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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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3969543 No.3969543 [Reply] [Original]

There are only a few hours left to sign up for the whitelist. Some of you are alright, so here you go.

/biz/, you've made me a lot of money with ChainLink and SmartCash, and its time for me to give back. I've done some research on Confido and really, really liked what I found. I'm going to outline my findings here on an upcoming ICO called Confido.

Key take aways are this:

(1) lowest marketcap I've ever seen for an ICO. There is just an insane amount of upside for this if you are able to get in the ICO or get in early. ($400,000)

(2) Real problem and use case being solved. It actually just got featured in a Huffingtonpost article here: https://www.huffingtonpost.com/entry/3-cryptocurrencies-to-keep-an-eye-on-that-are-not-bitcoin_us_59d22c36e4b034ae778d4c32

Basically, with Confido you don't need to trust someone to ship you something after you pay. You send money to a smartcontract that only releases to the seller 24 hours after the item delivers.

Lets say we want to buy a ChainLink plushy from that ChainLink anon, instesd of sending him BTC/ETH and just hoping/trusting he sends the item, we use Confido to create the smartcontract that spies the FedEx shipping number using ChainLink as the Oracle. You don't need to deal with eBay or Paypal or any centralized corporation that doesn't even accept Crypto anyway. Your escrow is literally a SmartContract!

Why is this just being created now? Well, remember the "Oracle problem?" There have been Oracles out there but they were difficult to implement and - of course - they were centralized. Now with ChainLink, we can create SmartContracts that read external data - in this case, FedEx/UPS data (through a ChainLink) so it knows when to release funds.

>> No.3969554
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3969554

My first thought was: "well what either party commits fraud?" Confido has a really clever solution to this built into the smart contract. If you receive a box of coal instead of a plushy, you as the buyer can just freeze the funds in escrow. That way they don't get released to the seller. This creates a huge disincetive for fraud from the seller's perspective because they won't get paid, and they waste money on shipping. Once a contract has been held up by the buyer, only the buyer can release the funds to the seller.

But what if the buyer commits fraud - can I just claim I got coal instead of a plushy to get my money back? No you can't - your funds are in escrow, and you don't actually get your money back unless the seller authorizes the refund. Thus, there is no incentive for either side to commit fraud short of pure spite (there is just no tangible/monetary benefit you can receive by trying to defraud eachother). For the .00000001% of buyers or sellers that truly are spiteful despite zero benefit to themselves, eventually Confido will implement Kleros.io, which is a dispute resolution blockchain, as an intermediary.

>> No.3969561
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3969561

Why tokens?
I know what you're thinking - why the hell do we need tokens for this? This part is really cool. First I need to explain that the cost for using this service is 0.7% of the transaction cost, which is so SO much lower than centralized escrow payments that charge 5%+, and the cool thing here is that you don't actually need to pay using Confido tokens! I believe you will be able to pay in most major blockchains, but certainly Ethereum at the very least. Now, that 0.7% fee goes to the token holders! The tokens entitle you to a divident payment from all the people around the world using Confido. The second use for the tokens is the ability to use the service without the 0.7% fee!

Overall, its a really cool concept that doesn't have much downside given how low the market cap. They are only raising $400,000 in their ICO. If you read their whitepaper, they talk about how they think the ICO space is messed up and abused, and they are only asking for what they need. The devs aren't rockstar, YCombinator-backed, venture capital millionares getting even richer - they're just dudes our age living the dream by trying to solve a real problem for real people, and I think they found a good one to solve.

>> No.3969575
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3969575

Here is a quick video run down of the product: https://www.youtube.com/watch?v=1SX0buv4bCc [Embed]

Here is their whitepaper: http://confido.io/wp-content/uploads/2017/10/Whitepaper-v0.2-1.pdf

Like I said, there isn't that much downside. If you get in the ICO, the cap is only 2 ETH anyway.

I'll be hanging out to answer any questions - do your own research and good luck!

>> No.3969582

D E L E T T H I S

>> No.3969597

threadly remainder: Confido uses Chainlink

>> No.3969603
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3969603

hmm thanks op. signed up

>> No.3969630

Eh ill bite
Not like it'll crash instantly after the actual release.

>> No.3969652

>>3969597
This.
>See Confido
>$400,000 hard cap
>Super easy 10x
>Realize no actual product until 2019
>Realize it uses Chainlink
>Realize the marketcap is going to crash post ICO

>> No.3969655

Verrrrrry interdasting.
I think i will contribute to said ICO

>> No.3970176

>>3969652

>crashing below 400k

wut

>> No.3970279

>>3970176
Nobody will want to sell because they think it'll be 100x and the few that will will sell below ICO because they think nobody selling is a bad thing. That said I'm still putting my whitelist 2 ETH in it and maybe a third. Possible cashing out chainlink too since I'm not at a slightl oss.

>> No.3970634

What do you mean, the app comes out january sir

>> No.3970964

>>3970634
Alpha comes out in January. Full release isn't until like July of 2018.

>> No.3970989

>>3969543
When i signed up for the whitelist I didn't get a confirmation email, just a popup saying "your info has been recorded".

Anyone else?

>> No.3971050

>>3969543
EBET 2.0

>> No.3971104

>>3971050
And do you have a single fact to back that up?

>> No.3971118

LMAO idiots there only 200 or 300 spots for real whitelist, and they were occupied in 30 minute after registration start

>> No.3971171

>>3971118
I know, I was in the first 200 spots.
But getting whitelisted still means you can participate in part 2.

>> No.3971204

What is a decent etherum wallet? I don't have one currently and wish to sign up for the whitelist. Advice would be appreciated. Help out a/newguy/

>> No.3971268

Whitelist just closed!

>> No.3971284

https://twitter.com/Confido_io/status/921395165973176326

Congrats everyone that got in.

>> No.3971296

>>3971204
I hate I couldn't respond to you in time, Anon, but look up Metamask.

>> No.3971323
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3971323

>/biz/, you've made me a lot of money with [random shitcoin]

>> No.3971336
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3971336

HOLY SHIT THANK YOU OP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

>> No.3971461

fuck. i missed it

>> No.3971535

>>3970964
So its not 2019 lmao, what gave you that impression, you sound like an experienced fudster

>> No.3971649

>>3971535

It's literally impossible to FUD a 400k marketcap ICO. Anyone who's been here for long enough knows what this means

>> No.3971660

>>3971535
I'm a first-200 whitelister wat. I'm not fudding, I'm just saying this is a hold, not a flip.

>> No.3972013

Cant wait to 20x when this coin releases

Thanks OP

>> No.3972375

>>3971660
Yeah I get you, good work on the find. I think what cinches it for me is that pre-salers only got 10 percent extra. I'm definitely gonna smash in 20 eth after it hits an exchange. I'll need to ask the team on their predicted marketshare so I can do a due diligence

>> No.3972448

Don't know if i made it in time, just told me my info has been recorded. Can I count myself as in?

>> No.3972500

>>3972448
Whitelist was closed an hour or so ago, but there's no harm in hoping.

>> No.3972508

I'd like to buy more, as long as I get in under $2M marketcap I'll be happy

>> No.3972540

>>3972500
The button on tokenlot is not working anymore (was when I registered) so I assume I've made it, just haven't received and email yet, guess I'll just have to wait and see

>> No.3972578

>>3972540
You won't receive an email even if you made it; only the first 200 got an email because they get a personal contribution url before the rest of the whitelist. You'll get an email around the 6th of november

>> No.3972805
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3972805

>>3969543

Oh, look everyone, it's /biz/'s ChainLink 2.0 shill post.

>> No.3972847

>>3972805
What?

Link had a 32 million ICO marketcap. Confido has 400k

>> No.3972927

Did anyone get an email from them yet?

>> No.3973647

>>3972927

No emails will be sent out until it gets closer to the sale in early November.