Frequently Asked Questions

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Frequently Asked Questions

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Why is BACKED’s concept unique and what sets it apart from it’s nearest competitors?

It’s unique in it’s design, complexity and performance and has first-mover advantage.

How smart is BACD’s Smart Contract and is it safe and how will BACKED prevent over minting?

BACD smart contract version 2 will have very advanced features like Staking, Dividend Distribution, Multi chain Functionality and much more.

Has BACKED been audited

BACKED’s new smart contract version 2 will have a full audit by leading auditors so both BACD (the token) and BACKED (the network and company behind) will undergo these.

How do you prevent 'pump and dump'?

BACKED have introduced several concepts to prevent 'pump and dump' of the BACD token. No individual nor organisation can hold a too large of an amount of BACD tokens. On top of that we demand, that investors, founders and advisors enter into a 12 months vesting period to help stabilise the token price.

Which measurements is BACKED planning to take in order to avoid scammers trying to use BACD token to scam helpless users?

BACKED works closely with authorities and will report any misuse immediately and also monitor the blockchain for fraudulent behaviour eg. fake tokens and copies of BACD sourcecode etc.

What will BACKED do, if the market crashes without further notice?

BACKED monitors the markets closely and have stop loss mechanisms implemented to prevent dramatic losses. Markets are volatile and we look at 4-5 years performance horizons. Investors should be ready to HODL for longer periods of time.

When can I exit as a BACKED shareholder / token holder?

You can exit as BACKED shareholder / token holder on all investments made in digital assets immediately. Private Equity is less liquid and high risk high reward investment, and you are not guaranteed to exit on your shares in short time. However, private equity can be sold on 2. market places as well as to existing shareholders, if an investor at a given time wants out. Investing in private equity is a long term investment.

How do I report taxes of my digital asset profits?

We have access to tax advisors, who can guide you according to the local taxation rules in your jurisdiction. Taxation varies from country to country. Write us at contact@backed-token.io to get your hands on our Tax Guide and to let us put your in contact with the correct persons.

What are BACKED’s marketing strategies?

BACKED’s marketing strategy is to make such a good product and have such a good performance, that the investors and community will market and recommend the product automatically.

Does BACKED have a referral program?

Yes there are programmes for almost any profile in our eco-system. We have a fund-in-fund structures, where wealth managers can bring their own investors and create their own fund with BACKED.

What are non-fungible tokens - NFT's and why have they become so popular?

A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items. NFTs use blockchain technology to provide a public proof of ownership. Copies of the original file are not restricted to the owner of the NFT, and can be copied and shared like any file. The lack of interchangeability distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin. NFTs have drawn criticism with respect to the energy cost and carbon footprint associated with validating blockchain transactions as well as its frequent use in art scams. Further criticisms challenge the usefulness of establishing proof of ownership in an unregulated market based on digital files that are easy to copy.

Does BACKED have any plans to invest in NFT’s?

Yes NFTs are the future and BACKED will advise investors to invest in NFTs.

How strong is BACKED’s team?

Strong as kryptonite :-)

Can I join the BACKED team?

Yes you can.
Please check the 'Proof of Stake Community' for new job positions.

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