FAQs

Kred Coin is a new class of digital asset for sharing and connecting, powered by Blockchain and SocialOS. Together with the Kred Coins 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 Kred Coin is not a cryptocurrency - it is 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.

Unlike ICO's or Security Tokens, Kred's CƘr is a Stable coin pegged against the US Dollar ($).  A “stable coin” is pegged to another stable asset, like gold or the U.S. dollar but is not tied to a central bank and has low volatility. This allows for practical usage, value based pricing and avoids speculative market fluctuations.

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.

No - Kred Coins are a Non-Fungible Digital Asset and are not a Cryptocurrency. There is no Kred Coin ICO.

Kred's fungible ERC20 utility token is called CKr.

We believe utility tokens should be stable. Short-term stability is important for transactions and long-term stability is important for holding. CKr is pegged against the US Dollar and can currently be purchased at the exchange rate of 1USD = 1CƘr (Jan 11, 2019  - Subject to change in future). 

1. Fungible
   
   
1. Currencies
2. Securities
3. Commodities
4. Utility Tokens
   
   
2. Non Fungible
   
   
1. Collectibles
2. Utility Tokens

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.

Many Brands are finding that reaching their customers and leads is becoming more difficult - People aren’t opening emails and have become trained not to click on ads.

Branded Kred Coins are a disruptive technology to help Brands cut through.

Create your Brand's own digital collectibles and give your leads and existing customers something worth real value that carries the message of your brand.

There are some important differences between your Brand's customized Coins and Bitcoin:

1. Bitcoin is a cryptocurrecy where every unit of value is interchangeable for another equal unit of value. Your customized Coins are crypto collectibles. Every Coin is actually unique and may be sold or auctioned in the Collectibles Marketplace for a unique value.
   
   
2. Crypto.Ƙred Coins are customizable and can be personalized to represent your business. Control the:
   1. Coin Name
   2. Color
   3. Pattern or texture (optional)
   4. Image or video on the front
   5. Image or video on the back
   6. Coin Value (from $0.01 equivalent)
      
      
3. While Bitcoin is traditionally anonymous, every Kred Coin is social, and includes:
   1. A conversation stream, showing comments between the person who currently holds the Coin and those who have held it in the past.
   2. A Circulation Count, showing how many unique individuals have held this Coin in the past, helping indicate scarcity.
   3. Likes, showing which Coins people find the most attractive or desirable.
   4. Requests, showing who wants the Coin and giving the current Coin holder the opportunity to gift to them.

One of the benefits of creating and sharing your Brand's own Kred Coins is that it helps build your Contact list.

Every Coin that you create is a network, and as that Coin changes hands between your customers or leads, they are added to the network.

PeopleBrowsr's Engagement Center provides CRM style visibility into each of these networks, displaying each Contact's card, including for example, their:

1. Name
2. Avatar
3. Kred Influence and Outreach Score
4. Bio
5. Location
6. Email
7. Social accounts

1. Share Request or Giveaway URLs on your website or social channels
   Every Coin carries a unique Request URL that you can post to your blog, website or social channels. Customers and leads can click this link to request the Coin, which notifies the current coinholder who can then approve and give someone the Coin.
   
   Should you wish to Coin to be claimed without approval, simply share the Coin or its batch's Giveaway URL.
   
   
2. Give Coins on Social
   Send a Coin's Giveaway URL to someone in your Community on social for them to claim the Coin in a single click!
   
   
3. Share Coins on Social
   Every Coin is optimized for social sharing and will populate cards on Twitter, Facebook etc with an image of the Coin being shared along with it's name and description.

Much like the internet helped stores evolve from brick-and-mortar physical locations to e-commerce, the introduction of Blockchain is helping facilitate the evolution of branded collateral from stressballs and fridge magnets to digital coins and collectibles.

Every Kred Coin's base value is facilitated using the ERC20 protocol.

ERC20 based cryptocurrencies are supported by most exchanges and Kred's CƘr may soon be able to be traded on these platforms.

Once you create a Coin using your CƘr, the Coin:

1. Can be sold, auctioned or given on the Kred Coins platform, or sent directly to a compatible blockchain wallet.
   
   
2. Can be sold or auctioned on approved ERC721 exchanges, including OpenSea and Rare Bits.
   
   
3. Can not be traded on a cryptocurrency exchange.

CƘr is the base currency (ERC20 protocol) that powers Kred Coins.

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

1. A bonus when you signed up to Kred Coins
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.

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

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. Kred 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.

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

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

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 Kred Coins application.

Gift Minted Coins that have a unique theme. Gifting it to members on the Kred Coins 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.

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

The Crypto universe is constantly changing with new technologies and government regulations around the globe.

One of the purposes of such regulations is to increase vigilance and safeguards against illegal money laundering (AML - Anti Money Laundering) using digital currencies.

Companies like Kred Coins who help trade between virtual and fiat currencies are required to do client due diligence (otherwise called Know Your Customer, or KYC) in certain regions.

To complete our KYC process, you are required to submit the following:

1. A photo of a government issued ID (Driver’s License, Passport, ID card) including your residential address
2. A front profile picture of your face
3. An additional proof of the name and residential address shown on your government issued ID (utility bill, bank or credit card statement).

Kred has applied for Austrac registration and are in the process of applying for Fincen registration. We are fully committed to be 100% compliant with KYC requirements.

This will provide assurance in the transparency of our internal processes and sustainability of our operations.

Not completing the KYC compliance process will limit your ability to use Kred Coins in the following ways:

1. You will not be able to export your CƘr or Coins
2. You will not be able to purchase more than $100 of CƘr
3. Any additional limitations according to the regulations in your region

Yes. Giving a Kred Coin is an act of Outreach and is rewarded by boosting your Kred Outreach Score by 10 Pts.

Receiving Kred Coins as a Gift boosts your Kred Influence Score by 10 pts.