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October 13 2017

ICO Alert Report: BCSHOP

ICO Alert Report: BCSHOP

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What is BCSHOP?

BCShop.io is a platform for selling digital products and services, based on smart contracts on the Ethereum blockchain.
BCShop.io allows vendors to publish information about digital products and services, and customers — to purchase these products and services for Ethereum cryptocurrency. At that, all the data concerning products is stored as a smart contract on the Ethereum blockchain.
The use of smart contracts allows for automatization of payment processing and account of products. In the simplest cases, creating a digital product offer is done with only a few clicks and does not require vendors to install any software.
Essentially, we want to connect buyers and sellers directly through smart-contracts with no middleman involved.
Vladlen Manshin, Founder & CEO
BCSHOP informational video

Q&A

ICO Alert: How do the BCSHOP tokens (BCS and BCB) function within the platform and why are they needed? How do token holders participate in rewards/profit sharing on the platform and where does the profit come from?

BCSHOP: Profits will be generated through a small sales fee (0.5%-2%), which will be withheld from every payment (from the vendor`s side) and will be received in a separate smart contract. 80% of the fees will be used to provide bonus tokens (BCB) with ETH value. BCB tokens allow for a 100% discount for goods and services on the platform.

BCS token is a token that is sold to contributors during presale and sale stages. BCS token is used by its owners to receive BCB tokens. The more BCS tokens you have, the more BCB tokens you can receive in exchange for 1 BCS token. This model allows contributors to participate in the success of the platform.

Why do we have two tokens instead of direct profit share? Most of all, we want to comply with regulatory requirements so our tokens can’t be called a security. Howey Test gives us a good score.
Another reason for two tokens is to increase the volume of long-term contributions relative to speculative, so we introduce such mechanics that will stimulate holding the BCS tokens longer. We believe that this approach will create a more healthy ecosystem of our project in the long term.

ICO Alert: Who are BCSHOP’s current competitors? In the future, if well-known retailers of digital goods began accepting cryptocurrency, would it hurt BCSHOP, or are there other inherent advantages that BCSHOP holds?

BCSHOP: There are competitors like GameCredits, SkinCoin, BlockTix. The biggest difference is that a user does not need to buy special tokens to purchase game currency, skins, or tickets as in the projects mentioned above. Payment is made directly in ETH.
Second, as opposed to those mentioned above highly specialized projects, BCShop.io is more general and can be applied to a larger number of varied fields.
BCShop.io is completely on blockchain and smart contracts which allows complete decentralization. Well-known digital goods retailers are centralized and have much higher fees. Also, they don’t allow for easy P2P trading.
Let’s say you want to sell some in-game premium items, where will you go? There are some specific sites, but each site has its own rules and needs its own account. This is just not convenient. In BCShop.io, one can make such an offer much easier with no account needed — a unique vendor smart contract ID is enough for simple identification.

ICO Alert: Is there any concern with the Ethereum network suffering from slow transaction times when the network is overloaded? Does BCSHOP mitigate this concern in some way or have a plan if it becomes a recurring problem and continues to slow down the platform?

BCSHOP: Technology is rapidly developing. We believe that changing from PoW (proof-of-work) to PoS (proof-of-stake) will solve slow transaction issues.
There is also a possibility that more advanced blockchain with smart contracts support will pop up (EOS, for example) then we will consider transitioning to it.
Overall, we believe that blockchain is the future of decentralization and all problems will be solved as time passes.

ICO Alert: Does BCSHOP currently have vendor partners ready to join the platform?

BCSHOP: Currently, we are preparing full-cycle alpha. We are planning to start engaging vendors when it’s ready.
Recently, we conducted three AIRDROP rounds on our platform during which it was tested by hundreds of participants. We are quite happy with the results and we believe that we can attract the first vendors before the presale ends in December.

ICO Alert: For those who are not familiar with smart contracts, how does the smart contract complete the buying/selling process for users/vendors on this platform?

BCSHOP: A vendor who wants to use our service first should complete registration, which will result in receiving an address of their personal smart contract (further vendor contract). During the registration, a vendor needs to only fill in one necessary blank field: the Ethereum wallet address, which will receive the payment for delivered products or services. Then, vendors can start the registration of digital products and services, each registered product is a smart contract as well.

All the buyer needs to do is send the necessary amount of ETH to the products contract. Smart contracts allow for all the payment processing on the blockchain and they enable a fair products rating system, which guarantees for data authenticity, and eliminates the possibility of commonly used fraud ratings.

After the payment is received and processed, vendors can deliver the product themselves or with a help of BCShopApp, which enables automatic delivery.

ICO Alert: What is BCSHOP’s stance on digital goods that are being illegally sold on the platform? Will there be censorship, or does the team not have that control?

BCSHOP: From a legal point of view, sellers are responsible for products they sell.
The team will directly remove the products only in exceptional cases. Our plan is to automate all processes as maximum as possible. We will add a “complain” option, which will allow the system to self-regulate.

ICO Alert: How does the team plan to market BCSHOP and what kind of network effect is needed for the project to be successful?

BCSHOP: We are going to start with narrow P2P markets where users of BCShop.io will benefit the most: software licenses, in-game currency and items, online consulting, and intellectual property (articles, reviews, reports).
After we gain momentum, we will start negotiating with different B2C vendors and we will be providing free of charge integration, so a lot of interest from vendors is anticipated.

ICO Alert: As a non-BCSHOP question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

BCSHOP: Currently, the blockchain industry is very “hot.” Too many projects are coming with nothing but a whitepaper and some of them get their funding because there are what people consider to be “free money” in the space. I think this should be improved with time as investors will realize that not every ICO is a real project backed by a real team.
In 3–5 years, we expect cryptocurrency to stabilize from the legal point of view. When there are necessary regulations, big players will start entering the field and crypto will become accepted everywhere.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

BCSHOP: We want to partner with professional organizations to run our main sale so our developers can concentrate on the platform as maximum as possible. According to our roadmap, we are going to provide full-cycle alpha before the end of the year. Selling in-game currency and items is going to be our first implemented use case.
In 2018, we will be gradually improving the platform’s functionality and integrating with vendors. The pace of those processes will depend on how successful our presale and sale will be.

Presale Information
The presale is currently live and will end on December 15, 2017. There is a minimum contribution of 20 Ether, a bonus of 50%, and only Ether is accepted as contribution. The presale is limited to 100 contributors and must be applied for on the BCSHOP website.

There are a total of 1,200,000 tokens available during the presale and a hard cap of 8,000 Ether. For every one Ether, contributors will receive 1,500 BCS tokens.

Crowdsale Information
The crowdsale will begin December 18, 2017 and end January 31, 2018. The address for contribution will be posted on the BCSHOP website before the beginning of the crowdsale. The price per one BCS token will be 0.01 Ether during the crowdsale.

There will be a total of 10,000,000 BCS tokens available for sale during the crowdsale. Any tokens not sold during the crowdsale will be burned.

Token Distribution Information
There are two tokens created by BCSHOP. The BCB tokens allow users to exchange them for free goods and services on the platform. The BCS tokens are what are being sold during the crowdsale, and what can be exchanged for BCB tokens. The main reason for doing this is to comply with regulation.

There are a total of 10,000,000 BCS tokens being created and no further tokens will be created after the ICO.

Allocation
12% will be distributed during the presale.
20% will be retained by BCSHOP.
56% will be sold during the crowdsale (plus any leftover from the presale).
7% will be kept as a reserve liquidity fund.
2% will be allocated to incentivize partners.
3% will be allocated for client acquisition.

Use of Crowdsale Proceeds
The majority of proceeds will go towards development, followed by marketing, legal, and other outsourced services.

Team
Vladlen Manshin, CEO
Linkedin
Vladlen will handle team management, project coordination, and marketing for BCSHOP. In 2009 he formed a team with his university group mates and since then have been working together. He was previously CEO of this team, Altay Computer Service. He has 8 years of experience in C/C++ programming, project and team management and complex systems formalization and algorithm development.

Oleg Kondrakhanov, CTO
Linkedin
Oleg will be handling backend development, smart contract development, and vendor integration for BCSHOP. Before his role as CTO, he was a software developer at Altay Computer Service. He has more than 9 years of experience as a software developer, specializing in object-oriented programming languages.

Alexey Kuzmin, Developer
Linkedin
Alexey will also be handling frontend development and vendor integration. He also worked as a software developer for Altay Computer Service. He graduated with a degree in computer science in 2008, where after that he worked in several different software development roles. His experience is in C++/C# programming, database programming and administration, and web development.

Nikita Ivanov, Quality Manager
Linkedin
Nikita will be handling community management and technical support. He has his master’s degree in computer engineering. He has the following key qualifications:
• Identifying, scrutinizing, improving, and streamlining complex work processes.
• Strengths including cultural sensitivity and an ability to build rapport with a diverse workforce in multicultural settings.
• Resourceful team player who excels at building trusting relationships with customers and colleagues.

Ekaterina Antonova, Translation
Linkedin
Ekaterina is a school manager with experience in customer service. She also has experience in developing and managing foreign language educational projects, both online and offline. She has developed and implemented successful business growth strategies, high quality educational and leisure programs, and is a professional ESL teacher.

Social Media
Medium: https://medium.com/@bcshop.io
Github: https://github.com/bcshop-io/bcshop.io
Twitter: https://twitter.com/BCShop_io
Bitcointalk: https://bitcointalk.org/index.php?topic=2223455.0
Telegram: https://t.me/joinchat/FxGXTULeqJEx0BlrVb4bsQ

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View the BCSHOP Website here.

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References
(1) BCSHOP Website, BCSHOP, (2017)
https://bcshop.io/

(2) BCSHOP Whitepaper, BCSHOP, (2017)
https://bcshop.io/uploads/whitepaper/whitepaper_en.pdf

Topics: Blockchain, Cryptocurrency, ICO, Services, Investing