Bankera’s Q&A

Hello, dear Bankera friends! This week has been an exciting one for us as we have finally published the long-awaited Q&A video where our VP for Communication Tse-Hsin Lu is answering your most frequently asked questions regarding our project. For your convenience, we have prepared English, Portuguese, Japanese, Spanish, Arabic, Italian, and Chinese subtitles for the video and we will work on being able to offer a wider language selection for our worldwide contributors.

Q&A with Bankera's VP for Communication Tse-Hsin Lu

If you have not watched it yet, you can check it out here:

For those of you who prefer reading, here is a transcript of the Q&A:

Q1: Hi, could you please provide info on the nature of BNK token? Will it be ERC20 or XEM-based, or there will be two parallel tokens and smart contracts interacting with both blockchains? Will it be possible to withdraw BNK tokens from Spectrocoin and if so, will it be upon the client to decide if he wants to withdraw ERC20 token into Ethereum wallet or a XEM mosaic? 

There will be two parallel tokens and smart contracts on both NEM and Ethereum blockchains. After ICO, it will be possible to withdraw tokens and clients will be able to withdraw ERC20 token for Ethereum blockchain or Mosaic for NEM blockchain.

Q2: Why did I receive my reward not on the fixed date and time? It was delayed for some time.

The rewards are weekly, however, it is not fully a automatic process. It requires human confirmation for reconciliation to avoid any errors. So the time depends on availability of our top management team. However, once the smart contract on Ethereum and NEM blockchains will be available, rewards will be distributed at a precise time every Tuesday.

Q3: What are the implications on Bankera’s ICO in view of Lithuania’s  Central Bank statement on dealing with Virtual Currencies?

Lithuania’s Central Bank statement is based on the opinion of the ECB published in 2014 which was always taken in consideration in SpectroCoin’s and Bankera’s business model. So nothing changes. Just there might be less competition in this market, which is a good sign for Bankera’s future. Also, only Bankera’s team is based in Lithuania, but Bankera’s team is obtaining licenses in different jurisdictions.

Q4: When will the ICO be held?

The expected ICO date is November 27th as we are working hard to deliver many features before the ICO, to keep our word.

Q5: How are net transactional revenues calculated?

Net transactional revenue is calculated as the difference between fees paid by SpectroCoin customers, minus the direct costs incurred to these transactions such as fees for debit card programs, in this case, VISA, or fees paid to payment service providers to acquire payments, for example, Skrill or bank transfer fees.

Q6: Some people are asking about more transparency. What are Bankera’s plans on that?

We will publish reports every week about how net transactional revenues were calculated, and what Ethereum exchange rate has been applied. The lack of transparency was caused by the busyness of our management team. Auditing is currently not in our plans as that would require a lot of efforts from our management team and would delay the delivery of the product. However, in the long term, it might be done.

Q7: What will be the price of the coin at the launch of the ICO?

The price of one BNK token will be 1.7 EUR cent during the launch of ICO.

Q8: Will net transactional revenue increase in the future if people use BNK as much as other crypto? Will this transactional revenue feature continue forever or will it end in the future ??

Yes, the more people will be using Bankera and SpectroCoin, the higher net transactional revenue will be. And it will continue for the foreseeable future.

Q9: When will the iOS/ Android app be released?

The app for SpectroCoin is already live; the Bankera app should be live by the end of this year.

Q10: Since commissions are based partly on the performance of SpectroCoin, what are your plans to make the exchange more competitive?

We are gradually decreasing our margins. However, lower margins mean lower net transactional revenue.

Q11: We would like to know what you will do on 2018. There is a big gap between ICO to banking license on the roadmap.

We will be improving our product and adding new payment channels.

Q12: Will I be able to convert BNK to ETH/BTC during ICO using SpectroCoin?

Only after ICO, you will be able to convert BNKs to ETH, BTC, and other currencies.

Q13: Are you planning on a multi-crypto, multi-currency debit card product?

Yes, that’s the main goal of Bankera.

We would also like to announce that we are doing a second round, and you can head to our Facebook page to submit your most pressing questions to be answered in our second Q&A.