Interview with Oto Suvari Director, research and development at Spectre.
What challenge is Spectre addressing?
Spectre.ai will be a neutral solutions provider to binary/digital options and Forex traders. Trading with a traditional broker means commissions, deposits, fees and potentially conflicts of interest. Spectre.ai solution is a suite of transparent smart contracts, which bring much-needed clarity to this space and a decentralised liquidity pool that acts as a counterparty to trades. Spectre.ai is a direct bridge to diverse financial market and asset classes; Spectre is not a middle man because no human intervention is needed to trade on Spectre.ai
What is the scale of this challenge?
The industry is filled with conflict of interest. Brokers all over the world have the power to manipulate the asset prices, users’ accounts and funds, leading the traders to eventually trade and lose their investment over time. Please note that currently, 70-90% of traders lose money. It’s time to give the power and the feeling of security back to the people. It’s time to drain the swamp!
How does Spectre turn this challenge into an opportunity?
SPECTRE.ai uses the blockchain in order to replace all of the broker functions. The liquidity
pool funded by the ICO acts as the counterparty to a trade in comparison to the broker’s balance sheet, while the smart contracts handle any transactions of funds automatically.
Also, SPECTRE.ai uses a trading platform with extremely helpful tools that allow the trader to manage their trading and be self-aware of their trading habits. Traders wish for a transparent environment that gives them a fair chance to earn money. We are providing this to them.
Binary/digital options and Forex traders have been victims of very weak protection in this industry. Armies of lawyers and profit-hungry brokers have made trading an unprofitable endeavour. It has come to light that information being displayed within certain platforms has been tampered with, withdrawals frozen and traders accounts have been accessed without their approval. Regulators have limited resources against this growing problem. Spectre.ai’s transparent model lets traders focus on their trading rather than questioning the very systems they trade with.
Can you showcase some team members/advisors which have a strong background?
The founding team of SPECTRE.ai’ have earned their degrees at the LSE (London School of economics). They have a diverse background with more than a decades of experience in research, trading and banking, in institutions like Goldman Sachs, JP Morgan and Deutsche Bank.
Detailed profiles of the core management team can be accessed here: www.spectre.ai/team
Does Spectre have any strategic partnerships?
SPECTRE.ai has already identified and started discussions to form a few partnerships that will be pursued post ICO, but these cannot be announced yet. Information will be made available post ICO.
Will Forex traders need to interact directly with any smart contracts to use Spectre?
Traders will not be interacting with any smart contracts. Traders can focus on everything related to trading; the platform will take care of everything blockchain related.
What kind of marketing will be used to increase the user base of the Forex platform?
We have partnered with a reputable marketing agency and they are taking care of the marketing activities. We also have an in-house marketing team and a vibrant online community in Telegram. This is for marketing. Furthermore, and in order to increase the userbase, we have already identified some existing brokers as acquisition targets in order to move over their userbase over to SPECTRE.ai.
How competitive will Spectre be with the competitors?
SPECTRE.ai has a model is almost impossible to replicate. There certainly will be entities out there who attempt to bring out an identical or similar product, but we are confident in ours. Our team consists of industry veterans and by working together, we will keep SPECTRE.ai always a few steps ahead of others.
Can you give me an example of the revenues in a best, medium case scenarios for the dividend token holders?
We have our forecast spreadsheet available on our website, with bullish, balanced and bearish scenarios. That spreadsheet shows the information on the potential dividend yield per-token in detail.
Does Spectre have a viable product at this time?
Yes, a minimum viable version is already out. It can be accessed on wwww.spectre.ai.
What is the status or this product? (Alpha Beta or production)
It’s currently in a public Alpha phase.
How many users are actively using this product?
It was launched a few weeks ago, but he have a few more than 1000 traders that have used the product. A lot of them are prospective ICO investors.
What is the structure of the ICO?
We are holding a pre-sale from 27th Oct 2017 – 5th Nov 2017 with a cap of $10m (based oncurrent ETH price). During the pre-sale investors will get a 33% bonus to their tokens. After that we will have a public sale from 17th Nov 2017 – 10th Dec 2017 with a cap of $30m (based on current ETH price). An 11% bonus will be offered during the first week.
What are the requirements to participate in the ICO?
There are no certain requirements for one to participate in the ICO, although residents in certain regions (like the US, China) are not allowed to participate due to regulatory and compliance reasons. These regions are mentioned during the whitelist process.
What are the pros and cons for the token holders?
There are two tokens available: a dividend-token (SPEC-D) and a utility-token (SPEC-U).
Utility tokens receive higher payouts and a wider variety of assets inside the SPECTRE.ai platform (Please explain).// Example: Inside the SPECTRE trading platform, if non U-token holders get $75 when they win a $100 trade, the U-token holders would be earning $76-$80. U-token holders will be able to trade on assets (currency pairs like EURUSD) that non U-token holders will not be able to trade.
3% of fees generated (after payouts to dividend-token holders) will buy back utility tokens// correct
How many tokens will be issued?
480m in total. 240 million tokens will be available to ICO investors.
How is the project balancing the interests of the token holders and the shareholders?
I want to draw attention to the fact that there is no conflict of interest between the token holders and the SPECTRE.ai team. Also there is no conflict of interest between SPECTRE.ai and traders. SPECTRE.ai and token holders receive a %fee of the traded amount regardless of the outcome of the trade. SPECTRE.ai does not get compensated based on the trader’s losses.
In which jurisdiction is the project incorporated?
The company where the ICO will be held in in BVI (British Virgin Islands)
Will the project be audited and will the audit reports be fully published?
We aim to be fully transparent as we have always been. We are also planning to work together with the BARAC project, which is the newest effort for bringing compliance in the blockchain. (http://blockchain.cs.ucl.ac.uk/barac-project/ )
Will Forex traders need to pay gas for each transaction?
No, the liquidity pool will cover this cost.
Would you like to add any further info?
There are good FX brokers as well out there, albeit a minority, which operates without any conflict of interest with their clients. We are not trying to replace these though. We are offering a better option to the brokers that make money out of traders’ losses. We are here to create a fair trading environment and we hope that people reading this will see our vision and join us in our journey.
For more information please visit Spectre.ai
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We thank Oto Suvari for the interview.