What is CafeCoin?
CafeCoin is the first digital token that can not only be exchanged for goods and services, but incentivizes discounts and tailored promotions and attempts to establish a stable currency like utility. It can be used anywhere both parties have the companion mobile application and internet access.
How does it work?
CafeCoin works by securely and privately storing information about transactions on a distributed ledger and then allowing users to access and share that data with specific counterparties of their choice. Because all transactions are completed via CafeCoin’s distributed network, it avoids the high fees charged by the big credit card and payment processing companies.
Blockchain makes CafeCoin possible by allowing it to be completed and related information stored and transferred without any single point of failure. Additionally, because CafeCoin will be a decentralized token the bandwidth necessary to track hold and confirm transactions can be shared amongst thousands of users instead of requiring the costs to be born by any one particular source.
How do you use Blockchain in your product?
Each transaction completed with CafeCoin, as well as any related information, is announced to the chain and confirmed. The blockchain acts as a secure store of that information which is private and only accessible and sharable by the users who created it, or to those with whom users have chosen to share their information.
What actual problems does CafeCoin solve?
CafeCoin solves two significant problems for retailers and customers: First, it virtually eliminates the huge cost of payment processing fees charged by big corporations every year which are passed on to customers in the form of higher prices. This allows merchants the flexibility to either pass all or part of those savings on to drive additional revenue, or hold onto them, increasing profit on every sale. Second, retailers are often keen to provide discounts and promotions in order to drive sales, but the effectiveness of those promotions and discounts is limited by a lack of particularized information about individual customers, each of whom have different historical propensities toward the purchase of goods and services. CafeCoin uses blockchain technology to securely store the information surrounding each transaction, and allows users to share that information with merchants, which when combined with CafeCoin machine learning applications allow retailers to offer tailored promotions that are relevant to individual customers, instead of merely marketing to demographics. These tailored discounts create substantial savings for users and drive revenue for merchants, so everybody wins! This also encourages merchants to pass on the savings they realize from avoiding the traditional payment processing fees.
Why do you need a token?
You need a token in order to complete transactions with CafeCoin, which uses its token as a medium of exchange, and also stores the historical transaction data that makes it possible for users to control their own commercial privacy and drive discounts and tailored promotions and advertising from retailers.
Do you have a product already?
CafeCoin is currently in development and this ICO of CafeCoin will provide sufficient funding to complete the development and market CafeCoin effectively so that it can be used, accepted, and traded by as many people as possible around the globe.
When will CafeCoin be available in app stores?
The target date for product launch of CafeCoin is Q4 of 2019. We believe this date will provide sufficient time to test the application and ledger before release.
Who is behind CafeCoin?
CafeCoin is being developed by a talented team of Columbia University Ph.D. scientists, financial experts, attorneys, and information security experts. CafeCoin is supported by seed investors who are committed to disrupting the multi-billion dollar payments sector in a way that benefits the people who matter most, the customers and merchants themselves.
Does your team have the required experience to accomplish the goals on the roadmap?
Because the needs and implementation of CafeCoin will change over time, CafeCoin’s team will adjust to meet those goals. Together with expert outside developers, CafeCoin is confident that it either has or, as becomes necessary, can acquire the team needed to accomplish its goals. The core thought leadership and execution necessary to advance CafeCoin will remain in place throughout each development cycle.
Do you accept US residents or Citizens?
Participation in CafeCoin’s initial sale is unfortunately not available to U.S. residents or citizens.
Do you accept Chinese residents?
Participation in CafeCoin’s initial sale is unfortunately not available to Chinese residents or citizens.
Is the CafeCoin token fixed at a certain price during crowd-sale?
Yes, the price of the CafeCoin will be fixed during the crowd-sale. If you are someone who would propose a bulk purchase of CafeCoin, discounted pricing may be available.
How many tokens will be issued?
A total of 40,500,000 tokens will be publically issued at the time of crowdsale.
How many CafeCoin tokens can be bought with 1 ETH?
The conversation rate of the tokens will be pegged to a dollar value. Based on market feedback thus far, it is anticipated that CafeCoin will be offered at $3.00 per coin.
What is Your KYC Process?
Although CafeCoin does not operate in a jurisdiction with required KYC rules, it is committed to high standards of KYC and AML compliance, commensurate with the standards of the U.S., which it uses as a reference point for KYC and AML practices. As such, CafeCoin provides an intuitive online portal through which proof of identity in the form of a government issued identification may be imaged and uploaded.
Can tokens be purchased without KYC?
No. Although, if you wish to purchase a very large amount of tokens the KYC process may be completed through direct interaction with an authorized representative of the CafeCoin Foundation.
What will happen to any unsold tokens?
Unsold tokens will be returned to the Reserve Stability Fund.
How can tokens be claimed?
Tokens will be automatically provided through the CafeCoin web portal to persons who purchased the token. If you have any problem receiving your token, you may contact an authorized representative of the CafeCoin foundation at the following email, and someone will assist you.
How can are CafeCoin tokens bought?
The initial coin offering of CafeCoins will only be available through the CafeCoin website, although CafeCoin may be purchased from Coin exchanges once listed. The CafeCoin Foundation anticipates listing on cryptocurrency exchanges to take place starting in Q4, 2018.
When is the token sale?
The Token sale will begin on November 23, 2018.
Is there a minimum amount of funds you need to raise?
Yes, we need to raise at least $30 million USD in order to launch CafeCoin globally and achieve exceptional market penetration on the roadmap currently proposed.
What happens in case company will not able to collect the minimum required amount?
If the Company is not able to collect the minimum amount, it will determine whether it can proceed with the amount raised on a more extended schedule, and if so close on the amount raised. If it will not be possible to proceed with the amount closed, CafeCoin will return the dollar value provided to investors as computed at the time of liquidation into fiat currency by the foundation and minus any costs inherent in the reversion of the tokens.
When is the Pre-Sale?
The Pre-sale will begin on July 1, 2018.
Which platform will the token sale be based on?
The token sale will be based on the Ethereum platform.
Will there be a bonus for participation in the Pre-Sale?
Yes, pre-sale participants will receive a 10% bonus on tokens purchased during the pre-sale.
Is there a vesting period?
Yes, tokens provided in the presale and primary sale will be restricted until September, 2018 when they are expected to trade on at least one crypto-exchange.
Is there a referral link to share with my network?
How is an ETH wallet opened?
We have included a button on our token sale page that links you to instructions about opening an ETH wallet. Please bear in mind that CafeCoin is not responsible for your wallet setup or any mistakes or inaccuracies in the referenced link. You should always do your own research to determine the best method of opening up your digital wallet.
Will there be a Bounty program?
Yes, our bounty program will launch on August 30, 2018. Please follow us on telegram @CafeCoin_ICO for more details on how to participate.
What cryptocurrencies can be used to buy CafeCoin?
BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), BCH (Bitcoin Cash), EOS, LTC (Litecoin), NEO, XMR (Monero), ELA (Elastos).
How are tokens received by buyers?
Your tokens will be made available to you through CafeCoin’s private token portal, for which you will have a username and password.
What are the soft and hard caps?
The soft cap is 15 Million USD. The hard cap is 30 Million USD.
How long will the ICO last?
The ICO will last a minimum of one month thereafter.
Is Bitcoin accepted for participation in the ICO?
Yes. Bitcoin is accepted.
Who distributes CafeCoin tokens and how soon will buyers get them after the end of the token launch?
CafeCoin tokens are distributed through CafeCoin’s web portal. Tokens will become available immediately upon the end of the token launch.
How do I buy CafeCoin tokens after the ICO?
CafeCoin token sales by the Foundation will end after the ICO. However, if you are a retailer or influencer in the retail sector, CafeCoin has reserved a set number of coins for sale expressly for retailers who wish to adopt the CafeCoin technology in their stores.
Is CafeCoin a security or utility token?
CafeCoin will derive its value from the natural demand in the market for the coin and its functionality and usefulness as a means of payment for retailers. As such, CafeCoin is a utility coin that rises or falls in value naturally with market demand for its cost saving features.
What benefits are there to holders aside from the instant payment and low transaction fees?
In addition to instant payment and low transaction fees, users would benefit by using CafeCoin because it gives them the power to leverage their own transactional data for their own benefit and further cost savings.
How can CafeCoin tokens be exchanged for fiat or other cryptocurrencies?
CafeCoin may be exchanged on any exchange that trades Ethereum. Prior to the launch of CafeCoin’s own network, the Foundation will establish additional relationships with exchanges to trade CafeCoin in its native protocol.
Which wallets can be used to receive CafeCoin tokens?
What are CafeCoin tokens used for?
You can use them to pay anyone who has the CafeCoin companion mobile application or trade them for other crypto or fiat currencies.
On which exchanges will the tokens be traded?
The CafeCoin Foundation is in early stage discussions with Huabi and OKCoin, both of which have expressed a strong interest in listing CafeCoin.
Are CafeCoin tokens secure?
The CafeCoin Foundation has established enterprise level security features behind its token portal and website. The security of tokens after they have been provided to users for the first time is the user’s responsibility.
Can tokens be taken out of the CafeCoin Foundation’s service?
Yes, but the process for doing so would be the sole responsibility of the user.