6s withdrawal follow-up: unaddressed questions

So all of you’ve seen our video showcase presenting the technical solution for instantaneous crypto-to-fiat withdrawals, right? We did it 6 seconds! You must have heard about it.

Well, if not that’s not really a problem, ORCA got you covered. We’re not only productive, we’re smart as well and recorded everything. Please find links below:

— Full video recording of the event (45 mins);

— Compact version with event highlights (7 mins);

After the event we had a QnA session where people watching the event live on social media and guests in attendance were given the opportunity to ask questions. Unfortunately, the number of questions exceeded our time resources and some of them left unanswered. We’re staying true to our supporters and holding up our end of the bargain.

# QUESTION: 6 seconds? Is that it??

#A: Einstein would say that time is relative, but yes — 6 seconds did it!

# QUESTION: When will we have this tech solution (crypto to fiat withdrawals in under a minute) available?

#A: Crypto withdrawals are planned to be integrated in the third version of the platform — Moby Doll (Pre-beta) planned to be released in November, 2018. Find the whole roadmap here.

# QUESTION: There were 7 banks mentioned in the presentation. Will there be more financial institutions supported?

#A: Banks displayed are the service providers to which ORCA has already connected using APIs. Open Banking and new European Payment Directive mandates European banks and service providers to open up their APIs and allow access to user data (given the user grants access). During platform development, the number of banks will extend.

# QUESTION: Was it a presentation involving a final product? What will the final platform look like?

#A: No, the presentation displayed a technological case, a prototype protocol to introduce to the community. First pre-alpha version of ORCA platform comes out by the end of June. Fully functional and running version of the platform is expected to come out by the summer of 2019. Find the whole roadmap here.

# QUESTION: What about withdrawal fees. Will they get lower in the future?

#A: Withdrawal fees are a direct cost transferred from an exchange and money institution (was 0.00 in the demo case) to the user. ORCA does not charge additional fees for the transaction.

# QUESTION: How are you planning to stay ahead of the competition?

#A: We understand the need of the market. We see the only way towards mass adoption is through consumer engagement. We build an Open Banking platform that allows users customize the platform according to their needs and allows us to gather community feedback and enhance iteration cycles. We combine crypto with traditional finance. We want it more.

# QUESTION: Will there be an option to invest in other ICO’s later?

#A: Third-party services will be available on ORCA platform and may include platforms who assists investments into ICO products. Keep in mind these services will be accessible through ORCA, but not controlled or operated by us.

# QUESTION: Can U.S.-based users use ORCA only with payments in Euros and having EU bank accounts?

#A: U.S. citizens will be allowed to use ORCA platform without any restrictions. However, if the U.S.-based user intends to use ORCA platform to initiate payments from the EU bank account, it has to open the account under the rules predetermined by the respective European bank.

# QUESTION: What are the fees and other costs to use the platform?

#A: ORCA tokens will be necessary to initiate operations (staking), unlock services, upgrade service tears, getting access to exclusive packages. Fees of listed services will vary dependently on the service type, length and the service provider.

# QUESTION: Are you targeting only crypto to crypto exchanges?

#A: The goal is to provide a universal solution indifferent to the type of exchange. We believe if we can provide user benefits — time savings, less charges, smaller fees or others — we will seek to do it.

# QUESTION: Do I need to use the ORCA Token as a transfer medium?

#A: Yes, all internal operations happening in the ORCA infrastructure will be usable only with ORCA tokens.

# QUESTION: No fees were taken by ORCA in the live demo. Will it remain the same way when the product is fully launched?

#A: We are working to make it so. ORCA does not plan to charge users extra fees for withdrawals, all costs will be based on terms set by service providers and visible to the user in advance.

# QUESTION: Will merchants from eCommerce platforms (i.e. Shopify, Magento) be able to use the features of ORCA platform and enjoy the showcased transaction speed?

#A: Third-party blockchain vendors and eCommerce platforms will be integratable in ORCA architecture and allow to take advantage of offered features. Particular specifications may apply for individual cases and servie providers.

# QUESTION: Will U.S. citizens be allowed to use ORCA platform?

#A: Yes. U.S., Canada and China are restricted from participation in the ORCA token sale. The use of ORCA platform as a product or digital application will be accessible globally. However, restrictions to some of the third-party services listed on ORCA may apply.

# QUESTION: What legal implications does integrating bank accounts into ORCA platform have? How is it done?

#A: We are taking advantage of PSD2 (payment service directive 2015/2366) and by providing account information and payment initiation services ORCA will be able to connect to the API’s of different service providers (traditional banks, crypto exchanges and e-wallets) to show the users’ account balances in one place.