How will the interest rates be paid?
Before our first official ICO, Interest rates will be paid monthly, at a standard 0.5% per month out of your current balance, up to 1.000 ViC, meaning a max 5 ViC/month interest anybody can earn. Because our pre-ICO sale is actually going, we can keep paying interest monthly, instead of our initial plans of paying three times a year.
We have put an initial 10.000 ViC (from ICO funds) pre-ICO for sale through various methods. If successful, we will start paying interest rates monthly as of this month. We will update this page accordingly.
After the first ICO interest will be calculated and paid monthly, on the last Sunday of Each month.
Why different rates of payout pre and post ICO?
Before our first official ICO, you will notice that for any transaction you make with ViC, you have to pay a fee in WAV ( waves). With a nominal fee of 0.001 WAV / transaction, as our network will grow, you can clearly see that costs for paying monthly interests will mount up quickly.
With our first ICO we are hoping to secure somewhere between 15-20K waves. Most part of the ICO will go towards leasing a full node on the Waves platform ( min 10.000 WAV required), while 10-20% will go towards further developing the coin and setting up a easy way to transfer Vialcoins between ViC and Waves wallets.
Once we have secured a Full Node, all transactions will be paid in ViC, automatic payments can be processed, and we will start distributing a min of 20% out of the node’s income back to our registered members in WAV.
Flying in no time.
Why the interest scheme, and why the 1k limit?
We’re trying to slightly simulate the kind of cryptocurrency VialCoin will ultimately be.
We are not trying to deceive. Once our coin is fully developed, you will have to mine for it, and the returns will likely not be the same. Everybody will have the same mining power, so the rewards will be spread evenly. The drop rates will increase with the number of miners and will be fairly steady until the last coin has been mined, which means rewards will only increase from number of transactions (fees). That makes us a unique cryptocurrency, because the rewards scheme will be tightly linked to the fees, and all the money keeps going back to the miners, slightly favoring those with less ViC in their accounts.
We have set a limit for interest at 1.000 ViC because, and this can’t be emphasized enough, we’re really trying to have a even distribution, and only give slight advantage to members who first understood and believed in what we are trying to achieve. Both the cap and the % interest will only grow, following closely the number and needs of our members.