Frequently Asked Questions

What is the utility of the BRD token for users of the Bread app?

The BRD token will provide two primary functions:

1.) Discounts on fees for financial services within the app

2.) Tiered status with premium benefits granted based on the number of tokens held within the app.

The Bread token is the base unit in our loyalty and rewards program, designed to incentivize users to use the Bread app. Users will be able to earn Bread tokens through various special promotions such as accessing revenue generating features or simply using the app often.


Users can then use these tokens for special perks within the app. For example:


Bread’s wallet functionality is free, but we are adding many third-party services which all cost money/fees to access. Paying in tokens (versus fiat) will enable discounts on these fees.


Some special features will be made free to users who hold a significant number of tokens.


We will also offer exclusive white-glove services, only available to users who hold a large amount of tokens. For example, personal support line, access to exclusive events with other large token holders, access to special pre-sale ICO’s (of other companies) including discounts, etc.

Who are Bread’s competitors?

Bread is the only commercial company offering a fully decentralized wallet.  Users enjoy simple, secure and private access to their crypto assets.


While not direct competitors, there are many other bitcoin / crypto wallets.  They fall into these main categories:


Custodial wallets

Advantages: easy to use quickly.  


Disadvantages: material risk of theft (many exchanges have been hacked), almost zero financial privacy (you have to provide full details to register and they track all of your transactions), if the exchange goes down or disappears, your money is gone forever.


Server-trusting wallets

Advantages: Quick and fast blockchain syncing, users control their own keys so better security than a custodial wallet.  


Disadvantages: App connects to wallet company’s servers so you are trusting them and give up much of your financial privacy.  They may not know your name, but they log all of your transactions, balance, IP address, etc.  Mostly closed source, so there could be a backdoor to steal funds - nobody knows - this is a huge risk.  If their servers go down, users lose access to their money.


Decentralized wallets (Bread)

Advantages: Best financial privacy as the app connects directly to the blockchain - not through Bread.  Even Bread doesn’t know how much crypto you have or when you send and receive.  Virtually unhackable because the private keys are on your phone.  Fully trustless - if Bread disappears, you retain 100% full access to your funds with no downtime.  Bread is the best combination of a simple and easy to use user experience, security and privacy.  


Disadvantages: May take time to sync to the blockchain if you haven’t used the app in a long time. 

What is Bread’s current traction like?

Over 650,000 customers in 140+ countries around the globe.  MAU (monthly active users) of 25%, more than double average apps in the App Store.  Bread has been generating revenues since early 2017.

When will ERC20 and Ethereum support be available in the app?

Ethereum support currently in beta, ERC20 support to be released by end of year.

When will the crowd sale occur?

Dec 15- Dec 23 2017

How can I get access to the pre-sale?

Please email Brent Traidman -  [email protected] for more information and see if any space still remains.

How does a “decentralized” crypto wallet work? How can it manage and store value like banks?

All funds are stored on the bitcoin and/or ethereum blockchains. Users can access their funds using a “private key”. Many wallets store users’ keys on a server, which is called a custodial wallet - just like an old fashioned bank.  This isn’t bitcoin.  Bread is a decentralized wallet because users hold their private keys in the hardware encrypted chip on all iOS and Android phones.  This means there is no honeypot for hackers (like in a custodial wallet) and thus Bread’s technology is far safer and far more private for users.  People around the world are using our software to hold their own private keys and manage their own bitcoin. We are similar to a safe manufacturer: our product secures a large amount of money around the world, but we ourselves do not control that money.  We believe this is the future of banking.

How fast is Bread growing and what’s next after the token sale?

Many thousands of users are downloading Bread every day. Our growth increased greatly when we released our Android app and when we launched the ability to buy bitcoin through the Bread app in the US. To grow further, we will launch the ability to buy bitcoin in more countries and with more payment methods, partner with more companies to offer new financial services through our app, and add support for new features such as Ethereum, ERC-20 tokens, and more.

Will you facilitate a community comprised of BRD token holders?

Yes, we plan to do so both online and in the physical world.  Those users holding a significant number of tokens will also be afforded access to special networking events to meet Bread executives and other large token holders.  Token holders may also receive special, discounted access to upcoming token sales for other companies.

Will there be a lock-up for the BRD token?

The pre sale has a 6 month lockup on the bonus, ⅙ unlocked monthly, with the first sixth unlocked when the initial tokens ship shortly after the crowd sale.


There will be no lock-up for crowd sale token purchasers.

What is the maximum purchase amount?

For the first 24 hours, each participant can only purchase up to 100 ETH worth of tokens. After the first 24 hours, the maximum will be increased to 3000 ETH total per person. Participants can make multiple purchases throughout the sale until their maximum has been reached.

Could you please tell us the organizational structure of the company (the company as a whole, engineers, post-ICO plans)

Bread has grown quickly to 15 employees. In order to exist long enough to achieve our vision and provide the best product for our users, we reduce costs as much as possible and hire wisely. Bread is currently hiring for engineering, marketing, and business development.  Headcount forecasts show significant growth as we move into 2018, while still ensuring the company can achieve profitability in the near term.


The Bread executive team is comprised of experienced entrepreneurs, engineers, marketing and business professionals and includes full time employees in roles such as CEO, CTO, CMO, Chief Revenue Officer, Chief Product Officer and more.  


Bread also has staff working in product visual design, product management, customer support, social media and more.  External consultants are utilized in areas such as PR, SEO, finance / tax accounting and more.

I understand that the Bread app is open source.  What part of it is open source and is that the plan for the future?

Our core wallet software will always be open source, as that is essential for keeping our platform secure and safe for our users.  Additional components will be decided on a case-by-case basis. For example, our server-side API components which connect users to our third-party financial service partners is not open source because doing so would put our users and partners at risk.

 

Bread has built a strong reputation for brand trust.  Our open source core wallet code has been verified by third party individuals to ensure it is safe for all users, and independent developers all around the world have contributed improvements to our open source project. Bread is recognized as the premier SPV bitcoin wallet on mobile devices, and the original author (Co-founder and President of Bread Aaron Voisine) is one of only two developers in the world to implement a full bitcoin protocol stack on a mobile operating system.  The other is a Google engineer in Switzerland who is advising our team.

I have read your blog about how you handled the hard fork in November and feel that there could be more which can be done. What are your thoughts behind forks?

Forks are always very complicated, because not much is known until the fork happens. We wish to give our users a choice about how to act during the fork, but many users aren’t informed enough to make a choice for themselves. We do want to do more for all forks, to give users the most flexibility and security when using Bread, but forks are numerous and our resources are quite limited. As we build our engineering team, we will be better suited to handle a wider number of forks.

Will the new functions, such as connecting to exchanges, be limited to the app or will you create a web-based service/functions too?

We only plan to offer a mobile app. Mobile devices are much more secure than web-based services, and today mobile devices are used much more than desktop devices. Many of our APIs for these services are public, which means anyone can develop a client that connects to them (using any platform they want, mobile or desktop). It is safe to have other people using our service APIs, and we will earn the profits from any business that comes from them.

How do I participate in the crowd sale?

Please continue to check back at token.breadapp.com for updates and receive email alerts from the token mailing list. Instructions will be sent via email and purchases will be made directly from within the Bread app or website.

What currency do you accept for the crowd sale?

ETH

How do I go through the KYC/AML process?

There will be a required step in the token purchase process which will be communicated to users at token.breadapp.com.

When will I receive my tokens to and where?

Tokens will be sent at the end of the crowd sale to all buyers. They will be sent to your Bread wallet or other wallet of choice.

How many tokens will be issued?

The crowd sale will be capped, with a target raise of $32M USD. The cap will be specified in Ethereum, using the exchange rate on the day the smart contract is launched. Once the cap is reached, the sale will end and no additional tokens will be issued.

Will Bread buy back any tokens from the market?

We have no formal plans for a buy back, but reserve the right to exercise that option if the company deems it appropriate in the future.

How does Bread generate revenue?

Bread has been generating revenue since early 2017!  Since we are decentralized, we never hold user funds. Thus, we monetize in other ways. For example, when a user buys bitcoin within the Bread app, they pay a fee to our third party exchange partner for the exchange service.  We share that fee with our partner, thereby generating revenue as a percentage of principle transacted.

How does Bread offer various financial services?

Bread partners with various financial services institutions who offer various services legally and abide by local regulations and laws in the geographies they serve.  Examples of these services are buying and selling bitcoin, direct deposit of wages into bitcoin, payment of bills, buying and selling of tokens, tracking ROI of crypto assets, etc.  Bread is aiming to reduce customer’s dependence on traditional fiat based banks and move them to the world of decentralized banking.

How will the proceeds from the token sale be used?

Proceeds will be used to fuel growth, enabling a faster path to profitability and to box out the competition.  In descending order with the largest listed first, funds will be used for team growth in engineering, marketing, business development, support and general administration.  Tokens will be used to fuel the loyalty and rewards program as well.

Are there any token giveaways being planned?

Various promotions, contests and giveaways are in the planning stages now.

Are there any restrictions for the participation in the token sale?

All buyers need to go through and pass a full KYC/AML process per local laws and regulations.  OFAC checking is also part of this process.  Bread is dedicated to abiding by all legal requirements and will restrict buyers based on various local laws and regulations when appropriate.

Want to get in touch with us? Send an email to [email protected]
Join our Telegram