Whitepaper Tokenized Assets on the Blockchain. Copyright AssetBase 2017

Transcription

1 Whitepaper Tokenized Assets on the Blockchain. Copyright AssetBase 2017

2 INTRO TO ASSETBASE... 3 The Next Generation...3 ASSETBASE VERIFICATION OF ASSET PROCESSES...7 DOCUMENTATION AND VERIFICATION OF ASSETS...7 THE MINTING PROCESS...8 THE COIN DISTRIBUTION PROCESS...8 ASSETBASE COIN REDEMPTION PROCESS...8 ASSETBASE FOUNDATION, STRUCTURE, RISKS, AND SOLUTIONS...10 ASSETBASE LEGAL STRUCTURE WHAT MAKES THE ASSETBASE FOUNDATION DIFFERENT FROM OTHERS?...10 VIRTUAL COUNCIL POTENTIAL RISKS THAT ASSETBASE REDUCES...11 THE PROBLEM WE AIM TO SOLVE...11 PIRME COIN HOLDERS (PDT) TOKEN SALE DETAILS AND ALLOCATION INFORMATION...12 FOUNDATION HELD PDT COINS...13 PUBLIC SALE PLANS FOR FUTURE GROWTH...13 CONCLUSION

3 Intro to AssetBase What AssetBase provides can be categorized in two categories: The Next Generation Fully Redeemable Precious Metal Crypto Coins AssetBase has developed a new innovated way for precious metal ownership on the blockchain. AssetBase has five different Precious Metal Backed crypto currencies. Every coin is redeemable in pure physical metal. Assetbase has a network of vaults and partners. So if you choose to redeem, you can have your metal shipped to you easily and quickly. AssetBase Verified Asset Coins AssetBase is developing the Proof of Secure Asset Protocol. If you need money to invest in your business, you can digitize assets you already own to raise funding. AssetBase will provide the peer to peer funding platform and a unique certification protocol so that your assets are verified, secure and insured for both you and the investors. With thousands of crypto coins out there, knowing your crypto coins are AssetBase Verified is important. Assetbase is on the forefront of blockchain technology that opens the door to this untapped multi trillion dollar ecosystem with no current competitors in this field. 3 AssetBase Whitepaper

4 AssetBase Verified PROOF of SECURE ASSET PROTOCOL (PAS Certified) PROOF OF SECURE ASSET PROTCOL WILL EMPOWER PEOPLE TO SAFELY TOKENIZE THEIR ASSETS ON THE BLOCKCHAIN Problem: Currently there is no legal link between the tokens on the blockchain and physical assets. Legal ownership of physical assets on the blockchain are not realistic due to : Antiquated law that have been in place for thousands of years and will not be changed in the near future. Different jurisdictions and countries have many different laws as pertains to ownership and owner rights. So while you may have a wonderful token or smart contract that represents ownership of a physical property, there is no way to legally enforce that ownership. So you as a token holder are at the mercy of the asset holder (legal owner) to fulfill the smart contracts obligations. In other words, if the legal owner wants to sell the asset your tokens are worthless. So while there is currently no solution to this problem, if those that believe normal people should hold this power, don't come up with a solution, it will be solved by the large corporate banks, they will assuredly use the same archaic laws to their own benefit and create their digital currency and loan it in the same manner as they do now. Asset base has a solution that will keep the power and value of the cryptocurrencies with the people. AssetBase PAP Certified! AssetBase certified proof of asset First the asset provider (legal owner) wishing to tokenize an asset will go to AssetBase.io and fill out a online form listing the details of the asset he wishes to tokenize or asset he is attempting to acquire. The details, pictures, credit rating will be posted on AssetBase.io for the virtual council and the legal council to see and vote on for tokenization. If the council's vote is yes, then we move to step 2 4

5 Step 2 *Verify AssetBase through a network of Legal professionals and entrepreneurs in most countries and jurisdictions will provide a professional evaluation of the asset with a verification of the following information and risk assessment. Title search to verify ownership and free title Appraisal value a legal contract that will be valid in that jurisdiction Secure the asset, by either encumbering the title, to secure the asset or take custody of the asset (for vaulted assets) the asset is insured and AssetBase or a proxy is down as a beneficiary. Risk assessment for asset provider, asset location market etc.. AssetBase will post the results and certifications of the assets AssetBase will then create a smart contract based on the legal contracts information The amount of token for the coin sale will be generated for investors as well as separate coins for the asset owner. The owner's assets will be locked, until the contract is fulfilled, to insure token holders capital Peer to peer lending usage, if the contract or payment is in default the council will be notified and meet on a proposal. If no remedy can be reached, the asset will be liquidated and the capitol will be returned to the investor's coins first, then the remaining revenue from the sale will be returned to the asset owner's coins Certifies asset ownership, value, encumbers and issues tokens. A legal as well as a token based contract will enforce the obligations of the contract, insuring token value and terms. 5 AssetBase Whitepaper

6 Redeemable Precious Metal Coins SilverBase PlatinumBase GoldBase Palladium RhodiumBase 1 gram of Silver 1 gram of Platinum 1 gram of Gold 1 gram of Palladium 1 gram of Rhodium Note: All fees on the precious metal coins can be changed lower by a vote of the virtual council. Acquire Precious Metal Crypto Coins Direct From AssetBase If you want to Acquire precious matal crypto coin direct off of AssetBase, Owning PDT will give you a discount. SilverBase = 1 gram 1-9,999 Purchase SilverBase coins at 10% above spot 10,000+ Best price *3-4% above spot GoldBase = 1 Gram 1-9,999 purchase GoldBase coins *4-6% above spot 10,000+ Best price *1-3% above spot Platinum = 1 gram 1-9,999 purchase asset coins *7-8% above spot 10,000+ Best price *5-6% above spot Palladium = 1 gram 1-9,999 purchase asset coins *7-8% above spot 10,000+ Best price *5-6% above spot Rhodium = 1 gram 6

7 1-9,999 purchase asset coins *7-8% above spot 10,000+ Best price * % above spot *As AssetBase grows and secures purchase agreements direct from mining sources, percentage prices may be lowered by a vote of the virtual council for a more competitive edge. Our goal is to provide asset tokens at spot price for the 10,000+ PDT holders allowing 10,000+ PDT holders to benefit when exchanging asset tokens at open market prices. AssetBase aims to offer precious metals ownership on the blockchain at the most competitive prices. We endeavor to make AssetBase top of the mind when it comes to autonomous precious metals ownership online. key Benefits: Autonomous precious metals ownership on the blockchain Competitive exclusive pricing The AssetBase foundation community is set up to run in perpetuity Combining the divisibility and utility of cryptos with the security and stability of precious metals AssetBase Coins May Have Multiple Uses: Alternative for day/swing traders ICO's or fundraising, using asset coins for ICO/fundraising will create a more stable funding mechanism Inheritance, using Asset Coins for inheritance makes division, stability and may even help with taxes Stable cryptocurrency for use in big ticket transactions AssetBase Verification Of Asset Processes AssetBase is associated with reputable vaults and suppliers, our Asset Base documentation of owned Assets provides full transparency and can be checked on the website Assetbase.io. All assets are insured by Lloyd's of London and transported using an insured courier. Documentation and Verification of Assets Every quarter Assetbase vaults balance sheet/documents will be uploaded to Assetbase.io showing all assets held in the vault. Third party audit documentation from Bureau Veritas will be uploaded. Also, a copy from Ether Scan will be uploaded. Users can quickly and easily check and see the amount of assets held by the foundation vs the asset coins issued. Verifications conducted through the Assetbase foundation will also be uploaded. 7 AssetBase Whitepaper

8 All documentation of assets will be uploaded quarterly on AssetBase.io for anyone to check. The Minting Process After the precious metals have been verified and insured AssetBase tokens are issued based on the amount of precious metal that has been verified. Example: 1 Gram of Silver, Gold, Platinum, Palladium, and Rhodium = 1 Coin. The Coin Distribution Process Freshly minted tokens are made available via AssetBase.io, and are available first to Prime Donor Token holders. PDT holders act as Asset Coin distributors. The price of Asset Coins is determined by the amount of PDT tokens a user holds. AssetBase Coin Redemption Process Our platform provides users with two ways to redeem coins. 8

9 Metals maybe stored in different weights; minimums will apply depending on weight availability. Direct redemptions from the AssetBase vault: o Destroys asset coin upon initiation. o Metal can be redeemed directly from the vault or shipped to users. o Redeemers incur a 1% redemption fee and are responsible for shipping and related expenses. Local Redemptions: o Local reputable precious metal dealers will be tied to the local redemption process. o They will have the ability to bid on a reverse auction getting the coin holder maximum assets for their tokens. o They will be able to return coins into circulation to help further fund AssetBase and to provide extra incentives for PDT coin holders. 9 AssetBase Whitepaper

10 AssetBase Foundation, Structure, Risks, and Solutions As a foundation, AssetBase is an ideal mechanism for holding digitized physical assets. The Foundation is designed to hold assets securely and be guided as autonomously as possible. The founding team behind AssetBase holds no legal authority or financial interest in the Foundation. However, the Foundation itself is monitored by a real council, which is comprised of three or more attorneys or lay persons that oversee the legality of the Foundation s operations. Relevant by-laws dictate that the council has responsibility to review all actions and endeavors of AssetBase from an ethical and legal standpoint. The by-laws also dictate that the council bears responsibility to protect all assets of Asset token holders in perpetuity, until the tokens and precious metals are redeemed by their holders. AssetBase Legal Structure Asset Base is structured as a Nevis Foundation. What is a Nevis Foundation? A Foundation has no assigned owners. (It carries the same legal rights as an individual.) Assets held by a Foundation assume a separate legal identity from the personal assets of the founders, or the members who are on the management board. The Nevis Foundation benefits from the exemption of all taxes. Protection and privacy of assets are guaranteed under the prescribed Foundation Laws Protection and privacy of assets is guaranteed under the prescribed Foundation Laws. What Makes the AssetBase Foundation Different From Others? The Foundation is considered to function as a individual legal entity, and cannot be owned or governed by a sole managing presence. The Foundation is granted permission, by pertinent governing laws, to hold assets in almost any jurisdiction of the world. AssetBase functions as any ordinary foundation, accepting donations and distributing gifts. The Foundation s gifts are linked to the tokenized receipts connected to assets and are redeemable without an expiration. Virtual Council The foundation's guidance board is made up of Primary Supporters that hold Prime Donor Tokens (PDT) as virtual council members. The council will vote on details pertaining to the AssetBase foundation activities. In order to receive a seat on the virtual council or be voted onto the real council, possession of 10,000 Prime Donor Tokens are required. The real council has no limit to the size of the council and can contain many members. You must be a holder of 10,000 tokens to be voted on the real council, a form will be provided for you to list your credentials and other information and a proposal will be made to have a vote with the virtual council. We believe in safety in numbers and would like to see many of the PDT holder members be on the real council. The real council will vote on suppliers, vaults, metals to acquire, firing/hiring and which assets to support. 10

11 Potential Risks That AssetBase Reduces AssetBase mitigates the risk of asset losses through affiliations with trusted vaults and reputable metal suppliers. All operating vaults are insured by Lloyd s of London, inspected by trusted third parties, verified, and insured. The foundation will be made up of many PDT holder members to insure the safety and continuity of the foundation. Asset inspections are conducted by Bureau Veritas, founded in Bureau Veritas is a global leader in testing, inspecting, and certifying assets. The organization delivers high quality and secure services to clients who need help with meeting growing challenges pertaining to the safety, quality, and environmental protection of assets. Bureau Veritas provides innovative solutions that go beyond simply handling standard, regulatory, and compliance issues. The Bureau effectively reduces risks, improves performance, and promotes a sustainable business development environment. Bureau Veritas is recognized and accredited by major national and international organizations for their impeccable core values pertaining to integrity, ethics, impartial counsel, validation, consumer-oriented focus, and security assurance. Assets are insured by Lloyd s of London, founded in Considered by many to be the foundation and future of the insurance Industry. Lloyd s of London is led by expert underwriters and brokers with experience in over 200 different industries. The British company develops solutions for complex, critical, and essential insurance needs for human progress. The organization is backed by diverse global capital and excellent financial marks. Lloyd s cooperates with a global network to grow the insurance world, providing business and local communities with resilience for successful, safe, and protected economic growth. The Problem We Aim To Solve AssetBase aims to solve the standing issue of linking physical assets to the blockchain. AssetBase Foundation solves these issues by acting as a custodian for vault able assets for people and businesses. Certifying and securing non-vault able assets for anyone wishing to safely and securely tokenize their assets. By holding the precious metal safely, until the metal is redeemed, allows the token holders to remain anonymous until the assets are redeemed. 11 AssetBase Whitepaper

12 Pirme Coin Holders (PDT) The Prime Donor Token (PDT) is at the heart of our ecosystem. PDT holders help to guide the foundation as virtual council members via creating proposals, voting on proposals, and as a reward will collect micro transaction fees in the form of AssetBase tokens (gold,silver,platinum, rhodium, and palladium) and or Ethereum. In order to recieve a portion of the transaction fees, a person will need to hold 10,000 PDT. Being a holder of the Prime Donor Token (PDT) grants you the ability to collect transaction fees (currently set at 0.17% unless changed by a vote of the current set of virtual council) on all AssetBase asset redeemable and future Asset-backed tokens. PDT tokens can be used to acquire asset tokens that can be held, traded, or redeemed upon your discretion. However, only Prime Donor Token holders (PDT) will be able to acquire asset tokens directly from AssetBase (There is no limit to a number of asset tokens that can be acquired by the PDT holder as they have the ability to pre-order tokens. PDT holders also receive special perks, discounts, and benefits based on the amount of PDT tokens held in wallets AssetBase will offer its Asset tokens directly to PDT holders. AssetBase does not partake in speculative actions. AssetBase conducts the digital coin minting process and insures redeemability of these assets for the token holder. AssetBase fees can be changed by vote through the virtual council. Note: If you participated in the initial fundraiser you will get ABT tokens in exchange for Ethereum, after the sale is finished you will need to trade your ABT tokens in for the PDT Coins, you will get one for one. This is done for security. Token Sale Details and Allocation Information Total Locked Supply: 100,000, Presale: 5,000, Early Adopter Sale: 40,000, Public Sale: 15,000, Foundation: 30,000, Team: 10,000,000 12

13 Early adopter sale will be divided into 4 different lots. Each lot will carry varying volumes of Coin amounts as well as price points. Lot 1: 5,000,000 tokens at $.40 per token. Lot 2: 7,000,000 tokens at $.60 per token. Lot 3: 12,000,000 tokens for $.80 per token. Lot 4: 16,000,000 tokens for $1 per token. Foundation Held PDT Coins The Foundation will hold 30% of the Prime Donor Tokens. The Prime Donor Tokens held by the foundation will be used to fund the foundation's operations through asset token transfer fees. Public Sale The date and price for the sale of Prime Tokens to the Public will be determined after the Early Adopter sale is complete. Some of the Prime Donor Tokens in the Public sale can/will be used for the referral programs. Plans For Future Growth Our vision at AssetBase is to ultimately expand operations so that real estate, business, and rental properties may be linked to the Blockchain in the future. We envision AssetBase Foundation as a vessel to allow assets to be priced, verified, vaulted, and then tokenized. All of the Foundation s proceeds will go towards enhancing growth and development with the goal of stabilizing the cryptocurrency space. In due time, we will ensure that Asset tokens will become tradable on all major cryptocurrency exchanges. 13 AssetBase Whitepaper

14 Conclusion The AssetBase Foundation aims to stabilize and add utility to the cryptocurrency space by providing a use case for adding physical assets to the blockchain. Our community-guided Foundation opens up doors for assets to be digitized for cryptocurrency trade applications. We believe, AssetBase is perhaps the only viable route through which physical assets can be linked to the blockchain. We believe there is room for tremendous growth thanks to our community-guided Foundation application. 14