Frequently asked questions
What are SOLE credits?
SOLE credits are a decentralised digital currency that can be used to purchase products and services instead of using traditional fiat currencies.
What does 'Decentralised Currency' mean?
A decentralised currency is a type of money that has a fixed total supply - meaning that nobody can create more of it.
What is the fixed total supply of SOLE and SOLEMB credits?
SOLE has a total supply of 20,000,000.
SOLEMB has a total supply of 20.
Why advantage do Decentralised Currencies have over Fiat Currencies?
Fiat currencies' total supply are not fixed but are determined by a central bank (i.e. Bank of England). This means they have the ability to print more money. The problem with this is that it can result in a drop in a currencies 'Purchasing Power.'
Put simply, 'Purchasing Power' is based on public opinion and is based on the economics of Supply vs. Scarcity.
As every hypebeast knows: there is more value in owning something only a few can obtain than something everyone else has. If there is too much money supply, its value is lost - whereas if there is a finite supply than value is maintained.
Decentralised currencies total supply cannot be increased once the supply is set.
What advantage do SOLE credits have over traditional money?
Our hypebeast partners make available to the public that which is hard to obtain. However, some items are just TOO good to be obtained with something as simple as money.
For some items only SOLE credits will suffice.
What are SOLE Banks?
SOLE banks are accounts that receive a payout from the SOLE DAO Treasury account, once every 31 days.
Users of SOLE can buy SOLE directly from SOLE Banks by visiting their respective websites.
What are SOLEMB credits?
Holding one of the 20 SOLEMB credits in your wallet ensures that every 31 days you automatically receive a percentage of any SOLE credits that have been received by the DAO Treasury wallet.
The percentage you receieve depends on how many SOLEMB you hold in your wallet - for example if you hold 2 SOLEMB you will receive 20% of the SOLE held, if you hold all 20 SOLEMB you will receive 100%
What is the DAO Treasury?
The DAO Treasury is a digital wallet that nobody can open. It is also where any SOLE collected during 'Resoled Drops' is sent.
The only way SOLE received at the DAO Treasury can leave the account is by a programmed command that automatically distributes the SOLE to wallets that hold SOLEMB.
This distribution is programmed to happen once,every 31 days.
How do I register as a SOLE Bank owner?
Simple - Obtain SOLEMB and hold it in your digital wallet.
What is the easiest way to re-sell SOLE?
We recommend using fiat currencies to sell SOLE to buyers via your registered companies business bank account.
Selling it this way as a 'Digital Product' enables you to easily pay company tax in accordance with your country's company and tax laws.
You can use an online PSP (Payment Service Provider) to receive the payment in a fiat currency of your choice and then send the SOLE credits to the digital wallet address of the recipient.
What are SOLE Digital Wallets?
A SOLE digital wallet is an Ethereum wallet that accepts ERC-20 tokens.
We recommend using either Trustwallet or Atomicwallet, both of which can be downloaded from either the Apple appstore or Google Play.
What happens if I lose the password to my SOLE digital wallet?
When you create your digital wallet, you will be shown a seed phrase - that ONLY you will know.
You MUST store this in a safe and secure location for 2 reasons:
1 - If somebody else finds this seed phrase they will be able to unlock your wallet and steal your SOLE and it is impossible to reverse this action.
2 - If you forget the password to access your wallet, your seed phrase enables you to open the wallet and reset the password. If you lose the seed phrase, it is impossible to open your wallet and any SOLE held there will be lost forever.
What are 'Resoled Drops?'
Through our partners at Resoled (https://resoled.app) we will be operating monthly exclusive events where participants can purchase hypebeast products using ONLY the SOLE credit.
Any SOLE received during these events will be sent to the DAO Treasury wallet.
Any holder of SOLEMB is free to list their own product during RESOLED DROPS just email us at drops@sole.money to have your product listed on our website.
What does 'DAO' mean?
A DAO (Decentralised Autonomous Organisation) is a governance structure that resembles that of a traditional corporation with shares determining voting rights, except it runs on blockchain technology and is governed by smart contracts.
Traditionally, in a company, whoever has the most shares can execute certain functions within a company and they generally determine the direction of an organisation - for better or worst.
A DAO enables its members to do these actions by holding credits that enable them to unlock certain features of a smart contract.
Smart Contracts are the names of apps that run on blockchain technology and have unique features to traditional apps such as, once they are launched on a blockchain their code cannot be changed and theoretically they will run forever, as long as the blockchain computer remains.
The DAO Treasury is automated and managed by a smart contract which has the following, unchangeable commands programmed into it:
1. Every 31 days, pay any SOLE held to any digital wallet that holds SOLEMB
2. Payout a percentage, based on how many SOLEMB the digital wallet holds i.e. If it holds 1 SOLEMB payout 10% of any SOLE held; if it holds all 20 SOLEMB payout 100% of any SOLE held.
How does the Whitelist work?
SOLE will be sold on a first-come, first-serve basis in accordance with the names received via this whitelist. When the presale starts you will receive notification to purchase your SOLE.
This will happen in 3 stages:
1. Presale - 10m SOLE at £0.024 per credit
2. Mainsale - 2m SOLE at £0.63 per credit
3. Resoled Sale - 2.5m SOLE at £1.50 per credit
You will have up to 30 minutes in each stage to purchase your SOLE credits - if you miss this timeslot, you will lose your space in the queue and it will be given to whoever is after you.