Written by Zach Quezada

Business Development  |  ICO Alert
February 14 2018

MoxyOne (SPEND) — ICO Alert Report

MoxyOne (SPEND) — ICO Alert Report

What is MoxyOne?

MoxyOne is the first of its kind in the cryptocurrency industry, providing a debit card white label solution for companies that issue cryptocurrencies or tokens. We give them the opportunity to incorporate within their ecosystems, a reliable financial infrastructure that gives their token holders an opportunity to utilise or spend their tokens.
MoxyOne is also providing its own users with a debit card, virtual debit card (online shopping) and wallet which means users will be able to make purchases at “real-world” merchants worldwide. SPEND token holders will have the opportunity to utilise the MoxyOne infrastructure with many benefits such as a rewards system and negligible fees.
Our aim is to create a space where more than just our company (MoxyOne) gets a chance at growing with this industry. We believe that people should actually be spending their tokens and use them for their intended purpose and not just be sitting idle in wallets. Additionally, not just our tokens will get a boost but all those company tokens that have partnered with us, this includes major cryptocurrencies.
— Tanshul Kumar | Co-Founder

ICO Alert Quick Facts

  1. White label debit cards and secure payment infrastructure for all companies and ICOs that issue cryptocurrencies
  2. 1 ETH = 1000 SPEND tokens
  3. February 8, 2018 — March 10, 2018
  4. 35,000,000 total available / 50,000,000 total supply
  5. Live Demo | Seamless & secure conversion of tokens to fiat at point of sale

Q&A with Tanshul Kumar | Co-Founder

ICO Alert: How does the MoxyOne token (SPEND) function within the platform and why is it needed?

Kumar: SPEND tokens are essentially utility based assets, used as transaction fees within the MoxyOne infrastructure. This would mean tokens are actually in circulation and can be used in the real world, making it a valuable asset for its owners. SPEND tokens also allow white label partners to setup payment infrastructure with us (payment gateways, wallets, debit cards).
Additionally, 100,000 SPEND is needed for companies to distribute debit cards to their users and build on our infrastructure. This is our basic requirement for all white label partners.
SPEND tokens are valuable because there will be only a maximum of 50,000,000 tokens and no new coins will ever be created. As scarcity drives value, every token holder will find that their tokens will continue to become more valuable and useful with time. All of MoxyOne’s partners who will be using the infrastructure will also be paying their fees in SPEND tokens thus increasing its demand and value.

ICO Alert: Can you explain how the MoxyOne system is able to provide an instant exchange of cryptocurrency to fiat? How does the team ensure liquidity in these instances?

Kumar: MoxyOne will utilise the “Just In Time Funding” protocol to do instant crypto/fiat conversion on the MoxyOne infrastructure at the best exchange rate at the time of the transaction. This is a new protocol in the crypto industry. The other debit card companies are using “pre-load” debit cards, our functionality does not require this. It will be an instant conversion at point of sale.
The liquidity is provided by Liquidity Providers feature. These are companies or individuals that buy cryptocurrencies in exchange for fiat through the MoxyOne infrastructure. Our Partners will be able to set up their own Liquidity Provider if they choose to do so or alternatively, use a service like Changelly. MoxyOne will be one of these Liquidity Providers (and can be used by white label partners). We will place some of the funds raised into a buffer account for this purpose.

ICO Alert: Rejection of cryptocurrency by most mainstream business retailers is a hurdle the crypto industry is looking to overcome, how is MoxyOne attempting to solve this issue? Does a business need to state that they accept MoxyOne before users can purchase items/services from that business?

Kumar: Firstly, whilst a few businesses are accepting cryptocurrencies as payments, we are yet to see a mass adoption. This is because the existing system is still quite complicated and far from being a simple solution for shoppers. In addition to this, many companies that issue cryptocurrencies are still unable to provide a means for their token holders to actually use their tokens. This issue of under-utilised tokens is something that is greatly hurting the crypto economy. We believe that we have found a solution to this problem. We will develop an infrastructure that allows for cryptocurrency payments in the real world.
Secondly, no, businesses will not have to state that they accept our cards. It will function just like any other debit card as it will utilise a popular mainstream payment processor that is widely accepted. So for example, when a customer makes a purchase, all they have to do is tap their card or wallet onto the existing POS system and thats about it. As simple as using your ordinary card! No extra input is required by the user and the crypto that the user wishes to pay with can be set as “default” in the wallet app.

ICO Alert: Up to this point you have partnered with Clearify, Hosho Group, Social, and more. Can you detail how these partnerships benefit both the platform and its users?

Kumar: MoxyOne uses Clearify to prevent scams and phishing attempts. This is to protect users from scammers that pretend to be from the team and scam people into sending money to their wallet. By simply entering the wallet address on the Clearify website, a user will be able to verify that they are sending it to our verified address and not a potential scammer.
Hosho Group are global leaders in blockchain security. They have audited MoxyOne’s smart contracts to ensure the code behaves as intended along with there being no security flaws. This was done to ensure that the participants in the token sale are protected.
Social is a secure and private decentralised social network with an integrated ad platform and will be white labelling the MoxyOne infrastructure to issue their own custom debit card for SCL token holders. Both parties will benefit from this partnership as we earn fees and Social is able to enable payments on their ecosystem.
WINGS is a decentralised application for Blockchain-based evaluation, funding and early adopter engagement. They are our Technological Partners and the Wings community has evaluated our project and forecast our token sale to raise more than $18.3million USD.
DCORP — our Business Partner, is an autonomous, decentralised and democratic organisation that exists on blockchain as a series of smart-contracts. DCORP assists in Solidity development and advice on the Ethereum blockchain, along with assistance throughout our token sale.
We have also approached Gladius to use their services to prevent MoxyOne from DDoS attacks — a security feature that is very important for our infrastructure.

ICO Alert: What is the vetting process for the acceptance of a token on your platform?

Kumar: As a necessity for compliance with local and international laws, MoxyOne is required to have on their system, a list of verified wallet addresses on its secure database. Having a KYC ( Know Your Customer) process also protects all contributors to the token sale from any fraudulent activity. This is because all that wish to participate have to first register to have their wallet address whitelisted prior to the token sale.
KYC is very important because these compulsory checks protects the contributors as well as the future of the business so that we deliver what was promised. The bottom line is that the KYC process will not only protect the MoxyOne project, but will also protect you, the token buyer, from claims of illegitimacy.
We also have a KYB (Know Your Business) process for businesses to vet them prior to accepting them as a white label partner (to accept their tokens on our platform) or Liquidity Provider. This is to make sure that none of them are scam companies and to protect our business and users.

ICO Alert: Scalability, specifically transactions per second, have been a hot topic within the broader cryptocurrency community. Are the Raiden and COMIT networks going to be able to handle the amount of transactions necessary for general use should your platform gain significant success?

Kumar: Essentially the answer is yes. Our main goal is to ensure that the transactions that go through our infrastructure are instant. Raiden Network’s micropayment channel offers a unique on-chain, off-chain solution for instant transfers. Raiden Network is also open-source and has one of the biggest Github repositories in the blockchain space. This means that developers will be improving the system as we go and that we may be operable at optimum speed to allow for many transactions to occur and prevent backlogs and failures.
COMIT is an add-on, secondary option that we may or may not utilise, this will allow MoxyOne to expand its cross-chain access and allow for multiple operations to commence at once, also solving this issue. With that said, MoxyOne aims to keep improving with time and if better blockchain solutions were to emerge, we would be sure to jump on to the next best thing to ensure optimum performance for our users and our white label partners.

ICO Alert: You currently have a Demo product on your website, what has been the initial reaction from the community after testing those features?

Kumar: The initial reaction has been great. The demo illustrates the features that will be available once the system is operational and so far the response has been very positive. With that said, we have also received some very useful user feedback that will help us improve our product prior to launching it.

ICO Alert: How far along is the project today and when can contributors expect to use the platform? Please feel free to share any recent updates.

Kumar: We have achieved quite a few milestones in a very short span of time. Beginning with our very first white label partnership with Social, we have progressed to including WINGS and DCORP as our technological and business partners, respectively. They will help us to improve our technology and provide advice on how best to tackle the issues that we may face. DCORP assists in Solidity development and advice on the Ethereum blockchain while Wings has helped us with the evaluation and scope of the MoxyOne project.
As per our whitepaper, our product will be launched in the third quarter of 2018, allowing users to make purchases with the MoxyOne debit card. Social (SCL) and other white label partners’ users will also be able to acquire company issued debit cards by this time.

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

Kumar: Within the next few years, we believe that cryptocurrencies will be more widely accepted. With more education institutions now offering courses on blockchain and cryptocurrencies, we can only expect more amazing ICOs to emerge and solve real world problems associated with centralisation, and with the use of digital currencies.
ICOs may become less hype driven and more solution focused, offering truly economy-advancing solutions such as secure voting options globally, more decentralised banks for the world’s unbanked population and a better, faster service turn around with blockchain solutions to almost every issue that is related to centralised security/identity and data storage.

Pre-ICO Information
The Pre-ICO began on February 8, 2018 and will end on March 10, 2018. There are a total of 35,000,000 MoxyOne tokens (SPEND) available during the Pre-ICO, representing 70% of the total SPEND supply. A hard cap of 20,000 ETH is set for this period. Current accepted currencies for MoxyOne include ETH.

Contribute 1 ETH and get an extra 40%, 1400 SPEND / ETH, vesting
period 30 days
* Contribute 30 ETH and get an extra 45%, 1450 SPEND / ETH, vesting
period 45 days
* Contribute 100 ETH and get an extra 50%, 1500 SPEND / ETH, vesting
period 60 days
* Contribute 500 ETH and get an extra 55%, 1550 SPEND / ETH, vesting
period 90 days
* Contribute 1000 ETH and get an extra 60%, 1600 SPEND / ETH, vesting
period 120 days
* Contribute 2500 ETH and get an extra 65%, 1650 SPEND / ETH, vesting
period 150 days.

ICO Information
The main ICO will begin on March 14, 2018 and will end on April 14, 2018. There are a total of 35,000,000 MoxyOne tokens (SPEND) available during the main ICO, representing 70% of the total SPEND supply. A hard cap of 50,000,000 SPEND tokens is set for this period.

Token Information
There are a total 50,000,000 SPEND tokens being created, with 35,000,000 available during the entire ICO.

MoxyOne is an ERC-20 token, so it’s important that contributors use ERC-20 compatible wallets to send funds to the ICO smart contract, and to receive the MoxyOne tokens.

Contributors will have their tokens distributed immediately after the investment in ICO. Visit the MoxyOne website for more information and the contribution address.

Allocation
70%: ICO
20%: Marketing & Partnerships
10%: Team

Use of ICO Proceeds

Roadmap

Team

Social Media
Facebook
Twitter
Telegram
Reddit
BitcoinTalk [ANN]

View the MoxyOne website here.

View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.

References

  1. MoxyOne Website, MoxyOne (2018)
    https://moxy.one/
  2. MoxyOne Whitepaper, MoxyOne (2018)
    https://moxy.one/whitepaper.pdf

Topics: Fintech, Blockchain, ICO, Cryptocurrency, Finance