With less than a week to go until the subscription period closes now would be a good time to provide a more detailed timeline about how various elements of the platform will be delivered and how they are used. This document will also re-iterate the trading mandate and the finalised list of coins that the AI Models will trade on day one.

Please comment here or email First Global Support if anything is unclear or if we have overlooked some information that would be useful ahead of the launch.

Timeline

August 28, 2017 23:59 GMT. End of AICOIN Subscription period.

August 31,  2017. Announcement will be made confirming the total number of coins to be issued. At this time members of the bounty campaign will be informed of their distribution under each of the streams that they have participated in. It is important that you review this and raise any concerns about your bounty immediately. These numbers will be finalised three days after this date unless a concern has been raised.

September 2, 2017. We will formally fix the number of coins to be issued. This is the number that will be fixed in the smart contract and no further coin issuance will be possible after this task has been completed.

September 3, 2017. AICoins will be issued to subscribers. The options available are detailed in the section “coin issuance” below. Subscribers will receive 100% of their subscription. At this time Bounty Programme participants will receive 1/3 of their allocation.

Sunday, September 3, 2017. Funds will be moved into brokerage accounts and fund wallets. Where necessary trades will be executed to bring the fund position into line with the model target positions. At this time 20,000USD worth of bitcoin will be withdrawn to pay for the establishment of the legal entity and structure.

12:00 UTC September 3, 2017. A starting valuation will be determined for the coin pool funds based upon the midday UTC prices for the various coin and fiat holdings vs SGD. The model trading will be turned on at that point.

13:00 UTC Sunday September 10, 2017. AICoin trading will commence on the FGC trading platform. It will be possible to buy and sell AICoin directly from your AICoin dashboard as well as using the full FGC exchange for AICoin and other cryptocurrency trading. Please note, clients who have not gone through the verification process will not be able to take leveraged long positions or go short AICoins. But you will be able to trade from and to other cryptocurrencies. Clients that have KYC’ed can take advantage of the full Currency Switch Service which makes it possible to take leveraged positions in AICoin and other cryptocurrencies.

September 30 – October 2, 2017. The first votes will be held. The first vote will determine the question of AICoin dividends – should they be paid and at what level? Further details will be provided closer to the date of the ballot.

October 3, 2017. Second tranche of bounties will be released.

November 3, 2017. Final tranche of bounties will be released.

Trading Mandate

  1. Markets Traded. On day one the models will be authorised to trade:
    1. BTC (bitcoin)
    2. ETH (Ethereum)
    3. LTC (Litecoin)
    4. XMR (Monero)
    5. ZEC (ZCash)
    6. XRP (ripple)
    7. ETC (ether classic)
    8. BCH (bitcoincash)
    9. DASH (Dash)

We will establish position sizes that reflect the relative market capitalisation of the various coins on the first day of fund valuation (3 September 2017).

  1. Market Positions. The models will be permitted to take a 1:1 long position (no leverage), a zero position (convert to fiat) or a -1:1 position (take a short position equal to the value of that coin position). No additional leverage is authorised for the trading activity.
  2. Cash Reserves. Cash Reserves of no less than USD 50,000 (or other fiat currency equivalent) will be held to meet costs that may be incurred in the operation of the fund.
  3. The Coin Pool is authorised to use up to 5% of available capital to purchase AICoins. Any coins purchased for the pool will be sold, where possible at 20% above the purchase price.
  4. Weekly Valuation snapshot. The dashboard will provide a real-time view of the value of the fund and its holdings. There will be a formal snapshot taken at 12:00 UTC every Sunday to establish new equity high and distribution criteria. If there is a profit above the previous equity high then a distribution will be made as follows:
    1. 50% of new profit will be transferred to the Seed Investment Pool.
    2. 40% of new profit will be transferred back into the Coin Pool
    3. 10% of new profit will be paid to First Global Credit as a system provider fee.
    4. The new equity high for the Coin Pool will be the previous equity high plus the value transferred in item b above.

Suitable Wallets for your AICoin

Because the AICoin token is an ethereum ERC20 token there are a number of options open to you. The options currently identified are:

  • Ethereum full wallet. For subscribers running their own node and with a preference of holding their own coins this is the obvious choice. Once the coins are distributed we will provide a link on the dashboard where you can download the token identifier codes and register the token in your wallet. This will allow you to see the AICoins sent to any of your ethereum addresses. We will publish a video of how to do this before the coin release.
  • MyEthereumWallet.com. This online wallet provides a very simple mechanism to register the token contract on your wallet so you can hold AICoins in this wallet along with your ether and other tokens. We will publish a video of how to do this before the coin release.
  • AICoin dashboard. For subscribers that prefer to manage their coins in the AICoin dashboard there will be the option to be assigned an address within the AICoin environment. You will be provided with the private key to keep offline with an option for us to retain a copy of the key for security (this is an option, not required). You will be required to paste your private key into the wallet when you want to execute a transaction.
  • If you know of other online or offline wallets with the capability to hold and display ERC20 tokens please contact us and we will add the details to the list.

Voting Mechanism

There are a number of options available to AICoin token holders to vote using their coins. An important point to note, once you have used your coins to vote you will not be able to transfer those coins until after the ballot is complete. This is to prevent coins being used multiple times on the same vote. Once the end time of the ballot is passed then you will again be able to transfer the coins. Please bear this in mind for any coins you are planning to sell.

Any coins you purchase during the course of a vote will be available to vote in the normal way.

  • Standalone Javascript voting app. Before the first vote commences we will publish on our github site a standalone javascript application with an html front end that will run in standalone mode and allow you to review past votes and their results, current votes and future votes. You do not need to hold any coins to use this application, to review votes in progress or view the results of past votes. The app will also allow you to place votes for any of your coins (you will need to enter the private key which will only be used locally). The javascript app will require you to be running a full Ethereum node to operate.
  • Hosted Voting App. We will host nodes linked to the AICoin dashboard which will provide the same functionality detailed above (view past, current and future votes) and also to place votes for any of your coins held in any address. You can either enter the private key onto the site which will be used to sign the vote transaction and then discarded or you can download the raw transaction, sign it offline, then upload the signed transaction for execution of the vote.
  • Videos will be provided demonstrating all of these options before the first vote commences.

Voting Information

Details of all upcoming votes will be provided in the AICoin dashboard as well as on the blockchain (future votes). Our plan is to build out the infrastructure we already have in place and build upon it to facilitate the sharing of ideas and information. For AICoin to be a success we need you all to participate and build on each other’s ideas.

To facilitate this we will continue to operate the Slack Channel for general questions and comments. For specific discussions regarding votes and the companies or options presented we will provide a traditional forum platform for each vote. Candidates can present their proposal and then there is the opportunity to ask questions and generate real debate about the available options.

There will also be a dedicated area where candidate companies can present their proposals and any formal presentations they wish to make available.

I hope that answers some of the questions people have. There will be more information provided as we get closer to the launch date. We will try and provide it in bite-sized snippets rather than in one go to make it easier to absorb.