KrazeKoin Social Media, ERC 20, and Loan Program Creation

KrazeKoin Social Media, ERC 20, and Loan Program Creation

From Nicholas Martin

KrazeKoin will be a Social Media platform in a league of its own, not because of the ERC 20 we plan to launch with the site and mobile apps for our platform, but the loan program that will come with it!

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We at KrazeKoin Entertainment have been working on this for two years and now ready to begin funding our one of a kind Loan Platform, with a method of payback that entails  being active on our new Social Media Platform! THATS ALL WE ASK! 

We don't see the need to check your credit history and all that jazz, because thats how most loans end up being rejected, or hit with high rates of payback...We want to change the world, by offering high approval rate BTC loans, with the only promise of that the borrower becomes an active member of Social Media Platform! And the best part is our loans are no out of pocket costs to start and will be beneficial to both the Lender (US) and the Borrow (All of our active Members!)

How can we afford this? How will it sustain its self?

We plan on creating an ERC-20 token to help us ensure the loans we are giving out to people, get paid back! Hassle Free. What a better way to ensure we wont cost our selves money by lending to people who cant afford to re pay the loan via out of pocket funds they receive from working their everyday jobs! The ERC-20 will ensure all loans are paid back by the time framed offered and will also ensure the price of our coin doesn't crash, as most of the coins distributed will remain in ERC-20 form and not sold on an exchange for Bitcoin or any other Cryptocurrency. 

Whats SocKraze and how do I "Pay Back" These Loans?

SocKraze is our one of a kind, where users can earn money to be an active member of, by doing the same activities they're already doing on all those other sites, except we know your time is vaulable, so we wanna pay you for letting us have it!

Another Social Media Platform!!??

Our platform will be exclusive and in a world of its own because it will have its own currency (ERC-20) that users can use however they see fit!

KrazeKoin ERC-20 Token Details

Token Name: KrazeKoin 

Token Symbol: KRZ

Decimal Places: 18

Total Supply: 1000000000000000 KRZ

Initial Coin Price: 1 KRZ= .01 USD

KRZ Will be Accepted on the following Exchanges

*Please Note**    Once these Listings have been made on the exchanges listed above, we will then proceed to payout all returns on donations based off of level purchased!

Ok, Ill bite, I wanna know how to earn SP?!

Will we reward our users with a set amount of SP, (Social Points) for the following actions:

Write a Post: 5 Points.

Earn a Like: 1 Point

Someone Comments on your Posts: 2 Points

Add a Friend (One Time Payment per Friend) 25 points

Upload a Picture of Video: 10 Points

The Conversion rate of SP to KRZ will be 1 KRZ=4 SP, (1SP=.25 KRZ) And may change at the start of any calendar rate based off of current exchanges prices, supply available to distribute and other factors!

How will we recieve or ERC-20 that we have earned?

We will ask our users to list their ERC-20 wallet address some where on their profile wall so we can process all payments daily and without delay of any kind! 

Why not, just have the Site and Apps do it automatically, to ensure payment?

Simple, the designer that we are working has informed us that their ideas are a white lable product only. Meaning, they won't allow us to intergrate our ERC-20 into the software, we are working with them closely to change this restriction and hope to have a resolution soon! 

What about people who spam posts for points?

In order to ensure our coin stays valuable to our users we will have a strict anti-spam policy place upon launch of our platform. Penalities will be leved to those who violate said policy a rough draft of what the penalities are listed below.

First Spamming Offense: Warning 25% of daily payout forfeited

Second Spamming Offense: 24 hour ban, 50% of that days payout forfeited

Third Offense : 48 hour ban, 75% of that day's payout forfeited.

Fourth Offense: Account Deletion, IP Ban for 90 days, any coins pending for payout lost.

Site Administrators and other members of the community will be swift upon reporting a user for spamming posts, and to ensure this, we will offer a reward for reporting a user that is spamming for SP. 

*We should also point out that creating useless or other wise ineligible posts will be considered spam, and the punishment will be carried out for this circumstance as well*

Whats a 'Useless' Post and how is it determined to be classified as such?

Useless posts are posts that of low value or don't pertain to anything in particular, such as follows:

User A Posted: The cat was black, and the dog had spots.

Using the example above, this user was very vague on the topic of the post and leaves users questioning which cat and dog are they talking about? This is a low value post and could possibly be reported to an Administrator to review, so please only post content that is useful to your fellow members! This ensures that all members have a chance to earn some money, and keeps our coin price stable! 

Rewards will start at 1,000 KRZ and run all the way up to 7,500 KRZ, depending on the case and how sever the spamming on that report is!

Just think, all active members coming together on our platform, earning together, with every click of the mouse! The possibilities are limitless as we plan on adding other key projects such as a user based marketplace where users can sell their unwanted house items in exchange for KRZ! We anticipate once this takes off and everyone is using and earning KRZ, we will expand the use of our coin to other applications and ideas. :) :) :) 

So what's with the Loan Program and how is SocKraze going to ensure KrazeKoin Entertainment is getting paid back for these loans? 

Lets run through a scenario :

User X, applys for a $900 USD Loan, (issued in BTC/ETH etc.)

Our team collects some simple information about some of X's social media sites to check how active they are, on the sites requested.

X meets the criteria for the requested amount, KKE (KrazeKoin Entertainment) Accepts and sends the borrower their requested loan details:

Your Loan request of $900 worth of BTC has been reviewed and approved with the following terms:

Loan Amount: 0.13 BTC or $900 USD

Total running days for repayment: 90 days (Time Frame could vary depending on how active you are on your social media sites, or the borrower can request a payback date if they choose) 

Repay Back Amount: 12% + Loan Amount  $108 USD 

Reserve Fee Collected: 10% of Loan Amount. (We'll only use these funds if you miss your daily Promise)

KRZ Daily Promise to fulfill Loan Amount: 1,112 KRZ Daily Or Roughly  4,448 Social Points. 

Here is how we will calculate all loan offers such as above:

Loan Amount+ Payback Percentage= 900 +108= $ 1,008 USD 

We then divide that amount by the number of days its going to repay the loan: 1,0008/90= $11.20 This is the Daily Amount you'll need to payback.

Giving that 1 KRZ= .01 USD, its then assumed that 100 KRZ= 1 USD

So in order to earn that amount of money, X will need to earn 1,008 KRZ or 4,448 Social Points. (KRZ Promise is multiplied by 4 to calculate this number, 1 Social Point= .25 KRZ)

Reserve Funds Collected? 

Our program understands that our users have daily lives to maintain, and with that being said we will withhold a one time collection fee of 10% and those funds will be held in an external wallet in the event that a user cannot fulfill their promise on any given day, we will deduct that amount from the reserve funds account. So lets say the Borrower above, X, misses his pledged amount by $2.10. Rather than penalizing him, KKE will deduct the missing funds and a new day brings the chance for X to hit his pledge amount. At the end of the Loan Duration, any funds remaining in the reserve account will be paid out to the borrower, officially marking the loan as complete and repaid. 

Account Closure or Failure to Repay by Deadline: 

***No account with a Loan Actively being paid back, will be allowed to close, until their Loan duration is completed.***

Failure to meet Payback Deadline: In some circumstances, we understand the above example may not end well for us and the Borrower has depleted their Reserve Funds due to inactivity, and the Loan is now outstanding. We may/will lock the account from accepting anymore loans for a determined amount of time, and may also extend the loan duration, with possible rate increase,  to help the user finish paying off the loan! If a user should leave their account active and not use our site to avoid repaying the agreement, that Loan will remain active forever and no new loans will be issued to the user.

That's Almost like riding a bike!! Wow!! 

That's our vision. To provide hassle free loans, that will be used to change peoples lives, one user at a time! We hope once this program catches on, that you'll be there to say you experienced this dream of ours first hand! 

And with everyone making new friends, posting, liking and commenting, they are working towards their Pledge effortlessly! 

Imagine, A social Media Platform that actually is in it to see their users succeed! That's what is IMPORTANT to us, Essentially ending the get rich quick schemers and scammers and making living comfortably, a little easier for everyone worldwide!

Why are you guys doing this?

We here at KraxeKoin Entertainment, Work 9-5 Jobs just like everyone else and have struggled at one point or another. Rather being short on bills or having to go without something we wanted, well we are tired of it. We plan to change the World with Our ERC-20, Social Media Platform and Loan Program! 

*** ASpecial Offer vaild until, 4/10/2020, any user wanting to participate in our return your donation promise above, they may choose to donate in three different levels they will recieve all three perks! One Level per donor, so You can not donate to our 5X perk and receive it three times This ensures we have enough coins to go around for everyone!*** 

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