ICO Spotlight: Interview with James, CEO of Crystal Token
Coinschedule: Okay, so first things first, how does the virtual staking program work?
Virtual Staking is a form of smart investment which allows investing Crystal Tokens in multi-currency automated trading operations, exploiting our AI-driven trading bot.
This program rewards customers daily in VCYL, a virtual currency tied to the value of ETH (1 VCYL = 0.001 ETH). All the interests in VCYL can then be converted into CYL and exchanged for ETH through our Crystal Exchange or can be directly converted into ETH at the rate 1 VCYL = 0.0005 ETH.
Coinschedule: What are some of the highlighted benefits of the program?
The main benefit of the Virtual Staking program from the user’s perspective consists in the generation of a variable passive revenue on a daily basis, based on the outcome of our automated trading. We propose different investment plans (short and long-term) to satisfy the needs of all investors who desire a solid and constant passive income source. In addition to Virtual Staking, the scope of our project extends towards automated AI based trading services, gaming and advertising. Additional details regarding the Virtual Staking program can be found in the Virtual Staking leaflet on our website.
Coinschedule: How much of the contracts are profitable? What is the usual output for the investor?
To give an approximation, a short-term contract offers up to 1.0% daily, whereas a long-term contract offers up to 2.0% daily. However, the profit is variable and it depends by the revenue generated by our trading operations, as well as our additional business activities. It is worth to mention that long-term contracts also offer options for compounding interests and token bonus at the end of the contract.
Coinschedule: We would like to know more about the virtual trading bot and the mechanism behind it.
We propose two main versions of the trading bot. The core version of our trading bot is already implemented and its live trades on Poloniex are shown on our dashboard. It is based on trading indicators which select which cryptocurrencies to buy, and the trailing stop technique. The advanced version of the trading bot involves AI / Machine Learning algorithms which perform sentiment analysis, volume analysis, and ensemble learning techniques. This version of the bot will be developed during the lifespan of the project.
Coinschedule: Does the AI behind the bot make predictions too?
Absolutely yes. All his modules extract predictions which, combined together, allow to obtain a smarter selection of which cryptocurrencies to buy at a certain time point, compared to the core version. Cryptocurrencies are ranked in descending order according to the custom preference function which considers sentiment analysis, volume analysis, and ensemble learning techniques. Additional details regarding the algorithms we want to implement in the advanced version can be found in the Trading Bot Specifications leaflet on our website.
Coinschedule: Will it be possible to exchange CYL tokens when the exchange is ready?
Yes. Our internal exchange is already developed and ready to be launched right after the ICO. Its functioning is slightly different from usual exchanges since it is based on time windows. Users can perform trades at any time of the day, but the final price per token for a time window will be determined by the amount of ETH offered until the end of the time window. Users will be able to see in advance the updated estimated amounts, before inserting their trades. Additional details are provided in our whitepaper. We will perform buy trades ourselves on the exchange, based on our additional revenue, in order to sustain the price of the token. Listing on additional exchanges will follow after the ICO.
Coinschedule: What are the token specifications or mechanism of the CYL token?
Crystal Token is an ERC-20 (Ethereum based) token with the ambition to feature a multi-purpose utility since the scope of the project spans from virtual staking and automated trading to advertising campaigns, pooling, gaming & betting, and marketplaces. ICO supply is 7.000.000 Tokens, and total supply is 28.000.000 Tokens.
Token holders will be enabled to all services offered on the platform, and they will be able to trade them normally on internal and external exchanges.
Coinschedule: How can the users participate in the ICO?
Tokens can be bought only from the dashboard (not from the Smart Contract). Our token sale is already open. It consists of 3 stages and a final sale. We divided each stage into equal sized batches, and each batch is sold in multiple daily rounds, with a random number of CYL tokens. The way to participate is quite straightforward.
Users can deposit ETH or BTC directly to the dashboard and deposits are processed as a first-come/first-served process. If tokens are sold out for the daily round, the deposited ETH/BTC will be queued and converted into CYL tokens during the following days. Every day, all unsold tokens are burned.
Finally, we introduced our Crystal Reward for CYL token holders, which is a kind of dividend distribution during our ICO: at the end each day, we proportionally distribute 10% of the received money to users holding at least 1,000 CYL tokens (not staked) in the dashboard. The distribution is in VCYL tokens.
Coinschedule: Also, is there any soft/hard cap that we should know about?
The ICO is structured in three Stages and a Final Sale. Each stage is divided in batches, with an incremental price.
- 1st Phase: Stage 1 will have a 750k Token allocation is divided in 5 Batches, in which the price is increased from 1 CYL = 0.001 ETH to 1 CYL = 0.0014 ETH.
- 2nd Phase: 1.500.000 Tokens
- 3rd Phase: 2.000.000 Tokens
- Final Phase: 2.000.000 Tokens
Each batch is sold in multiple daily rounds, with a random number of CYL tokens.
There is no strict Cap, although the expected Soft Cap is at 5.000.000 Tokens, and Hard cap at 7.000.000 Tokens.
Coinschedule: We’d also like to know the credentials of the team behind and their designated positions in the company.
Our complete team counts 11 professionals, which include a core team based in Denmark, and external consultants. More specifically, the core team is composed by:
- James (Founder), has been active for more than 15 years in the IT industry as developer and consultant for different companies;
- Mikkel and Rebecca (Web Developers);
- Luke (Data Scientist), an expert in the analysis of data for the automated learning of predictive models;
- Thomas (Developer/Technical Support), with expertise in the development of medium-large scale web applications;
- Mark (Cryptocurrency Expert);
- Dean and Dominique (Trader Consultants), with experience in manual trading.
Coinschedule: Any exciting partnerships our users should be aware of?
There are no active partnerships at the moment, but we are working on that, evaluating several options. In general, as our community can confirm, we are very open-minded and, therefore, always open to evaluating possible collaborations.