Frequently Asked Questions about MediChain

What problem is MediChain trying to solve?

The healthcare data systems currently in use are the ones we are trying to disrupt. The electronic health record (EHR), electronic medical record (EMR) companies dominate the market. They gather and store patient records; we plan to give them rewards for their data. MediChain provides a free-to-user big data store for National Providers which creates huge value to them.

What will the funds received from the ICO be used for?

Received funds will be used toward the operations of the MediChain for the next five years. This includes development, administration, marketing, financial and legal consultancy.

Who is MediChain?

MediChain is a medical big-data platform in the healthcare industry. They aim to use the blockchain to store all our medical information in a secure manner and to be able to give access to specialists when it is needed, regardless of the payer network or EMR(Electronic Medical Record) used.

How secure will the ICO process be?

The systems are secure. The ICObox platform will be used for the token sale. This platform is very mature and has been tested by many ICOs. ICOBox will provide a full suite of technical, legal and marketing services for MediChain as it prepares for its ICO.

How secure is the storage of tokens?

The current generation of MediChain is as secure as the Ethereum blockchain.It is highly secured and after launch there will be an optional smartcard security.

How big is the team at MediChain? What is their background?

The team consists of 19 individuals. The team members are highly experienced, with background in healthcare, block-chain and start-ups.

How long has the project been on the market?

The concept has been under development and refinement by founder Mark Baker since June 2015. The ICO aims to launch the first large-scale commercial version in 2018.

Do you have competitors? Why do you stand out?

While there are competitors who shared similar aims in storage of patient medical information, MediChain has an innovative solution to this aim. MediChain makes use of a hybrid of block-chain and off-chain data storage. The block-chain stores pointers to the data. The data itself gets stored in the cloud and is only accessible by the cryptographic keys. This results in faster speeds, while still having the privacy and security of the block-chain.

Do the tokens comply with ERC20 standard? Can I transfer them to a third-party ETH wallet?

Yes

Can I withdraw tokens from your service?

Yes, that can be organized through icobox.io

Will you organize pre-sale of the tokens?

Yes, that will be organized through icobox.io and will begin on February 5th.

Where can I see the progress of your ICO and the amount of funds you already received?

ICO progress will be posted on the front page of the site and through twitter at regular intervals.

Have you set the minimum level of funds to be received (soft cap)?

Our soft cap is $2 million USD.

Do you have hard cap?

Yes, the hard cap is $40 million USD.

What exactly will I own after token purchase? A company’s share?

No. MediChain Utility Tokens (MCU) represents the value of arbitrary voting rights and patient data blocks. These anonymous data block will be sold in marketplace.

I saw a tweet, but I’m not sure it’s from MediChain. How can I know for sure?

Emails will only come from medichain.online email addresses. So don’t trust any other email addresses. You can email us at [email protected], if you need us to confirm if something is legitimately from us.

Use only trusted official accounts. You can find official social media channels by the links at the top of http://medichain.online. Within the MediChain Telegram group, only “admins” should be trusted.