I actually have my own complaints about how information is presented in the proposal, as things can get confusing. This is partly due to the depth of features included in the SMART Wallet.
When I first was trying to explain to newcomers, it felt like trying to explain all the features of Amazon at once, or like Internet to someone in the 1800’s.
Default services offered within the SMART Wallet include:
-Banking
-Online Market
-Currency Exchange / Conversion
-Money Transfer
-Gift Card Redemption
More Detail on Banking:
Automatic Rounding - The SMART Saving solution allows a user to make micro deposits to their savings account anytime they shop. Any transaction you would normally make can be rounded to the nearest dollar, with the excess deposited into your SMART Wallet Savings.
Goals - Anyone with a myCoinvest account can set goals to work towards. Users can set as many goals and as large of goals as they like.
Daily Payout - Savings held in SMART Wallets, and applied to goals, are utilized by myCoinvest to issue margin loans to cryptocurrency traders. Profits from these margin loans are disbursed to goal setters on a daily basis. This means that each day you hold a balance, you will receive recurring income.
Margin Loans - Margin loans are issued to cryptocurrency traders within the myCoinvest platform, as well as external exchanges. Margin loans are always secured by collateral, providing great security for the lender (myCoinvest).
More Details on Market:
Cost Reduction - Individuals and businesses may buy or sell any legal item, as they would in any other online marketplace. However, the security and efficiency inherent in NEM Blockchain allows us to drastically reduce costs of record keeping, transactions, and dispute resolution. These savings are passed on to users via unprecedented discounts in fees.
Security - All transactions that occur within the marketplace will be conducted via our NEM Mosaic, CVZ. Buyers will not have to trust sellers with sensitive data, such as credit card numbers, and sellers won’t have to worry about chargebacks or double spending.
NEM public ledger provides additional transparency into all transactions - even those of myCoinvest itself!
Ease of Use - Since the marketplace is included within the same app that provides a savings account and currency exchange. Users no longer have to finagle around trying to move money, convert it, withdraw it, nor any of the inconveniences within other marketplaces.
3rd party application can also connect via myCoinvest API - further enhancing usability.
More Details on Exchange:
Trade: Users can trade crytpocurrencies like on any other crypto exchange. - As well as convert them to and from supported fiat currencies.
Fiat Conversion Supported fiat currencies can be applied to goals as mentioned above.
More Details on Money Transfer:
Users can conduct fiat to fiat transactions between supported currencies.
For example, sending USD to someone who needs PHP. USD is converted to CVZ - transmitted on blockchain - then CVZ converted to PHP in recipients account.
More Details on Gift Card Redemption:
Users can place a goal in the marketplace for others to fulfill.
Other users can purchase the desired item for the goal setter using their gift cards, rewards points, etc.
Person who fulfills the goal receives payout in CVZ equal to fiat amount of goal. This can then be converted to other currencies, including fiat.
Regarding legal compliance - We have a law firm working with us to make sure we adhere to all laws and regulations. We are not selling any securities, do not have an ICO, and CVZ does not represent any stake in the company nor it’s holdings, but is used to facilitate the services mentioned above.
CVZT is used primarily for governance and is freely exchangeable with CVZ within the myCoinvest platform.
Therefore, under current laws, our mosaics are not classified as a security - and our legal team reassures us that it is unlikely to be in the foreseeable future. However, we are able to adapt in the unlikely event a curve-ball is thrown our way.
Your point about all digital ledger marks / tokens / mosaics being classified as a security is highly debatable in wide circles of the cryptocurrency community - and even the SEC chairman himself says Bitcoin is not a security.
Last bit about referrals. Nearly every major online company, and many brick and mortar stores as well, have referral programs. Amazon, Walmart, Cloudways, Binance, GoDaddy, AliExpress, etc, (could go on forever) use referral systems to help grow their user base.
I find it odd that people have found this as a negative thing, because it actually gives more back to the community for their effort. We could have an option available so those who refer a friend but don’t want any benefit from it, can opt-out, but I suspect very few would choose to do so.
Please feel free to ask any further questions! We want clarity!
sorry for so many edits. I’m working from laptop right now, and my screen just isn’t big enough.