The core Prometheum team is composed of professionals with many years of experience in Blockchain, Securities regulation, Risk management systems, Exchanges, and front end Trading systems. Our team page (here) has everyone’s LinkedIn profile links - please check us out!
Where is Prometheum based?
Prometheum is based in Manhattan, NY.
Is Prometheum licensed/regulated?
Prometheum is registered with the SEC and in the process of registering with FINRA.
What is the difference between cryptocurrency and a cryptosecurity?
Up until about three years ago, most people thought they were the same; in fact the idea of a cryptosecurity was pretty much unknown. There has been a fundamental change in this thinking based on what the SEC has said and it is at the core of what we are doing here at Prometheum. At the most basic level the difference is the difference between a currency and a security. A currency is actual money, it has intrinsic value and can be used as a direct means of payment for many different things. Securities are notes or contracts that represent some sort of promise to an investor, whether it be a part of a company (equity) or the promise of future payments, or a token that represents value that has the possibility of growth as it relates to the utility of that token on a blockchain supported network. Both cryptocurrency and cryptosecurities use a blockchain to keep a record of transactions, also known as a distributed ledger.
How is my personal information protected?
All personal information is encrypted and stored safely. Personal information is not written to a public blockchain and all personal data storage is done in a secure, firewalled environment hosted in the same data centers as major exchanges.
Does Prometheum support 2 factor authentication (2FA)?
How long does it take to open an account?
Once we go live, you will be able to open a trial account with Prometheum in about 5 minutes. This type of account will allow you to learn the trading system, get to know the different sections of the trading site, and even send orders and receive trades in our test market with play money. If you are ready to start trading, you can usually open an account within 24 hours depending on how fast we receive a deposit, and pending our automated customer verification.
What is Prometheum’s ecosystem?
The Prometheum ecosystem is a term we use to describe the digital world that is created by connecting the issuance platform, the ATS, the online broker and our clearing firm, and using the blockchain and smart contracts as the technology that connects, secures, records, and powers it all. The participants of this world are the online network of people interconnected by technology.
Who are the participants on the Prometheum ecosystem?
The Prometheum ecosystem is a term we use to describe the digital world that is created by connecting the issuance platform, the ATS, the online broker and our clearing firm. We use our blockchain and smart contracts as the technology that connects, secures, records, and powers it all. The participants of this digital world are the online network of people interconnected by technology.
Who can trade on Prometheum?
Anyone over the age of 18 that passes our KYC/AML procedures and has a funded account can trade - we do not require a person to be an accredited investor.
Is Prometheum creating its own blockchain?
Yes, Prometheum uses its own blockchain for a more secure, verifiable and modern data storage and management system.
How do other blockchains interact with the Prometheum ecosystem?
Issuing companies can interact with the Prometheum Blockchain using smart contracts. Transactions involving the transfer of SSTs happen in smart contracts on the Prometheum Blockchain, but can be extended to support integration with DApps built on either the Prometheum or another public blockchain.
What is the utility of Ember on Prometheum’s blockchain?
Every transaction that is written to our blockchain must be verified by the Validators on our network. This is known as consensus. Only people that own Ember (MBR) tokens can verify transactions, they are known as validators. Verification is basically some simple work that is done by a computer that is connected to the network (known as a node on the network) that results in a new addition to our ledger of transactions (blockchain), which requires some small amount of time and energy, which costs money. In our specific consensus model, validators use the amount of MBR tokens they own to stake a claim to do a proportionate amount of this work in order to get paid back and rewarded in fractions of MBR tokens (Sparks). This reward is then added onto the transaction being recorded as a fee to the participants involved.
What is the Ember-X protocol?
This is the protocol and set of standards that underpin the functionality of the Prometheum Blockchain, including network design, the smart contract layer and the wallet system.
What is Ember?
Ember, or MBR is a cryptosecurity and utility token. It is the first Smart Security Token (SST) on the Prometheum network and it is created by Prometheum to power our network.
What is an SST?
A Smart Security Token or SST is a digital token that is able to be both a cryptographic token, meaning it can be used on a blockchain for utility, and a security.
How do I buy/sell Ember?
Ember can be bought and sold on the Ember ATS by opening and funding a brokerage account, and then accessing the trading/order entry page by logging into the online trading platform.
Does the Prometheum Blockchain allow for Dapps?
Yes, please take a look at the FAQ section for DAPP creators.
What type of asset classes does Prometheum offer?
Right now, only SSTs can be traded on the Ember ATS.
Can I use my phone to access my account?
We are working on a mobile interface.
Does Prometheum support Apple computers?
Does Prometheum charge trading fees?
The Ember ATS rewards liquidity providers by paying them a small rebate for every executed trade, liquidity takers however pay a fee for every executed trade. Just like most retail brokerage firms, you will also be charged commission for every executed trade.
Does Prometheum charge fees to withdraw funds?
Prometheum does not charge fees for withdrawing funds - it’s your money, you trusted us with it, and you helped the network, why would we charge you to take it back? Banks on the other hand do charge wire, ACH, etc. fees, which you may still be charged. Unfortunately we are not a bank...yet.
How do companies offer SSTs through Prometheum’s issuance platform (also known as a Smart Security Offering or SSO)?
Companies interested in issuing a SST have to go through an approval and registration process. Part of this process is getting the SEC’s approval for the way they plan on raising capital, known as being “qualified” by the SEC. Once a company has been qualified, they create an offering by using our online issuance platform, we call this a Smart Security Offering, or SSO. Companies are required to provide detailed and extensive information about themselves and their employees. Part of this information becomes the company profile and is presented to potential investors when the offering goes live. If enough investors commit online to purchasing a companies tokens, the offering is successfully closed and the tokens are distributed to the investors digital wallets.
What regulation does Prometheum’s issuance platform currently rely on?
What is regulation A+?
Sometimes called a mini-IPO, Regulation A+ passed in June of 2015 (Title IV of JOBS act). Regulation A+ was specifically created to help small and midsize companies raise capital faster, and at a lower cost than a traditional IPO. Reg A+ is an expansion of the capital raising Regulation A of The Securities Act of 1933. This update is part of the SEC’s Jumpstart Our Business Startups Act (The JOBS Act). It describes how U.S. and Canadian companies can lawfully raise up to $50 million via all types of investors.
What are the benefits of Regulation A+?
SST’s issued using Regulation A+ can be offered to all types of investors, companies can raise up to $50 million per year, it is much cheaper than an IPO, and the SST’s issued can be traded immediately.
Does Prometheum support any other types of capital raising regulations?
Our platform can also support companies raising capital via Regulation D and Regulation S.
How does a company get listed on Prometheum’s ATS
Prometheum does not actually “list” tokens. A company’s SST symbol is automatically added to the ATS once an SSO is completed and the tokens are distributed. This gives investors that received SST’s in a distribution immediate liquidity, and other investors the opportunity to buy and sell the tokens freely.
How much does it cost to list a token on Prometheum’s ATS?
Prometheum’s ATS doesn’t charge listing fees since the ATS does not actually offer tokens, it just operates technology that matches buyers and sellers once the tokens exist in their accounts after distribution. However, there is a $25,000 upfront fee plus a small percentage of an issuance that companies must pay to issue tokens on our issuance platform.
Does Prometheum have ongoing fees for companies whose tokens are listed on the ATS?
Yes, companies pay a quarterly fee of $2,500 in association with the quarterly reporting requirements.
How do I sign up for the Prometheum Ecosystem?
By registering with Prometheum Ember ATS (PEATS) and then going through the activation process and funding your brokerage account. The activation process is the actual account opening process and is created with guidance from FINRA and the SEC as it relates to Know Your Customer, Anti-Money Laundering, and Investor Protection.
What information must I provide?
For individual accounts we require all official personal information including, but not limited to, your legal name, phone number, address, a government issued photo ID, DOB, social security number (where applicable), as well as your knowledge of the markets, your investment goals and your risk tolerance.
For corporate accounts we need all official company information including, but not limited to, the companies formation documents, government issued photo ID from all signatory officers, legal address, background in terms of knowledge of the markets, investment goals, risk tolerance, as well as a description of the business and how it will relate to the brokerage account you are opening.
What types of documents/ID are required to sign up for the Prometheum ecosystem?
You need a government issued photo ID from the country in which you reside or have citizenship in.
What type of investors are allowed to participate in Smart Security Offerings (SSO's)?
All investors unless otherwise specified.
What type of investors are allowed to participate on the ATS?
All investors unless otherwise specified.
Can investors trade cryptocurrency on the Prometheum network?
No, we do not offer trading in existing cryptocurrency like Bitcoin and Ether.
Does the Prometheum ecosystem support all security tokens?
We only support security tokens that have passed our diligence process and qualify for trading under the Federal Securities Laws.
Is there a minimum deposit to open an account?
We require a minimum deposit of $100 to open an account.
Can I open a corporate account with Prometheum?
How do I store my Ember tokens?
Every funded account has a Prometheum Master Wallet linked to it that automatically stores any tokens you own.
Can I use my existing wallet?
You can transfer tokens to a Prometheum Personal Wallet that you have full control of, but you can only sell tokens on the ATS if they are in your Prometheum Master Wallet.
Is there a minimum age to open an account?
You must be 18 years or older.
Can I open an account from outside the US?
Can I open an account from any US State?
How do I fund my account?
At the end of the account opening online application process, you will be able to enter your bank information to initiate a transfer. You can transfer additional funds into your account at any time.
How are new accounts verified?
We use a third party verification system called IdentityMind for AML (anti money laundering) and KYC (know your customer) checks.
Can I trade using Margin?
Not at this time
Can I short sell?
Not at this time
How do I withdraw money from my account?
Go to the banking page on the online trading platform and submit a money withdrawal request.
Can I take my Ember tokens out of my Prometheum account?
Yes, but you will not be able to sell them on the ATS.
Can I trade Ember tokens on another market?
It may be possible, but those transactions will not be recorded on the Prometheum Blockchain (also known as off chain), may not be secure, and may not be legal. We are not and cannot be responsible for what happens to Ember tokens once they are taken out of our network.
How do broker-dealers gain access to Prometheum’s ATS?
Broker-dealers must be registered with Finra and complete a short online New Broker application. Once completed and approved, there are multiple ways to connect to the ATS for sending orders and receiving market data.
How do broker-dealers offer their customers access to Prometheum’s ATS?
Brokers connected to the ATS can use the Prometheum front end, or they can use any of their own existing software by incorporating our market data and connecting to our OMS using FIX, our proprietary protocol or our API.
How do I become a validator?
Any account holder who owns Ember tokens can apply to be a validator by filling out the online validator application form.
Can anybody be a validator?
Any account holder who owns Ember tokens and has technical knowledge and hardware to operate a node on our network can become a validator as long as their application is approved based on their answers to our questions and a current verification and background check.
How do I receive payment as a validator?
Your payment will be deposited into your Prometheum wallet (brokerage account) after the trading session within which your validation occurred has ended and we have completed our clearing and settlement related processes, usually within the next trading session.
How do validators secure the network?
Validators are all owners of Ember, so it is in their best interest to secure the network that creates value for their tokens. Validators risk losing their stake if they don’t properly validate blocks. The consensus mechanism ensures that validators not acting properly don’t affect the integrity of the network.
Can I validate other networks as well as Prometheum?
How do I become a Dapp creator?
Holders of the Ember token can deploy general purpose smart contracts to the Prometheum Blockchain.
What type of Dapps does the Prometheum ecosystem support?
DApps can be either directly deployed as Prometheum smart contracts or linked via other networks using a bridging contract.
I have a DApp deployed to the Ethereum network, can I use this with Prometheum?
Yes, you can create smart contracts on both the Prometheum and Ethereum networks that communicate with one another via a bridge.
Do my users need to own Ember to use my app?
This depends on how you deploy your DApp. Any user interacting with a smart contract deployed on the Prometheum Blockchain will need to own Ember.
Can my Dapp interact with Prometheum’s trading systems?
Interaction with Prometheum’s Ember token is embedded in Prometheum’s trading systems. Other SSTs deployed into the Prometheum ecosystem can be traded via Prometheum’s trading systems but are not embedded into it in the same way as Ember. DApps deployed to Prometheum’s blockchain interact with SSTs in personal wallets outside of the scope of the regulated trading activities. Users can move their SSTs in and out of their personal wallet via their broker-dealer.
If I issue my own SST can I deploy a Dapp that uses that SST?
Yes. Smart Contracts deployed to the Prometheum Blockchain can interact with any SST.