ChessCoin Project FAQ

1.  About ChessCoin and ChessCoin Based Decentralized Applications.

Here, we will use ChessCoin term referring to any of ChessCoin, CHESS, ChessCoin Dapps.

           

Q. What will be the features of ChessCoin

A. ChessCoin has the Scrypt Algorithm with Hybrid PoW/PoS feature. However, the phase of PoW will be finished before ChessCoin launches. Then ChessCoin can be considered a pure POS coin. The annual Staking rate is 32%.

Nowadays, many coins that have high rate staking often lose their value gradually because of the high inflation. Those coins provide not any advanced features of blockchain technology except for transferring ability. The increasing in number of coins annually can’t offset the decreasing of the price. Many coins become Scam-coins when Devs escape and their value go down to 1 Satoshi or even Zero. The coin holders lose all in that situation.

ChessCoin has high Staking rate but its value will not be down because It is developed nonstop until it achieves the best features to be popular both in chess and cryptocurrency community all over the world.

 

Q. Why do we do an ICO and Crowd Sale for ChessCoin Project?

A. ChessCoin is a big and long-term project which is performed by the men who are really enthusiastic in chess and want to widespread this intellectual game as largely as it deserves. It will take many time, fund and human sources for best production. So we decide to do an ICO. We need the help of the community, lean on the community and then benefit the community.  

 

2.  About ICO

Q. Which crypto-currencies can be exchanged?

A. In our ICO we accept Bitcoin (BTC) and BellaCoin (Bela). These crypto-currencies are eligible for all bonuses and rewards.

A fixed conversion rate of 0,00001000 BTC per Bela will always be accepted during the ICO.

 

Q. Why do we accept BellaCoin?

A. Bellacoin is the only alt-coin that showed some efforts and deserved contributions in the integration cryptocurrency into Chess games. An BellaCoin based Android app has been developed and published.

 

Q. What happens with the btc and bela invested in the ICO?

A. The btc is used to fund development for ChessCoin and ChessCoin based Dapps and can be used to expand the team depending on the success of the ICO.

 

Q. How soon will I get my ChessCoin?

A. Once all ICO fund is collected, coins will be sent out to each investor. We are currently aiming for early to mid-July.

 

Q. How will I get my ChessCoin?

A. Mainnet will be launched one week before the end of ICO. Wallet and source code will be available for download. You need provide your wallet address to receive ChessCoin. You are recommended to fill the ICO investment form here:

https://docs.google.com/forms/d/1olKaqKBetLHut3wz4s6gqYvoffnRl0ELsZzWlSdFeT4/viewform

 

Q. What is being done to ensure fair distribution?

A. One month ICO gives investors plenty of time to discover the coin and a fair userbase and community should be formed.

 

Q. How do we know that the developers aren’t buying all the coins with investors recycled btc?

A. ChessCoin will use a well-trusted person in the crypto community for 2nd person escrow. There will be a visible single btc and bela address and it will be hosted using multisig cosigners. No btcs or Bela are being moved until successful launch of ChessCoin after ICO ending.

 

3. BOUNTY

Q. When do we distribute the bounties?

A. We will distribute the bounties 1-2 weeks after launch.

 

Q. I participated in the bounty campaign, how do I receive mine

A. Once ChessCoin is launched, we will contact every valid bounty holder on the various social networks, on BTT and via E-Mail. We will then ask you for your ChessCoin address. 

Once we received your address, we will send Chesscoin to you as soon as possible.