Frequently Asked Questions

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General Overview
Ceybit Token
Crowdsale
Foundation
How does Ceybit protect me from Cryptocurrency and Bitcoin volatility?

We will aim to protect CYBT value from Bitcoin fluctuations and general cryptocurrency downtrend volatility by implementing a real time CYBT buy back mechanism on the Ceybit Exchange. A set percentage of the fees collected on the Ceybit Exchange will be utilized to place a 'limit buy order' and a 'market order' in CYBT trading markets and trading pairs.

This will place consistent pressure for an organic upward growth which is predicted to guard CYBT from volatility and fluctuations. This however does not indicate that CYBT will be completely immune from market trends.

The Ceybit exchange will have a low CYBT buying commission structure and a slightly higher selling (CYBT) commission structure to assist with CYBT’s stability and upward growth.

The coupling got both these elements will systematically work together to ensure that CYBT’s value is more directly reflected by the Exchange performance and the CYBT Token utility. Our expectation is that this new real time buy back mechanism will allow CYBT to achieve (over time) real independence from the general market and Bitcoin.

What is the Ceybit Foundation?

The Ceybit Foundation will be an internal team that will be governing, arbitrating and moderating the Ceybit exchange and the token and making sure the exchange is compliant. This is an additional step that Ceybit has taken to ensure that we perform our duties to our clients by making sure the exchange and platforms are safe to conduct business.

How do I know Ceybit is secure?

Ceybit’s Smart Contracts will be audited by independent third parties prior to deployment. These parties will be announced closer to the Public Sale.

The Company (Ceybit Software (Pvt) Ltd) will be appointing a Public Practice Accountant to audit Ceybit’s financials every financial year.

What is the Ceybit Token (CYBT)?

The Ceybit Token (CYBT) is a digital asset intended to be utilized by the Ceybit Exchange and its corresponding Platforms. CYBT will be a utility token and would be used in the exchange, the digital wallet and the payment gateway. CYBT’s value is built to be derived by its utility on these platforms and the adoption rate.

What is the role of the Ceybit Foundation?

The team members will be analysing suspicious transactions, investigating, arbitrating any future disputes and making sure that the users remain within the Ceybit guidelines. The guidelines are planned to be drawn up with an external regulatory organisation and in accordance with the country’s laws.

Why is a dedicated token needed as opposed to ETH or BTC?

Ceybit is creating:

(a) A new token economy;

Creating a new token economy requires having its own native token; in order to create a community. Our goal is to create a new token based economy; the token generation attracts participants from different regions to strengthen the network.

(b) A new token model;

Ceybit’s core business model and buyback engine is dependent on having its own native token. CYBT is therefore inherently linked to its platforms (Ceybit Exchange, Mobile Wallet and Gateway).

(c) Introducing Sri Lanka to cryptocurrency

Purchasing Bitcoins, Ethereum and other high value cryptocurrencies in developing nations is very unaffordable. CYBT is designed to be cheap initial entry to the markets and will be given to our platform user through airdrops, signup bonuses, referrals and volume rebates. The formation of a User Growth Pool (UGP) for such disbursements is only possible through the creation of a token similar to that of Basic Attention Token (BAT).

How do I benefit from the ICO token?

Cryptocurrency is growing worldwide at a rapid rate. As with any industry first movers stand to gain the most from participation. Ceybit will be Sri Lanka’s first exchange, the Company will be using the first mover advantage to market momentum and get rapid user adoption.

We anticipate a high volume of transactions in which we will implement our real-time buy back mechanism hence forecasting to increase the value of the CYBT token after it hits the exchange and progressively over time.

Coupled with the buyback mechanism, Ceybit will branch out to its utility functions. This is predicted to increase the value of CYBTs over time.

Since our tokens will be bought back from exchange fees, we predict CYBT’s value to increase substantially within few months of operations. If you believe our platforms will add value to Sri Lanka, Join us in the crowdsale.

What utility does Ceybit Tokens (CYBT) have?

The utility of CYBT is best described by its uses on our platforms:

Exchange:

(a) Investment, trading and speculative purposes.

(b) Signup bonuses, referrals – CYBT will be distributed to grow platform use and adoption.

(c) Volume Rebates – CYBT will be distributed to users monthly based on a percentage of individual trading volume.

(d) CYBT balances – payment will also be made to holders of CYBT on the exchange from token buyback model

Mobile Wallet:

(e) To obtain a listing on the Ceybit Map.

(f) It may be used to purchase items through our CYBT accepting merchants.

(g) For remittances.

Gateway:

(h) To use the gateway a minimum amount of CYBT has to maintained.

Merchants and customers will utilize CYBT to purchase goods and services.
How can I participate in the crowdsale?

You will need to own an Ethereum address with control of its private keys.

Why are Sri Lankans likely to adopt the Ceybit token (CYBT)?

Sri Lanka falls into the category of a developing nation with pressing issues of inflation, government and political instability, corruption and financial uncertainties. We see CYBT being potentially used as an alternative safe asset by the population.

Our research has suggested that similarly to their other developing counterparts the people of Sri Lanka have started to notice cryptocurrencies and the blockchain and interest to find an alternative saving mechanism have surged throughout the country.

What kind of impartial third parties will the Ceybit Foundation collaborate with?

Ceybit is making headway to secure a working relationship with the Central bank of Sri Lanka and have them collaborate to draft the guidelines and to assist in the Foundation. We are still in the initial stages of these proceedings.

What currencies can I use to purchase?

We only accept Ether (ETH) in the crowdsale.

When will the Ceybit Foundation be enacted?

After successful deployment of the Ceybit Exchange.

Can I get a refund?

A refund can be obtained if the softcap has not been reached, it has to be requested manually.

What is the buyback Model?

Every time a transaction takes place on the Ceybit Exchange, a proportion of the fees collected will be used to place a limit buy order and a market order in the corresponding CYBT pair in which the fees were collected. This implementation will make CYBT one of a kind, in terms of utility and value.

We believe this strategy of acquiring CYBTs in real time will put pressure on the finite supply that will be circulating the economy. Our research has indicated that this will be a key step in making CYBT truly independent from Bitcoin.

What happens to unsold tokens?

All unsold tokens will be retained for platform development and growth purposes which will be subject to a lockup period of 12 months.

Who can participate in the ICO?

Excluding citizens and tax residents and or residents and persons of domicile from United States of America and Australia all others are welcome to participate.

How does the buyback model promote CYBT as a safe asset?

By inherently linking the value of the token to the activity (transactions) on the exchange whilst coupling with higher selling fees for CYBT and low CYBT buying fees; the value of CYBT is predicted to be stable and grow organically.

Is the private sale open to the public?

Yes, however priority is given to key strategic partners and members.

What is Ceybit?

Ceybit contains three distinct platforms designed to increase CYBT token utility. Our mission is to provide the tools for the introduction of cryptocurrencies and mainstream blockchain adoption via our platforms. (The Exchange, The Mobile Wallet, The Payment Gateway).

Ceybit is built to be adopted by the mainstream participants which would strengthen our ecosystem. The more people that come on board and utilize the platforms, the stronger CYBT value gets.

How is the token model different from existing token models?

Token models mostly expect utility of platforms will indirectly drive value (external demand) instead of internally tying the platform to its token value through real time economic activity.

Do you conduct KYC check?

Yes.

What is Ceybit and is it registered?

Ceybit is Sri Lanka’s first cryptocurrency exchange with its own token (CYBT). Ceybit is a Ceybit Software initiative.

Yes, the Company is registered as “Ceybit Software (PRIVATE) LIMITED”.

You can access the registration using the following link:
http://43.224.127.148:8080/InfoBizRegWeb/pages/public/companySearch.xhtml#!

Is there a minimum and maximum investment?

No.

Will the buyback model change overtime?

Yes. We are currently working on creating an algorithm to promote the stability and viability of our business and token model. As circumstances change there is also the possibility of our algorithm changing to adapt to the new environment.

What is the hardcap?

37.5 Million USD.

What is the maximum supply of the token?

2,100,000,000 (Two billion one hundred million tokens)

What problems does Ceybit aim to solve?

Ceybit’s main objective is to be the first compliant cryptocurrency exchange in Sri Lanka. Currently, there are no cryptocurrency exchanges available in the country and Ceybit is aiming to fill this gap. Ceybit will evolve to be a cryptocurrency mobile wallet provider, and also a payment gateway processor after successful deployment of the Ceybit Exchange.

Will CYBT be burned?

Yes. Part of the tokens bought back will be burned monthly.

What is the softcap?

10 Million USD.

Do you have a prototype or MVP?

Our MVP for the exchange is scheduled for release late Q2 of 2018.

When is the exchange going to be completed and launched?

Mid Q4 of 2018.

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