Peer 2 Peer Payment & Reward System LiteCard WhitePaper By SnowHawk007 Introduction: The History of Fundraising & Blockchain A. Introduction to Digital Currency B. Introduction to Blockchain & Cryptocurrency C. Initial Coin Offerings Introduction: D. Initial Exchange Offerings E. Trustless Marketplaces F. Liquidity Pools & Staking The LiteCard Token A. The LiteCard Mission B.Token Technology C. Token Utility D. Token Distribution F. Tokenomics F. Purpose G. Problem H. Solution The LiteCard Conversion System A. Converting Cash to Crypto B. Converting Crypto to Gift Cards C. Converting Gift Cards to Crypto D. Enterprise Rewards Systems E. Community Building Program F. Integration and Partnerships
The Future of LiteCard A. Overview of the Staking System B. Overview of the Airdrop System C. Overview of the NFT Exchange D. Overview of the P2E Game E. The Board of Advisors F. The Foundation & Non-Profit G. The Road Ahead
1.Introduction: The History of Fundraising & Blockchain
A. Introduction to Digital Currency
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.[1]
B. Introduction to Blockchain & Cryptocurrency
If you have been following banking, investing, or cryptocurrency over the last ten years, you may have heard the term “blockchain,” the record-keeping technology behind the Bitcoin network. Blockchain is a specific type of database. It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order. Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions. In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control. Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
WHAT IS CRYPTOCURRENCY
Cryptocurrency is an internet-based medium of exchange which uses cryptographic functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. The most important feature of a cryptocurrency is that it is not controlled by any central authority. The decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference. Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions. Basically, cryptocurrencies are entries about tokens in decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography. Cryptocurrencies are built on cryptography. They are not secured by people or by trust, but by math. It is more probable that an asteroid falls on your house than that a bitcoin address is compromised. Basically, cryptocurrencies are entries about tokens in decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography. Cryptocurrencies are built on cryptography. Nowadays, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project. But beyond the noise and the press releases the overwhelming majority of people – even bankers, consultants, scientists, and developers – have very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts.
There's little doubt that digital currencies have been among the most newsworthy areas of investment in the past two years. Spurred on by the incredible (and potentially manipulated) growth of bitcoin (BTC), the field of cryptocurrencies has only continued to expand.
This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do. So, let‘s try to make it as easy as possible to understand. A central network connects to one private source, a decentralized network relies on the computing power of a community in a transparent way. To realize digital cash you need a payment network with accounts, balances, and transactions. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps records about the balances. This central server is prone to hacking, manipulation and error. In a decentralized network , you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. https://www.investopedia.com/terms/c/cryptocurrency.asp
Decentralized Finance Will Change Your Understanding Of Financial Systems. Decentralized Finance (DeFi) is likely to have a significant impact on how banks operate in the future – and even has the potential to shift the structure of the whole financial system at a macroeconomic level. Blockchain offers an alternative to traditional finance. Blockchain is permissionless, which means that anyone in the world can connect to it. This kind of accessibility on a global level would solve the issue of inequality posed by the current centralized financial system. Blockchain is decentralized. This means that its records are kept scattered across thousands of devices. There is no centralized server or body of authority that controls the blockchain. The adoption of blockchain technology and the spread of crypto-based financial services would shape a new world of decentralized finance. This world would be characterized by wider global accessibility to financial services, safer transactions, and lower transaction costs.
Excerpt from the first blockchain Whitepaper : “Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure.”
We designed LiteCard to come back to the core of why we feel blockchain was created. To facilitate Peer-2-peer payments and encourage international commerce between communities. We believe in this message of hope and aim to educate our community on how they can leverage assets to improve their quality of life.
The LiteCard Network is being built by builders for builders. C. Initial Coin Offerings : Initial Coin Offerings (ICOs) Fundraising within the cryptocurrency industry has followed two axes of development: one between trusted and trustless and one at the point of The History of Fundraising ICOs started the crypto standard to fundraise without a centralized point of trust. We witnessed several projects fundraise directly on their front end with a simple smart contract that executed sales. This allowed anyone who had access to a wallet, with the relevant funds, to participate in ways that hadn’t been seen before. It also allowed projects to conduct raises on a peer-to-peer basis. The trust level in this model was relatively low, and without a risk backstop built into processes for fundraising, the potential for fraudulent activities that could occur was uncapped LiteCard will offer coins to the community and allow our users to purchase equity in our company via tokens.
The $LITECARD token will fluctuate in value based on many factors including the overall condition of the market.
Team LiteCard does not encourage investing in cryptocurrencies without doing research and understanding the risk.
D. Initial Exchange Offerings
Initial Exchange Offerings (IEOs) Without a risk backstop protocol built into the ICO model, we then saw fundraising gravitate towards a centralized point of trust and became a favorable alternative. IEOs was an example of such a solution that relied on a centralized exchange as a trusted third party for a project fundraising. Whilst it could mitigate risks for contributors, fundraising projects would need to gain the trust of the exchange first – usually mediated by a significant cost of entry as proof of trust – before gaining the trust of the market. In this model, marketplace access is gated and trust is centralized in the gatekeeper at a cost to
When $LITECARD launches on an exchange Team LiteCard will promote the new listing and educate the community on how to safely use functions in a responsible way.
E. Trustless Marketplaces
Trustless Marketplaces The fundamental component to a trustless marketplace access is a protocol that defines trust in a proof-of-trust process that does not require an intermediary. This proof-of-trust usually incurs a cost to the protocol participants. In Bitcoin’s example, the cost is instantiated in computing power. However, this cost does not directly benefit any intermediary and should by design be a part of the incentive cycle that makes the system last. The cost of computing power in Bitcoin’s example ensures the miner’s incentive while making the whole system trustless. As the development of trustless vs. trusted progresses, the point of trust is evolving as well.
While the exchange-centered fundraising scene is added with new features, the emerging world of DeFi and NFT have given rise to a new group of points of marketplace access that are native to the decentralized finance world. Introducing Launchpads, a different method to centralized exchanges, and an example of a trustless marketplace with the ability to plug directly into the DeFi space.
Successful examples demonstrated the power of a composable platform. We have also seen that because DeFi is segmented into functionally focused protocols and blockchain-specific ecosystems, launchpads are also ecosystem-specific unlike the ecosystem-general CEX. With a degree of market allegiance, a level of pseudo-centralized trust is already implied.
Due to the nascent nature of DeFi and the open-access format of value exchange, similar to the functionally focused mobile apps today, we would likely have many ecosystems existing in parallel and not necessary in competition with each other, while having aggregator solutions that reduce friction for exchanges that happen between those ecosystems and protocols.
Current business ledgers in use today are deficient in many ways. They are inefficient, costly, and subject to misuse and tampering. Lack of transparency, as well as susceptibility to corruption and fraud, lead to disputes. Having to resolve disputes and possibly reverse transactions or provide insurance for transactions is costly. These risks and uncertainties contribute to missed business opportunities. Furthermore, out-of-sync copies of business ledgers on each network participant’s own systems lead to faulty business decisions made on temporary, incorrect data. At best, the ability to make a fully informed decision is delayed while differing copies of the ledgers are reconciled.
Team LiteCard encourages all community members to do diligent research and understand the risks that investing in cryptocurrencies can present.
F. Liquidity Pools & Staking
This unprecedented growth of DeFi serves as proof to the fact that DeFi has completely revolutionized the financial system of the world. Earlier people benefited from a meager interest rate on their capital holdings with the banks. However, with the advent of Defi staking, people can now yield lucrative interests by just holding the cryptocurrencies without any transaction or trade being done. While it seems unbelievable, this is how it works from a technical perspective. The role of validators in Blockchain The blockchain ecosystem established across the globe requires strong and powerful computing machines to perform and crosscheck the blockchain process to achieve complete decentralization. The entire process is fueled by the ‘Consensus Mechanism’. The service providers who perform such tasks of high computation and validation are awarded some rewards against their all-important services. In this way, a fair economy is maintained without the intervention of a third party such as a bank or any other financial institute. The consensus mechanism helps maintain harmony in the ecosystem by providing an incentive to the validators which acts as a motivation for the validators to stay true in the network. There are several consensus algorithms used in different blockchain platforms. However, the two most prominent Consensus Mechanisms are: 1.PoW-Proof of Work In proof of work, a complex mathematical puzzle is used to represent the authenticity of a transaction. People who record the new transactions performed over the decentralized system onto a global ledger are referred to as Miners. Miners solve the crypto hash so as to validate and use the cryptocurrencies related to the hash. The whole process is termed Mining.
(Proof of Work is at the center of controversy regarding energy use)
LiteCard Does not use Proof Of Work as it is Built on Solana. The Solana network uses a Proof-of-Stake consensus mechanism (often abbreviated to PoS). Every validator on the network has an opportunity to participate in consensus by casting votes for which blocks they believe should be added to the blockchain.
2.PoS-Proof of Stake The Proof of stake mechanism provides the mining opportunities to the stakeholders (known as validators) in proportion to the assets held by them. A coin used in a transaction cannot be held in a stake simultaneously. This is how the false players who try to rig the system get their stakes confiscated from their staking wallets. This has incredibly increased the security of the blockchain even more. It’s really commendable to see how DeFi staking has given a chance to millions of people to earn a passive income by just processing the data blocks. However, before diving deep into this technology one must understand the concept of staking. The two prominent ways how one can yield interest through staking are: 1.Users can also generate high-interest rates annually by just holding their crypto assets on the crypto platforms online. This is one of the simplest ways to generate interest from staking. The Liquidity Providers will stake assets in LiteFund and earn a yield. A variable interest rate will be earned by liquidity pool contributors 2.Additionally, the stakeholders can join with some online stake pools known as secondary markets, and the rewards earned by the pool are shared among all shareholders. This is another way to generate higher interests from staking blocks. Apart from these ways, the factors governing Defi staking rewards are: A.Staking Duration - How long your tokens are staked for determines what interest rate you receive. LiteCard will offer a 12 & 24 month option. B.Assets staked by user/platform - Staking different types of currencies yields different return rates. BTC yield rates will vary from LITECARD depending on the assets value. C.Inflation rate - The volatility in the market cause changes in the APY
D.Network issuance rate - Depending Staking has become the most popular medium of passive income for millions of users worldwide. The traditional financial system has failed to simplify the process of borrowing and lending while also being unable to provide much-needed transparency. With the advent of Defi staking, the crypto market has been able to accommodate such needs of the modern, informed customer and the market has seen tight competition for lending and borrowing from investors. The funds of any dishonest member of the blockchain are fully liable to be confiscated and rewarded among the honest parties, which acts as an added advantage.
2.The LiteCard Token
A. The LiteCard Mission
LiteCoin was developed by builders for builders. We started developing $LITECOIN by addressing the serious need for the working class to invest in themselves. We created a system to allow crypto holders to purchase Gift Cards from major retailers and franchises to use for home repairs or tools for business at local stores and online. Our core objective is to allow for people to rebuild, repair and reinvest in themselves.
B.Token Technology
LiteCard is a fast, scalable, and secure layer-1 platform built on Solana and is a deflationary token. The token for LiteCard was built on the Solana Network. $21 Million tokens were created in honor of the original Bitcoin Mint. This decision was based on the need for speed and low gas fees, so the token was designed to be used for ecommerce. This token was designed as a token to be redeemed for GiftCards as medium of exchange. To view the underlying system architecture of Solana view their Whitepaper here : https://solana.com/solana-whitepaper.pdf Why Solana?
The Solana docs describe the Solana open source project, a blockchain built from the ground up for scale. They cover why Solana is useful, how to use it, how it works, and why it will continue to work long after the company Solana closes its doors. The goal of the Solana architecture is to demonstrate there exists a set of software algorithms that when used in combination to implement a blockchain, removes software as a performance bottleneck, allowing transaction throughput to scale proportionally with network bandwidth. The architecture goes on to satisfy all three desirable properties of a proper blockchain: it is scalable, secure and decentralized. The architecture describes a theoretical upper bound of 710 thousand transactions per second (tps) on a standard gigabit network and 28.4 million tps on 40 gigabit. Furthermore, the architecture supports safe, concurrent execution of programs authored in general-purpose programming languages such as C or Rust. It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control [H.T.Kung, J.T.Robinson (1981)]. At Solana, they have demonstrated that these same theoretical limits apply just as well to blockchain on an adversarial network. Their key ingredient? Finding a way to share time when nodes cannot rely upon one another. Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!
Perhaps the most striking difference between algorithms obtained by our method and ones based upon timeout is that using timeout produces a traditional distributed algorithm in which the processes operate asynchronously, while our method produces a globally synchronous one in which every process does the same thing at (approximately) the same time.
Solana’s method seems to contradict the whole purpose of distributed processing, which is to permit different processes to operate independently and perform different functions. However, if a distributed system is really a single system, then the processes must be synchronized in some way. Conceptually, the easiest way to synchronize processes is to get them all to do the same thing at the same time.
Solana’s method is used to implement a kernel that performs the necessary synchronization--for example, making sure that two different processes do not try to modify a file at the same time. Processes might spend only a small fraction of their time executing the synchronizing kernel; the rest of the time, they can operate independently--e.g., accessing different files.
This is an approach Solana’s team has advocated for even when fault-tolerance is not required. The method's basic simplicity makes it easier to understand the precise properties of a system, which is crucial if one is to know just how fault-tolerant the system is. [L.Lamport (1984)] This system can be implemented using a mechanism that has existed in Bitcoin since day one. The Bitcoin feature is called nLocktime and it can be used to postdate transactions using block height instead of a timestamp. As a Bitcoin client, you would use block height instead of a timestamp if you don't rely upon the network. Block height turns out to be an instance of what's being called a Verifiable Delay Function in cryptography circles. It's a cryptographically secure way to say time has passed. In Solana, they use a far more granular verifiable delay function, a SHA 256 hash chain, to checkpoint the ledger and coordinate consensus. With it, Solana implemented Optimistic Concurrency Control and are now en route towards that theoretical limit of 710,000 transactions per second.
This speed is perfect for the high transaction volume we expect to experience on the LiteCard Network and is why we are confident in following in the footsteps of Solanas team.
C. Token Utility
The primary $LITECARD Token was built to provide the utility of access to GiftCards. Additionally it serves as a method for community rewards and for staking on the LiteCard Network. Tokens will be offered initially to compensate team members, reward contributors from the LiteCard Community and raise capital from angel investors during the SEED round of funding. A secondary $LITESPEED Token has been designed as a stable means of payment for materials, supplies, equipment and labor to be converted immediately into Fiat.
A third token is being considered for $LITEFUND to protect liquidity pool providers from fluctuations in the market or the LiteCard brand / company.
D. Token Distribution
We are proud to part of the SOL family. The $LITECARD token will be used to raise capital initially from investors looking to solely invest with digital assets.
The LiteCard Team will promote the token and market the services of LiteCard with funding provided during the seed capital raise.
These tokens will also be used to reward the advisory team and contributing members of the community.
The Token Distribution model we have designed as of 5.20.22 is as follows : 30% of total supply is dedicated to Private Sale
This allows the LiteCard team to finance operational and marketing costs by raising capital from Private Investors like Angels & VCs. 20% of total supply is dedicated to Public Sale
This allows the LiteCard Community to own equity in the project and contribute to funding development of the project. 20% is allocated for the LiteCard Foundation
This provides The LiteCard Team with funding to do charitable work and forward the philanthropic endeavors of the The LiteCard Foundation. 10% is held by the founders This provides a locked token incentivized plan that gives the founders rewards based on their commitment to forwarding the community and improving the LiteCard Network. 5% is reserved for rewarding the community
This provides funding for community engagement and marketing campaigns that give back directly to the loyal supporters of LiteCard. 5% is invested in the LiteCard Development Fund
This allows the LiteCard Community to receive grants for improving the LiteCard Network and rewarding developers who want to contribute 5% is set aside for strategic partnerships This provides a budget for partnering with other community leaders and developing long term relationships that will grow the network. 5% is placed in a reserve This provides a reserve that can be used for the unknown and undiscovered. This reserve is to insure lucrative assets can be acquired. LiteCard Terminology Many terms are thrown around when discussing inflation and the related components (e.g. rewards/yield/interest), we try to define and clarify some commonly used concept here: Total Current Supply of $LITECARD The total amount of tokens (locked or unlocked) that have been generated (via genesis block or protocol inflation) minus any tokens that have been burnt (via transaction fees or other mechanism) or slashed. At network launch, 21,000,000 $LITECARD were instantiated in the genesis block. The Total Current Supply will be reduced by the burning of transaction fees and a planned token reduction event.
LiteCard’s Total Current Supply can be found at https://explorer.litecard.com/supply Inflation Rate The LiteCard protocol will automatically create new tokens on a predetermined inflation schedule (discussed below). The Inflation Rate [%] is the annualized growth rate of the Total Current Supply at any point in time. Inflation Schedule# A deterministic description of token issuance over time. The Solana Foundation is proposing a dis-inflationary Inflation Schedule. I.e. Inflation starts at its highest value, the rate reduces over time until stabilizing at a predetermined long-term inflation rate (see discussion below). This schedule is completely and uniquely parameterized by three numbers: Initial Inflation Rate [%]: The starting Inflation Rate for when inflation is first enabled. Token issuance rate can only decrease from this point. Dis-inflation Rate [%]: The rate at which the Inflation Rate is reduced. Long-term Inflation Rate [%]: The stable, long-term Inflation Rate to be expected. Effective Inflation Rate [%]# The inflation rate actually observed on the Solana network after accounting for other factors that might decrease the Total Current Supply. Note that it is not possible for tokens to be created outside of what is described by the Inflation Schedule. While the Inflation Schedule determines how the protocol issues $LITECARD, this neglects the concurrent elimination of tokens in the ecosystem due to various factors. The primary token burning mechanism is the burning of a portion of each transaction fee. 50% of each transaction fee is burned, with the remaining fee retained by the validator that processes the transaction. Additional factors such as loss of private keys and slashing events should also be considered in a holistic analysis of the Effective Inflation Rate. For example, it’s estimated that 10−20% of all BTC have been lost and are unrecoverable and that networks may experience similar yearly losses at the rate of 1−2%. Staking Yield The rate of return (aka interest) earned on LiteCard staked on the network. It is often quoted as an annualized rate (e.g. "the LiteCard Network staking yield is predicted to range from 8-12% per year"). Staking yield is of great interest to validators and token holders who wish to delegate their tokens to avoid token dilution due to inflation (the extent of which is discussed below).
100% of inflationary issuances are to be distributed to staked token-holders in proportion to their staked SOL and to Liquidity Pool Providers who earn an interest on the liquidity they provided by their $LITECARD
There may be future consideration for an additional split of inflation issuance with the introduction of additional tokens into the economy. $LITEFUND & $LITESPEED are being designed to have separate utility from the $LITECARD token. They provide a decentralized payment utility and stable coin function with alternative incentivization structures. Their token distribution models feature inflation issuances for this service. - Similarly, early designs specified a fixed percentage of inflationary issuance to be delivered to the Foundation treasury for operational expenses and future grants. $LITESPEED & $LITEFUND tokens will be designed to launch without different portions allocated to the Foundation due to their separate functions.
Staking yield can be calculated from the Inflation Schedule along with the fraction of the Total Current Supply that is staked at any given time.
Staking yield will be displayed on the LiteCard Site / App to fully disclose the live data on interest rates / returns for consumers and liquidity providers. Token Dilution Dilution is defined here as the change in proportional representation of a set of tokens within a larger set due to the introduction of new tokens. In practical terms, we discuss the dilution of staked or un-staked tokens due to the introduction and distribution of inflation issuance across the network. While dilution impacts every token holder, the relative dilution between staked and un-staked tokens should be the primary concern to un-staked token holders. Staking tokens, which will receive their proportional distribution of inflation issuance, should assuage any dilution concerns for staked token holders. Dilution from 'inflation' is offset by the distribution of new tokens to staked token holders, nullifying the 'dilutive' effects of the inflation for that group. Adjusted Staking Yield A complete appraisal of earning potential from staking tokens should take into account staked Token Dilution and its impact on the Staking Yield. For this, we define the Adjusted Staking Yield as the change in fractional token supply ownership of staked tokens due to the distribution of inflation issuance. I.e. the positive dilutive effects of inflation.
We are doing extensive private research to develop a proprietary system for mitigating risk and stabilizing staking yield. After financial modeling out on extended timetables and stress testing the system we will release beta versions of the staking program. After recent market crashes, overambitious staking yield programs and predatory mechanisms for profit we are focused on providing a system that protects the user as much as possible. Using automated risk mitigation methods and providing options for protecting / leveraging assets is how we will test what is best for the market.
E. Tokenomics
LiteCard will adopt a very similar tokenomic structure to that of Solana as we believe their trajectory is an excellent model to follow.
The LiteCard network's Inflation Schedule is uniquely described by three parameters: Initial Inflation Rate, Dis-inflation Rate and Long-term Inflation Rate. When considering these numbers, there are many factors to take into account: A large portion of the $LITECARD issued via inflation will be distributed to stake-holders in proportion to the $LITECARD they have staked. We want to ensure that the Inflation Schedule design results in reasonable Staking Yields for token holders who delegate $LITECARD and for validation service providers (via commissions taken from Staking Yields). The primary driver of Staked Yield is the amount of $LITECARD staked divided by the total amount of $LITECARD (% of total $LITECARD staked). Therefore the distribution and delegation of tokens across validators are important factors to understand when determining initial inflation parameters. Yield throttling is a current area of research that would impact staking-yields. This is not taken into consideration in the discussion here or the modeling below. Overall token issuance - i.e. what do we expect the Current Total Supply to be in 10 years, or 20 years? Long-term, steady-state inflation is an important consideration not only for sustainable support for the validator ecosystem and the Solana Foundation grant programs, but also should be tuned in consideration with expected token losses and burning over time. The rate at which we expect network usage to grow, as a consideration to the dis-inflationary rate. Over time, we plan for inflation to drop and expect that usage will grow. Based on these considerations and the community discussions following the initial design, the LiteCard Foundation proposes the following Inflation Schedule parameters: Initial Inflation Rate: 8% Dis-inflation Rate: −15% Long-term Inflation Rate: 1.5%
These parameters define the proposed Inflation Schedule. Below are the implications of these parameters. These plots only show the impact of inflation issues given the Inflation Schedule as parameterized above. They do not account for other factors that may impact the Total Supply such as fee/rent burning, slashing or other unforeseen future token destruction events. Therefore, what is presented here is an upper limit on the amount of $LITECARD issued via inflation.
In the above graph we see the annual inflation rate % over time, given the inflation parameters proposed above.
Similarly, here we see the Total Current Supply of $LITECARD [MM] over time, assuming an initial Total Current Supply of 21,000,000 $LITECARD (i.e. for this example, taking the Total Current Supply as of 2022-05-20 and simulating inflation starting from that day). Setting aside validator uptime and commissions, the expected Staking Yield and Adjusted Staking Yield metrics are then primarily a function of the % of total $LITECARD staked on the network. Therefore we can we can model Staking Yield, if we introduce an additional parameter % of Staked $LITECARD % $LITECARD Staked= Total Current Supply / Total $LITECARD Staked . Staked Dilution Similarly we can look at the expected Staked Dilution (i.e. Adjusted Staking Yield) and Un-staked Dilution as previously defined. Again, dilution in this context is defined as the change in fractional representation (i.e. ownership) of a set of tokens within a larger set. In this sense, dilution can be a positive value: an increase in fractional ownership (staked dilution / Adjusted Staking Yield), or a negative value: a decrease in fractional ownership (un-staked dilution). We are interested in the relative change in ownership of staked vs un-staked tokens as the overall token pool increases with inflation issuance. As discussed, this issuance is distributed only to staked token holders, increasing the staked token fractional representation of the Total Current Supply. Continuing with the same Inflation Schedule parameters as above, we see the fraction of staked supply grow as shown below. Due to this relative change in representation, the proportion of stake of any token holder will also change as a function of the Inflation Schedule and the proportion of all tokens that are staked. Of initial interest, however, is the dilution of un-staked tokens, or D_{us}D us . In the case of un-staked tokens, token dilution is only a function of the Inflation Schedule because the amount of un-staked tokens doesn't change over time. This can be seen by explicitly calculating un-staked dilution as D_{us}D us . The un-staked proportion of the token pool at time tt is P_{us}(t{N})P us (t N ) and I_{t}I t is the incremental inflation rate applied between any two consecutive time points. $LITECARD{us}(t)$LITECARD us (t) and $LITECARD{total}(t)$LITECARD total (t) is the amount of un-staked and total $LITECARD on the network, respectively, at time (t). Therefore P{us}(t) = $LITECARD{us}(t)/SOL{total}(t)P us (t)=$LITECARD us (t)/$LITECARD total (t). However, because inflation issuance only increases the total amount and the un-staked supply doesn't change. This dilution is independent of the total proportion of staked tokens and only depends on inflation rate. This can be seen with our example Inflation Schedule here:
Estimated Adjusted Staked Yield
We can do a similar calculation to determine the dilution of staked token holders, or as we've defined here as the Adjusted Staked Yield, keeping in mind that dilution in this context is an increase in proportional ownership over time. We'll use the terminology Adjusted Staked Yield to avoid confusion going forward. To see the functional form, we calculate, Y_{adj}Y adj , or the Adjusted Staked Yield (to be compared to D_{us} the dilution of un-staked tokens above), where P_{s}(t)P s (t) is the staked proportion of token pool at time tt and I_{t}I t is the incremental inflation rate applied between any two consecutive time points.
So we see that the Adjusted Staked Yield a function of the inflation rate and the percent of staked tokens on the network. We can see this plotted for various staking fractions here:
It is also clear that in all cases, dilution of un-staked tokens >> adjusted staked yield (i.e. dilution of staked tokens). Explicitly we can look at the relative dilution of un-staked tokens to staked tokens: D_{us}/Y_{adj}D us /Y adj . Here the relationship to inflation drops out and the relative dilution, i.e. the impact of staking tokens vs not staking tokens, is purely a function of the % of the total token supply staked. Where we can see a primary dependence of the relative dilution of un-staked tokens to staked tokens is on the function of the proportion of total tokens staked. As shown above, the proportion of total tokens staked changes over time (i.e. P_s = P_s(t)P s =P s (t) due to the re-staking of inflation issuance thus we see relative dilution grow over time as:
The total fraction of staked tokens increases and the relative dilution of un-staked tokens grows dramatically. E.g. with 80% of the network tokens staked, an un-staked token holder will experience ~400% more dilution than a staked holder. Again, this represents the change in fractional change in ownership of staked tokens and illustrates the built-in incentive for token holders to stake their tokens to earn Staked Yield and avoid Un-staked Dilution. F. Purpose
This project is an evolution of 2 simple questions. “How do we help everyday working class people?” & “What will most people need to buy with crypto?”
What grew from this seed has flourished into a beautiful piece of code. LiteCard enables people access to financial tools.
The deeper we studied into the real human needs the simpler the answer became. People need tools, material and supplies for their home and business.
We built a tool that allows homeowners and business owners to leverage their capital. We built a network that provides solutions to 99% of the world who need to purchase goods to improve their life.
What we designed was a two way street that enables people to finance projects differently. From setting up an office, to remodeling a home or buying supplies for a store, we provide a solution for converting digital assets into physical assets.
G.The Problem
In 2022 the majority of retail stores that sell office and building supplies do not accept crypto as payment.
When we put our money into a bank that bank leverages the funds to lend it or invest it and increase their profit margins. In the past these profits were not shared with the clients who were in part supplying the liquidity for lending or investing.
H.The Solution
LiteCard enables people to be their own bank by creating a liquidity pool that they can stake their funds in to give small business & homeowner lending power. LiteCard staking participants are rewarded in interest that creates a closed loop.
The main solution to the problem of retail stores and franchises not accepting crypto is through GiftCards. GiftCards already exist as a form of digital payment system that allows cryptocurrency a pathway to merge with regular commerce.
This is possible because of Blockchain Technology.
Referencing the original source code and taking cues from the original Bitcoin white paper “ A Peer 2 Peer Electronic Cash System “.
We built the $LITECARD token in the model of $BTC with $20 Million $LITECARD in existence.
We believe Bitcoin is the gold standard and have modeled our token in its honor.
We built it on the Solana Blockchain because we believe the low gass fees and speed of the network is ideal for our users needs as an ecommerce payment system.
- The LiteCard Conversion System
At the core of the system is an off-ramp for cryptocurrencies.
LiteCard makes crypto tangible to consumers by offering an easy to use site and app for purchasing gift cards..
The LiteCard Network allows users to quickly convert digital assets into physical assets. We speed up the exchange of tokens for tools & material. What we have designed is a service and system for purchasing bricks, mortar, wood, computers, phones, desks & chairs.
A. Converting Cash to Crypto
Initially we will not facilitate the purchase of crypto. We will operate as an off-ramp for exchanges.
In the future as a service to our users if there is demand we will allow for the purchase of a select number of cryptocurrencies that can be used in the LiteCard Staking System.
B. Converting Crypto to Gift Cards
The LiteCard Network will allow for select cryptocurrencies like BTC, ETH, LTC, SOL, NEAR, HARMONY & LITECOIN to be exchanged for Gift Cards from HOME DEPOT, AMAZON, APPLE , VISA , EBAY , LOWES , WALMART, TARGET & BESTBUY.
The LiteCard System immediately settles straight exchanges into USDC and then provides QR codes for the Gift Card amount from our network of retailers. QR codes can be saved to a wallet as an NFT, emailed, texted or sent via signal, WhatsApp or Telegram.
C. Converting Gift Cards to Crypto
As an advanced function of Gift Card exchange LiteCard Network will research & develop compliant systems for the conversion of unused Gift Cards into Crypto.
D. Enterprise Rewards Systems
As a reward system for corporations and enterprise services LiteCard will offer an off-ramp service to exchanges, P2E games, gaming guilds and dApps looking to reward their users with tokens that can be converted into Gift Cards.
As a Gift Card supplier to Web3 companies LiteCard will offer a service that adds utility to their token. Native tokens can be rewarded to blockchain based projects contributors, communities and teams to be exchanged for Gift Cards.
E. Community Building Program
The LiteCard Community will be our greatest achievement as a company. Creating a supportive network of builders will allow LiteCard to gain insight into the market and get continual user feedback from a diverse focus group.
Empowering our community will be our main objective in our marketing efforts. Community programs will include
Sourcing user generated content incentivized by rewards to uplift our creator community. Donating phones and computers to entrepreneurs and small business owners via grants Hiring from within the community to provide jobs to businesses developers and marketers via a remote work / affiliate program Support real estate / entrepreneurs / business influencers with rewards for promoting the LiteCard Network and token Providing educational content and training videos to educate our community on home improvement and business development skills for the future Donating apartments and homes to community members in desperate need via the LiteCard Foundation
F. Integration and Partnerships
LiteCard can easily integrate with major cryptocurrency exchanges, international play-to-earn games, massive gaming guilds and any website or app seeking to off-ramp tokens into the real world via Gift Cards.
LiteCard will partner with social media platforms and social media aggregators to provide a bridge between the digital world and the physical world.
As a rewards system any company or project with a native token can integrate with the LiteCard Network to provide Gift Cards in exchange for their token without complex coding.
- The Future of LiteCard
A. Overview of the Staking System
The staking system for LiteCard is based on a simple economic model
On one side we have a consumer who has a cryptocurrency like Bitcoin and would like to exchange it for tools or materials, but they don’t want to sell the asset… ( You should never sell Bitcoin, you should leverage it. )
The consumer can stake the amount they want to purchase + interest for a lock up period of 12 or 24 months. The consumer then receives Gift Cards for the amount exchanged ( minus interest ) and is able to purchase their tools or materials. The consumer can then come back at a later date and pay off the interest to receive their asset back, or they can leave it locked up and if the price of the asset increases the asset is automatically returned to the consumer. To accomplish this there must be a liquidity pool that provides payment for the Gift cards when the asset is staked. This liquidity pool is called the LiteFund, which is funded by liquidity provides. Liquidity Providers will purchase $LITECARD tokens or stake cryptocurrency like BTC or ETH or SOL to provide liquidity for purchasing Gift Cards. The LiteFund liquidity providers will earn a variable interest rate that increases as the market rebounds.
B. Overview of the Airdrop System
$LITECARD tokens will be airdropped to our community as rewards for holding or reaching staking milestones. By gamifying the experience our users have on the LiteCard Network we will incentivize them to refer their friends with more rewards.
C. Overview of the NFT Exchange
Our project will launch an NFT project that we will first sell on our own private NFT exchange, these NFTs will be used for the LiteCity P2E game as in-game assets. NFTs will be verified using the FIO protocol NFT signature to authenticate their ownership. The NFT exchange will integrate with MetaMask and allow for the sale of assets onto open sea or other platforms.
D. Overview of the P2E Game As gamers, the founders feel strongly that a simple P2E game is an incredible way to involve the next generation of users early. LiteCity will start as a small map with 1,000 blocks & expand into an entire SimCity style builder game focused on real estate & architecture.
The game will be inspired by the 32-Bit generation with stylized modern isometric graphics & lofi music.
A simple play-2-earn model will require players to only check in on their city once a day to earn passive reward tokens. The basic mechanics of the game loop are to develop a profitable plot of land by increasing citizen happiness & health. Additional rewards are earned via competition for land design and leaderboards for block happiness. We plan to allow users to enter the cities they build in the future via Ready Player Me. In LiteCity Developer mode users can simply construct houses using premade blocks & preprogrammed structures like Italian villas or modern skyscrapers or bamboo tree houses or log cabins. Each street block will make up a neighborhood. Neighbors will create their own community & entrance to LiteCity will enable people to meet who share similar interests, like building or blockchain or real estate or gaming.
This gives rise to a whole new level of building & community interaction that connects the Metaverse to reality by encouraging people to build in both realms. This offers our gaming community options to earn rewards & allows for more collaborations between influencers & users. There will be no land sale model & basic building blocks will be free to attract people wanting to build their own city, like minecraft. The land will be released in limited drops with early access given to NFT holders. Land will be scarce at first & more land will be released over time to grow the community. The NFT items we will sell & provide on our own NFT marketplace will be usable in the game . Special items by influencers, architects, designers & celebrities will be sold & airdropped to LiteCity developers who can use them in their own builds. This is a simplified metaverse concept built with lofi tech. Users would be rewarded for number of hours played, referrals of other users to join & milestones completed. We want to encourage our users to build & share their experience on twitch. A gaming model would incentivize users to purchase & hold $LITECARD tokens & receive $LITESPEED tokens as rewards, encouraging them to save & work. Gamified financial literacy. The usage of tokens in a game adds an additional layer of utility to our project. Rewards from the game can of course be converted into GiftCards.
E. The Board of Advisors & Governance
Our diverse board of advisors will meet monthly to discuss development and provide input based on the market.
Governance will be given to both the board of advisors and community over marketing.
Quarterly marketing campaigns will be developed and submitted to the board of advisors as well as the community to vote on the best public facing approach for the company. In this way we feel we will gain a broader perspective on what our community wants and allows us the opportunity to build the LiteCard Network collaboratively.
F. The Foundation & Non-Profit
As philanthropists our goal is to build a company that can give back to the community in a number of ways.
As part of our marketing campaigns we will give away iPads & Laptops to encourage users to join the LiteCard Network while empowering them to start small businesses.
Once LiteCard is profitable we plan to purchase, then donate apartments and homes to those in need.
We believe if LiteCard as a corporation is hyper profitable that it has a responsibility to give back to the community that helped to build it. We will continually source content and reward our community for supporting us with tokens. We will give marketing governance to token holders as a way to involve the community in our decision making process as stakeholders.
G. The Road Ahead
LiteCard has plans to provide Off-Ramp & Reward services to DAOs, Corporations and communities seeking payment solutions. We will integrate with major exchanges in the US, LATAM, INDIA & ASIA. We will dominate the market by providing solutions to sites like Alibaba.
In the future LiteCard will be a household name like Visa or MasterCard. 5. Disclaimer
PLEASE READ THIS DISCLAIMER SECTION CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX, OR OTHER PROFESSIONAL ADVISOR(S).
The information set forth in this Whitepaper may not be exhaustive and does not imply any elements of a contractual relationship. The content of this Whitepaper is not binding for LiteCard, Inc. (“Company”) and is subject to change in line with ongoing research and development of LiteCard Platform (“Platform”) and LiteCard Protocol (“Protocol”), hereinafter together referred as “Project”. This Whitepaper does not constitute an investment, legal, tax, regulatory, financial, accounting or other advice, and this Whitepaper is not intended to provide the sole basis for any evaluation of a transaction on acquiring of the LiteCard utility or security tokens, hereinafter together referred as “Tokens”. Prior to acquiring the Tokens, a prospective purchaser should consult with his/her own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and other consequences of such transactions.
Nothing in this Whitepaper shall be deemed to constitute a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction. This document is not composed in accordance with, and is not subject to, laws or regulations of any jurisdiction which prohibit or in any manner restrict transactions in respect of, or with use of, digital tokens. Certain statements, estimates and financial information contained in this Whitepaper constitute forward-looking statements or information.
Such forward-looking statements or information involve known and unknown risks and uncertainties which may cause actual events or results to differ materially from the estimates or the results implied or expressed in such forward-looking statements or information. Company neither offer or distribute the Tokens nor carry on a business (activity) in any regulated activity in Singapore, in People’s Republic of China or in other countries and territories where transactions in respect of, or with use of, digital tokens fall under the restrictive regulations or require from Company to be registered or licensed with any applicable governmental Authorities.
Each purchaser of the Tokens is reminded that this Whitepaper has been presented to him/her on the basis that he/she is a person into whose attention the document may be lawfully presented in accordance with the laws of the purchaser’s jurisdiction. It is the responsibility of each potential purchaser of the Tokens to determine if the purchaser can legally purchase the Tokens in the purchaser’s jurisdiction and whether the purchaser can then resell the Tokens to another purchaser in any given jurisdiction. This English language Whitepaper is the primary official source of information about the Project.
Disclaimer PLEASE READ THE ENTIRETY OF THIS "DISCLAIMER" SECTION CAREFULLY. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER LITECARD LIMITED (THE COMPANY), ANY OF THE PROJECT TEAM MEMBERS (THE LITECARD TEAM) WHO HAVE WORKED ON THE LITECARD (AS DEFINED HEREIN) OR PROJECT TO DEVELOP THE LITECARD IN ANY WAY WHATSOEVER, ANY DISTRIBUTOR/VENDOR OF $LITECARD TOKENS, INCLUDING WITHOUT LIMITATION LITECARD LIMITED (THE DISTRIBUTOR), NOR ANY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THIS Litepaper, THE WEBSITE AT WWW.LITECARD.APP (THE WEBSITE) OR ANY OTHER WEBSITES OR MATERIALS PUBLISHED BY THE NATURE OF THIS WHITEPAPER. The Whitepaper and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, or any offer to sell any product, item or asset (whether digital or otherwise). The information herein may not be exhaustive and does not imply any element of a contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where the Litepaper or the Website includes information that has been obtained from third party sources, the Company, the Distributor, their respective affiliates and/or the LITECARD team have not independently verified the accuracy or completion of such information. Further, you acknowledge that circumstances may change and that the Litepaper or the Website may become outdated as a result; and neither the Company nor the Distributor is under any obligation to update or correct this document in connection therewith.
TOKEN DOCUMENTATION Nothing in the Litepaper or the Website constitutes any offer by the Company, the Distributor or the LITECARD team to sell any $LITECARD (as defined herein) nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Nothing contained in the Litepaper or the Website is or may be relied upon as a promise, representation or undertaking as to the future performance of the LITECARD protocol. The agreement between the Distributor (or any third party) and you, in relation to any sale, purchase, or other distribution or transfer of $LITECARD, is to be governed only by the separate terms and conditions of such agreement. The information set out in the Litepaper and the Website is for community discussion only and is not legally binding. No person is bound to enter into any contract or binding legal commitment in relation to the acquisition of $LITECARD, and no virtual currency or other form of payment is to be accepted on the basis of the Litepaper or the Website.
The agreement for sale and purchase of $LITECARD and/or continued holding of $LITECARD shall be governed by a separate set of Terms and Conditions or Token Purchase Agreement (as the case may be) setting out the terms of such purchase and/or continued holding of $LITECARD (the Terms and Conditions), which shall be separately provided to you or made available on the Website. The Terms and Conditions Documentation must be read together with the Litepaper. In the event of any inconsistencies between the Terms and Conditions and the Litepaper or the Website, the Terms and Conditions shall prevail.
DEEMED REPRESENTATION AND WARRANTIES By accessing the Litepaper or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, the Distributor, their respective affiliates, and the LITECARD team as follows: INFORMATION PURPOSE ONLY The information set out herein is only conceptual, and describes the future development goals for the LITECARD protocol to be developed. In particular, the project roadmap in the Litepaper is being shared in order to outline some of the plans of the LITECARD team, and is provided solely for INFORMATIONAL PURPOSES and does not constitute any binding commitment. Please do not rely on this information in making purchasing decisions because ultimately, the development, release, and timing of any products, features or functionality remains at the sole discretion of the Company, the Distributor or their respective affiliates, and is subject to change. Further, the Litepaper or the Website may be amended or replaced from time to time. There are no obligations to update the Litepaper or the Website, or to provide recipients with access to any information beyond what is provided herein. The Company, the Distributor and the LITECARD team do not and do not purport to make, and hereby disclaims, all representations, warranties or undertaking to any entity or person (including without limitation warranties as to the accuracy, completeness, timeliness or reliability of the contents of the Litepaper or the Website, or any other materials published by the Company or the Distributor). To the maximum extent permitted by law, the Company, the Distributor, their respective affiliates and service providers shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including, without limitation, any liability arising from default or negligence on the part of any of them, or any loss of revenue, income or profits, and loss of use or data) arising from the use of the Litepaper or the Website, or any other materials published, or its contents (including without limitation any errors or omissions) or otherwise arising in connection with the same. Prospective purchasers of $LITECARD should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the $LITECARD token sale, the Company, the Distributor and the LITECARD team. In any decision to purchase any $LITECARD, you have shall not rely on any statement set out in the Litepaper or the Website; You will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be); You acknowledge, understand and agree that $LITECARD may have no value, there is no guarantee or representation of value or liquidity for $LITECARD, and $LITECARD is not an investment product including for any speculative investment; None of the Company, the Distributor, their respective affiliates, and/or the LITECARD team members shall be responsible for or liable for the value of $LITECARD, the transferability and/or liquidity of $LITECARD and/or the availability of any market for $LITECARD through third parties or otherwise; and You acknowledge, understand and agree that you are not eligible to purchase any $LITECARD if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card holder of a geographic area or country (i) where it is likely that the sale of $LITECARD would be construed as the sale of a security (howsoever named), financial service or investment product and/or (ii) where participation in token sales is prohibited by applicable law, decree, regulation, treaty, or administrative act (including without limitation the United States of America, Canada, New Zealand, People's Republic of China (but not including the special administrative regions of Hong Kong and Macau, and the territory of Taiwan), Thailand, and the Socialist Republic of Vietnam); and to this effect you agree to provide all such identity. The information contained herein may from time to time be translated into other languages. In the course of such translation some of the information contained herein may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations, this official English language Whitepaper, the provisions of this English language original document shall prevail. All statements contained herein, statements made in press releases or in any place accessible by the public and oral statements that may be made by the Company, the Distributor and/or the LITECARD team, may constitute forward-looking statements (including statements regarding intent, belief or current expectations with respect to market conditions, business strategy and plans, financial condition, specific provisions and risk management practices). You are cautioned not to place undue reliance on these forward-looking statements given that these statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results to be materially different from that described by such forward-looking statements, and no independent third party has reviewed the reasonableness of any such statements or assumptions. These forward-looking statements are applicable only as of the date indicated in the Litepaper, and the Company, the Distributor as well as the LITECARD team expressly disclaim any responsibility (whether express or implied) to release any revisions to these forward-looking statements to reflect events after such date. REGULATORY APPROVAL NOTE ON FORWARD LOOKING STATEMENTS No regulatory authority has examined or approved, whether formally or informally, of any of the information set out in the Whitepaper or the Website. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of the Litepaper or the Website does not imply that the applicable laws, regulatory requirements or rules have been complied with.
REFERENCES TO COMPANIES AND PLATFORMS The use of any company and/or platform names or trademarks herein (save for those which relate to the Company, the Distributor or their respective affiliates) does not imply any affiliation with, or endorsement by, any third party. References in the Whitepaper or the Website to specific companies and platforms are for illustrative purposes only.
ENGLISH LANGUAGE The Litepaper and the Website may be translated into a language other than English for reference purpose only and in the event of conflict or ambiguity between the English language version and translated versions of the Litepaper or the Website, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Whitepaper.