Frequently Asked Questions
Q: What Cryptocurrencies are accepted in the Token Generation Event (TGE)?
A: We accept BTC and ETH.
Q: I am from the USA/China. Can I participate in the TGE?
A: Individuals and entities from People’s Republic of China and United States of America would not be eligible to participate in the TGE.
Q: What is Reefic Protocol?
A: Reefic Protocol is a Decentralised Royalty Exchange Platform where users can exchange their orphan royalty rewards that’s listed in the exchange with another user.
Q: What will the token be called?
A: Token name: Reefic Token
Token Symbol: RFT
Q: Are you getting errors while trying to login?
A: Kindly clear your browser cookies and try to login/register again.
Q: Will I be able to mine Reefic Tokens?
A: No. Reefic tokens are all pre-minted, and cannot be mined by the public.
Q: When will the public TGE be held?
Q: Where can I find the Light Paper?
A: You can review our light paper here: http://bit.ly/RFT
Q: Why do you use ERC20 Tokens?
A: ERC20 Tokens are easier for our community to trade. ERC20 have more community adoption as compared to others ERC standards.
Q: Where can I store my tokens?
A: Tokens can be stored on ERC20 supported wallets, and the exchange wallet that would be available at the launch of the RFT platform.
Q: What will the exchange rate be between (ETH/BTC) and RFT Token?
Q: What will the raised funds be used for?
A: Business Development and Geographical Expansion 15%
Working Capital 20%
Product Enhancement and R&D 30%
Team & Operations 15%
Marketing & Sales 20%
Q: Will there be a vesting schedule for founders and employees?
A: VESTING PLAN FOR FOUNDERS & TEAM:
1. After Year One 25%
2. After Year Two 25%
3. After Year Three 25%
4. After Year Four 25%
Founders & team members are prohibited from assigning or selling their RFT Token in any way within the one year of vesting.
Q: How many RFT Tokens will be created?
A: Platform maintains a maximum total token issuance volume of 300,000,000 (3 hundred million).
Q: What will happen to the remaining RFT Tokens?
A: Unsold (After the main sale period is over) tokens of the 50% allocated pool will be vested (locked) for 3 years. Upon completion of 3 years, they will be used for R&D.
Q: Will there be a bonus for the pre-sale?
A: 20% Bonus
Q: What will the fundraising targets be?
A: Our soft cap for the TGE is USD $2 million.
Our Hard cap is 25,000 ETH (150,000,000 RFT).
Q: What happens if the soft cap is not reached?
A: In the unlikely event that the soft-cap target is not met, the funds collected would be returned to the participants less by transfer charges.
Q: Which currencies will be accepted during the Token Generation Event (TGE) ?
A: BTC, ETH
Q: What happens if the funds raised are between the soft cap and the hard cap?
A: The project would still carry on, and the RFT exchange platform would be launched in Q2 2019.
Q: What will the breakdown of the token distribution be for the pre-sale/ crowd-sale?
A: SAFT, Pre-Sale, Crowd-Sale: 50%
Seed (Founders): 10%
Vesting (Team+Operations): 10%
Future (R&D): 19%
Marketing and Bounty: 11%
Q: What is the TGE’s minimum/maximum contribution limit?
A: Min: 0.1 Eth | Max: 500.0 Eth
Q: In which ways will RFT tokens be accessible to users?
A: RFT is a cryptocurrency exchange platform that facilitates extensive and specialised functions that are designed for a range of users, from an everyday user to institutions and advanced traders. The RFT token has a multitude of utility functions that create streamlined experiences for our exchange users.
Q: What type of fees will be implemented on the platform?
A: Transaction fees for trades.
Q: Why would users want to use RFT ? What will the use of the token be?
A: The RFT token is a utility token which can be used in the RFT ecosystem. Users trading on the RFT platform can use the token to pay for transaction fees and receive discounts.
Token Use Cases:
- Provides voting rights on the RFT Platform.
- Use in the RFT Smart Contract Platform
- Used in the payment of Goods and Services provided by merchants on the platform
Q: Where will I buy able to buy/ sell RFT Token?
A: On our TGE website during the Pre-Sales and Main Sales. After the TGE, RFT would be listed on select exchanges as well as the RFT Trading platform. You will be able to buy and sell RFT through listed RFT/Crypto pairs available.
Q: Why is the protocol code not published in Github?
A: We currently have a large proprietary code base and a lot of code is not open source. Making it open source might unnecessarily expose internal API’s. Thus, having a code on Github doesn’t really benefit our target audience.
Q: Do you have any security processes in place?
A: We are using audited Solidity smart contracts from OpenZeppelin to make it safer and secure. We have engaged with security teams for Penetration testing and we have internal audits.