Frequently Asked Questions
Here are some common questions about WISE
1. What is WISEPLAT software?
WISEPLAT is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “WISEPLAT Software”). This is achieved as WISEPLAT operates not with one blockchain, but with two main blockchains and a lot of blockchains for individual applications. The first blockchain is for operations with WISE tokens (fast transactions, PoW), the second blockchain is for the application catalog with lockout WISE in favor of application users (scaling, DPoS / PoW). This separation allows WISEPLAT to conduct fast transactions with WISE tokens and provide effective scalability for applications with the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications. For more information, please read the WISEPLAT Technical White Paper.
2. Who is building the WISEPLAT Software?
oswiseplat.org, a decentralization company, is building the WISEPLAT Software. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including blockchain software development. For more information about oswiseplat.org, please visit oswiseplat.org.
3. Will the WISEPLAT Software be released under open source software license?
Yes, at the end of its development stage, oswiseplat.org will be releasing the WISEPLAT Software it has developed under an open source software license.
4. What are WISE tokens?
WISE tokens are ERC-20 compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract (the “WISE Tokens”).
5. What features, uses or attributes do WISE Tokens have? Can the WISE Tokens be used on a blockchain adopting the WISEPLAT Software?
oswiseplat.org is building the WISEPLAT Software but it will not configure and/or launch any public blockchain platform adopting the open source WISEPLAT Software (the “WISEPLAT Platform”). Any launch of an WISEPLAT Platform will occur by members of the community unrelated to oswiseplat.org. Third parties launching the WISEPLAT Platform may delete, modify or supplement the WISEPLAT Software prior to, during or after launching the WISEPLAT Platform.
The WISE Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the WISEPLAT Platform.
6. What does WISE stand for?
We believe that WISE means different things to different people. We have received numerous amazing interpretations of what WISE stands for or what it should stand for so we have decided not to formally define it ourselves.
7. How does the WISE Token distribution work?
The WISE Token distribution will take place till December 31, 2017 starting on October 29, 2017 at 11:00 UTC. Ten million (10,000,000) WISE Tokens will be distributed according to the following below:
7,000,000 WISE Tokens (70% of the total amount of WISE Tokens to be distributed) will be distributed during a 63 day period beginning on October 29, 2017 at 11:00 UTC and ending on December 31, 2017 at 23:59 UTC (the “Distribution Period”).
Distribution Period consists of Pre-ICO and ICO Distribution Period.
at Pre-ICO Distribution Period (2017/10/29 11:00:00 - 2017/11/25 11:00:00)
20 WISE Tokens will be distributed for every 1 ETH contributed.
380 WISE Tokens will be distributed for every 1 BTC contributed. (*)
at ICO Distribution Period (2017/11/25 11:00:01 – 2017/12/31 23:59:59)
15 WISE Tokens will be distributed for every 1 ETH contributed.
285 WISE Tokens will be distributed for every 1 BTC contributed. (*)
1,900,000 WISE (19% of the total amount of WISE Tokens to be distributed) will be reserved for Developers and will not be traded or transferred on the Ethereum network till WISEPLAT Software is ready.
1,000,000 WISE (10% of the total amount of WISE Tokens to be distributed) will be reserved for Promotion goals and cannot be traded or transferred on the Ethereum network during Distribution Period.
100,000 WISE (1% of the total amount of WISE Tokens to be distributed) will be distributed for Bounty and cannot be traded or transferred on the Ethereum network till the end of Distribution Period.(**)
Contract manager will allow tokens transfers after ICO end. All unsold tokens will be issued. Part of the tokens can be sold to large investors at a price not lower than ICO (15 WISE = 1 ETH).
(*) This value is regulated by exchange rate through contract variable - rateBTCxETH, this variable is corrected every day at 12:00 UTC time if exchange rate between 1 BTC and rateBTCxETH * ETH is more than 10%. Right now rateBTCxETH is set to 19 (set at 29/10/2017)
(**) Bounty manager can transfer Bounty tokens.
8. Was there any WISE Token pre-sale or ways to obtain WISE Tokens prior to the commencement of the WISE Token distribution?
9. Why are developers WISE Tokens being reserved for oswiseplat.org?
Developers tokens were allocated to oswiseplat.org pursuant to feedback we received from the community in order to ensure that oswiseplat.org has aligned interests with those participating in the WISE Token distribution. The developers tokens represent 19% of the aggregate WISE Token distribution (or 1,900,000 WISE Tokens) (the “Developers Tokens”). The WISE Token distribution smart contract does not permit oswiseplat.org to trade or transfer the Developers Tokens during the WISE Token distribution period.
Developers Tokens will be unfreezed for developers when WISEPLAT Software is launched and the default WISEPLAT Software configuration developed by oswiseplat.org.
10. Why are promotion WISE Tokens being reserved for oswiseplat.org?
Promotion tokens were allocated to oswiseplat.org pursuant to feedback we received from the community in order to ensure that oswiseplat.org has aligned interests with those participating in the WISE Token distribution. The promotion tokens represent 10% of the aggregate WISE Token distribution (or 1,000,000 WISE Tokens) (the “Promotion Tokens”). The WISE Token distribution smart contract does not permit oswiseplat.org to trade or transfer the Promotion Tokens during the WISE Token distribution period.
11. How can I participate in the WISE Token distribution?
To participate in the WISE Token distribution, you will need an Ethereum compatible wallet or an application where you and only you hold the private keys. Private keys are needed to correctly interact with smart contract functions, like transferring cryptographic tokens. Do not send ether (“ETH”) directly from cryptocurrency exchanges, only an ETH compatible wallet.
For detailed information and suggestions on how to purchase WISE Tokens, click here
12. What ETH compatible wallets are recommended?
We recommend using either:
MetaMask (Chrome browser addon); or
MyEtherWallet (no download needed).
The following wallets are known to be incompatible wallets; this is not a complete list. Do not use any of the following wallets to participate in the WISE Token distribution:
Any Bitcoin exchange
Any Ethereum exchange
13. Is there a minimum purchase for WISE Tokens?
The minimum contribution accepted during distribution period of the WISE Token is 0.1 ETH or 0.01 BTC (10 mBTC). Smaller contribution amounts will be rejected.
14. How can I see how much ETH has been contributed during a distribution period of the WISE Token distribution?
The amount of ETH received during distribution period will be displayed on the oswiseplat.org website.
15. Why can’t U.S. OR CHINESE OR RUSSIA citizens, residents or entities purchase WISE Tokens?
It was decided that U.S. OR CHINESE OR RUSSIA citizens, residents and entities should be excluded from purchasing WISE Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America, Chinese, Russia. oswiseplat.org does not believe that the distribution of WISE Tokens or the WISE Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The WISE Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. OR CHINESE OR RUSSIA citizens, residents and entities should not purchase or attempt to purchase WISE Tokens.
16. I have contributed to the WISE Token distribution. When do I receive WISE Tokens?
WISE Tokens allocated as an ERC-20 compatible token on the Ethereum blockchain. For more details on how to claim your WISE Tokens, please see oswiseplat.org.
17. Are WISE Tokens transferable?
While oswiseplat.org will not be involved in any way in the transferability of the WISE Tokens, it is possible that WISE Tokens could be transferred on a peer-to-peer basis or on platforms operated by 3rd parties after the WISE Token distribution period.
18. Are there network fees when transferring WISE Tokens?
Yes, the WISE Token is an ERC-20 compatible token; therefore, transfers will be subject to ETH gas fees like all other transactions on the Ethereum network.
19. When will I receive native cryptographic tokens on the WISE Platform?
When WISEPLAT Software will be ready, WISE Tokens will become fixed (non-transferable) on the Ethereum blockchain. At this point any person who wishes to launch an WISE Platform adopting the WISEPLAT Software will be able to generate a JSON file mapping WISE public keys to the fixed balances of the WISE Tokens from the state of the Ethereum blockchain.
As oswiseplat.org will not configure and/or launch any WISE Platform, oswiseplat.org will have no control over when, how or whether the WISEPLAT Software is adopted or implemented, or how, when or whether the WISE Platform is launched. As such, you should not expect and there is no guarantee that you will receive any other cryptographic tokens or digital assets now or in the future.
20. What happens if I can’t contribute ETH or don’t receive my WISE Tokens?
The WISE Token distribution contract, WISE Token smart contract and the WISE Tokens are being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by oswiseplat.org. Prior to purchasing WISE Tokens, you should ensure that you carry out your own examination and investigation and carefully review in their entirety the risks associated with purchasing WISE Tokens as set forth in the Purchase Agreement. Purchases of WISE Tokens are non-refundable and purchases cannot be cancelled. Under no circumstances will you be entitled to receive money or compensation for any WISE Tokens purchased or your inability to purchase WISE Tokens.
21. Where do the proceeds from the WISE Token distribution go?
Proceeds from the WISE Token distribution will be the revenue of oswiseplat.org.
22. What does oswiseplat.org plan to use proceeds from the WISE Token distribution for?
As a private company, proceeds of the WISE Token distribution will be utilized by oswiseplat.org in its sole discretion. oswiseplat.org intends to use certain of the proceeds for general administration and operating expenses, as well as to build a blockchain consulting business focusing on helping businesses re-imagine or build their businesses on the blockchain, developing more open source software that may be helpful to the community and building decentralized applications using WISEPLAT Software.
23. Why are proceeds from the WISE Token distribution not being donated to a foundation or other non-profit organization?
Blockchains that adopt the WISEPLAT Software do not require a foundation or a non-profit organization to help grow or maintain the network because such blockchains will be self-funding. Based on the WISEPLAT Software, it is intended that any blockchain that adopts the WISEPLAT Software will not only generate natural inflation in such blockchain tokens but will lead to popularity and demand of WISE tokens. In this case, such a blockchain will not be reliant on any one foundation, organization, or individual for its growth, development or maintenance. In this case, such a blockchain will not be reliant on any one foundation, organization, or individual for its growth, development or maintenance.
24. Will oswiseplat.org be contributing to the WISE Token distribution?
No, during the entire WISE Token distribution period, oswiseplat.org will not do any of the following:
oswiseplat.org will not purchase WISE Tokens by any means;
oswiseplat.org will not pay any dividends to its shareholders; and
oswiseplat.org will not perform any share buybacks.
oswiseplat.org intends to engage an independent third party auditor who will release an independent audit report providing further assurances that oswiseplat.org has not purchased WISE Tokens during the WISE Token distribution period or traded WISE Tokens (including using proceeds from the WISE Token distribution for these purposes). This report will be made available to the public on the oswiseplat.org website.