SKRAPS Features and token

Invest your spare change in diversified portfolios of cryptocurrencies

What is SKRAPS?

SKRAPS Features

We have designed Skraps to be the platform which people turn to when they begin investing. Our focus is on keeping the user experience very simple and intuitive so that anyone can come on the platform and begin his investing journey. Since the investing happens with each transaction, there is a natural trigger to invest. The investment made is an amount which is “spare change” of the transaction, so the users don’t need to think twice before investing. It is as good as spare change which people forget about after keeping in their coat pocket.

Some of the key features of the Skraps platform are:

Easy to invest

Anybody can begin investing in the Skraps platform by following three simple steps.

Connect Your Wallet - Users first need to connect their cryptocurrency wallets or debit/credit cards which they use to make purchases to the Skraps platform.
Make a Purchase - Users can then go on spending like normal. They can decide how much they want to round up to the nearest decimal point after they have made the transaction. For example, if someone buys a coffee for $2.75, you can round up that purchase to $3, and the difference ($0.25) gets invested in a portfolio of your choice.
Invest Your Change - The spare change is automatically invested in their chosen portfolio. Users don’t need to do anything; they can simply watch their wealth grow.

Low cognitive load

Since all the investments are made from the spare change of a transaction, users don’t need to consciously decide if they want to invest and how much they want to invest. All those decisions are taken care of. They just need to choose how much they want to round up to, and the spare amount is invested directly in a portfolio of their choice. Since the amount is very small, people don’t think twice before investing and it becomes sort of a second nature to invest with each transaction.

Choose portfolio based on your risk appetite

In Skraps, users can choose to invest in a portfolio which suits their risk appetite. If the user is young and wants to take more risk, he can choose to invest in the Aggressive portfolio. This portfolio can generate a higher rate of return but is subjected to a higher market risk. For a retired old person, a Conservative portfolio would be more suitable as ze* would not want to risk zer savings. Ze would be OK with a lower rate of return, but one that is not subject to a high risk.

Thus, different user segments can choose a portfolio based on their financial goals and life stage. All these portfolios are created by experienced cryptocurrency managers, so the users are assured of the best return for their chosen risk profile.

Create your own portfolio and share with the network

Initially, we will start with portfolios created by experienced cryptocurrency managers as detailed above. But in due course, we plan to introduce features for users to create their own portfolio and share with the Skraps user base. Any user on the Skraps platform can choose to copy in a user-created portfolio and benefit from the expertise of other users.

There are a bunch of “experts” on Twitter with massive followings. We can encourage them to create portfolios on our platform so their followers can invest in such portfolios. This would not only provide users a wider range of portfolios to choose from, but also provide the expert users a chance to try their hands at cryptocurrency portfolio management and potentially gain an additional revenue stream if their portfolio is profitable and others adopt it.

The users who create their own portfolio and open it for the public to copy will also get a small fee for their service. This fee will be based on the amount invested by other users in their portfolios. A sample illustration is shown in

Sample illustration of user created portfolios

Be in complete control of how much you invest

Most of the cryptocurrencies (like BTC, ETH, and Litecoin) allow transactions in fractional amounts. Each bitcoin (BTC) is divisible to the 8th decimal place, so each BTC can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 bitcoin, is called a Satoshi. A Satoshi is the smallest unit of Bitcoin. The smallest unit of ETH is called a Wei, and is 1x10-18 ETH.

Since many other cryptocurrencies also allow up to 18 decimal places, we want to give the full flexibility of rounding off to users. In the Skraps platform, users can round up to 18 decimal digits (depending on the number of decimals the cryptocurrency allows in transactions). For example, if user Bob bought a coffee for 0.000087 ETH, he can choose to round up to 0.00009 ETH or 0.0001 ETH based on his preference. The spare amount of 0.000003 ETH or 0.000013 ETH respectively will be invested in the Skraps platform.

No onerous requirements
We envision making cryptocurrency investing as simple and intuitive as possible. To achieve this vision, we believe that all the unnecessary requirements which modern day investing platforms impose on users should be dealt away with. We stick to a policy of no artificially imposed requirements on the users. Some of the salient features of our platform are:

No minimum or maximum amount of investments;
No minimum or maximum balance;
No withdrawal fees;
No payment delays. Instant payment processing;
Instant withdrawals; and
Anonymity—no social security number or other ID for KYC is required.

Security

All of the users’ data is protected with 256-bit encryption and never stored on their devices. Customers’ peace of mind is our highest priority. At Skraps, we work hard to protect users’ information, prevent unauthorized account access and notify them of any unusual activity.

Leaderboards and Community

The user portfolios in the Skraps platform will be ranked in a leaderboard. Other users can only partially view this portfolio in the leaderboard, but will have to pay with the Skraps token to view the portfolio in total. A portion of these fees will be paid to the portfolio owners and a portion will be paid to SKRAPS. Once the fees are paid, users can copy these portfolios in the leaderboard for their own use.

For users who continuously remain at a high ranking in the leaderboard, there will be added rewards. So for every week a user is in the Top 10, he will receive some Skraps token. This will incentivise users who are crypto experts to join the platform and improve the quality of portfolios available to users. This will also create a healthy social dimension to the platform by encouraging competition between users for featuring in leaderboard.

SKRAPS token

The SKRAPS token is the native token for the Skraps platform. The ticker is SKRP.

Token Usage

The Skraps token will be used for the following purposes:

The service fee of Skraps platform will be charged in SKRP. As detailed above, each account will be charged 5% in SKRP tokens per month, irrespective of the amount invested by them.
The SKRAPS token will be used to pay the portfolio managers who will be managing the cryptocurrencies portfolios in the platform. This would also help align the incentives of the portfolio managers with the success of the platform. If the portfolios perform well, more and more users will be attracted to the Skraps platform. Anyone is able to create their own portfolio, broadcast it to the community, and earn 20% in commission from anyone who decides to copy their portfolio.

Token Sale Details

The total number of SKRAPS token which will be ever created is 110 Million. Out of this 66 million will be available as part of the Token Sale and whitelist. 11 million tokens will be reserved for founders, and another 11 million tokens will be reserved for advisors and Skraps staff. 5.5 Million tokens will be reserved for spending in Marketing and Bounty programs. 16.5 Million tokens will not be issued at the time of the Token Sale and will be reserved for a future token issue. Specifically, the 16.5 million tokens is a reserve allocated to enter into partnerships/alliances, such as social media integration. All unsold tokens will be distributed to token holders proportionally.

Token Distribution

During the Token Sale, people can buy tokens by paying in BTC, LTC, ETH, Dash, Ripple, and Bitcoin Cash. Due to the current volatility of cryptocurrencies, the prices will be fixed to USD as follows:

Phase 1:

Round 1: $0.30
Round 2: $0.35
Round 3: $0.40. The price will increase by $0.005 every day during this round.

Phase 2:

Round 1: $0.45

Use of Funds from Token Sale

Funds raised from the Token Sale will be used primarily for the development of the platform and marketing it to acquire users. Since our focus is on making investing as simple as possible and introduce new customer segments to investing, spreading awareness about our platform and services would be a key part of our growth strategy. The rest of the funds will be used for paying the team and portfolio managers, legal fees and exchange fees.