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FREQUENTLY ASKED QUESTIONS ABOUT DOCT
Learn here about the DOCT and its uses on the platform as a native asset.
THE FUNDAMENTALS
  • What are DOCT?

    One DOCT is a unit of digital currency, like ethereum.

    DOCT are the native asset of the DocTailor platform.

    Native means that DOCT are built into the platform. Asset is how the platform refers to an item of value that is stored on the ledger.

    One DOCT is a unit of digital currency, like ethereum.

    While you can’t hold a DOCT in physically, they are essential to the DocTailor platform—they contribute to the ability to move money around the world and to conduct transactions between different currencies quickly and securely.

  • Where did DOCT come from?

    In 2018 the DocTailor platform launched with 500 million DOCT's, later burning 63 million.

    In 2018, with the launch of the platform to commence, the name of the native asset DOCT became the primary payment method for the platform 1) and ZDR being the secondary 2) DocTailor.com, is a for profit organization that allows it's users to create legally smart binding agreements on the blockchain.

  • Why does the DocTailor platform need a native asset?

    The DocTailor platform offers it's user the ability to create agreements with intergrated payments on a public ledger, transparent on a global database—often referred to as blockchain technology. The DocTailor platform’s built-in currency, the DOCT, serves two purposes:

    First, DOCT plays as a method of payment between parties in an agreement. DOCT are needed for transaction fees and minimum balances on accounts on the DocTailor platform in order to users activate it's facilitiy to create legally binding smart agreements.

    Each transaction has a 2% fee chargable in DOCT associated with in any smart contract, that requires a payment solution. This fee allows further developmrent of the netwotk and prevents users with malicious intentions from flooding the platform (otherwise known as a DoS attack).

    Similarly, the DocTailor platform requires all accounts to hold a minimum balance of 500 DOCT. This requirement incentivizes users to declutter the ledger by eliminating abandoned accounts, thereby that ensuring that all accounts are likely to have economic utility on the platform.

    Second, DOCT may facilitate multi-currency transactions.
    DOCT sometimes facilitate trades between pairs of currencies between which there is not a large direct market, acting as a bridge. This function is possible when there is a liquid market between the DOCT and each currency involved.

  • What is DOCT?

    DOCT is shorthand for DocTailor. Most currencies have 3 to 4 letter codes (USD, EUR, XBRL, BTC) as an international standard.

    The technical term for these shorthand codes is ISO 4217. Learn more about ISO codes.

  • Who governs DOCT tokens creation?

    DOCT supply is limited to 38 million. The number of DOCT created at genesis was 500 million and reduced to 38 million on sealing of the smart contract used to create the token.

GETTING AND USING DOCT
  • Do I need DOCT to use the DocTailor platform?

    The DocTailor platform software is available to the general public.

    Users will need to have DOCT to pay transaction fees and make accounts on the live DocTailor platform.

    There are two special values used to calculate fees:

    1. The base fee (currently 2%) is used in transaction fees.
    2. The base reserve (currently 500 DOCT) is used in minimum account balances.

    Transaction Fee
    The fee for a transaction within a smart contract is the number of operations the transaction contains multiplied by the base fee, which is 2%.

    Transaction Fee = (# of operations × base fee)
    For example, a transaction that allows trust on an account’s trustline (operation 1) and sends a payment to that account (operation 2) would have a fee of 2% × base fee.

  • Where can I get DOCT?

    DOCT are available on several decentralised exchanges.

    Please be aware of the risk associated with all digital currencies and make sure to safeguard your private keys to prevent loss or theft. While DOCT will always have utility value for transactions and accounts in the DocTailor platform, the price of DOCT denominated in fiat currencies may fluctuate and result in a complete loss of value.

    Digital currencies are very innovative, but not insured by regulatory bodies.

    Before purchasing DOCT, consult the Consumer Advisory brief by the Consumer Protection Finance Board (CPFB) on the potential risks associated with digital currencies. You should also read this educational document from the CFTC: “Customer Advisory: Understand the Risks of Virtual Currency Trading.”

  • What is the price of DOCT?

    Please consult the available exchanges for the latest DOCT price.

  • What is the base fee? Who profits from those DOCT?

    There is a nominal fee, referred to as a base fee, associated with each operation in a transaction. The sender of the transaction incurs the fee.

    The fee functions acts a deterrent: Though nominal, it discourages users with malicious intentions from flooding the platform (otherwise known as a DoS attack).

    The base fee is currently set to 2% of any payment figure. The fee will never increase on an account after a legal binding smart contract has been actioned.

    DocTailor profits from the base fee. The ledger collects those funds and compensates the platform and contributors.

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