SMART Wallet elaborated
Yes, myCoinvest plans to adhere to all legal requirements in the areas that we support. We take compliance very seriously for the saftey of our customers. You guys and gals are our #1 priority!
We’ve partnered with a top notch law firm to assist us in keeping the legal framework up to par.
Feel free to reach out if you have more questions regarding legal.
AJ - COO
No. No fixed rate my friend. All variable.
No matter if the rates are as low as .01%, this still generates interest regardless of how small.
With this small amount of interest generated, it is then passed down to a user’s wallet.
Hope this clarifies.
A followup question on Question 1:
One of the benefits of having this saving ecosystem built of the NEM blockchain is that it will provide full transparency, accountability as well as process automation thru implementation of smart contracts.
It was mentioned that the interest will be accumulated thru p2p lending. Now, are these lending contracts something to be performed on the NEM blockchain so that it is easily auditable as well as providing transparency to the users?
Simple answer, No.
All of these transactions will be done by the exchanges themselves, and off of the NEM blockchain.
For transparency, we do plan on releasing quarterly financial statements, similar to the one of publicly traded companies once we have the data.
"What kind of interest are you paying them when you’re not making any though"
Unless all crypto markets go bust, or there is some cataclysmic event, we will continue making margin loans. This is a demanding market which we don’t expect to saturate for quite some time. In fact, trends show the demand for margin loans is increasing.
"So this company will obtain license for each country you operated in"
Yes. Every country we operate in, we will make sure we are legally compliant. - However, blockchain is international for anyone to use, regardless of which countries we choose to operate in.
This means anyone anywhere can use it, except in these unlikely events:
A. Our base country (USA) forbids servicing citizens/residents of a specific country.
B. The country which the user is located bans their citizens/residents from using myCoinvest. - And even then, it is up to the user whether they continue using myCoinvest or not.
This question brings up a very powerful use case. - Banking the unbanked.
If a person is otherwise able to get money into crypto, they can deposit it to their SMART wallet, sell it for USD or other acceptable fiat, set a savings goal, and effectively have a high yield savings account held in whichever currency they chose. - Of which they can withdraw, or send to someone else, whenever they like.
There really is no feasible way for governments to stop anyone from doing so.
"are these lending contracts something to be performed on the NEM blockchain"
Like keelo mentioned. Our own internal exchange will allow margin lending - which will be fully transparent on the NEM blockchain. Right now, there is no way to add true 24/7 transparency to margin loans on external exchanges, However the transactions to and from exchanges will be visible in the blockchain. Additionally, all lending activities will be recorded and auditable as well, though this data is not stored on blockchain since it occurs within the exchange.
One last thing - The great thing about margin lending, is it is always backed by collateral, which is digitally locked, so there is virtually no risk of failure to receive repayment.
Sorry, If this question was already answered. I didn’t find a clear answer, but will I be able to choose which investments I want my money put towards?
You can chose your investments in the sense that you can deposit fiat or crypto to your SMART Wallet and trade them on the exchange. And hold whichever currencies you wish. This would be your own personal investment, which everyone here is most likely familiar with.
However, With the savings feature, you would hold a fiat balance in a savings goal. So all you see is your current fiat balance - Say $112 USD + the daily interest payments.
But on the backend, the majority of your deposits are being used to facilitate margin loans, which users will have no direct control over.
This operation is very similar to traditional banks. You can see your bank account balance, withdraw it at anytime, though the funds are being loaned out to others for interest.
The biggest difference is that in traditional banking, the profits from the loans goes to the bankers, and a tiny portion is actually passed on to savings account holders. With myCoinvest the majority of the profit is distributed to the account holders, resulting in better interest rates for the user.
The secondary difference is the type of lending. Cryptocurrency margin loans are very low risk, as the collateral held is a digital asset which is locked. A borrower can’t destroy it, alter it, hide it, refuse to pay, etc. Additionally, interest rates on margin loans are usually much higher than other types of loans, and are short duration.
If anyone has any questions about margin lending, let me know and I will post some resources here that give a deeper explanation of the process.
With our solution we aim to simplify the crypto process and appeal to all stage investors.
For the more experienced investors, who would like the option to diversify their portfolio’s from the standard low risk “Savings Goal” method. Our app will also provide options for users to venture into more “higher risk” methods, such as directly buying their own assets.
Thank you for your kindness in informing me.
I support the progress of the project.
We appreciate your support! Do us a favor and refer us to a friend!
Thanks for your support Park!..
Speaking of tracking. Anyone interested can track our Operational, and Development progress here using JIRA: https://mycoinvest.atlassian.net/
You also receive Vezcoin by doing so
Hi, questions about smart wallet.
- Can I send some cvz for testing purposes now from my nem wallet? If yes, so how can I do it and why the address in my smart wallet now starts with T letter? as far as I know the T letter for testing addresses, correct?
- In order to accomplish the saving goal as well as to have some other bonuses I need to transfer cvz to smart wallet, correct? Is it need to be done before Go-Live (Oct 3 ) or after?
Can I send some cvz for testing purposes now from my nem wallet?
If yes, so how can I do it and why the address in my smart wallet now starts with T letter?
Yes you can. Depending on your device, make sure that you have the latest version of the app installed.
With previous builds, NEM testnet was used during testing. This issue has been resolved in both iOS and Android apps now.
In order to accomplish the saving goal as well as to have some other bonuses I need to transfer cvz to smart wallet, correct? Is it need to be done before Go-Live (Oct 3 ) or after?
This is correct. The unique about our platform is that it will help “Bank the Un-Banked” for millions of users globally.
Through our Vezclub Marketplace, users will be able to acquire Vezcoin (CVZ) and have access to all of the services provided in our ecosystem - to include “Goal Savings”
Yes. The SMART wallet is full functional now, meaning you can transfer your CVZ into it once you have the most up to date release.
Few more questions.
- Where to find the smart savings wallet’s address? I see only short 16 characters address if i open receive field, is it correct?
- Is it possible to update the smart savings wallet from inside the app?
Where to find the smart savings wallet’s address? I see only short 16 characters address if i open receive field, is it correct?
Yes this is correct.
Is it possible to update the smart savings wallet from inside the app?
No, but you can visit the app store to download the latest version
ok, in that case I have a bug (I reported it already to Kel’s help), because I have only 16 characters shown, not a proper address
Click the image below to see complete image. It gives a little more insight to myCoinvest. Thanks! =)
You got my vote — 0 NEM sent to: NDNETT-57K3JY-7PGKJY-RS3DP7-GUFSKK-HMRUOD-JPX6
I like what you guys are doing — especially the bit about gift cards; heh. I see synergy with our NEM project brifs.co.
I’m happy to support this project.