So I take a picture of a $100 U.S dollar, send it to your contract app, and I will get quant tokens? Which quant tokens are a cryptocurrency that I can sell on a exchange?
If this is true, you pretty much built a system were I can duplicate money because all I had to do is take a picture and send it? I didn't physically give you the money, I took a picture and you gave me money, while I kept the original money.
Is this how it really works?
I give you a picture of my money and you give me money? How is there value in Quant?
> So I take a picture of a $100 U.S dollar, send it to your contract app, and I will get quant tokens? Which quant tokens are a cryptocurrency that I can sell on a exchange?
Yes. You take a photo of your any supported banknote and you get the equivalent in quants. We will be working with exchanges to have them listed.
> If this is true, you pretty much built a system were I can duplicate money because all I had to do is take a picture and send it? I didn't physically give you the money, I took a picture and you gave me money, while I kept the original money.
A banknote submitted and processed will no longer be usable on Ellcrys. It is simply a model for fair distribution of the digital currency such that everyone can claim what they are worth (cash) in quants. After the "blood fire" event and the total supply is claimed, no new banknotes will be accepted or processed. The initial value is derived from this conversion process; a banknote processed is considered "burned".
Most digital currencies gain their value from the utility of the platform they are native to. The Quant will be used to pay for resources allocated to contracts and could serve as a payment method for services offered by contracts.
I hope I answered your questions well. Happy to explain further if you need me to.
> So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat?
Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys.
> What am I missing here. What is being accomplished by photoing bills?
Aside from fair distribution of the Quant, It is meant to create a sense of value. If your net worth is $1000 and your understand that sending this in will invalidate those banknotes, you might value the Quants you get differently. Going to your bank to exchange invalidated banknotes takes some effort as most people don't have their banks close by. You might take this effort into account when valuating the resulting Quant.
Basically, you'll need to give something of measurable value to receive a share of the root Quant.
> Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys.
There's going to be a problem of detecting counterfeit bills if you decide to take this route. As an alternative suggestion, how about using the same method of distribution some other cryptocurrencies have used in the past by taking a snapshot of a cryptocurrency at a certain future date and then having interested community members prove ownership of an address containing some cryptocurrency and using that to distribute the tokens? It wouldn't matter if someone buys cryptocurrency just for that purpose and then sells it afterwards.
The downside, is that you will be restricting distribution to only those who can gain access to cryptocurrency - which is also the same problem as taking a photo of dollar bills; the likelihood that those who will be using the platform will know/have access to cryptocurrency is high nevertheless.
