This set of FAQs provides answers to most basic questions about iQuantXchange project.
How do I swap my XXX token for IQX?
To swap ERC-20 token for IQX, you need to make sure that this token is suitable for a swap. You can use the Swap Rate Checker on the main page of our website. If your token is on the list, it is available for a swap.
Register on our website https://iquant.exchange/signup, activate two-factor authentication and you will be able to swap tokens. Send tokens from your wallet to the address given to you, click on the “Sent!” and just wait. After a while, IQX tokens will be credited to your account balance.
I want to exchange the XXX token — it is not listed on your site, but it is on CoinMarketCap! What should I do?
Some projects (for example, Livepeer LPT) used to work on the ERC-20 standard, but later either switched to other blockchains or launched their own. We do not accept such tokens for swap.
We accept tokens for swap, the total supply of which on CoinMarketcap is more than 0, but less than 10 billion.
When will IQX token be sold/exchanged?
Initially, IQX token was planned as the main token of our exchange service, the launch of which should occur after we have completed the distribution phase of the IQX token. But we have already added a pool of liquidity to the Uniswap service, and token can appear on some other exchanges before we launch our exchange service. This issue will be resolved among the holders of the IQX token in a private vote.
What do you do with the tokens that have been exchanged for IQX?
In most cases, nothing. The point of the swap is not to benefit from the exchanged tokens, but to distribute our IQX token. In most cases, the tokens that you send us no longer have any value in the market, but they have value for you. You paid money for them or got them for some kind of work, so for you, subjectively, they have value. Your subjective perception of the value of these tokens is as real as our subjective perception of the value of the IQX token, which at the moment has no real value in the market, but has great potential.
In some cases, if the tokens sent by you still have some value, we can exchange them for USDT and partially cover the costs of the project, but this is not a goal, but only a reasonable step in using resources. In principle, we do not conduct ICO, do not have large investors, and therefore we are very careful with the resources that we have.
What is your benefit if you accept worthless tokens? What is the purpose of your project?
Our primary goal is to build a powerful community of crypto enthusiasts. Give a second chance to investors in failed projects who believed in blockchain and digital freedom, but in most cases were deceived.
Then, attract this community to our exchange service, the income from which will be distributed among all holders of the IQX token. Thus, every member of the community will have a stake in the success of the project.
Thousands of people were deceived, those invested money and kept tokens on their wallets that were not worth anything on the market. These people are the backbone of the crypto community, they are enthusiasts.
In addition to distributing income from the exchange service, we will offer IQX token holders special offers for investments in closed projects or promising tokens in the early stages of investment.
In our understanding, value is not tokens, but people themselves. And our main task is to unite people around common goals.
There will be no ICO. By itself, the term has become synonymous with scam. 90% of projects conduct ICO with one goal — to deceive investors and run away. We value our reputation. Therefore, we use our resources. Of course, due to the growth of transaction fees in the Ethereum Network, our plans have undergone major changes, the project budget has also been adjusted, but we are still confident that ICO is not at all necessary to achieve our goals, it is important for us that our community members do not have any suspicion. Suspicion destroys the community, and we build a community based on trust.
What are the advantages of your cryptocurrency exchange service in contrast to other exchanges?
The main difference is the distribution of all exchange income between the holders of the IQX token. We are doing a social project in which each of its participants is as successful as the entire community is successful.
It will not be possible to trade on the exchange without first purchasing the IQX token. Fees for transactions and other operations will be charged only from the IQX token.
The motivation for the entry of new clients will be trading in exclusive tokens along with common tools such as Bitcoin, Ethereum, and others.
The amount of IQX after the initial distribution will be strictly limited and most of the unallocated tokens will be burned. Thus, we predict its growth due to the constant demand for it during periods of general growth in the crypto market.
Our other difference is our attentive attitude to the opinion of the community, we will constantly conduct voting among IQX holders on all issues of the strategic development of the project, whether it be listing/delisting of new pairs on the exchange or other actions.
Why is your project/token not on CoinMarketCap/CoinGecko?
To get to these resources, the token must already be traded on any of the exchanges already present on these services. We will definitely add to these resources after the launch of the exchange.
What prevented you from launching the exchange as originally planned?
Our project has been around for a year, we originally planned to launch the exchange service in September 2020, however, the dramatic increase in fees on the Ethereum Network prevented the initial distribution of the IQX token, and therefore the launch of the exchange was postponed. Our model assumes that there should already be a large community of IQX token holders before the launch of the exchange, but this did not happen.
We have been waiting for a long time, in the hope that the situation with the commissions will return to normal. When we started the project, the average transaction fee on the Ethereum Network was about $0.1. When we launched the first trial SUB/IQX token swap in the summer of 2020, the transaction fee increased 10–20 times, and later increased several times. We expected the situation to improve, but it only got worse, and we decided to change the strategy and came to the model that is now proposed on our website.
When will you launch the exchange service?
After we carry out the initial distribution of the IQX token. Launching an exchange without a strong community of IQX token holders just doesn’t make sense. We are currently focusing on the September 1, 2021 deadline, but it could be slightly shifted to the right.
I have an IQX, can I change IQX on the Uniswap exchange?
We have created a pool of liquidity on Uniswap, IQX/ETH pair. But the pool is poorly filled with ETH, because we simply had nowhere to get this collateral, we did not conduct an ICO. Therefore, it would be wiser not to swap IQX for ETH, but to add liquidity to the pool to get profits on it in the future.
Will the IQX token appear on another exchange service?
It is possible. Such issues will be decided by a general vote of the community of IQX token holders.
How can I withdraw IQX from the site to my wallet?
At the moment, we have disabled the option to withdraw IQX due to the high fees on the Ethereum Network. Tokens are credited to your account, in the future, you can withdraw them after the community decides on which blockchain IQX will continue to work.
I used to use the iQuant exchange, the old site does not work, and I cannot enter the new one using my account. What to do?
Our project has nothing to do with the old iQuant project. Our project name is iQuantXchange.
I have IQT tokens, what should I do with them?
You can exchange them for IQX tokens on a general basis.
Do I have to go through KYC?
You do not have to go through the KYC procedure at this time. However, in the future it may be necessary to complete it.
I am a US citizen, can I use your service?
Depends on which token you want to exchange for IQX. If the project, the token of which you want to exchange, is under investigation by the SEC or suspicion, we reserve the right to deny you the services of our service. Otherwise, there are no restrictions.
Your website says that the decision on which blockchain IQX will work on will be made by voting. How would this happen?
Users of our site who have made at least one exchange and have a certain amount of IQX on their balance will be able to connect to our Telegram bot, go through authorization there and participate in voting on various occasions. Their votes will be counted according to the number of IQX tokens on their balance. The more IQX on the balance, the more significant the voice of this user.
I have already received IQX tokens in my wallet earlier, and now I have the same amount in my account. What does it mean?
For those users who have already withdrawn IQX to their wallets, we again credited the same amount to the balance of their accounts, so that they could participate in the voting. Also, if we eventually choose another blockchain for the development of our project, so that these users can withdraw tokens to another blockchain.
If we stay on the Ethereum blockchain, after we activate the IQX withdrawal, these users will simply reset their balances in their accounts.
IQX tokens cannot be withdrawn to your wallet now, but I heard that some users succeeded, how did they do it?
Initially, the withdrawal of IQX was carried out to all users (under certain conditions, for example, the minimum token exchange limit). Due to the rise in fees on the Ethereum Network, it has become economically difficult for us to send tokens to users. Often there was such a situation that we sent IQX tokens, the potential price of which was several dollars, and paid $25 for the transaction.
If you have already issued the IQX token on the Ethereum Network, what is the contract address of your token?