
BitSchool tokens (BSCH) will be available on exchanges once we locate appropriately safe, reputable and economically reasonable exchange(s) and we will announce the exchange(s) where BSCH will be listed and traded through our website and newsletter.
How can I earn BSCH?
There are various ways to earn BSCH by contributing to our Token Sale campaign through the bounty program. For example, you can earn token by promoting BitSchool through your social media activities or help us translate our website/whitepaper and various information in other languages than English. Also we�re planning to introduce the BitSchool Quiz, which is basically a simulation of our AI Adaptive Assessment prototype comprising questions about BitSchool, and expected to be launch after our presale and exist until our crowdsale ends. Once the BitSchool Quiz is launched, you�ll be able to earn BSCH as per your level of understanding of the BitSchool business so stay tuned!