1 - Can you describe in your own words what TaaS is and what it does?
TaaS is an investment fund designed to ease the process of investing in blockchain markets.
2 - In which country is TaaS' headquarters based?
TaaS is incorporated in Singapore, with operational and development offices located in Kiev and San Francisco.
3 - What are some of the benefits to a token-based CEF?
Immutability a of blockchain allows unprecedented levels of transparency, impossible in old financial institutions as it eliminates the agency problem. TaaS tokens are built on a profit-sharing Ethereum smart contract, making it virtually impossible for any human to intervene in the process.
4 - Do TaaS tokens have a name?
Yes, TaaS tokens go by the same name: TaaS.
5 - What kind of investments make up the portfolios in TaaS?
TaaS will be an active player across blockchain markets, investing in cryptocurrencies and tokens. TaaS is interested in investing in blockchains built by progressive-thinking teams that solve crucial real-world problems, or are pioneering and stretching the limits of blockchain.
6 - Can you talk more about cryptographic audit?
To provide maximum transparency in the fund’s capital management, TaaS Cryptographic Audit is a set of monitoring tools that allows any member of the public to validate trading history. Among other solutions, it includes regular blockchain snapshots of portfolio balances, view-only API keys, proof of reserves for fiat accounts (via TLSNotary). The payout is governed by an immutable Ethereum smart contract.
7 - How specifically are Ethereum smart contracts used with TaaS?
Smart contracts are built to design and govern a profit-sharing program. Every 3 months, a designated smart contract will disperse 50% of TaaS fund profits, equally spread out over the number of outstanding tokens. Intuitively, it implies that investors with a larger share of tokens will receive a higher return.
8 - Can you talk more about your cold storage audits?
For all non-exchange accounts, such as cold storage addresses, that will be used for storage of our funds we will provide a proof of ownership: transaction with special marker in OP_RETURN (or similar feature, depending on a blockchain protocol) will be sent from each account in order to verify that the account in question belongs to TaaS.
9 - Can you describe the "daily snapshots" and how contract explorers work?
An in-house built Report Generator Service will be pulling data from several sources, including exchanges API, and then hash this data onto an Ethereum blockchain for anyone to validate. Contract explorer is a user-friendly application that allows anyone to track TaaS data for a certain period in time.
10 - How exactly will this "new way" of capital raising be achieved? How is full auditing transparency achieved and how/what are the basic mechanics of the technology to facilitate that?
Initial Coin Offering is a unique way for early adopters and backers to join a new blockchain project by acquiring a certain amount of the initial coin supply. While it has been done in the past for general blockchain projects, TaaS is the first tokenized closed-end fund to use an ICO to increase capital and make participation available to everyone. ICO’s use of proceeds will be audited by internationally certified audi. To provide maximum transparency in the fund’s capital management, TaaS Cryptographic Audit is a set of monitoring tools that allows any member of the public to validate trading history. Among other solutions, it includes regular blockchain snapshots of portfolio balances, view-only API keys, and proof of reserves for fiat accounts (via TLSNotary). The payout is governed by an immutable Ethereum smart contract.
11 - What is the envisaged amount that this ICO is hoping to raise in $$$ by the co-founders?
TaaS is offering 101,000,000 TaaS Tokens, each valued at $1. Early investors have an opportunity to receive limited 5-25% bonuses.
12 - Is it too early to say what assets/investments in the blockchain space are being considered to be or will be invested in at this stage? Can you disclose specific names of assets, cryptocurrencies and companies?
TaaS will be an active player across blockchain markets, investing in cryptocurrencies and tokens. TaaS is interested in investing in blockchains that are built by progressive-thinking teams that solve crucial real-world problems, or experiment with shapes and capabilities of blockchain.
13 - With so many barriers to investing in the blockchain and cryptocurrency spaces, can you explain how TaaS’ model reduces risks?
Investors interested in exploring blockchain markets face several problems, including a lack of market understanding and a lack of transparency in existing investment solutions. By being the first, truly transparent closed-end fund on the market, TaaS offers a solution to all these issues. To provide TaaS token holders with maximum transparency into non-Ethereum token investments, TaaS built an in-house Cryptographic Audit technology, which is a set of autonomous auditing techniques that track, record and timestamp trading activity. The technology ensures that all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds. Its design simplifies investors’ due diligence and provides deep insights into their investment.
14 - Can you explain the difference between closed-end and open-end funds? Why choose this route?
Like a traditional mutual fund, a closed-end fund pools capital from individuals; it raises its capital through an Initial Public Offering. Unlike open-end funds, a closed-end fund does not create new shares to meet ongoing demand from investors. Shares may only be sold or purchased in the market. The price of these shares often trade at a premium or discount, depending on the fund’s performance expectations.
With the rise of the ICO as a crowdfunding instrument, we see it as a perfect analogue for a closed-end fund’s Initial Public Offering.
15 - How will these bounty programs pan out exactly in terms of payments?
TaaS reserves up to 2% of collected funds for bounty programs. They include social media contributions, assistance with translations, beta testing and others. Payments will be held upon completion of ICO.
16 - Who comprises TaaS’ Board of Advisors?
Board members include:
- Fund management expert John Wong. Wong, formerly an investment banker at Lehman Brothers, has more than 25 years of experience taking companies public and managing funds Legal consultant Sergey Rabenko. Rabenko is a legal consultant at the International Finance Corporation (a member of the World Bank Group), with more than 12 years’ experience advising on legal and tax issues, as well as mergers and acquisitions.
- Global banking expert Patrick Salm has more than four years’ experience in blockchain technology and a track record of more than 10 years of success with large, global banks where he took leading roles. Salm is currently Strategic Risk Manager and Business Analyst at BANK-now AG, a Credit Suisse Group subsidiary, where he provides analysis and optimization of risk-relevant business processes and applications.
- Marketing consultant Pascal M. Bommeli. Bommeli has vast experience in the creation, development and selling of several startups within the software development and applications sector, including HO Designer LLC, Silver Brain LLC, Design & Desktop Team LTD, educApps, and The Localised Community – LOCO. He’s currently Marketing and Communications Manager at a reputable Swiss IT company, ABO Storage Distribution, where he is responsible for public relations, partner enablement, channel presence, and supporting sales and advertising.
- Serial entrepreneur and investor Mike Costache. He is the co-founder and managing partner of KrowdMentor, a strategic crowdfunding and investment firm with a portfolio of 20 startups. Since 2011, he has been a member of Tech Coast Angels, the oldest and largest network of angel investors, which has invested $185 million in more than 300 deals and raised more than $1.5 billion from venture capitalists. Costache was previously President of Leo & Leo, a management and franchise representation service with clients including Maserati, Miss Universe and Rockstar Energy.
- Blockchain technology and digital currency trading expert Marshall Swatt. Swatt is the founder and major investor at ATS Inc., a pioneer in algorithmic trading systems focused on strategies in exotic financial instruments such as cryptocurrencies. As the former CTO of Coinsetter and Cavirtex, North America’s leading VC-backed bitcoin exchanges, Swatt has more than 20 years of strategy, operations, business development and technical experience.
- Legal expert Arnold A. Spencer. Spencer is Managing Director of Spencer & Associates, a corporate criminal defense firm, and General Counsel at Coinsource, the world’s largest bitcoin ATM network. Spencer brings experience and insight in compliance, U.S. federal criminal law, securities and financial fraud, anti-money laundering, asset forfeiture and federal trials.
17 - What’s the difference between TaaS and ICONOMI?
ICONOMI is a great project with a wonderful team. As far as we understand, they are building an investment platform and will also have an open fund for anyone to invest in.
However, ICONOMI and TaaS are not direct competitors because we offer different products and solutions.
- TaaS is a closed-end fund, meaning it is open for investments exclusively during the ICO. It cannot accept additional investments after its completion.
- We offer levels of transparency no other finance blockchain project currently can, thanks to Cryptographic Audit (CA) technology that we built. It is a set of complex tools that monitor trading activity and hash data onto a blockchain for anyone to validate. Our development team is in 5 countries right now, with more than 10 people working on it exclusively. You can read all about it in the white paper at http://taas.fund.
- We offer a token, TaaS, that shares 50% of TaaS fund profits every quarter, executed and governed by an Ethereum smart contract. No other project is doing this at the moment.
18 - I don’t know anything about the TaaS team. Where can I find some information?
You can learn more about our executive team here.
19 - Do you have an escrow?
All ICO transactions are on recorded on blockchain and exchanges. In addition internationally certified audit will be holding an audit of the ICO's use of proceeds after its completion to provide third-party confirmation.
20 - Is it true that TaaS has 100% token distribution?
Yes. All TaaS tokens will be held by individual investors. TaaS' founders will not keep any tokens. If some tokens aren’t sold during the ICO, they will be burnt. This will be easy to verify via the blockchain.
21 - What's the purpose of 100% token distribution?
Our business model is this: TaaS tokens are a service that allow subscription to the fund's profits. We sell 100% of the tokens because we generate profit not from tokens but from investing across blockchain markets. It makes no sense to keep the tokens internally.
In addition, it adds transparency to the fund. Because we don't keep any tokens, investors can feel more secure that developers or founders won’t "dump" tokens on them in the market.
22 - How does the smart contract know where to send the funds? Do the tokens have to be in a wallet to get paid?
Payout is done quarterly in the form of ETH directly to your TaaS token address. Tokens may be stored at taas.fund wallet or at myetherwallet.
23 - I read that 50% of profits will go to dividends and 25% will be reinvested into the fund. What happens with the remaining 25%?
The remaining 25% is recorded as company earnings.
24 - Do you have any limitations as to which jurisdictions can invest?
You are only allowed to purchase TaaS tokens if you are neither a Singapore citizenor U.S. citizen or permanent resident of the United States, nor have a primary residence or domicile in the United States, including Puerto Rico, the U.S. Virgin Islands, and any other territories of the United States.
25 - Where will tokens be available for purchase?
TaaS tokens will be available for sale directly on our website or Livecoin.net and Kuna.io exchanges from March 27, 2017.
26 - How will TaaS accept payment?
TaaS accepts BTC, ETH, USDT, and other methods that available on exchanges. If you have altcoins you want to invest, they may be converted directly via Shapeshift.