http://www.soferox.com/ico/
We are excited to announce Soferox. This is going to be a new way to trade and hold cryptos. The most notable feature will be the ZERO FEE structure. That is correct. We want to create an environment that allows users to send funds to one another and not get charged a fee every time they do a transaction. We are also going to offer some other really awesome features and really give our users incentive to stay, and reward them for that loyalty.
This is going to be a revolutionary system as the users are also the miners with the new service we call PoP (Proof of Pact).
Since this is new and we don't want anyone copying this the white paper for PoP will be released closer to our Pre-Sale date, but you will have a chance to read over it before any kind of investing happens.
Quick Intro At: 
Check out www.Soferox.com for more information. Below is a quick intro to the white paper which will be posted tonight, July 24, 2017. Feel free to head on over to website and contact us with any questions. What I am sure most people will think is that we are an exchange with some extra features, but we will be one of the first exchanges to have a crypto backing us that we can then utilize to create zero fee transactions and allow you to pay for other more premium services.
Our main vision is to not punish our users for high volume transactions, but reward them for being loyal and using our system. Once we achieve this bridging the gap to the commerce side of things will be quite easy with our invoicing platform of USD -> Crypto.
For more immediate help email support@soferox.com
White Paper is available! Go to the document sections of our website to find it.
http://www.soferox.com/documents/
BOUNTY PROGRAM HAS BEGUN
We are going to begin bounty programs for two things:
Advertising
&
Translations.
We would like any and all submissions and try to submit them to http://www.soferox.com/ico-bounty/
Advertisers who make a solid impact will also get bonus SFX during ICO Sale.
We are looking for people to partner in with advertising.
We will do payout either in the middle or at the end of the pre-sale.
Bounty signup is here! Go there to signup and reserve your free SFX Coins for helping! Once you fill form out we will contact you with offer based on what you are wanting to participate in!
http://www.soferox.com/ico-bounty/
Translations:
Indonesian - https://bitcointalk.org/index.php?topic=2076485.0
Hindi - https://bitcointalk.org/index.php?topic=2074987.0
Russian - https://bitcointalk.org/index.php?topic=2076380.0
French - In Progress
Chinese - In Progress
First Ever ICO Referral Incentives!
What does this mean? It means that after joining the ICO you get a referral code for others to enter. When entered they get an extra 100 coins and so do you!
Learn more on our blog post about it: http://www.soferox.com/uncategorized/first-ever-ico-referral-bonus/
I hope this answers questions. Now look below for full details.
Website: www.soferox.com
White Paper: http://www.soferox.com/documents/
Email: Support@soferox.com
BitcoinChaser Interview: http://bitcoinchaser.com/ico-hub/soferox
Bitcoin Exchange Guide Review of Us: https://bitcoinexchangeguide.com/soferox/
MyBTCCoin Review:: http://mybtccoin.com/soferox/
AltcoinAlerts Review : http://altcoinalerts.com/soferox-cryptocurrency-platform-zero-fees/
Below is a sample of white paper, we recommend reading it where there are graphics and other things to help illustrate the ICO. THANKS!
UPDATE ON SEC RULING:
Read our full statement here: http://www.soferox.com/uncategorized/sec-ruling-and-does-it-affect-us/
I know with the latest SEC Ruling, https://www.sec.gov/news/press-release/2017-131, a lot of people are worried and I'd like to address this.
First Soferox is a registered entity with appropriate tax filing and everything. Secondly we have emailed the SEC and gone over the full document and have determined what steps need to be taking to legitimize everything. The good news is we don't have to stop and can proceed. The tokens being sold by us don't fall under the Howey test and therefore cannot be considered securities.
The SFX Token is more to be considered as a tool to use the platform and not as a currency. Another thing strongly mentioned in the ruling is the "Promise of reward". We want to also be clear that we are not asking for investment and then promising in return you will rewarded on that investment. Rather we reach out more as a crowdfunding approach and want to build a service that can be usable by crypto holders in the future.
Abstract:
First off the name Soferox is a Latin play on the word ferox, meaning fearless, which is just what we want to portray. We are so (so) fearless (ferox) in all that we do. The Soferox Token (SFX) that will be sold is an ERC20 derivative to represent a pool of funds to back this project and give it worth. These funds will be utilize to give value to the platform as well as be used as in internal form of payments, meaning the more tokens you have, the more incentive you have to use the platform and help bring up the cost of the token. Token holders are also able to burn their entire share of SFX for a fair share of the entire Ethereum pool, minus 15% once the tokens are unlocked and the wait period is over.
After the presale and ICO phase, Soferox LLC receives 10% of the raised Ethereum to fund development and pay for initial operating costs. Bounty programs and commitments made prior to the launch will each be given 2% of the total Ethereum and SFX. That leaves 88% of the total Ethereum for the investment pool. Should more funds be needed for development we will pull from the pool, but no more than another 10% still leaving a banked amount of 78% to give a strong backing for the SFX coin. Soferox LLC will also receive 10% of the total SFX sold which will be locked and untradeable for 1 year and its rewards will be used to grow the pool. Rewards from unclaimed SFX tokens will be placed back into the pool for additional growth. After launch, there are no additional fees or percentages taken from rewards that are paid out. Any SFX can be traded or transferred. The total number of tokens available for sale is capped at 40 million.
Introduction
Cryptocurrencies are becoming more and more popular and with that will be the emergence of payment platforms. Right now, we currently have exchanges and ways to purchase these currencies, but once in the wallet on these platforms you get charged a fee for any kind of transfer or sale. They also don’t provide an easy way for someone to send you a payment in whatever currency you choose. They also have to setup an account on that platform. For many this is a tedious and difficult task. This gap in the technology is where Soferox will come in.
With a PayPal like structure you will be able to send and receive payments from people using our system and with zero fees. You can send your funds into our platform and from there send funds to anyone using our platform for free. This is going to be our biggest incentive and making us a major competitor. However, we understand that not everyone will want it for this as they already have a big amount invested, but what if you wanted to receive a payment from someone who doesn’t understand how to setup a wallet or doesn’t fully under the worth of these currencies and just wanted to pay you in USD. This is our second feature. The invoicing feature will allow you to send someone an amount in USD that you are owed and from there we will accept the payment in USD and immediately give you access to that amount of USD in whichever crypto you have chosen from the list of supported crypto.
The next big feature of our software will allow for you to create a merchant account that allows for a more merchant style use of the platform allowing you to accept payments from people growing your crypto portfolio. This is huge because with crypto’s predicted to grow the amount you make today could be worth double in a year from now.
We will also allow you to trade crypto types from within the platform, again for free. If you wanted to convert BTC to Eth, no problem and this will be something setting us apart.
We will be introducing the Soferox Vault which will have an array of features too.
I am sure by now you are wondering how we make money. The one thing setting us apart from the rest of the world is we will have a currency backing us. Secondly if you wanted to pull all funds from us we will then charge a small fee at that time. This will ensure the survival of Soferox and the longevity of this project.
Soferox LLC
Soferox, an American based company, is an electronic commerce (e-commerce) company that facilitates payments between parties through online funds transfers. We will accept funds in the form of Cryptocurrencies and USD.
Soferox has specialized in delivering strong and robust web based applications and has decided to extend that skill to the Cryptocurrency world. Soferox was founded by some very talented people, each of whom brings a diverse group of talents from computer science, marketing, math, and many more. Most importantly we all believe greatly in the company and the services we provide.
Our main goal here is to provide a new way to acquire crypto’s and tap into the commerce side of things. We also want to make it easy to exchange them while not charging a fee for every single transaction. We want to create an environment and platform that rewards it’s users for staying within and keeping your cryptos with us, but we don’t want to stop there. We want to give you a way to request funds from people on any platform and regardless of their knowledge of cryptos be able to pay you and you get the funds in whatever desired crypto. This means exactly what you are thinking and an integration API will be built with the main application. We want to see this integrated to websites, business platforms, and any other imaginable way you can think of.
Because of our faith in this project, we are locking our share of the SFX tokens for 1 year. Also during that period, we will be unable to trade or transfer the tokens received as part of the ICO. The rewards from those shares will go back into the pool to help increase the size of the underlying assets held by SFX. This will increase the value of the software and give it stability to perform services with our “No fee” approach. This heavily benefits all token holders during this time as it 1) increases rewards value of the initial investors, and 2) increases value for the SFX token itself, because the underlying assets are also increasing. By the end of the 1 year locked period, we project that the fund will be in a stable growth that Soferox LLC employees can begin to receive payouts from their shares.
Transparency and Trust
Our first and foremost priority will be to develop trust and provide a layer of transparency to not only assure the success of the ICO, but the project as a whole. We are going to go quite the extra step when it comes to securing the initial ICO funds, as well as, when the project is live and we are storing massive amounts of Cryptocurrencies. We will list below just what will happen to protect and keep things private for everyone.
• We will be storing 80% of funds in dispersed cold wallets.
• The remaining 20% will be stored in FIAT funds for things such as insurance.
• The cold wallets will be dispersed among an undisclosed amount of servers.
• The wallets will also move servers daily to protect the funds and really create an annoyance for hackers. This may seem excessive, but with the ever present threat of hackers trying to steal from people we will take this very serious.
• The Soferox Vault.
• Since we control the users we can control fraudulent users and lock them and return assets if stolen. This is huge because if you send funds to someone for a service and they don’t perform it, we will actually have the way of refunding the crypto taken.
• We will have user voting for supported currencies.
• Transaction can either be made anonymously or public. All transaction have the choice of just showing our address and we will not store any transaction records, thus keeping your details private.
• An open API will be provided, but with normal steps to protect information, such as API keys, logins, etc.
We want to create a strong level a trust, which is also why we will have a bounty program that will encourage users to report bugs or possible security problems if discovered. Depending on the complexity of certain securities Soferox will most like hire an outside auditor and crypto security expert like most other project do to verify we are taking the correct steps to protect everyone.
SFX Token
SFX tokens are purchased at different exchange rates during the ICO. During pre-sale, purchases are given 30% more tokens until it closes 14 days later or reaches its cap of 10 million tokens. Once the ICO starts, purchases during the first 5 million tokens will receive 20% more and tokens purchased during the next 10 million will receive 10% more, purchases made after the 2nd phase ends will receive no bonus. The tokens are locked during the presale and the ICO and will be released upon the completion of the ICO. There is a cap of 40 million SFX tokens in total.
- Tokens are purchased by sending crypto to the payment gateway. The exchange rate is based on how many tokens have been sold and can be seen in the contract source.
- After sending payment, we will send out payments in batches.
- Once the ICO ends, users will be able to access their tokens and begin using within the application.
- 1 SFX Token = 1 SFX Coin.
During presale and the ICO, purchases can receive extra tokens up to a certain limit. We are setting a cap of 10 million tokens to be sold during the presale. During this time, all purchases will be given 30% more tokens. Once the ICO starts, the bonus structure will change to the following:
• Phase 1 of the ICO will offer 20% more tokens on purchases on the first 5 million tokens. This is outside of the tokens sold during the presale.
• Phase 2 of the ICO will offer 10% more tokens on purchases on the next 10 million tokens.
• Phase 3 of the ICO will offer no bonus tokens.
Pricing structure will work as follows:
Pre-sale each SFX token will cost $0.10
Phase 1 each SFX token will cost $0.12
Phase 2 each SFX token will cost $0.14
Phase 3 each SFX token will cost $0.16
Potential Coins
The initial coins we will offer on the platform will be:
• Bitcoin
• Ethereum
• Litecoin
• Zcash
• SFX
These are the first coins we intend on support, but will begin shortly after launch from beta user voting on next supported coin. We want to provide a wide array of supported coins, but not flood our software with unneeded or unwanted coins either.
Plans to add other coins may consist of Monero, NEM, IOTA, and possibly some other up and coming coins.
Software Build Architecture
The software will be modeled to a similar approach of other commercially available commerce platforms. We will have a standard user account, which is free, and a merchant account.
The point of this is to cater to both crowds. We want to provide a platform for the everyday user and give them the ability to tap into this market without having to have experience, or capital. The merchant side of things will be for people wanting to charge their customers with our software and receive payments from USD to whatever currency choice they choose (BTC, ETH, SFX, Etc.).
We fill this will provide the best of both words. Merchants will pay a small monthly fee, however, should someone paying sign up for an account and pay us; they will not be charged any transaction fees. This again is to promote the use of the software and build a strong community of users, much like PayPal has done.
Key features will consist of:
• Ability to turn coins into other coins, NO FEE.
• Ability to trade coins with other users, NO FEE.
• Ability to store coins with us in a protected safe environment, NO FEE to store, however, whoever you send them from may charge you a fee to send them. We will also offer monthly insurance on coins should something happen, or fraudulent activity to help you recover lost funds.
• Ability to send invoices and have customer pay in USD, and we translate and pay you in the coin or split coins of your choice. There will be a credit card fee that can either be offloaded to customer, or you can eat that and integrate into prices.
• The Soferox Vault
• You can withdrawal coins at any time to have sent to outside addresses. There will be a fee to take coins out of the Soferox platform. This is only done to cover our cost of sending coin out, but we also want to incentivize users to keep coins within to take advantage of the no fee system from within the platform.
• Full UI will be available that will provide detailed statistics, reports, and many other useful bits of information.
• Security and privacy will be first and foremost.
• Anonymous transactions will be allowed.
• Inner software transactions are ALL instant. That includes crypto to crypto trades and the sending of crypto to other users.
The Soferox Vault
This is quite possibly one of our more exciting features. This feature will allow you to setup two kinds of things in the vault, a trust, and the crypt. The trust is a feature that will allow multiple users to deposit funds into a global account for all authorized users. This will allow for a more efficient way to combine funds and manage them in a group environment. The crypt is a feature that will allow you to deposit money into savings like account that over a year can accrue interest. The trust will also be allowed to grow interest.
The Trust
The trust will have a lot of neat features and some are listed below.
• Zero Fees, but a 1 time setup fee paid by the trust owner. You get this fee back in interest easily.
• Included in both standard and merchant packages
• Funds stored in offline wallets that are geographically distributed around the world.
• You can enable scheduled deposit and withdrawals
• You have a 48 hour window to cancel withdrawn funds and bring back into the trust
• You have owners and co-owners of trust who can approve withdrawals from standard trust users. This makes sure standard users don’t try and withdrawal too much or funds that shouldn’t take. You must have at least 1 approval for all withdrawals, unless you are an owner of the trust.
• The account will have a guaranteed fix rate of interest that is annual.
• No limit to withdrawals.
• Must have a minimum of 0.1 of any coin.
• There is no maximum. You can have as much in the trust as you want.
• There is no minimum deposit amount. Just must have a balance of at least 0.1 coin
• Interest paid on a maximum of 100 of any coin. This could change and be higher for some of the alt coins, but 100 BTC is the max for right now of what you can gain interest on.
• Interest rates will are to be determined, however, pre-sale and ICO phase participants will get a higher guaranteed rate as a reward for early signup.
• If at any moment a trust balance is put at 0, all members of trust will be notified to insure this was an approved action.
• Must have a Soferox account to user vault features.
The Crypt
The Crypt is a something designed for single users and has great benefits. Some of the benefits will be listed below:
• Zero Fees
• Included in both standard and merchant packages
• Funds stored in offline wallets that are geographically distributed around the world.
• You can enable scheduled deposit and withdrawals
• No limit to withdrawals.
• Must have a minimum of 0.1 of any coin.
• There is no maximum. You can have as much in the crypt as you want.
• There is no minimum deposit amount. Just must have a balance of at least 0.1 coin for interest
• Interest paid on a maximum of 100 of any coin. This could change and be higher for some of the alt coins, but 100 BTC is the max for right now of what you can gain interest on.
• Interest rates will are to be determined, however, pre-sale and ICO phase participants will get a higher guaranteed rate as a reward for early signup. So sign up early!
• Money can be sent directly from crypt to other users for no fees.
• Must have a Soferox account to user vault features.
• 1 crypt is included for free, and if you want more than 1 additional ones can be purchased for a monthly fee and will still be allowed to grow interest.
Standard User Functions
A standard user will have many of the same abilities as a merchant with just a few exceptions. Standard users will have the functions listed above, except they will get charge a fee for invoicing. They will get the same access to the UI minus some merchant only screens.
Standard users are really here for the large use case of users and we want to cater to them as much as we do the business (merchant) side of things.
Depending on credit card companies it is possible standard users will see a higher credit card charge, but we are working that out now.
Merchant User Functions
Merchant accounts with us will have all the features listed in the software build and the invoicing fee is waived as part of their monthly charges.
Merchant accounts also get access to merchant specific functions in the UI. Some of these functions include special reports, graph and data readings, and custom email responses.
Pricing for merchant accounts will be by monthly bases or yearly. We have not determined cost of merchant accounts just yet, but by the beginning of the beta we should know.
Merchants will also have the options to receive direct USD payment from invoices should they choose.
Insurance
We will be offering an insurance policy to now safeguard crypto’s. Should for whatever reason your crypto get’s stolen, you have fraudulent transactions take place and so forth we will offer an insurance, much like other institutions do. Fees are yet to be determined, but we will allow for insurance to be paid in both USD and Crypto.
The Crypto Economy
As of right now trading crypto’s affects the market on a much larger scale. If you trade 1 million dollars for Euros the market has enough structure to absorb that and not cause the USD or Euro to fluctuate but maybe 0.01%. This is something that crypto’s struggle with and if someone did that you could see anywhere from 1%-10%, and we have seen this. Our software will help with that spreading transactions over many different exchanges and when trading from within allowing for no major hurt on the market. This helps create a win-win for everyone as massive trades and moves, won’t be reflected at a high of 10% but more towards the 0.01% target.
Can we buy from Soferox?
Eventually yes. The first goal is to get an established user base and once we see a good amount of Bitcoin and Ethereum stock piled to a point we feel is safe to sell we will allow the buying of the currencies on our platform. This will have huge benefits as you won’t pay two fees. Normally you buy from an exchange and that will cost you x amount in fees. Then to send the crypto it will cost you also. Now all that happens is a small fee to cover the transaction and you have the funds to immediately disperse to your vault, or to trade with other users. If you decide to take money out of your Soferox account the same leaving fee applies.
Additional Features
As the software grows and evolves we will add more and more features. A phone app is on the forefront to be released alongside the web app. Phone app may see final release date after beta however.
Is this Truly a No Fee Platform?
The simple answer is yes. The way it works is ANY, and we do mean ANY transactions from user to user in our system will be FEE free. If you perform many transactions on a daily basis it will be in your interest to send users an invoice with our system. Have them sign up and use their own currency to pay you. This will create NO fee for them and you will get the full amount of money you asked for with no transaction fee.
I am sure you are wondering how we will make money. This is quite simple as we will be one of the first platforms with a currency backing behind it. The SFX coin with more users joining and using it as a currency within the platform will also help us create value in our product and the coin. We also will charge fees to send money to outside addresses, like different exchanges and so forth, or if someone does a full withdraw. If used correctly though there should be no need for an exchange. We will also have merchant accounts that give us monthly fees.
The goal of this product is not a get rich quick kind of product. We want to begin giving the ability to harness the power of Cryptocurrencies and begin seeing them appear on sites and giving people the option to pay with them. An easy to use commerce platform does not exist, but we aim to change that with the Soferox platform.
What does it mean for you to store money?
This is the key concept of how we can do Fee Free transactions. We act like a bank, and hold the funds deposited, much like other online wallets. The difference is when trading from user to user within our system we don’t charge a fee. We do this to reward you for leaving your funds from within our safe and secure multi-server cold wallet system. This system has cold wallets not susceptible to online attacks, which move from server to server keeping funds safe. Even if hackers found the location of a wallet, it would be irrelevant as that location would be different the next day.
What is a multi-server cold wallet system?
This system is what provides our strong layer of security. We have an array of servers that are spun up daily where our cold wallets are moved to. Once a wallet is moved from a server, that server instance is destroyed never to be used again. We also have funds dispersed in an undisclosed amount of wallets. We also use multi-signature wallets to prevent the monitor of our funds. We will also keep roughly 20% or so of funds in FIAT type funds to help secure assets and insure things.
Our goal is to not only provide you with a fee free system, but a safe system. Let us take the burden and stress of storing coins.
Opportunities
The opportunities with this platform are truly endless. With commerce moving more and more to internet based business we can now provide a way to tap into that market and begin selling goods and services for crypto’s regardless of what the buying parties knowledge is on Cryptocurrency.
Summary
I think the best way to describe the Soferox software is a Cryptocurrency holding and trading platform, with invoicing and other commerce functions. Our main goal is create an environment of users that use this software to trade and exchange coins. We will offer a wide array of features and security benefits that should give incentive to use the software and keep funds within it. We want to see the commerce and E-commerce markets begin to utilize this currency as it truly is revolutionary.