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Important Notice This whitepaper is a reference material for detail understanding of World Peace Coin (WPC), written only for informational purposes. We, CryptoPie Co., Ltd. do not guarantee accuracy of whatever on this paper. Roadmaps for WPC products and services on this whitepaper are current as of the date of the current date, but may have undergone changes since then. All the information here is as of November 1st, 2017. TABLE OF CONTENTS 1. Background 2. What is WPC? 3. Why was WPC developed? 4. Abstract 5. Roadmap 6. ICO 7. Our visionafter June 2018 8. Project Team 9. Conclusion
1. Background Once we think the standard of living which we take for granted over again, we will see not a few countries in the world still cannot guarantee the minimum living standard. While rapid economic growth is expected to increase the income of developing countries, we found that ownership rate of mobile terminals were extremely high in spite of low bank account ownership rate in such countries. We believe debts and consumption can dynamize the economy. Therefore, we concluded the spread of a new cryptocurrency with blockchain technology could make debts and consumption available with the mobile terminals. Based on these backgrounds, WPC was developed. 2. What is WPC? WPC is a cryptocurrency that aims to route out the world poverty as well as a cryptocurrency utilizing blockchain technology, the same as the one used in bitcoin. It enables you the real-time settlement with a low remittance charge. The maximum amount of WPC is set at 2.5 billion and we will donate 10% of them which is equivalent to 250 million to developing countries. WPC contributes to creating opportunities for people, who have neither bank accounts nor access to financial services, to live their independent lives. Furthermore, it utilizes its own artificial intelligence (AI) system called TSUMUGI which calculates credit scores of people with no bank account so that it is capable of providing the revolutionary system, Proof of Lending (PoL), that enables WPC owners to mine while financing. That means, WPC provides opportunities for people who need a finance to live their independent lives by analyzing big data with AI and calculating their credit scores.
3. Why was WPC developed? The world population of today is approximately 7.6 billion, but approximately 2.5 billion people which is equivalent to a third of them are said to have no bank account [1]. People in developed countries can open their bank accounts relatively easily. However, there are many people who cannot have a bank account due to various reasons in developing countries. They cannot access to financial services without bank accounts so that they cannot escape from poverty. One reason of not narrowing the disparity between rich and poor is a lack of financial systems, and about 75% of the poor does not have his or her bank account [2]. In developing countries, there are many people who have no way to receive money and no place to hold their money safely, even if they want to save money. A sound and stable financial service is required eagerly in such countries. People in developed countries use financial services as a matter of course while many people in the world still need them. We need to realize the world peace by utilizing the system of cryptocurrency. Though we have been able to provide financial services through donations, donations done by the donators of goodwill have concerns over the continuity. However, WPC, with a revolutionary financing mining function called PoL, gives people a reason for investment and enables to create a virtuous circle for donations and investments. With save the world with your investment as our slogan, we will do our best to develop WPC as a cryptocurrency to contribute the world peace.
Features WPC is a public cryptocurrency with blockchain of bitcoin type. It holds 10% of the total amount in its dedicated wallet and donate it for supporting the independent lives of the world s poverty. Overview of Blockchain block generation time: 2.5 min block size: 1MB Way of Mining WPC adopts a hybrid system of Proof of Work (PoW) and Proof of Stake (PoS) and plans to move on to a hybrid system of PoW and PoL by October 2020. How to Move the Way of Mining WPC uses the hybrid of PoW and PoS until October 2020. Since then, WPC will move on to a hybrid of PoW and PoL so that it can realize the world peace as well as benefits of investors. In case the planned movement from PoS to PoL in October 2020 is behind schedule, it keeps running with PoS, and does not affect the mining of WPC. Overview of Mining - Proof of Work (PoW) total issue amount: 2.5 billion mining period: 10 years minig reward: 1,200/block (for the 1st year. decreases by 100 every year after that.) - Proof of Stake (PoS) 50% for the 1st year, 45% for the 2nd, and decreases by 5% every year after that. - Proof of Lending (PoL) PoL is WPC s original way of mining: WPC owners in developed countries finance WPC users in developing countries. Anyone who has WPC can be a miner. This revolutionary way of mining by financing is able to generate the world s economic circulation.
TSUMUGI TSUMUGI is a system using a cutting-edge AI technology to realize a FinTech service for investment in the future of consumers. It was named after tsumugu in Japanese, which means spin in English. Like spinning a yarn, TSUMUGI creates(tsumugu) chances and realizes(tsumugu) the world peace with economic circulation. The followings are two main roles of it: - original credit scoring without any financial systems such as banks - mother wallet for functioning PoL practically Original Credit Scoring To minimize credit default risk of WPC owners in developed countries, TSUMUGI calculates credit scores of people in developing countries with its own formula. The credit scores of them had been unclear, because they have no access to any financial services such as banks. The analyzation is done by deep learning based on the following four resources: 1. Personal data such as transactions including remittances through mobile terminals, SNS archives, retrieval history, contact data, social status, etc. 2. Algorithm with statistics got by combining various data like resident areas 3. Usage history of donated WPC 4. WPC loan repayment history of PoL All loans are implemented through a dedicated wallet.however, loan limit and interest rate of borrowers are restricted by setting with their own credit scores which are updated by their payment history.
Here is how TSUMUGI calculates the credit score. Mother Wallet TSUMUGI is a database to provide credit scores for PoL as well as a mother wallet managing and distributing loans appropriately collecting learning materials effectively. With PoL, users do not send or receive money directly each other. Instead, users in developed countries send it to TSUMUGI as a mother wallet automatically for PoL implementation, and TSUMUGI distributes and sends it to users in developing countries according to their credit scores and loan applications. Similarly, all repayments are implemented through the mother wallet and all the records will be learning materials of deep learning. PoL is calculated according to the past WPC remittance and recorded information regarding PoL, and all the remittances should be approved by node.
Wallet WPC designs dedicated wallets for loaners of PoL (we call them UA ) and loanees of PoL (we call them UB ) respectively. UA Wallet Remitting functions for PoL are installed, in addition to common features of cryptocurrency wallets. No limit for remittance and balance. UB Wallet Loan limit is set according the score calculated by TSUMUGI in balance. Functions to see the loan limit, the current loan amount and apply loans with PoL. Flow of PoL WPC sent from UA wallet to TSUMUGI will be pooled and allocated for the allowance in case of delayed loan repayments of UB wallet.
Here is the pool rate for remittance. 1st year: 30% 2nd year: 20% 3rd year: 15% 4th year: 10% 5th year or later: 5% All remitting processes regarding PoL should be approved by node and PoW reward will have been made until 2027. After that, as long as transactions are generated by PoL, node maintains the stability of the blockchain. Because PoL is necessary to maintain and stabilize the transactions and the blockchain, PoL can generate both local economic circulation and donation activities to the poor areas permanently. Donations to Developing Countries Overview 250 million WPC which is equivalent to 10% of total issue amount will be donated to developing countries that need a financial platform. The donations will be done in stages in multiple countries and areas and the infrastructure ground of WPC distribution will be developed to support the poor. In addition to that, it also plays the role of a marketing to complement big data for minimizing the risk of investors. We have chosen Myanmar as the first country to adopt WPC. How to Donate First, we choose some countries carefully based on data such as bank account ownership rate, the penetration rate of Facebook, smartphone ownership rate, minimum wage. Depending on the tendency and future analysis based on the data, and marketing, then, we look for participants within the countries.
They will be recruited on Facebook ad and ads at local stores allowing WPC for 6 months for each and about 1,000 ~ 10,000 people according to the population ratio and application data will be selected as participants. Donation amount per person is about 6 months of minimum wage at the time of October 2018 and it will be sent in installments over about 2 years. Every use history of the WPC will be sent to TSUMUGI with some local data as an initial data. Why Myanmar? The pace of economic growth of Myanmar is extremely rapid, with economic growth rate of 7.0% in 2015. Though it decreased slightly to 5.9% in 2016, it is expected to be 7.7% in 2017 and 8.0% in 2018 [3]. The social infrastructure of Myanmar is developed relatively well, but Myanmar is characterized by a low bank account ownership rate. A survey among people over 15 years of age reported the bank account ownership rate of Myanmar was very low, 23% [4]. On the other hand, the penetration rate of smartphones in Myanmar is extremely high with 89% has their own smartphones. However, it had been only 1% until 2000 [5]. The background of this rapid growth was that the government aimed to increase it to 80% by 2016 to promote the communication infrastructure development [6]. Therefore, Myanmar is expected to continue to develop the communication infrastructure and has the necessary conditions for spreading WPC. Also, its legal currency kyat is so unstable that people usually pay with the US dollar and it is hard for multinational enterprises located in Myanmar to exchange kyat to their domestic currencies. In other words, Myanmar has an environment where a cryptocurrency is easy to circulate. However, cryptocurrency market of Myanmar still has not reached a saturation point. Even the bitcoin nor the Ethereum has not expanded there. We believe that we can have a corner on the market by introducing WPC as Myanmar s first cryptocurrency.
5. Roadmap Here is our roadmap toward our service development.
6. ICO Sales Schedule ICO has become a new way of raising funds for companies trying to launch a new business and is used around the world. With ICO, it became possible for companies to offer their own cryptocurrencies to investors and to raise funds for a new business. We held presale of WPC in October 2017 and plan to hold pre-ico on December 20th, 2017~January 20th,2018. We set our target amount of pre-ico to USD 10 million and are going to use it for development, marketing and the upcoming ICO. ICO is scheduled on March 25th, 2018~April 25th, 2018. Target amount of ICO including pre-ico is USD 50 million. The sales of them are going to be handled on Ethereum and bitcoin and the price is as follows. pre-ico: 1WPC = USD 0.22 ICO: 1WPC = USD 0.27 WPC will be available for converting into legal currencies and major cryptocurrencies on cryptocurrency exchanges from June 2018. The table below shows the details of how the fund obtained from the ICO will be used.
7. Our vision after June 2018 From June 2018, major cryptocurrency exchanges will start to handle WPC, utilizing 5% of the fund obtained from ICO for risk avoidance of investors. Also, donations to developing countries that need a financial platform will begin while WPC will be available for converting into major cryptocurrencies and fiat currencies around the world. We thus will start to create a new mechanism to generate liquidity of WPC. 250 million WPC, which is equivalent to 10% of total issue amount is planned to be donated. We plan to start to donate to Myanmar with WPC from October 2018, and at the same time WPC will be available at cooperative stores and services located mainly in Yangon. Donations to Myanmar will be done for 24 months. Very reliable credit scores can be provided by utilizing scores calculated by TSUMUGI and WPC use history. TSUMUGI continues deep learning with these data and will be able to provide more reliable scores. PoL mining will start after clarifying the credit scores so that we can minimize credit default risk and promote a smooth circulation. By targeting the above roadmap, we plan to consume 250 million WPC by donating it to other areas in a similar scheme. We will decide how much WPC to donate to each area by living standard of it. In case the total amount of donation does not reach 250 million WPC, we will ask for second donations in areas considered to require additional marketing. To realize a smooth circulation of WPC, we will use 60% of the fund obtained from ICO for infrastructure development such as exploring partner companies allowing WPC as a mean of settling and providing devices. From the time the first donation will be completed, 2025, donations will be continued for the purpose of PoL from around the world using credit scores calculated by TSUMUGI, generating the worldwide economic circulation.
8. Project Team We include realizing independent lives of the poor as our vision to deal with the poverty. Lack of financial services can be given as a factor preventing developing countries from developing. We always need money to live today. There are some poor countries where people earn less than USD 30 per month. Seeing this kind of situations, our project team has been considering how to deal with the problem with root out the poverty around the world as our mission. 1. promote the development of financial services by dismissing our cryptocurrency in poor areas. 2. promote the worldwide circulation of WPC with revolutionary way of mining called PoL generating mining reward by financing, as well as pursue the mutual gain of both the poor and investors by realizing the growth of value of WPC To realize this vision, we organized a team with core members from various departments: the top management, development department, corporate planning department, information and communications department, and PR department.
9. Conclusion WPC is a totally new cryptocurrency having possibility contributing to change the world. It had been said that no access to any financial services was the reason why 2.5 billion people without their bank account could not receive educations, launch a business, nor invest for their asset buildups. Without a bank account, they cannot get their credit scores based on their asset status and credit information, and that causes them to depend on money lenders with high interest rates, resulting in making their situation worse. However, do they really need banks in this Internet age? What is necessary for them is to access to a financial service. And if they need a right with a financial service and an opportunity, FinTech can offer it. Even though the past results of microfinance prove a very high repayment rate of it, it has some problems to do in the poor countries because enormous funding and cooperation of giant banks are required. Under existing conditions, very few people can get an opportunity of microfinance. To deal with such problems, people all over the world need to work on together for future market development, but it is hard for a mere individual perspective of devoted spirit to take action rather than a country or company. However, mining can change the situation.it is WPC possible to solve these problems. WPC is a magnificent project to realize the world peace with mindshift from volunteer to investment. Spread of WPC could change the world economy. Thank you for reading to the very end. We hope more investors will aim for the world peace as investors together with us. [1] The World Bank [April 19, 2012] [2] The World Bank [April 19, 2012] [3] Asian Development Bank [September, 2017] [4] The World Bank [April 22, 2015] [5] International Telecommunication Union [2017] [6] Japan International Cooperation Agency [April, 2017]