Frequently Asked Questions

For Members new to Cryptocurrency
[fa icon="plus-square"]What is Blockchain?
A digital ledger in which transactions of a financial or a non-financial nature are stored and recorded with the oversight of the network supporting the ledger.
[fa icon="plus-square"]What is a Cryptocurrency?
A digital currency in which encryption techniques are used to regulate the generation of units of currency and blockchain technology is used to verify the transfer of funds, operating independently of a central bank or overseeing authority.
[fa icon="plus-square"]What is a crypto asset?
A crypto asset exists only in non physical, digital form. Its value is derived from supply and demand. The asset’s attributes are secured by a cryptographic key.
[fa icon="plus-square"]Are there different types of crypto assets?
Yes, there are different types of crypto assets:
    1. Fungible

      1. Currencies
      2. Securities
      3. Commodities
      4. Utility Tokens

    2. Non Fungible

      1. Collectibles
      2. Utility Tokens
[fa icon="plus-square"]What does Fungible mean?
Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. ie they must be identical.
Something is fungible if it can be exchanged for anything else of its kind. A one dollar bill is fungible because my one dollar bill has the exact same value as your one dollar bill.
[fa icon="plus-square"]What does Non-Fungible mean?
Fungibility is a useful trait for currency where every unit must be the same. For collectibles, non-fungibility means non-identical or uniqueness. The Mona Lisa would not be very valuable if it were interchangeable with any other painting. 
[fa icon="plus-square"]Why do CryptoCurrencies have value?
To understand why CryptoCurrencies have value one must understand what gives them Value.The following are some of the drivers of cryptocurrency prices:
    1. Limited Supply and supply/demand.
    2. The utility of the currency - how easy it is to use and store.
    3. Perceptions of its value by the public.
    4. Media.
    5. Investors.
    6. Scams.
    7. Confidence in traditional systems.
Crypto.Ƙred
[fa icon="plus-square"]What do I get with Crypto.Ƙred and what are my IP rights?
In the Crypto.Ƙred offering, each member receives:
    1. A license to use the Crypto.Ƙred web app (App.Crypto.Ƙred)
    2. A fungible Ethereum backed unit of value - CƘr, tradeable on the Stellar (or Ethereum) Network. 
    3. A license to use a metadata sleeve added by the Crypto.Ƙred application, stored in PeopleBrowsr SocialOS and secured with the InterPlanetary File System (IFPS). The metadata sleeve contains content owned by the Coin issuer.
      Together the metadata sleeve and the CƘr become an ERC721 Collectible Coin recorded on either the Ethereum or Stellar Networks.
    4. A subscription to a unique Ƙred domain (2nd or 3rd level domain)
When you Dress a Kred Coin, you must have a legal right to use any content or data (such as pictures, text, logos, trademarks) that you add to a Kred Coin. You will retain any intellectual property rights in any metadata or content you may include on a Kred Coin (such as pictures, comments, text, logos).

When you gift or sell a Kred Coin, you will be granting the recipient or purchaser a free licence to use any content or data (such as pictures, text, logos, trademarks) that you have added to the Kred Coin.

As the receiver of a Coin, you will have a licence to use content or data (such as pictures, text, logos, trademarks) that has been added to a Kred Coin.
[fa icon="plus-square"]What is a Ƙred Coin?

Ƙred Coin is a new class of digital asset for sharing and connecting, powered by Blockchain and SocialOS. Together with the Crypto.Ƙred application, it is designed for giving, tracking and playing. It is based on:

  1. ERC20 Protocol CƘr unit of value - they are a precursor for storing CƘr on minted Coins

  2. Minted Ƙred Coins that use the ERC721 Protocol and are stored on either the Stellar or Ethereum distributed ledgers

A
Ƙred Coin is not a cryptocurrency - it is not a non-fungible collectible crypto asset. Each Coin derives value from the Moment it represents, its Circulation Trail and the social capital that comes with holding, trading or gifting the Coin.
[fa icon="plus-square"]On which network is Ƙred recorded?
Stellar or Ethereum. You choose on which blockchain network your transactions are recorded. If you choose the Ethereum network, you will bear the cost of Gas (see point 4 below).
[fa icon="plus-square"]How does Ƙred minimize transaction costs and maximize speed?

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Stellar is fast and with no additional cost. ERC20, ERC721 and IPFS tokens can be traded on Stellar. If you want to trade on the Ethereum blockchain, that trade costs gas. “Gas” is the processing cost of powering a transaction on Ethereum. You can write your transactions to the Ethereum blockchain if you pay the gas. If you wish to store your Ƙred Coin transactions on the Ethereum network, we pass on the gas fee.

[fa icon="plus-square"]What is Stellar?
Stellar is a distributed ledger for recording transactions. We use Stellar as Crypto.Ƙred’s primary ledger as it is cost-effective, fast and supports transactions of Ethereum’s ERC20, ERC721 and IPFS protocols.
Getting Started
[fa icon="plus-square"]What do I need to get started with Crypto.Ƙred?
A computer running any modern browser like  Chrome or Firefox and a reliable connection to the internet.
[fa icon="plus-square"]How do I register?
You start by registering on Crypto.Ƙred. Once you have entered a unique email address, username, and a verified cell phone number you will be taken to the Crypto.Ƙred Marketplace, where you can buy more CƘr or start creating your own Coins. Get a quick how-to on creating your own personalised Coins in PeopleBrowsr’s free course.
[fa icon="plus-square"]What do I get when I register on Crypto.Ƙred?
2 CƘr are free per signup (limit 5 million CƘr). You can buy more CƘr in $1.00 USD lots.
[fa icon="plus-square"]How much does CƘr cost?
1 CƘr is equated to $1.00 USD. This value may vary from time to time and the actual value is displayed on your dashboard’s screen before every CƘr purchase. We plan to sell CƘr at $1.10 USD from January 1, 2019. The price at which we sell CƘr may change.
[fa icon="plus-square"]How do I buy CƘr?
You can buy CƘr from your Crypto.Ƙred menu. Click on the Coin’s icon and select “Buy More.” You can buy CƘr with ETH, DOGE, BTC or USD. You can purchase a minimum of 1CƘr, and a maximum of 100 during the trial period (up to 5,000 with KYC).
[fa icon="plus-square"]I have CƘr in my balance, what can I do with it?

CƘr is the base currency (ERC20 protocol) that powers Crypto.Ƙred.

There are a few ways you may have received your CƘr:

  1. A bonus when you signed up to Crypto.Ƙred
  2. Purchase of CƘr using USD, BTC, ETH or DOGE via the Buy More link
  3. Somebody bought one of your Coins in the Marketplace
  4. You earned a royalty from the sale of a Coin that you originally issued
  5. Transfer from someone else's wallet

Now that you have some CƘr, you can:

  1. Use it to create new custom Coin(s) by clicking Create a Coin in the menu
    Coins can be created for as little as 0.01 CƘr, meaning you can create up to 100 Coins with a balance of just 1!

  2. Buy Coins that interest you in the Marketplace
    Coins in the Marketplace can be sold via Auction or with a set sale price. If a Coin you want is not for sale, click REQUEST and the owner may just give it to you for free!

  3. Export your CƘr to an external wallet
    CƘr can be exported to any Ethereum compatible crypto wallet for safe keeping. CƘr may soon become available to trade on external exchanges.
Wallets
[fa icon="plus-square"]Do I need a Crypto Wallet?
When you sign up to Crypto.Ƙred, a Stellar-based wallet is automatically created for you to handle your transactions within the Crypto.Ƙred platform. You can top this wallet up with Ƙred Coins using fiat currencies on a credit card.

If you want to buy more CƘr using BTC, DOGE or ETH, you can either:
  1. Send your BTC, DOGE or ETH using CoinPayments secure payment gateway, or 
  2. Make a payment directly by sending that currency to a one-time address
[fa icon="plus-square"]Can I use an external wallet to store my CƘr and collectible Coins?
Yes! You can store your CƘr and collectible Coins in any compatible wallet. Keep in mind that you will only be able to see the customized styles and media of your collectible Coins when viewed in Crypto.Ƙred or other compatible applications (e.g., those developed using the Crypto.Ƙred API).

If you want to store your CƘr and collectible Coins in an external wallet, you will need to successfully complete our KYC procedures. If you fail your KYC verification or cannot comply with our KYC procedures, you will not be able to withdraw or export your CƘr or collectible Coins from the Crypto.Ƙred application.
[fa icon="plus-square"]What external wallets support CƘr?
As of March 2018, these wallets support CƘr and Dressed Coins:
  1. Web Wallet:
    MetaMask is a browser plugin that allows users to make Ethereum transactions from your browser.

  2. Offline Hardware Wallet:
    Ledger Nano S - A hardware wallet which connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.

  3. Note that some external wallets require a Know Your Customer (KYC) protocol, which requires you to verify your identity with official identification documents (e.g., passport or driver’s license), credit card and sometimes a photograph.

  4. The above wallets were deemed compatible at the time of publication. Crypto.Ƙred has no control over third-party wallets, so please confirm the security and compatibility of your wallet before attempting to conduct transactions with your CƘr or Coins.
[fa icon="plus-square"]How to install MetaMask?
  1. Make sure to have Google Chrome as your browser

  2. Visit metamask.io and click on “Get Chrome Extension”

  3. Download the extension

  4. Open the extension and accept the privacy notice and terms of use

  5. Enter a password of at least 8 characters (make sure to save it)

  6. Save your 12 given seed words utilizing their .csv download feature
[fa icon="plus-square"]Where can I find my MetaMask Wallet Address?
  1. Open your MetaMask extension
  2. Click on the three dot icon (...)
  3. Click on “Copy Address to Clipboard”
  4. You are now able to paste your wallet address anywhere
[fa icon="plus-square"]Why is my MetaMask locked?
MetaMask locks itself periodically to ensure that the proper owner is the user. To unlock it, simply enter your password generated during the MetaMask extension installation.
[fa icon="plus-square"]How can I transfer CƘr and Ƙred Coins between on-platform and off-platform wallet once Coins are unlocked and KYC verification is complete?
Ƙred Coins can be transferred to any wallet that supports ERC20 and ERC721 protocols.
  1. Minted Ƙred Coins: Click the gear icon on the Coin Profile, enter your wallet address and click Export.

  2. CƘr: Click Manage next to your balance in the Coin menu and go to Export

If you fail your KYC verification or cannot comply with our KYC procedures or your CƘr or Ƙred Coins are locked, you will not be able to withdraw or export your CƘr or Ƙred Coins from the Crypto.Kred application.

Types of Ƙred Coins and Trading
[fa icon="plus-square"]What is the difference between CƘr and Minted Ƙred Coin.
CƘr is a store of value added to Minted Ƙred Coins.
[fa icon="plus-square"]Why should I Gift my Coins?
Connecting - By minting and gifting a coin you start a chain of conversation with every user the Coin is exchanged. This can be helpful in building a community. Eg. A kitesurfing Coin that is exchanged (gifted) to 100 users interested in kitesurfing allows you to connect with them.


Reciprocity - The act of gifting in itself is a gesture that invokes response and by gamifying the process of networking with your unique coins it makes it that much more fun.
[fa icon="plus-square"]How do I maximize the value of My Coins?

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Gift Minted Coins that have a unique theme. Gifting it to members on the Crypto.Ƙred platform could be a way to start maximizing your Coins social value.

The amount for which you might be able to sell your Coins on the Marketplace will depend on what other Members are willing to pay for your Coin.

[fa icon="plus-square"]Can I export my CƘr?
If you have successfully completed our KYC verification procedures, yes. You can connect an External Wallet to your account and withdraw your CƘr to an exchange that supports Ethereum based Coins.
[fa icon="plus-square"]Can I convert my Minted Coins back to CƘr?
Your coins can be converted back to CƘr at the sole discretion of Crypto.Kred. If allowed you will receive back 90% of the Minted coin’s CƘr face value after deduction of 10% processing and transaction fees.
[fa icon="plus-square"]What is the difference between auctioning and selling your Kred Coins?
When listing a Kred Coin For Sale, you will be prompted to set a fixed sale price at which you want to sell the Coin.
 
Choosing to sell your Coin via Auction requires you to set:
  1. A high price
  2. A low price
  3. A time for the Auction
Crypto.Ƙred uses a Dutch Auction, where the price of your Coin decreases every minute, starting from the high price and reaching the low price at the end of the allocated time frame.

Coins can be purchased at any time during the Auction for whatever the listed price is at that moment.
 
If an Auction ends without sale of the Coin, it will be returned to your Collection.
[fa icon="plus-square"]What fees am I being charged?
    1. 1 CƘr can be purchased for $1 USD. This may vary from time to time and the actual cost is displayed on your dashboard’s screen before every CƘr purchase. We plan to sell CƘr at $1.10 from January 1, 2019.

    2. The buyer pays a 3% fee (in CƘr) for all Kred Coins purchased in the Marketplace. When selling a Coin, the new owner has the rights to the metadata in the context of that Coin.

    3. If we accept a surrender of minted Ƙred Coins, a minimum 10% processing fee (in CƘr) will be charged on surrender of  a Collectible Coin for CƘr.

    4. Gas Charges are incurred for any transaction using the Ethereum Network:
      1. Gas fees are charged to a user:
      2. When they purchase a Coin and process the transaction on the Ethereum Network
      3. When they Give a Coin and process the transaction on the Ethereum Network
      4. When they export CƘr or Ƙred Coins to an Ethereum wallet

    5. As of February 14, 2018, the GAS fee costs approximately $0.70 (costs may vary depending on the network traffic)


  1. All Gas fees are charged in CƘr
Other
[fa icon="plus-square"]Can I receive a refund on the USD I have spent on CƘr?
The original purchaser can receive a refund (less a 3% processing fee) within 7 days of CƘr purchased with USD.
BTC, ETH or DOGE purchases are NOT refundable.
[fa icon="plus-square"]I am new to Cryptoassets, what should I beware of?
There are many issues and risks you should be aware of when dealing with cryptoassets. We have outlined some of these risks at page 46 of this Whitepaper, however we recommend you undertake your own research and perform your own due diligence before purchasing cryptoassets. Importantly, never share your wallet password or key with anyone else.
[fa icon="plus-square"]Does Crypto.Ƙred improve my Kred Influence Score?
Yes. Giving a Ƙred Coin is an act of Outreach and is rewarded:
By boosting your Kred Outreach Score by 10 Pts. Receiving Ƙred Coins as a Gift boosts your Kred Influence Score by 10 pts.
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