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Once again crypto currency, I fell in love with it. I write too much on the subject, I receive an encouraging feedback from the ConnaitreInfo community. I even created a section devoted entirely to crypto and the technology that makes all that possible “blockchain”, a first introductory article to the blockchain soon. I invite you to subscribe to do not miss more happenings articles and you can earn some cryptos in this article.
Onyxcoin is the subject of the day, an African cryptocurrency born in Kenya. Those who are the first time they hear, I invite you to read my first article about OnyxCoin. In this post I will talk about the ICO sale, its balance sheet, a summary of the August 6 zoom meeting on Onxypay (Onyxcoin and OnyxCash). Your opinions are welcome in comment.
The ICO and its balance sheet
The White Paper is a practical guide in which is clearly explained a project, a problem or a technique and intended for prospects. The white papers allow investors to be convinced before putting their investments into any project. In the white papers of the crypto projects the followings may be found; the Hardcap, SoftCap, the supply of tokens, all the stages of the ICO (the roadmap), tokens distribution, and so on … Thus the white paper is somehow the crypto project bible. (We are a bit out of the subject, let’s go back)
The Onyxcoin white paper prompted investors to invest in the project, however several points are given in the white paper with clarity but have never been respected by the heading team. It is clearly mentioned that the ICO will proceed in four stages with their respective prices:
- Stage 1: $0.01 per token, 500 million tokens to sell
- Stage 2: $0.03 per token, 500 million tokens to sell
- Stage 3: $0.06 per token, 500 million tokens to sell
- Stage 4: $0.09 per token, 500 million tokens to sell
But ICO tokens have been sold like followings:
- Stage 1: $0.01 per token, 500 million tokens to sell
- Stage 2: $0.05 per token, 500 million tokens to sell
- Stage 3: $0.1 per token, 500 million tokens to sell
I want to clarify that stages 1 and 2 have sold all their tokens at the price mentioned above, because the duration of these two stages did not depend on the chrono displayed on the site (we have seen several times changed) but rather duration until all tokens of each stage get sold in order move to another stage. As for the ICO last stage, the sale was halted on August 1, 2019. It is written in the white paper that the goal is to raise 40 million USD.
The first stage having been successfully completed as well as the second this leads us to make a small calculation;
- Phase 1: 500 million multiplied by the price of 0.01 $ = 5 million USD
- Phase 2: 500 million multiplied by the price of 0.05 $ = 25 million USD
For stage 3 I did not have the data because of its interruption on August 1st, and in my calculations I did not take into account :
- First round (1 billion tokens each at 0.005 $)
- The presale (1 billion tokens each at $ 0.008) before the ICO
- The sale to the first investors called Angel Investors (500 million tokens each at $ 0.00066).
Why all these calculations? At the end of the ICO stage, Kwakoo Group CEO and Founder Anthony Saint Muzungu said that during the whole crowd sale OnyxCoin has raised 3.8 million USD, and 1.3 million USD put back to the affiliate system. Doesn’t make you think? That’s really surprising ! , I find several inconsistencies. If just two stages can give 30 million out so what about the whole sale? Bounty program? This is clearly explained in the white paper that 1.5 billion tokens are reserved for this and these bonus coins are not drawn from the respective lot for each stage.
OnyxPay: OnyxCoin and OnyxCash
I could not get the difference between the two concepts until I participated in a Zoom meeting organized by the administration to clarify this point and in large part explain how OnyxPay works. In the following lines I will summarize the meeting.
Onyxpay is a means of payment (money transfer) all over the world. Recipients can directly receive the Fiat in their local currencies as the platform allows conversion in all local currencies. Onyxpay is built on the blockchain (Onyxchain) to interact with the blockchain it uses the OnyxCoin wallets as a gateway, so it is possible to import his wallet when creating his account Onyxpay.
Onyxpay will use a token called OnyxCash (stable coin), for its transfers. There is no conversion available at the moment between OnyxCoin the crypto sold during ICO and OnyxCash. OnyxCash displays in the Onyxpay account and Onyxcoin in the wallet.
How to get OnyxCash? Possible to buy via an agent or on the platform with the Fiat or with other crypto (except OnyxCoin for now). Kwakoo Academy? An online training platform on blockchain, crypto, trading, … developed by the team with investors investments, the payment is not yet in Onyxcoin but rather in OnyxCash (that you will get with the Fiat).
OnyxCoin useless token
Onyx is a utility token, according to its white paper as well as the and the fundamentals of utility tokens services in its ecosystem must be related to Onyx as much for its value in the market as for its adoption. According to the administration during the ICO stage or according to the white paper Onyx would be the payment center in its ecosystem (Kwakoo group).
However, to the great surprise of the poor investors OnyxCoin will be just listed on an exchanger, and will be bound until the end of 2019 to any service of its ecosystem or services Kwakoo Group as a means of payment.
Listing scheduled in August now in September until the end of 2019 (if not postponed because it’s their stuff) OnyxCoin will be a utility token just by a simple designation, but in reality, it will be completely a useless token because it is not related to any services of its own ecosystem (there would not even be any demand on Latoken that’s why postponements of the listing). A new concept has been introduced in its crypto sphere called OnyxCash which will be the means of payment in the Kwakoo group. No conversion of OnyxCoin to OnyxCash is possible at the moment, all persons wishing a service in the group Kwakoo must use either the Fiat, or OnyxCash (to get with cash) or some cryptos except OnyxCoin which is (or rather was) of the whole ecosystem heart.
OnyxCoin a Scam?
OnyxCoin listed on an exchange platform without any use? The dump of the price to hell is a certainty, because it is even denied in its own ecosystem. The dramatic drop (my little experience of the market that speaks) of the price will not influence the team because they already use a new token « OnyxCash ». OnyxCoin will be listed just to be settled with poor investors holding a useless token. Investors investments have been used to develop projects where they will benefit almost nothing. OnyxCoin may be used in the OnyxCash ecosystem, but what will it cost? When the shitcoin will have stabilized maybe around 0.00000…
It is more than clear that the money of the poor investors has developed services like Kwakoo Maxx in Kigali, Kwakoo Academy, OnyxPay and certainly other projects to come. In exchange for their investments, investors received an OnyxCoin token that was supposed to be used to make payments in the ecosystem developed with their investments. However, it is sad and unacceptable that OnyxCoin was sold to poor investors and turned down in its own home. Isn’t it a form of scam? It’s no wonder that the team was thirsty just harvesting a maximum of funds to develop projects to their own profits and at the expense of investors, because we could see the administration sell 500,000 tokens to 500 USD when the coin was worth $ 0.1, or to be so generous until refund investors who were ripped off when migrating from the old system to the blockchain, or sell several tokens at the price of rounds precedents justifying that latecomers are entitled to a second chance. It’s very normal because they do not do anything with OnyxCoin, they just want to collect the money at any price. A dirty trick played to investors as if that was not enough, the CEO adds publicly failing respect the poor investors.
« Men lie but the numbers do not » It is said, simple calculations have proved that they raised more money than they announced, they laugh at the ignorance of poor Africans who believe in the project as in a religion without considering the facts? Or are they just wolves in the skin of lambs? I am among the investors in the project, it is not a reason why I must applaud even when the team goes outside the rules initially set (white paper). I remain objective in my remarks and they are based on facts. Your opinions are also welcome in the comments.