FREQUENTLY ASKED QUESTIONS
What is OXYCOIN®?
OXYCOIN® is a collaboration of blockchain professionals working on a plan they came up with to make the cryptocurrency world more accessible for people without extensive IT-skills what want to start investing in blockchain technologies.
Why create a mobile platform?
The one place that contains everything a cryptocurrency investor needs, right at their fingertips. The OXYCOIN® mobile application enables investors to easily purchase cryptocurrencies directly with FIAT (i.e. USD or EUR), manages all their wallets and passwords, implements a user-friendly Global Address Book, and is the central media hub where they can access any information they need to make sound investment decisions.
As a result of its simplicity, we believe the OXYCOIN® platform will pave the way for mass adoption of cryptocurrencies. You don't need anything else, and you always carry it with you.
For whom are you building this platform?
For anyone ready to dig into the wonderful world of blockchain technologies and cryptocurrencies.
For many years, the cryptocurrency community has steadily grown, but the fact remains that this community is still in the early stages of expansion. Reputable media outlets have started reporting on the progress - mostly the price - of Bitcoin and other cryptocurrencies. There are many people wanting to invest in blockchain technologies, unfortunately many have not been able to due to the complexity of entering crypto-markets. We're here to simplify the process.
What are OXY coins?
OXY coins (or "OXY") are the digital assets of the OXYCOIN® blockchain. It's like other cryptocurrencies, digital money.
What is the purpose of OXY coins?
You can use OXY purely as an investment, use it to buy other cryptocurrencies or use it to pay your friend for that couple of beers you had last night. Of course that's not all. We're working on an Enhanced DAPP SDK to enable developers build DAPPs that can be consumed by mobile applications. It will open up possibilities like in-app payments, subscriptions, and micropayments so developers don't have to use services like Google Play (30%).
Supporting vs Investing?
This is a very important topic. We need to be as clear about this as possible.
If you invest in something, let's say in a stock market like Oil, you expect your investment to grow several % because of the supply and demand of Oil. Markets like the AEX are regulated and require companies to have licenses to let people invest in their product.
The main difference why we're often call it "Supporting" instead of "Investing" is that when buying cryptocurrencies, you are buying digital assets with which you can pay for products and services.
The price of currencies like USD and EUR changes every day. The value of a cryptocurrency changes as well and of course you can get some benefits out of the exchange rate fluctuations. That's why it's very common to call it "investing".
What do I need to start supporting your project?
If you want to support our project, help more people join the wonderful world of cryptocurrencies, join our ICO (Initial Coin Offering) from September 1st, 2017 - October 1st, 2017. The raised funds will enable us to develop an amazing mobile application which is going to change the world.
If you're looking to buy cryptocurrencies, the only thing you'll need is our mobile application once it's ready.
Can I pay with FIAT (EUR/USD)?
Yes, that's an important part of our plan. Make it easy for people to invest in/buy cryptocurrencies with FIAT.
Which cryptocurrencies are supported?
Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH), ARK (ARK), SHIFT (SHIFT), RISE (RISE), LISK (LSK), and OXY (OXY) for now. We can easily add more cryptocurrencies, but we want you to let us know which ones to add!
INITIAL COIN OFFERING
How to become an Early Supporter?
Enter the ICO at https://ico.oxycoin.io and support our project with 4 Bitcoin or more between August 15, 2017 00:01 UTC and September 1, 2017 00:00 UTC.
Which coins do you accept in the Early Supporter Program?
Bitcoin (BTC), Ethereum (ETH), ARK (ARK), SHIFT (SHIFT), RISE (RISE), and LISK (LSK).
Which coins do you accept in the ICO?
Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH), ARK (ARK), SHIFT (SHIFT), RISE (RISE), and LISK (LSK).
How are you going to bring value to the OXY coin?
One thing that's going to create value is the success of our mobile application. Depending on how you can spend your OXY, people will want to buy OXY just because the world will get more familiar with our product. Why are people buying Apple Inc. stocks? Because they like the company and think the company will get more successful in the near future.
Ways to spend OXY will create value too of course. There are many options to discuss and we don't want to do that all by ourselves.
We think the OXYCOIN® Team, which consists of mainly developers, needs to say focussed on creating the mobile application. Other blockchain startups act as normal companies with a board of directors deciding what road to take. We want to do it differently.
We want to include the community in the decision-making as you are best to tell us what you miss in the application. A lot of our members are financial experts, investors. They have the knowledge and skills to think of the best way to let the market value of OXY grow.
That's why we introduced the Early Supporter Program. Members of the ESP will be able to actively take part in the decision-making. We present a challenge to the Early Supporters, let them take part in the discussion, and when we've come up with several solutions, create a poll to let them vote for an option. The OXYCOIN® Team will have the final say in the decision, but never was the community as involved in a project as in OXYCOIN.
Will I need OXY to use the mobile application?
At the start of our project one of the reasons users have to buy OXY is to enable the full functionality of the application like the Global Address Book. We'll try to explain why:
Every transaction in a blockchain costs OXY. When you create your OXYCOIN username to be listed in the Global Address Book, a transaction is being made in our blockchain to register your username. That's one of the reasons you'll need OXY to be able to use the full functionalities of the mobile application.
When will it be possible to buy cryptocurrencies with FIAT?
Our developers are eagerly waiting for an "okay" so they can release it as the development is already done, though we need to seek legal counsel to fully understand what the implications are when providing a way to trade FIAT for cryptocurrencies.
What's the ETA on the Technical Documentation?
We just started developing the mobile application. Technical features need to be thought out well and then be documented. Therefore there's not much to publish at this stage.
We are writing a Technical Summary though, which will explain the key features of the mobile app and the connection with our blockchain.
Technical summary: September 1st, 2017
Are you planning to expand your project to other platforms like Windows or OSx?
For now, let's focus on the mobile application and getting the funds to really start the development. If our plan works and OXYCOIN® will be successful, we could always expand. We think it's important to focus on our core product first before promising anything else.
What Third-Party services do you plan to use?
We're in contact with companies like Mollie.com, Litepaid.com and Bittrex.com.
To make the purchase of any cryptocurrency as easy and inexpensive as possible, we'll make use of the payment services provided by these companies without the need having to develop for every individual payment option.