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Frequently Asked Question (FAQ)

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Please take a moment to read the FAQs! For links to the whitepaper, exchanges, slack, telegram, twitter, and facebook, please look at the sidebar of the subreddit!

If you are looking to get started either buying COSS or linking your MEW to COSS, read through this [guide] (https://www.reddit.com/r/CossIO/comments/75j7s4/a_beginners_guide_to_getting_started/?st=j8lzcjgk&sh=c2f546fe)!

  1. What is COSS Token Based Fee Split Allocation?
  • All fees paid generated in cryptocurrency on the COSS.io exchange and through its payment gateway will go into a 50/50 split with holders of the COSS token. The more tokens you hold the more you will get. You can also see the Token Swap video on YouTube: https://www.youtube.com/watch?v=Kanh0vHueOw&t=17s or you can see Rune and Andrei explaining this on a whiteboard: https://www.youtube.com/watch?v=DjYX_esDB94 Update: 14.10.2017: All non ERC20 tokens (for now BTC, BCH, WAVES, ARK, LISK, NEM and LTC) will be converted into ETH before it’s send to the DAO. So you receive ETH and ERC20 tokens from the DAO.
  1. Where should I save my COSS tokens to get part in the Token Fee Split Allocation?
  • If you would like to get your portion of the fee split allocation you need to hold your COSS tokens either on your coss.io account or in MyEtherWallet (MEW). If you use MEW you need to do a bit of configuration. Use this tutorial: https://coss.io/coss-token-revenue-share-tutorial
  1. What is the circulating supply at the moment and how many tokens will share "Token Fee Split Allocation"?
  • With the approx 80M distributed + the 10M for charity that will also generate revenue + 3M for the bounty, and some other minor adjustments the total circulating volume should be close to 100M. But only those that are on valid wallets (COSS, or MEW with setup) will be counted for the allocation.
  1. How to add COSS as a custom token in MyEtherWallet?
  • Contract: 0x65292eeadf1426cd2df1c4793a3d7519f253913b
  • Short: COSS
  • Dec: 18
  1. How to activate token fee split allocation in MyEtherWallet?
  1. To what wallet do I receive my part of the fee split?
  • It will be added to your balance for each currency on your coss.io account.
  1. When will I receive my part of the fee split?
  1. When will bounties be distributed?
  • Bounties are distributed. Some wallets in the spreadsheet were invalid so in case you didn’t receive, please email bounty@coss.io and provide a valid address and your bounty username. A new spreadsheet is (will be) distributed on bitcointalk and coss slack channel for updating your details. Update: 4/10/2017: To all bounty "hunters" It might take a few more days to sort out all the bounties. We have simply uploaded the csv file from the spreadsheet and processed it, but there seems to be many mistakes in that spreadsheet. We are now bringing back in the bounty manager and will set up a separate email for all bounty issues. Please dont flood the other channels with bounty queries.

9 ) Why does my transaction(deposit/withdrawal) take so long?

  • On this topic COSS puts security above convenience and we hope our users appreciate that. There are multiple transactions in play that a user doesn't see when depositing and withdrawing as we store all cryptocurrencies offline. So please allow some time for transactions to clear. This is not optimal for instant traders looking for an arbitrage, but we will not compromise security over convenience in this matter. 10-30 minutes on most ERC20 tokens and 1-3 hours for BTC as a general rule (but with exceptions both ways).
  1. What is my trading limit?
  • All users have a daily trading limit at 2000$. You can go to your coss account and apply for KYC, that will raise your daily limit to 30000$. The daily limit is reset at 00:00 UTC. We are looking at the KYC procedures and soon limits change. UPDATE: As of October 20th, the trading limit will be 100k for all account levels until new kyc procedures are in place!
  1. The COSS team have some connections to known scams.
  • This was also addressed by Rune in the slack. The concern was that a few team members associated with VRS. This was Rune's response in the Slack "I think it is fair also. And it has been explained multiple times. VRS was developed by some of the same dev team and also our consultancy company assisted in creating marketing plan for an affiliate program. The intention was for it to be used by the affiliate system to reward its members for onboarding merchants. The business model wasn't sustainable, and COSS decided to create its own 1-tier affiliate program by itself(known as CAP). The VRS was also modeled in a completely wrong way where the affiliate program actually paid for the gas for transactions and not the users. This didnt look like the problem at the time with an ETH price of less than 10 dollars. But over time that cost way surpassed the business model and made it unsustainable. Just because you try (as Pariah) put it, and it turn out not to work doesnt make it a scam. But there are still VRS holders out there, and that is why we havent delisted the token yet. And it is also listed on a couple of other exchanges." Essentially VRS was a failed project, not a scam.
  1. Why is the website buggy?
  • Well, of course. It is only in its Beta! There is now a channel in the slack to give feedback on things to fix for the website/exchange.
  1. What is the approval time for KYC?
  • Normally within 24h. At the moment we get a lot of new request and in spike periods it may take a little longer. We are currently reviewing our FATCA Compliance policies. All U.S. Person KYC submissions may experience significant delays. Users will be updated on our approach to adopting FATCA.
  1. Is COSS a decentralized exchange?
  • At the moment, no. The COSS token is not a platform token to be used as gas for transactions like a decentralized exchange. It is a share of the exchange that rewards COSS holders weekly with 50% of all trading fees accumulated by the exchange.
  1. What is the payout formula?
  • The formula for determining the weekly payout is as follows.
  • [(Daily Trading Volume) x 7 x 0.002 x 0.5]/93 mil = payout per coin. Multiply this by how many COSS you hold!
  1. What is the DAO doing? How does the DAO distribute non ERC-20 fees to COSS holders ?
  • The DAO distribute the numbers. The coins itself is stored on cold wallets. The values get added to your wallets on coss, and if/when you withdraw they will come from the cold wallets. The DAO doesn’t store crypto, but it calculates and divides the amounts.
  1. Where can I see the status of my withdrawal?
  • When you do a withdrawal, COSS will send you two emails. 1 is just a confirmation about the request being made, the second one contains a link and you need to confirm the withdrawal. When you confirm the withdrawal the withdrawal process is started. As along as you haven’t confirmed the withdrawal it can be cancelled. To see the status of your withdrawal go to ACCOUNT -> HISTORY -> DEPOSITS & WITHDRAWALS. If the status (type) is showing as “withdrawal (pending user confirmation)” then it hasn’t been confirmed. Find the email and confirm via the link! It can be cancelled from the Action column. If the status is “withdrawal (processed)” then it’s send from COSS to the network to be processed. In this case there is a small icon just right of the hash you can press to lookup the transaction.
  1. Where is the COSS team and exchange based out of?
  • Singapore!
  1. How is the 200M tokens distributed?
  • After ICO the ICO holders did a vote on how to organize the tokens as not all tokens got sold in ICO. This is the result. Also know as option B.
  • 80,000,000 COSS sold in ICO.
  • 50,000,000 COSS the future funding pool will be. It will generate revenue shares after the distribution;
  • 10,000,000 will be locked for charity - we will donate the revenue shares to the charities chosen by the community;
  • 20,000,000 COSS will go to CAP* (COSS Affiliate program). It will generate revenue shares only once distributed;
  • 30,000,000 COSS allocated to DEV/Shareholders/Staff/Bounty etc. (including the lockup);
  • 10,000,000 COSS will go to Investor Deck presentation SG** (will not generate revenue until distributed);

Posted Oct 7, 2017, 5:12 PM UTC · edited

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