AA / If someone want to buy a house he can buy it with cadastral? Is it compulsory or people will still be able to buy with FIAT / normal bank account and be registered on bitland as well?
BB / "1 Million To Establish Basket of Currency Reserve during ICO Period" : What will you do with the sell of other 20 millions of cadastral? You will also convert it into various currency right? So what is the difference between the basket of currency and the money you will get from the sell of 20 millions cadastral?
CC/ About direct deposit in bitcoin, as you use CCDEK as escrow, I don't understand why we cannot buy directly cadastral on CCDEK by creating an account and sending BTC?
Thanks for your good communication Chris, I did not invest yet but still very interested.
AA/ Yes, that is the plan. However, we are going to put safeguards in place so foreign investors can't "buy up" houses. This is why the system has to be set up in a double-blind investment system for foreigners and the government. In order to prevent mass displacement of locals, you can't really allow anyone external to Ghana to "buy" land. If that were allowed, the government would forcibly remove citizens, then sell the land to the foreigners. This is also why the government isn't the entity who decides WHERE the development capital is going. The government is made aware of the investment, but doesn't directly handle it. This prevents corrupt government officials from directing funds towards their friends and family, and also prevents government from just taking the money.
As far as different currencies, Bitland is going to hold currency of whatever country it resides in, and will keep a multi-currency reserve so that it is NOT compulsory to only use Cadastrals to enter the system. Main thing being, the system has to be able to prevent charge-backs on debit cards, so it just has to come later down the line. We partnered with Openledger specifically because they can already handle Fiat deposits.
BB/ The year 1 project plan has already allocated where funds will be spent from the ICO. It will all go towards building a physical infrastructure to support the Bitland Network. As was mentioned previously, in developing countries, you cannot rely on the local infrastructure, and thus blockchain solutions are not practical. We are building a solar-powered wireless network that is dedicated to the Bitland Project. The Basket reserve is coming from 1 million. That has nothing to do with the 20 million being sold to build the infrastructure. The 20 million will only be converted to Bitcoin, USD, or Ghanaian Cedi whenever necessary to cover a development cost.
CC/ There has been some confusion about this. You absolutely CAN make an account on Openledger, deposit BTC, and send directly to Escrow account. The only reason we added the direct send to address method is because people wanted that option, so we gave it to them.
Cheers!
Chris