FAQ
1. What is QashBack?
QashBack is a consortium platform for different applications to share in the user pool, data pool and content pool in a trustless and autonomous environment through the introduction of world’s first decentralised reputation management system.
2. What is the QBK token?
The QBK Token is an ERC20 standard utility token. The Token can be used on our Platform as a means of payment for the Services offered through the Platform. Outside of our Platform, the QBK Token will be freely transferable to third parties on the open market upon its receipt, just like any other ERC20 standard token.
3. What is the total supply of QBK tokens? And how many tokens will be sold in this TGE?
A total of 1 billion (1,000,000,000) tokens will be minted in this Token Generation Event, and the quantity of tokens available for sale is 100 million tokens. A further 150 million tokens are reserved for the team and advisors. The remaining balance of tokens shall be held under reserves to be released to the market in the future when the business model scales and there is more demand for QBK tokens.
4. How much does one token cost?
Tokens are available for sale at the price of US$ 0.40 per token in this token sale exercise.
5. What happens if all tokens are not sold out?
Tokens not sold during the Token Sale will be held by Company at the reserve fund and may be sold by the Company in the future, as determined by the management of the Company in the best interest of the Company.
6. How can I pay for the purchase of QBK tokens?
We accept the payment for tokens in BTC or ETH. If purchase payment is made in cryptocurrency, it will be converted, for calculation purposes, into USD using the exchange rate prevailing at or around the time of receipt of such purchase payment by the Company. For purchases in fiat currencies, please contact us directly for discussion.
7. How much will your token cost in the future?
The value of the QBK token on the open market will always be determined by a number of factors which are beyond our control. The most critical factors affecting the price of tokens are the scarcity (number of tokens in supply), the liquidity (number of holders of the tokens) and the utility (how the tokens are used in the ecosystem). We can hypothesise that the value of the QBK in the future would be worth a lot more when we are able to scale and execute our business model. Please note, that there shall be no guarantee of any particular market value of the QBK token.
8. What are the major benefits of early token buyers?
Contributing during the early private sale stages will entitle token holders to exclusive discounts and bonuses on the platform.
9. Do I need to submit KYC application?
Yes, everyone must go through our company’s KYC /AML process. Our KYC/AML policies are posted on our website, and you will be guided through the KYC/AML process when you apply to purchase the QBK tokens online.
10. Has your token’s smart contract been checked by reputable third-party auditors?
Yes, all our token smart contracts has been audited by Entersoft – a service provider that evaluates and secures all cybersecurity aspects of our blockchain-based project.
11. Is the QBK token a security token?
Our Token Generation Event whitepaper has been submitted to Covenant Chambers, a reputable legal firm practising in the Republic of Singapore. They are of the opinion that:
- It is likely that the token for issuance under the proposed Token Sale outlined above will not constitute a regulated product under Singapore laws and regulations, and in particular under the SFA.
- It is also likely that the token for issuance under the proposed Token Sale outlined above will not constitute a Stored Value Facility within the meaning of the Payment Systems (Oversight) Act (Cap. 222A) (“PSOA”).
12. What is the token lockup or vesting period for the team member and advisors?
The tokens allocated to our advisors and team members will be fully vested up to a year from the date of listing in a crypto exchange.
13. When are the QBK tokens going to be listed?
The QBK token is going to be listed on a crypto exchange on January 5, 2018.
14. Which are the crypto exchanges that you are listing in? Any timeline?
The QBK tokens will be listed first in UDAX Hong Kong, and we are considering listing in other top exchanges like Coinsuper, Dobi Trade, Upbit, LAToken and the like. The second listing is planned for Q2 of 2019, and subsequent crypto exchange listing shall be scheduled for Q3 of 2019.
15. Why will QashBack succeed?
We now live in a digitally connected world, and consumers these days check online reviews before making any purchase decisions. But the existing internet world for online reviews is challenged by polarisation bias, fake reviews, censorship and personal data privacy problems. QashBack is transforming the traditional retail and services industries by introducing the world’s first decentralised reputation management and permission-based marketing platform powered by Artificial Intelligence, Data Analytics and blockchain Smart Contracts.
16. What is your competitive advantage?
The QashBack platform is way superior to other solutions available out there in the market. Our Protocol Platform makes it easier, faster and cheaper to start new lifestyle applications or integrate existing ones. Merchants can also leverage platform membership base of several merchants worldwide to cross-sell or earn referral fees. Token utility provides immediate rebate to consumer wallet for payment, redemption or conversion to fiat money.
17. How is the team of QashBack able to execute the business plan and make the project a success?
The QashBack management team is made up of seasoned professionals from the investment, consulting, legal, banking and financial services and IT industries with over 100 years commercial experience to ensure the successful execution of the QashBack vision and business plans.
