INITIAL COIN OFFERING (ICO) An ICO for the start-up of a new generation of Exchange

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1 INITIAL COIN OFFERING (ICO) An ICO for the start-up of a new generation of Exchange

2 INDEX 1. OUR VISION OF EXCHANGES FOR The known exchange 1.2 A new generation for WHAT IS MONETAE? 2.1 FINMA sandbox and fintech licenses 3. THE SOFTWARE OF MONETAE 3.1 Exchange Monetae 3.2 Trading 3.3 Cold wallets and safe custody 3.4 Instant exchange to cash 3.5 Generator of Smart Contracts Monetae 3.6 Promotion of startups through European incubators 3.7 Bitcoin forks and airdrops for Monetae users 4. THE 4.1 Distribution of collected funds 4.2 Tokens Management 4.3 Objectives to be achieved during the ICO 5. PROFITS AND ECONOMIC PROJECTIONS OF MONETAE 5.1 Generator of smart contracts 5.2 Exchange 5.3 Airdrops 5.4 Debit cards 5.5 Monetae assets MONETAE S SMART CONTRACT GOVERNANCE IN THE DAO MONETAE 7.1 DAO Management 7.2 Board of DAO partners 8. WORK TEAM AND ADVISORS 8.1 Advisors 8.2 Sponsors CONCLUSIONS 26 2

3 1. OUR VISION OF THE EXCHANGE FOR The Exchnage that we know An Exchange of cryptocurrencies is a website dedicated to the exchange of cryptocurrencies directly or indirectly using fiat currency. We understand by fiat currency all types of currency regulated by a government. Among the most common fiat currencies are the Euro, the Dollar, the Japanese Yen, among others. On the contrary, cryptocurrencies are tokens quoted in cryptocurrency markets whose regulation lies exclusively in the blockchain that contains them. Currently obtaining cryptocurrencies, mainly Bitcoin or Ethers, is done using one of the existing Exchange from fiat currency. The system is simple: the user who wants to obtain their cryptocurrencies, makes an entry in the corresponding Exchange using a real-world payment system that is usually a credit card or a bank transfer. In one way or another, this transfer arrives to an Exchange parent account, which is owned by the Exchange itself, and once the receipt of the amount has been verified, it is made real manually through the requested cryptocurrencies. It is a system usually set in motion manually by the Exchange and that basically places the world of the purchase / sale of cryptocurrencies as an operation of buying / selling products, as if it were a book or a musical file. commission on the account (usually a bank IBAN account) on which the refund operation is performed. There are alternative Exchange models, such as Poloniex, which base their business model on cryptocurrency trading based on the rotation of their values using Bitcoin. Each time a user wants to buy any cryptocurrency, he does so from the amount he has in bitcoins in his Exchange account. Similarly, the sale of cryptocurrency goes to the user s bitcoin account. This type of Exchange does not support transfers or disbursements with the fiat world, so these efforts must be made with other Exchange that do. Both Exchange have a policy based on the use of fictitious accounts and the reflection of the balances of the users from the calculation on the operations carried out with cryptocurrency. On the other hand, the price of cryptocurrency, although generally it is usually adjusted, always has a margin used by the Exchange to obtain small profits on the sale of cryptocurrency, although as such said sale is fictitious. The operations are reduced to accounting notes in the user s account on the increase or decrease of each cryptocurrency according to the operations performed by each user. The benefit of these operations for the Exchange is quite obvious. Its collection is based on the use of commissions associated with each operation carried out. These commissions, as can be seen in the main existing Exchange, usually go from 0.10% to 0.25%. Another important aspect of the existing Exchange that operate with fiat currency is the fiat money refund operations from cryptocurrency. These are made from the change in the cryptocurrency according to the Exchange criteria and applying the corresponding 3

4 1.2 A new generation for 2018 So far this type of cryptocurrency exchange systems have worked well and have marked the beginning of this type of systems, but their characteristics and form of operation will be insufficient by Especially because they have started from mechanisms of the real banking world to try to support the world of cryptocurrency, when in reality this world is much broader, can provide more services to its users and, above all, can be made more digital and profitable. For all the above, we think it is time to take the step to a new generation of Exchange, which based on blockchain and following a democratic and universal policy, are able to unite the fiat world and the world of cryptocurrency in a way natural, providing users with a complete view of their assets, virtual and / or real, covering the entire range of new trends in the world of cryptocurrencies, and providing a set of new functionalities or business units whose demand is going to be a reality. Monetae is, therefore, the first product of a new generation of Exchange, which will integrate naturally and inclusively the real world and the virtual world, which will offer services adapted to the new reality of the world of cryptocurrency and which will seek maximum profitability for all its owners. This profitability is going to seek not only in the form of profit sharing, but in the form of distribution of new currencies, the true essence of the blockchain world and a new generator of benefits much more powerful and potentially more profitable than the participation. Welcome to Monetae, a new generation of Exchange for all. This new set of products / services linked to blockchain have to do with smart contracts when it comes to socializing and extending them, so that they are accessible to any company or service provider, such as lawyers, service companies, supply chain, etc.. Another trend has to do with the forks and airdrops that are being produced with Bitcoin and that will be produced with other cryptocurrencies during Monetae will support all the forks and airdrops that occur in Bitcoin and other digital currencies. This reality will be supported entirely by Monetae. This functionality is not currently available in any Exchange and will become indispensable in the future due to the frequency that this type of operations will be. Additionally, Monetae will also accommodate the partial airdrops that often occur in other new digital currencies. 4

5 2. WHAT MONETAE IS? Monetae in a new multifunctional Exchange generation for 2018, which will accommodate all the initiatives of the community in the form of smart contracts, ICOs, forks / airdrops, within a clear regulatory and technological framework. Monetae will be located for tax purposes in the Canton of Zug, Switzerland. The fact of being in Switzerland provides security at the level of taxation, business operations and responsibility of administrators with respect to users, who will also own the Exchange itself. The following section provides details on the regulatory environment provided by the FINMA (Federal Supervisory Authority of the Swiss Financial Market). Monetae will be the first product of a new generation of Exchange oriented to cover functionalities adapted to the new needs of the blockchain, to unite the virtual and real world, to try to bring the blockchain technology to the business needs and to adapt to the new demands of the users of cryptocurrencies. It is an advanced, safe, legal and democratic environment. The concept of Exchange changes with Monetae. Other important aspects of Monetae are the following:: First of all, Monetae is going to be an Exchange owned by its users. The benefits generated by Monetae will be distributed among its users, who will be the ones who manage and control its governance mechanisms. Provide any user with a virtual debit card associated with their accounts that will allow payments to be made directly using the funds of the Exchange immediately. Provision to any user of the necessary cryptocurrency accounts that they need depending on what they have, with the possibility of providing cold and hot portfolios. Monetae will provide users with a virtual card that will allow payments to be made at any store or Internet place 5

6 using Exchange funds. It will not be necessary to use other intermediaries to be able to use the money managed in the Exchange. Provision of a set of simple tools, powerful and accessible to companies or individuals without programming knowledge that allows instant deployment of smart contracts on various types of blockchain (particularly Ethereum) in order to launch ICOs and Crowdsales with guarantees of a conventional bank and with the possibility of providing the clients of those ICOs the participation with conventional currency and / or cryptocurrency. Active, immediate and instantaneous support to all Bitcoin airdrops, be they Bitcoin or other cryptocurrencies that use the Bitcoin blockchain. The user will not have to request it, Monetae will provide it when they occur. Additionally, Monetae will be a product that uses its own token (Monetae) to distribute benefits among the users in possession of them. The Monetae tokens will be used as part of the new chain generated by the projects that are launched from the ICOs generator. These will use airdrop techniques to obtain 10% of the tokens that are generated in each of the new ICOs. That is, each ICO generated in the Monetae platform will distribute 10% of its tokens among Monetae users in proportion to their participation in the company. Monetae aims to become the most powerful platform for the launch of ICOs and Crowdsales worldwide. Therefore, a new concept of Exchange is presented, which differs from the current Exchange in the following aspects: Connection of the real world with the virtual one through the debit cards that the users will obtain by the simple fact of belonging to Monetae. Provision of a standard, understandable and conventional mechanism for the generation of ICOs. Community at the forefront of the Exchange with automatic decision-making and benefitsharing mechanisms Provision of an adapted environment for startups without knowledge of blockchain or smart contracts that allows developing a powerful financing ecosystem. Airdrop system to guarantee participation in the new ICOs that are generated from the Exchange itself. 6

7 Finally, and although it has already been mentioned before, it is important to highlight the right that all Monetae users will have to have a virtual debit card to carry out operations directly with the funds stored in the Exchange. 2.1 FINMA sandbox and fintech licenses The FINMA Swiss will support the introduction of a new type of license for financial innovators and a license exemption area called sandbox where you can test this type of fintech initiatives. This category of license would be suitable for business models that directly or indirectly touch banking activities such as Monetae. Because the risks are minor and the scope of the business is limited, FINMA understands that the license requirements are less extensive than in the case of a conventional banking license. It would be the case of financial service providers that do not accept more than 50 million francs in deposit, that could request a license of this type with only 5% of the capital on the accepted amount. The issuance of this license would lower the threshold of entry of providers of payment systems for the management of digital assets. FINMA even contemplates an environment with partial license exemption for startups with a limit of 200,000 Swiss francs regardless of the number of depositors. Monetae will use this new regulatory framework that provides the maximum guarantees to its users and partners. 7

8 3. SOFTWARE MONETAE Monetae is a DAO that will work on the Ethereum blockchain. It will be composed basically of four modules that together will form the DAO and that will formalize all the necessary aspects for the functioning of this Exchange. These modules will be the future of the Exchange as a whole, we will provide a unique tool that will give the user a profitability and security that does not exist at present, among them are dedicated to cryptocurrency exchange functions, which will include the function of airdrop, the generation of ICOs with a system of benefits through airdrop for the owners of Monetae, the generator of smart contracts and the management module of the DAO as a whole. In the following figure, each of these modules is detailed and the communication between them is specified. 8

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10 Monetae will function as an Exchange equipped with a cryptocurrency system. It will have (1) the capacity to accommodate the development of new ICOs covered by the legality of the actions, (2) the automatic incorporation of the tokens of these ICOs (applies if they are ERC-20 and if they are in the market) and ( 3) Monetae s active participation in its launch and promotion. In return, the owners of Monetae will obtain a 10% stake in the ICO through an airdrops mechanism that will allow distributing 10% of the ICO market tokens among the owners of this bank. At the level of external management with the real world, the DAO Monetae will be supported by the commercial entity located in Switzerland (Monetae SARL), which will comply with all AML / KYC requirements of the authorities of all countries. All the components of the Monetae ecosystem are discussed in detail below. 3.1 Exchange Monetae The Exchange Monetae constitutes a new generation of Exchange. At the level of general functionality, it is a conventional Exchange, with a flat rate of transfer, purchase and sale of cryptocurrency of 0.10% (the lowest in the market), which will make it attractive for a good number of users. That is the conventional part, but what is really attractive about Monetae is the unconventional. In this way, an Exchange with exchange capacity for cryptocurrencies will be developed, which in a first phase will cover BTC, ETH and LTC on a mother account that will manage the Exchange and on which the income of the users will be deposited and will be managed within of the Exchange. Likewise, this account will be in charge of making the deposits on the same accounts from which the users have made the income. The main characteristics of its operation of the Exchange are the following: Exchange of cryptocurrencies. Purchase of cryptocurrencies from deposits made by users in the Exchange s parent account, whose access may be made through transfer of IBAN accounts or by payment by credit card. Withdrawing funds from user accounts to their IBAN accounts or their credit cards through the interaction carried out in the Exchange and its subsequent action from the Fiat currency exchange services. Access to graphics and user interface for tracking quotes. As additional functionality for cryptocurrency users in the Exchange, support will be provided and the necessary controls will be enabled to support all the airdrops of other cryptocurrencies that are produced over Bitcoin. In the following sections we discuss in detail what these airdrops consist of, why they are so important as a source of income generation and why it is considered an outstanding functionality in the Exchange in order to provide more profitability to its users. 10

11 3.2 Trading Monetae is going to have two phases, a first one of virtual Exchange and a second of constitution of Banco Monetae. Both in the first and subsequent phases, trading tools will be provided for all its users based on the best market practices and experiences that Monetae will develop internally to provide profitability to its users. From the point of view of trading will be offered tools such as those discussed below: Daily operative tools: Daily operating tools such as stop-loss, conditional purchase, automatic purchase, conditional sale, automatic sale, interactive graphics, etc. will be incorporated. Query tools: Operations history, Excel export, returns, accumulated earnings, filtering operations, weekly schedule, etc. Community tools: Loans conditioned between users, direct loans between users, etc. Predictive tools: Predictive analysis, demand analysis, altcoins projection, detection of opportunities, relative behaviors, risk analysis, technical indicators, etc. 3.3 Cold wallets The Exchange will provide cold wallet functionality for its users. Cold wallets are a very effective way to preserve digital assets in a safe way, in fact, the normal thing for users is to keep a small part of their digital assets in normal wallets or hot wallets, which are characterized by being connected to the Internet, and have the most part in cold wallets that are disconnected from the Internet, so the possibility of an attack is null. The cold wallet functionality will be available to all Exchange users. 3.4 Instant Exchange to cash Exchange users will automatically receive a virtual card associated with the fiat currency funds they have in their Exchange portfolios at the time of their registration. This will allow them to use said funds in any real or digital commerce that accepts this form of payment. This will imply that virtually instantly a user can transfer their deposits in bitcoins, ethers or other cryptocurrencies to their fiat balance in Monetae and make payments with them without having to resort to any other intermediary. The Exchange will take care of the whole operation. The possibility of having virtual debit cards associated with the Exchange account is a service not contemplated so far by any exchange in the market and is a step in the union of the virtual and real world that will start the Exchange. 11

12 3.5 Generator of Smart Contracts Monetae Monetae will have a mechanism for the automatic generation of smart contracts that will use standard templates that will accelerate and enable the start-up of ICOs by companies without knowledge of programming languages. In addition, the fact of accommodation and taxation in the cryptovalle provides guarantees both from the point of view of the companies that use these services and from the point of view of the users of Monetae, who will always benefit from the inclusion of new startups for use the automatic system of access to financing through ICOs. This mechanism, of automatic management and generation of smart contracts for ICO, will be configurable directly by any user from the templates and the environment provided by Monetae, will be directly linked to the ICO through a link with its own identification that will allow the deployment automatic. Said deployment can also be tested in a sandbox prior to its final deployment in the Ethereum blockchain. As part of Monet s expansion plan, its action will be extended to other blockchains later. Access to software and contract templates will be free and only in the case of deployment of the same over the Ethereum blockchain will have an applied rate of 10% that will include the revision of the smart contract and its verification before deployment. That 10% will have to do with the tokens provided by the ICO that is put into operation, and will be transferred to the owners of Monetae by means of an airdrop mechanism on all of the Monetae tokens. The characteristics of the system of generation of smart contracts within Monetae are the following: High and low of users based on the list of Exchange users Creation of Smart Contracts for ICO from the templates: this section includes functionalities for information, template selection, smart contract data, check information and smart contract generation. Listing of smart contracts: it exposes a list of smart contracts already developed or of the drafts thereof. Deployment: smart contracts deployment interface with copy of data in JSON format. Creation and list of templates for ICO smart contracts: a wide variety of templates will be offered according to the usual needs for ICOs. All the templates will have a cloning function. The smart contracts will be automatically equipped with an API that will allow the call to them from external functions for interaction with other applications. Accounts: list of Ethereum and sandbox accounts available for each user, with the possibility of creating new accounts and managing them. Blockchain.- Management of the blockchain used and its blocks. 12

13 Management of the blockchain used Many blockcahins Conventional debit card associated with funds Template market for smart contracts Templates for smart contracts Automatic generation of smart contracts 3.6 Promotion of startups through European incubators One of the objectives of Monetae, particularly through the generator of smart contracts, is to accommodate a large part of the ICOs that will be developed in the coming years by startups as a valid means of financing their activities. In fact, at present one of the great difficulties that startups have when it comes to getting started has to do with access to financing despite the very good ideas, initiatives, methodologies and work teams that exist on many occasions. The bureaucracy and demands of banks and organizations generally clash with the pretensions of startups that have few ways of endorsing their projects beyond the project itself or their work teams. Monetae, through its generator of smart contracts, is presented as an alternative financing for companies, mainly startups, that want to activate alternative financing mechanisms that are much more effective than traditional ones. Monetae is already in contact with numerous accelerators and acceleration entities in Europe to include their mechanisms for launching ICOs among the financing possibilities of startups. This will undoubtedly attract many startups that will see in these mechanisms a simpler alternative, usually more effective and much less bureaucratic to access financing mechanisms. As startups are arriving and trusting the functionalities of the Exchange, Monetae users will obtain, proportional to their participation in the Exchange, 10% of the total shares of each Startup. It is important to highlight at this point that you will not admit any type of Startup. Monetae will apply lean Startup criteria for the admission of startups and will verify the business models, the prototyping status of the products / services and the state of maturity of the work team, in order to provide Exchange users with only really viable alternatives and with possibility of obtaining financing. In this way, Monetae will try to become a hub destined to provide financing for the most innovative ideas through the startups that represent them 13

14 3.7 Bitcoin forks and airdrops for Monetae users Since mid-2017 and in total safety during 2018, numerous forks and / or airdrops are being produced that use Bitcoin s blockchain to make a free distribution of tokens that often goes unnoticed by Bitcoin owners in some cases or that It is simply ignored by the Exchange as it happens in others. The mission of Monetae is to provide the maximum possible profitability to the users of Monetae tokens, and for this reason, a priority objective will be to accommodate all the forks and / or airdrops that are carried out on Bitcoin in order that users can make a profit the possession of bitcoins and can incorporate it into their portfolios without additional efforts. For this reason, Monetae will commit to all its owners who have Bitcoin in the Exchange, to accommodate and support all the airdrops that occur from its start-up in order to optimize the use of funds of its users. The governance system of Monetae will allow that in cases where these forks / airdrops on Bitcoin are not reasonably solid, the possibility or not of facing them can be put to the vote. In principle all movements of this type will be considered by the Exchange in defense of the interests of its users. 14

15 4. Monetae is launched under the ICO system, where a total of 87% of its shares will be offered through this initial offer. A total of 375 million tokens will be launched with equivalences that will range from 0.4 in pre-ico to 1 in the final section of the ICO. The need for a large capitalization of the Exchange has several reasons. First, the Exchange must have enough funds to be able to handle large daily movements, as is usually the case. The fact of having a greater capacity for daily change implies a greater ability to generate profits and a greater capacity for maneuver and launch new products and / or services. During the ICO, as can be seen later, the tokens will go on sale in installments and the prices will vary with the aim of rewarding the early risers. The ICO schedule and sales schedule is as follows: April 2017: Beginning of DataPaga operations. July 2017: Conceptual design of the Monetae idea. September 2017: Start of software development ( 750,000 investment), contact with consortium companies and start of the white paper. October 26, 2017: Launch of the ICO presentation page and subscription list. November 5, 2017: Smart contract regression tests and first software tests. November 15, 2017: Completion of smart contract. External audit by CoinFabrik. November 21, 2017: ICO official website launch. November 1 to 22, 2017: Pre-ICO. 20 million tokens. December 1, 2017: Launch of the ICO. December 1, 2017: Exchange demo launch and Smart Contract Generator. February 1, 2018: Completion of the ICO. February 4, 2018: Entry into FINMA Sandbox for financial license. March 1, 2018: Functional Smart Contract Generator. April 1, 2018: First Exchange Monetae version (only virtual). June 15, 2018: Start of support for airdrops. ICO presentation events: o November 22 (Madrid, España) o November 27 (Málaga, España) o December 1 (Zurich, Suiza) 15

16 Monetae will sell 300 million tokens in its ICO, leaving 20 million for the Pre-ICO, 5 million for rewards and 50 million for the property. The tokens that are not sold during this ICO will burn forever. No more Monetae tokens will be issued. As consideration for the 50 million tokens acquired by the property, it will launch one month after the end of the ICO, the digital currency exchange and the automation system for the generation of smart contracts for ICOs. The rest of the proceeds will be used to support the airdrops, increase the functionality of the smart contracts generator, and make the request for a financial license within the regulatory framework of FINMA sandbox tests. All these functionalities are conditioned to the operation of the ICO, but one way or another, sooner or later, will be launched to place Monetae as the first product of a new generation of Exchange. The sale of the tokens to begin and end on the dates indicated will be made by sections according to the following table: As previously mentioned, the tokens not sold during the ICO will be burned forever. No more tokens will be issued for Monetae anymore. The total number of tokens will be that established after the sale. 16

17 4.1 Distribution of funds collected The objective of the collection of ICO funds is to provide Monetae with sufficient resources so that it can progress adequately, meet the objectives and benefit the owners of it. It must be made clear in advance that the Exchange will be launched regardless of the collection obtained as long as the sale of the 25 million tokens of the pre-ico is obtained. The destination of the funds collected will be as follows: 10% 20% 1% 1% 3% 5% 60% Developers of the Monetae environment. Monetae legal and economic development Advisors Audit and legal and economic management of Monetae Development of the auxiliary modules of Monetae Property Capitalization of Monetae for fiat currency and cryptocurrencies and, in case of exceeding 200 million tokens, funds necessary to make the request for banking license in Switzerland. 17

18 4.2 Management of tokens In total Monetae will have a maximum number of tokens of 375 million. Some of the characteristics of these tokens are discussed below: Property tokens will not be able to carry out any operation until twelve months after the end of the ICO. In this way, greater guarantees are provided regarding the management, maintenance and development of Monetae. All Exchange tokens are ERC-20 format so they can be sold and exchanged in several Exchange that will be provided by Monetae. Additionally, these tokens can be changed and managed in the virtual Monetae Exchange itself when it is operational. The tokens holders will receive a reward of 80% of the profits of the Exchange on a quarterly basis in proportion to their participation in Monetae. These benefits, discounted the operating expenses of the Exchange, will be computed directly on the operations of the Exchange, will be accumulated in a common stock exchange and will be deposited in the accounts every three months in Ether currency. possessed, although by general rule it will be an automatic procedure, transparent to the user and that will be managed directly from the portfolio of this in the Exchange itself. The tokens received as a consequence of the 10% partial airdrops received in the ICOs promoted by Monetae will be managed in accordance with the token management rules for each of the ICOs on which the airdrop is carried out. At present, according to the studies carried out in European accelerators by Monetae, there would be more than 14,000 companies with financing needs and projects mature enough and prepared enough to be in a position to use the launch mechanisms of ICOs for startups of Monetae. This will represent an important potential benefit, due to direct participation, for the users of Monetae. The first profit sharing of tokens will be made on June 22, 2018, just 3 months after the Exchange begins to operate. From there, and every 3 months, there will be a distribution of benefits according to which the Exchange is getting. These benefits will be public, will be audited by the Swiss authority and will have a distribution forecast. The remaining benefits of the operations of the Monet operations (the other 20%) will be used for the maintenance of the Exchange, the development of new functionalities, including those that could not be carried out if the collection of the ICO is below of certain levels as discussed later. The new features will have to be approved by a simple majority of Monet users. The token holders will receive, quarterly, a participation by airdrop system on 10% of the total tokens of each ICO that is launched by the Monetae platform in proportion to their participation in Monetae. The platform itself, for each type of ICO, will publish instructions on how to perform the airdrop depending on the number of tokens that are 18

19 4.3 Objectives to be achieved during the ICO As mentioned above, a high capitalization of the Exchange has several reasons. The Exchange must have enough funds to be able to handle large daily movements as usual. The fact of having a greater capacity for daily change implies a greater ability to generate benefits and a greater capacity for maneuver to generate and launch new products and / or services. Starting from 50 million Monetae tokens- Everything in the previous stages will be implemented, plus the request for a financial license using the FINMA Swiss sandbox. Starting from 200 million Monetae tokens- Banking License Request from the Swiss authorities. The final objective of the ICO is to get the development of a conventional bank with Exchange characteristics, that is, endowed with virtual wallets and linked IBAN accounts, allowing the free exchange of cryptocurrency and fiat currencies. Additionally Monetae will have, as a novelty, its own full environment for the launch of any type of ICO to the market, will be equipped with AML / KYC system and will support airdrops that are given by any cryptocurrency with reference in Bitcoin with the object to protect the interests of their customers and the possession of bitcoins on their part. These objectives will be implemented based on the benefits obtained during the ICO with the following scale: Up to 20 million of Monetae tokens.- Exchange mechanisms will be launched exclusively virtual, with the ICOs generation system. Up to 50 million of Monetae tokens.- will be launched the mentioned in the previous stage, plus the launch of airdrops on Bitcoin for the owners of Monetae tokens. The management of external airdrops, when these are limited, will be executed using a consensus algorithm that will use the number of Monetae tokens and their antiquity, in order to reward the loyalty of the Monetae owners, but also their contribution to the network being a token owner. 19

20 5. PROFIT AND ECONOMIC PROJECTIONS OF MONETAE Monetae s profitability and economic projections are determined to a large extent by the level of investment, the services achieved and the pace of user adoption. In any case, Monetae will have four business units whose incorporation will be progressive The following table establishes a predictable calculation on the increase and profits of the platform for the first two years, where the profitability of the platform can be observed. With respect to the figures that follow, and whose justification can be found in this same section, it is worth clarifying that the benefits from airdrops have not been considered, although they have been included in the calculation. These benefits will have an impact both on the funds of the platform and on the users themselves, although they are only indicative and have not been used for the calculation of benefits. In a very summarized way, the income and expenses foreseen for Monetae are the following: As can be seen in the table, these revenues and expenses are based on the assumptions contemplated for the four business units of Monetae: Generator of smart contracts, Exchange, Airdrops (not accounted for, although real) and cards that will be issued. The following projections have been used for each of these business units: 5.1 Smart Contracts Generators 20

21 5.2 Exchange 5.3 Airdrops 5.4 Debit cards The cards are not in itself a great benefit for Monetae, but for its users who will be free of virtually any type of commission. In this sense, optimal commissions have been negotiated that are very difficult to obtain in the market for debit cards. 21

22 5.5 Monetae Assets Another important part of Monetae are its assets. After the ICO, these assets will be the property of all the token owners who will be the ones who obtain the benefits of the exploitation of the same. The list of assets that Monetae will have with a calculation of its market value is specified below. Generador Smart Contract: Exchanger: Airdrops: (suma de airdrops para dos años) Trading: Software cards: Finance software: SMART CONTRACT OF MONETAE Monetae will set in motion, in order to enable the ICO, a smart contract in charge of capturing the capital and assigning users the participation in the company based on the contribution. The tokens that are not sold will burn forever. The reliability of Monetae smart contract will be determined by three factors: It is public on GitHub at the address, you can find the link at our webpage, so that it can be observed and verified by users. It has been written by Kolokium, a company with extensive experience in the blockchain world. It has been reviewed by Coin Fabrik, one of the world s largest references in the blockchain panorama. 7. GOVERNANCE IN THE DAO MONETAE The governance system is one of the priority elements of Monetae. The owners of Monetae are the users of the Exchange based on the tokens that they have that give them the possibility of intervening in the voting to decide important aspects in the trajectory and operations of the Exchange. As if it were a normal company, Monetae will be managed by a set of administrators that will never be one and that will maintain permanent communication with the rest of the partners in a kind of continuous General Meeting. Additionally, the Monetae governance system will allow partners to send questions to the administrators for their response and subsequent publication in the private spaces of the partners. 22

23 Externally, Monetae will be managed by the company Monetae SA, located in Zug, Switzerland and whose mission will be to carry out all the necessary steps for the operation of the company at the real world level. Thus, a decision-making body is established for the company that will be the partner, dependent on the administrators of Monetae. The tasks of the administrators and who will be administrators, the set of the Monetae partners and the operational functioning of the entire DAO are set out below. 7.1 Administrators of the DAO Any user with more than 5% of the shares of Monetae may be considered an administrator of Monetae and will form part of the committee of administrators who will be responsible for the management and operations of the company if he so wishes. There will also be a procedure whereby a union of partners whose sum of shares is greater than 5% may designate at any time a new administrator who will join the group of administrators of the DAO automatically. Once a member has given their actions to appoint an administrator, they can not be used to appoint a new administrator. It may also be the case of users with more than 5% of the shares of Monetae who do not want to be administrators of the DAO. This situation will not require any procedure since the position of administrator must always be claimed by the user holder of the shares. The system, once it verifies this condition, will grant the degree of administrator to that user. At any time a user may terminate as administrator. The reasons why you can be removed as administrator are the following: The 5% quota has been lost as a consequence of the sale of the shares. A resignation from the position has been submitted through the system. The administrators will be in charge of ensuring the day to day of Monetae and making decisions about the operation of it. The decisions of the administrators can never be strategic and will have to do with situations of the type: Urgent question from partners. Regular question of partners. Compilation and writing of each proposal of the partners. Rejection of the publication of proposals by partners. Solution of daily Exchange operating problems. 7.2 Board of Partners of DAO The board of partners will be the true governing body of the Exchange. The partners will have the possibility through this Board to raise questions and vote on decisions that have to be made at the level of the operation of the Exchange. The actions of the board of partners will be carried out in the following manner: 23

24 Any member with a participation higher than 0.1% may send a question at any time to the administrators, who will analyze it and evaluate its origin or rectification as to propose it to all the members. In case the question is not appropriate, it will be published on the discarded questions board of the partners. The partners can give their support to the discarded questions. Any question with a support of more than 1% will be authorized and will be submitted to the Board of Members. Voting: Any member of Monetae may participate in a vote to decide aspects of the operation of Monetae. Participation in these questions will be based on the percentage of participation in the company. The questions posed in the Members Meetings will be validated by simple majority, with the condition that the vote has made at least 20% of the total capital of the company. In case that minimum has not been reached, it would be repeated in the space of 1 month. The questions / proposals will be raised as they are received and the members will always have 1 week to vote for them. At the end of that period, the questions will be closed and automatically canceled if they have not voted at least 20% of the capital of the company. All questions / proposals approved by the partners will be of immediate application and those denied will not be able to be raised again within a period of at least 6 months by a different partner and in 1 year by the same partner. The administrators will ensure that the questions / proposals of the partners are always positioned by the interests of the partners and the Exchange itself. They will try to discard those that could be harmful to the Exchange and justify their decisions, which will always be adopted jointly. 8. WORK TEAM AND ADVISORS The Monetae work team and their advisors are presented below. The Monetae project has been built and developed from companies, not only with proven and verifiable solvency in its business environment, but also with companies with proved solvency in projects of this type, where business collaboration and the staging of the skills of Management, techniques and coordination become simply essential. We have tried to design a solvent business team at the technical level, particularly at the blockchain level, with the inclusion of references such as Coin Fabrik or Kolokium, companies dedicated exclusively to the blockchain world, Foster Swiss, DataPaga or PuzzleGold, experts in business project management in banking and / or financial environments, of which there is little to be said in this regard, SigCapitales and Elaniin, companies that lead the investment, entrepreneurship and technology movement in Latin America. It is a sufficiently heterogeneous, diverse and joint team, with months already working on the initiative, so that it is successful and marks a before and after in the exchange scenario of cryptocurrencies. Below is some information about the companies that promote and develop Monetae: 24

25 Sig Capitales: It is the company that leads the consortium and is in charge of applying and implementing the strategic lines both at the development and technical level of the Monetae project. Elaniin: In charge of managing and developing all aspects related to marketing, dissemination and knowledge of the project. Puzzle Gold: Company responsible for developing the idea and the fit of the same in the ecosystem, and to follow up the financial, technological and fiat-cryptocurrency aspects of the project. Foster Swiss: In charge of everything related to conventional banking license, AML / KYC agreements in the countries involved and management of the business initiative at a financial level. DataPaga: Financial management and control of bank administrative processes and other means of payment for Monetae. KolokiumIt: is the company responsible for the development of smart contracts, the Exchange and the subsequent start-up. Additionally, it will carry out the technical management of the Monetae tokens associated with the project and the development and start-up of the project s AML / KYC systems. CoinFabrik: It is the company in charge of carrying out the audit and authorizing the start-up of the smart contract that Kolokium will carry out. Your presence is a guarantee on the quality of the code and the cleanliness of the ICO process. IcoFunders: They are in charge of the entire management process of the ICO and the implementation of the operational plan of the same. 8.1 Advisors 8.2 Sponsors The group of advisors from Monetae present a solid experience in their respective professional fields to develop in this way a heterogeneous team, expert in their areas of development and specially coordinated with the management of Monetae as to provide guidelines and reflections that have managed to settle and consolidate this business initiative. The Monetae advisors team is presented below: Antonio Requena.- Pwc Ismael Gallego.- Andalucia emprende Luís Miguel Suescun.- Franco Amatti.- Fundacion bitcoin Javier Martín.- loogic Ariel Yabo.- COINFABRIK Cripto Valley. Swiss FinteCH + technology Association SHAPESHIFT: BLOCK8 Pwc PROMALAGA CRIPTOVALLEY Kolokium blockchain technnologies PuzzleGold FosterSwiss 25

26 9. CONCLUSIONS Monetae is an initiative that wants to launch a new generation of Exchange. An initiative characterized by its connection to the real world of current banking systems and cryptocurrency, adding to this the automation of systems for the launch of ICO s and the provision of own services of Exchange and, ahead of the preparation of its users in front of operations that are already starting to be common as in the case of airdrops or forks that are currently occurring mainly in Bitcoin, but in the future could occur in other cryptocurrency. In the opinion of the project management team, what really turns Monetae into a new generation Exchange is its distributed, democratic nature, as well as the adaptability that it will present and that it will have in the future for all innovations and new products / services that will be launched in the blockchain ecosystem. The governance of Monetae is considered another of the relevant aspects of the Exchange. It is not a specific owner, nor the private interests of a particular company, it is a whole community, which can exercise control over the DAO and which will have the capacity to vary any aspect of the Exchange and the needs of the future imminent. 26