HYCON FAQ
Frequently Asked Questions
Q. Where is your company registered?
The company is registered in South Korea.
- Our address is 6F, 581 Gangnam-daero, Seocho-gu, Seoul, Republic of Korea. Please stop by our office if you’re ever in Seoul — it is right in front of Sinsa station (line 3).
Q. What is the vesting schedule for Team and Advisors token?
The Team tokens will be locked up for a period of 1 year; Advisor tokens will also be locked for 1 year.
Q. Is vesting for Team and Advisors coded in the smart contract?
No, because we are not launching with smart contracts. However, our engineers are encoding a lock-up period into the system preventing transactions from the Vesting account for a period of one year.
Q. Could I have a link to your github repo?
Q. Do you have a working product available to test?
We have a working product that is being tested in-house at the moment.
Q. Are you using a reputable 3rd party for KYC verification? How safe is it to upload my Identity Document on your site?
Yes, we are using a top law firm in Seoul with ICO experience. Your identity documents will be properly secured.
Q. Can US citizens participate in the sale?
No, US citizens cannot participate.
Q. Can Chinese citizens participate in the sale?
No, Chinese citizens cannot participate.
Q. Can citizens of Singapore participate?
No, sorry.
Q. What is the coin supply?
10 Billion HYC.
Q. What is the price of HYCON during the ICO?
$0.09 USD (nine cents US), for the ICO crowdsale.
Q. What is the ICO hardcap?
$60,000,000 USD, Sixty Million US Dollars. (We have decided on a token burn of approx. $10m USD).
Q. What do I need to do the KYC?
You need the following list of items prepared:
- Full name exactly as stated in Passport or Government issued ID
- Email address
- Phone number
- Date of Birth
- Image scan of Passport or Government issued ID [max 5mb]
- Image of selfie including the same ID [max 5mb]
All documents submitted must be valid (current). We will not accept expired identification. Documents must show your nationality.
Q. Where is my money going and what will it be used for? Is my money going to be used to “cash out” others?
The majority of all the proceeds received will go directly back into the development of the project itself. We plan to spend 70% of the funds directly on the human resources needed to realize the final vision of the Infinity Project ecosystem. Please see the following distribution plan:
Reserve Fund 2%
Payment Reserves 7%
Legal & Accounting 3%
Consultant 4%
Marketing 6%
Operating Expenses 8%
Research & Development 70%
Q. What specific rights come with my contribution?
You will have the right to receive the amount of HYCON coins your contribution allows for and nothing more.
Q. Are there financial statements? If so, are they audited, and by whom?
As Glosfer is a private company, we do not share our financial statements.
Q. How, when, and at what cost can I sell my contribution? For example, do I have a right to give the token or coin back to the company or to receive a refund?
There are no resell rights.
Q. If a digital wallet is involved, what happens if I lose the key? Will I still have access to my coins?
All owners of a digital wallet are solely responsible for securing their wallet, and if they lose their private key, the funds cannot be recovered.
Q. Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my contribution?
We are complying with all of the relevant laws in South Korea, and working closely with lawyers. We are unable to comment on implications as to the value.
Q. What’s the minimum for private sale?
Private sales are now closed.
Q. Are you doing a public pre-sale?
Yes. Public pre-sale is now closed.
Q. How can I register?
You can join by registering on our site at hycon.io
Q. I haven’t read the whitepaper. Where is it?
Here’s the latest English version. Other languages are available on the site and we are currently translating the whitepaper into additional languages.
Q. What is the difference between [other project name] and HYCON?
We don’t have the time to research every other project. However, if you have questions about our whitepaper and our tech, please ask our developers in the AMA. Many answers have been given at length in our Reddit AMA found here https://www.reddit.com/r/HYCON/comments/7p3qgg/hycon_ico_ama/
Q. How can I verify the team members?
Our team members are on LinkedIn. Please see TEAM section of hycon.io and click on their bios.
Q. Does HYCON have a prototype/alpha/beta?
Testing prototype in house, we have a SPECTRE POC that we are working on optimizing in coordination with our P2P communication model.
Q. Does genesis block mean that main net is live?
No. It’s only a chain once something is added to it, currently it’s a block that will be the genesis of the chain. We had originally thought about doing a pre-mining phase where the required coins would be mined in blocks, however with the change in our accounting model this was no longer necessary. However we decided to keep the genesis publishing date as was originally suggested.
Q. How can we handle the airdrop campaign?
We have allocated funds to the airdrop account, we can easily distribute it via standard transactions.
Q. What are your social media channels?
You can follow us on various platforms below:
Telegram: https://t.me/teamhycon
Twitter: https://twitter.com/teamhycon
Instagram: https://instagram.com/teamhycon
Reddit: https://reddit.com/r/HYCON
Facebook: https://facebook.com/teamhycon
YouTube: https://youtube.com/teamhycon
Medium: https://medium.com/@teamhycon
Q. What is HYCON’s distribution Schedule?
HYCON Distribution schedule:
Airdrop 4%
Ecosystem Development Fund 5%
Bounty 5%
Team 5% (Locked for 1 year)
ICO 10% (released June 1st, 2018)
Public Mining 70%
Corporate Social Responsibility 1%
Q. What sales have you made so far?
We have closed the ICO. We sold in steps
- Korea Pre-ICO: Complete
- Private Sale: Complete
- Public Presale: Complete
- ICO Crowdsale: Complete
Q. Is it true that Team would be keeping 90% of the supply?
No, the team has 5%, and those coins are locked in for one year after launch. 70% are available to anyone interested in the project via our mining distribution schedule.
Q. What is the role of HYCON coin in the infinity platform/project can you please share more information on this?
HYCON runs on the Infinity blockchain. The Infinity blockchain will be used to run the Infinity platform.
Q. What is the Infinity platform?
The infinity platform allows individuals, businesses, governments, NGOs, to run blockchain services on top of the infinity blockchain. Think WordPress for blockchain and that’s the infinity platform. The Infinity platform is phase two of the Infinity Project. Phase one is the HYCON launch and phase three is the DEX — decentralized exchange.
Q. Do you have a referral program?
Yes, pls check our social media channels regularly for updates
[This FAQ will be updated regularly to reflect the latest information]
Kind Regards,
Team HYCON
FOLLOW US:
Telegram: https://t.me/teamhycon
Twitter: https://twitter.com/teamhycon
Instagram: https://instagram.com/teamhycon
Reddit: https://reddit.com/r/HYCON
Facebook: https://facebook.com/teamhycon
YouTube: https://youtube.com/teamhycon
Medium: https://medium.com/@teamhycon
Web: https://hycon.io
