Here is the list of the most frequently asked questions...
(keep an eye out here for more Q&A)
I'm very excited to be part of this enormous project! How do you plan to acquire asteroids in the future? Will the governments/NASA/... let you do it? Or you will cooperate with them? Do you have any document that guarantees it?
Very good questions. The 1967 Outer Space Treaty actually clearly states that no governments have the right or ability to govern space. Therefore “Governments/NASA/....” don’t have the ability to grant permission to anyone since they themselves have already agreed that they have no authority.
The Outer Space Treaty also clearly states that space and its resources belong to all humankind. Just as with the internet, space belongs to everyone and no-one at the same time. Yet, there is a system in place to keep a record of a "claim" and assign specific URLs to individuals or companies. That system for the internet is managed by a private company known as ICANN. In the same way, we will create a Public Ledger with blockchain technology to keep record of who has claim to which asteroids in space. BlockClaim™ is creating a Universal Resource Locator for Space.
How can you “Democratize Space”?
It won't be just "us" to do it but rather it will be all who join in the project. The 1967 Outer Space Treaty states that Space belongs to all humankind. This means that it already belongs to you and I by simply being a part of humankind. However, there will need to be a system to track which of us has claim to what part of the vast resources of space. We feel that this presents humankind with a fantastic opportunity to learn from the past and grant access to all the people of the earth in a real way. In the past when new resources have been discovered there has been a "Power" who claims these for themselves. Sometimes that "Power" takes the form of a Government, such is the case in Australia where the Crown still to this day has the rights to all mining resources in the country and one must pay to the Crown if you want to mine there. Sometimes these "Powers" are simply individuals of means or more commonly known as the "Rich and Powerful". Be assured that the space race which has begun between the world’s elite (Jeff Bezos, Larry Page, Elon Musk to name a few) may not be entirely altruistic as being able to afford your own billion dollar space ship and cherry pick $700 Quintillion Dollars of value from asteroids gives you a nice pay day.
Therefore, we submit that a claiming system be established here and now. The system we submit is the BlockClaim® ecosystem. This will be a Blockchain Distributed Public Ledger where for $10 USD equivalent registration payment in ASTRcoin® secures on the Blockchain your claim of $1,000,000 USD value against any available Asteroid that has been identified and entered into the BlockClaim® ecosystem. In this way everyone can start making their claims in Space now leveling the playing field for access. You don't have to be billionaire to get in. Instead you only need $10 USD worth of ASTR in your ERC20 Wallet. Future uses for ASTRcoin® where companies who will head out and physically mine these resources can pay royalties to the BlockClaim® holders for the resources they mine. Which means, even if a BlockClaim® holder does not themselves travel to Space to mine their claim, they can still realize the value of the claim in a tangible way.
As people unite and support the BlockClaim® ecosystem a stronger unified voice rings out to establish this democratized access as the standard for how we begin to commercialize Space.
Do you foresee any chances of Asteroid, Ltd. actually flying up to these asteroids or partnering with companies to make this exploration happen?
As millions of BlockClaims® are made we intend to reinvest into companies who will push us out into the stars. This will take many forms, but partnership will definitely be amongst that participation. If you look at the Roadmap in the Whitepaper or listed on the website you will see under the Vesta ICO+12 we have listed "Investment in Space Ventures and Innovations" as part of the plan.
We also recognize that not all BlockClaim® holders will themselves make it into outer space to mine their claim directly. We feel that the ASTRcoin® solves this problem as well. Asteroid Mining companies who wish to mine a BlockClaim® holder's stake will naturally be able to pay royalties in ASTRcoin® for the authorization to perform mining on a particular claim. This gives everyone the ability to not only make their BlockClaim®, but realize the value as well. This will be much the same way that early adopters of the internet registered 3 and 4 letter URLs in the early 90's and are still today selling their "claim" to companies who now have a use for them. BlockClaims® made today are positioned to become the Universal Resource Locators of space mining with the potetnial to significant mining royalities and resell portential.
How does Asteroid, Ltd. plan on marketing this idea to the masses? It's a bit complex and I would think it will take a bit for people to wrap their heads around it.
That is well stated. We will be using the proceeds from the ICO to start a member acquisition campaign. This will happen through the Asteroid Society which is public good company for likeminded individuals interested to know more and discuss Asteroids and Space Exploration. The Asteroid Society will be the exclusive access point for making BlockClaims. Currently the Asteroid Society has tens of thousands of members with new members signing up daily. You can find out more about the Asteroid Society at Asteroid.org.
Project seems like a great idea. But I'm curious, what use-case will individuals have by claiming a portion of an asteroid if he/she does not have access to it?
A good use-case for the BlockClaim® is ICANN. If you’re not familiar with ICANN they are responsible for the registration of DNS Servers to URL Address Claimed on the internet. Every URL needs to pay a registration fee in order for their claimed owner to have control of that URL and receive the value benefit from it. As we can all agree the Internet belongs to no-one and everyone all at the same time. This is the same for outer space. Its resources are for the benefit of all mankind but there stills needs to be an order to how we access this value. We believe that our BlockClaim® ecosystem will allow everyone access to make their claim for a $10 USD registration fee for $1,000,000 claiming value. The Registration Fee will only be payable in ASTRcoin® and therefore support the Blockchain Ledger to ensure the registration is public and secure.
When will ASTRcoin® be listed on an Exchange?
We are in discussions with exchanges at the moment which are finalizing their due diligence on the company. Once they’ve confirmed we will announce ASTRcoin’s exchange access. We aim to have these exchange services available before or shortly after the completion of the ICO. More to follow as we get our approvals.
How is the price calculated for the ICO?
This was a question we considered carefully. The difficulty we had was how to peg a BTC = ASTR value when we already associated it to ETH as well.
Since there is such fluctuation in the day to day values of BTC and ETH how could we properly and fairly assign the exchange for you the contributor?
Well, we went back through our figures from earlier in the year when we first started to lay out the ICO plans.
What we realized is that we had pegged a 1 ETH = 120 ASTR value back when ETH was only $90 USD (May 2017). That got us thinking; why should an ETH holder get the same amount of ASTR when the value of ETH has grown so much in that time? Surely, any other market in the world affords the holder more buying power when the value of their currency goes up. Why is it the opposite in ICOs?
The solution became clear! We flip the traditional ICO model and ensure that the buying power is put back in the hands of the ICO Contributor, not the ICO Offeror.
We at Astrcoin.io proud to offer a new calculation on the Pre-Sale and ICO.
What it offers:
- Every 24hrs at 01:00 UTC +8 we will update the ETH = ASTR calculation to reflect the market value changes in ETH.
- A Smart Contract for ETH Purchases will now issue ASTR automatically after the ETH Transfer is received.
- A new model which properly reflects the buying power of ETH and how much it has increased since our prices were pegged in May 2017.
What is the present valuation of Asteroid, Ltd?
Asteroid, Ltd. started way back in November 2015, and we had the finance guys, CPA's and such value the company in May of 2017. As, such, based on potential cash flow and proprietary systems a conservative estimate was given of US $300,000,000. This is based on the cash flow and revenue projections.
Our business model is unique and sustainable and creates a significant use case for the ASTRcoin® currency both presently and in the future by creating a renewal cash stream as well as new claims.
Could you please explain the intrinsic value of $1000 per coin that the white paper posits within the first 6 months? Also does 1 ASTR® = 1 claimant?
Great Question! Firstly, the intrinsic value of ASTRcoin® is based on the support of Asteroid, Ltd holding in reserve 200,000 BlockClaims® against the 200,000,000 ASTR® that will be created. Each BlockClaim® represents $1,000,000 USD of Mining Claim Value. When we apply the total value of 200,000 BlockClaims® across the 200,000,000 ASTRcoins® you get $1,000 USD value in support of each ASTRcoin®.
We will launch ASTRcoins® at a $10 USD value after ICO.
This means 1 ASTR® = 1 BlockClaim®. As the market value evolves the Registration Fee will remain the same $10 USD (payable in ASTR®) = $1,000,000 Claim Value. We of course cannot tell you what the value of ASTR® will be in 6 months, but we believe a strong liquidity due to the transactional use of the ASTRcoin® and support of the BlockClaims® held by Asteroid, Ltd. will have a positive effect on the value of ASTR®.