AssetBase – Foundation
I am afraid the Foundation will take on debt; can the Foundation's debt become a liability?
Per the by-laws, the Foundation cannot borrow money.
Could the Foundation become entangled in lawsuits or other obligations as a result of tokenizing private assets or the secure asset protocol?
No. A separate entity (or entities) will be set-up for each jurisdiction and in no way will the Foundation ever become legally entangled in any other project.
AssetBase – Prime Token
Donations and Prime Tokens for gifts?
Due to the fluidity of national laws — with ICOs, DAOs and cyptocurrencies in general — we are giving away tokens (crypto coins) in exchange for donations to fund the foundation. This allows us to stay within the framework and laws of the Foundation as nearly every country in the world recognizes a donation to a foundation, and subsequently, a return gift.
Why are these considerd gifts for donations?
We don’t want to confuse this coin or token with a speculative tool.
What is a Prime Token?
A Prime Token is an ERC20 token contract with a function. that can pay rewards to those that participate in the foundation.
How does the Prime Token work?
The prime token has a special dividend function, allowing multiple Ethereum-based tokens to be received in the coin holder’s wallet. This is used for the coin holder to receive micro fees and other perks. If you have 10,000 PDTs, and join the virtual council you will be qualified for the micro fee payments.
How do I get a PDT?
Donate Ethereum to the AssetBase Foundation and you will receive a set amount of PDTs. Alternatively, after all the Prime Tokens are distributed, you will need to acquire them off an exchange or peer-to-peer.
Do I need more than one Prime Token?
You need at least 10,000 Prime Tokens to receive micro exchange fees; the more you own above that amount, the more AssetBase micro fees you will receive. Also, if you own 10,000 or more Prime Tokens, you can receive a substantial discount on asset coins and run for the real AssetBase council.
What if I have some Prime Tokens* but don't really participate in the council or buy asset tokens -- will it be worth anything?
As AssetBase asset tokens become more widely traded, and accepted, more and more precious metal tokens will accumulate in your wallet. So, it is possible that you could forget about your tokens, only to come back in a few years to find you have a substantial amount of gold, silver, platinum, palladium, and rhodium.. ready to redeem, trade or sell.
How do I become a virtual council member of the AssetBase foundation?
By acquiring 10,000 or more Prime Tokens and opting in (requesting to be on the virtual council)
AssetBase – Precious Metal Coins
Why not buy physical gold or silver.. and forget about it?
If you’re preparing for a zombie apocalypse or a global catastrophe , you should go ahead and bury some gold in the backyard. Although food, supplies or personal protection maybe something you want to look into first. However, if you want the mobility of a cryptocurrency; the stability of precious metals; a safe haven for market corrections; and the ability to redeem your tokens for the underlining metals, then AssetBase maybe your solution.
Are AssetBase precious metal tokens backed during the purchase, or after?
Every AssetBase precious metal token is fully backed prior to release, unless pre-ordered.
What are the functions of AssetBase crypto tokens?
AssetBase crypto tokens may be used for trading, exchanges, as well as stores of investment. Redeemable at any time.*
Can I redeem physical precious metal?
Yes, all AssetBase precious metal tokens are redeemable in their respective metal.
Can redemption requests be canceled after their submission?
Yes, but only before the assets are shipped or picked up.
Can I exchange AssetBased tokens for fiat currencies?
Absolutely. There are exchanges which carry the possibility of trading, exchanging, and converting AssetBase tokens into many different cryptocurrencies and fiats.
Who can accept AssetBase precious metal tokens?
Anyone in possession of an Ethereum wallet can send and receive AssetBase crypto tokens.
Is each token linked to a specific bar of metal?
Although the coins are created when the metal is secured in the vault, the coins are not linked to a specific bar number. Having a coin linked to a specific bar would create its own issues — the main ones being divisibility, redeemability and price.
Divisibility- a token created linking to a specific bar could not be divisible.
Example – If its a 1 kg bar it could never be divided or redeemed in any other size or quantity. The point of using tokens for physical assets is divisibility and easy transfer.
Redeemable- In order to make the tokens easily redeemable, its necessary to be able to swap metal from the vault to the vaults partners so it can be shipped most places in the world efficiently or for example a local provider wants to redeem a silver coin in a coin shop for a assetbase silver token. These swaps or efficient redeemability would not be possible if the Assetbase token was linked to a specific bar number defeating the usability and redeemabliity of the token.
Price- In order to keep the price of each token to a minimum the precious metal must be bought in larger bars silver 100oz or larger and all the other metals 1 oz or larger. The real point of an asset token is to make a larger asset divisible and transferable.
Know your customers Information?
Anyone redeeming Precious metal tokens will need to comply with identity verification.