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Whitepaper EN

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Table of Contents


​​The Stegos Privacy Platform (Stegos) combines a unique blockchain and token design to implement the first completely private cryptocurrency that’s secure, efficient, and environmentally friendly. Stegos is fully scalable and prunable, ensuring the chain is always kept small without compromising trust. This makes Stegos the world’s first public blockchain to offer secure and confidential data storage and transmission, in addition to payment transactions. It also ensures that Stegos is compact enough to run on smartphones, meaning anyone can run the Stegos blockchain from their pocket and earn tokens by staking.

Other privacy tokens — such as Monero, Dash, ZCash, and Grin — can only be used for payments, and all display weaknesses in terms of scalability, privacy, security, or usability. Stegos builds and improves upon these and other privacy coins and can be used to send both payments and data with complete confidentiality. The Stegos Privacy Platform can also be used to build applications that communicate anonymously, privately, and efficiently.

Payment and data transactions in Stegos are unlinkable, untraceable, and completely confidential. Every Stegos transaction is directed to a new and unique stealth address, making it impossible to identify the recipients. It’s also impossible to trace Stegos transaction history, since individual transactions are first joined together to form a supertransaction before being submitted to blockchain validators. This is all done in a secure and privacy-preserving way, while ensuring that Stegos coins remain fully fungible.

All amounts in Stegos are hidden using cryptographic commitments and zero-knowledge proofs. Validator stakes and transaction fees are the only exception, since these must be visible for blockchain validation to work.

Stegos is a fast and highly scalable blockchain and, unlike other blockchains, it’s kept small. Details of spent coins and consumed data are safely removed from the blockchain using secure cryptographic pruning. It's also highly scalable thanks to transactional sharding. Separate groups of Stegos validators keep the whole blockchain state but verify only a subset of incoming transactions, using cross-shard atomic commits to eliminate double-spending. These breakthroughs let Stegos process hundreds of thousands of transactions per second across billions of mobile devices, making Stegos the first and only blockchain that can run and earn you money entirely in your pocket.

The Stegos Privacy Platform is designed to support all kinds of privacy-focused apps. To showcase the potential of our platform, we present Vault, a multi-purpose app that makes it easy to send and receive confidential data and payments in a way that’s completely secure and anonymous, before expunging that information from the blockchain.

Stegos is environmentally friendly and does not waste megawatts of electricity mining blocks. Instead, Stegos uses a bespoke proof-of-stake (PoS) consensus, building on advancements in distributed systems theory and cryptography. Each new Stegos block must be verified and confirmed by a group of validators, all of whom must post tokens as bonds. The value of the tokens staked in this way directly effects the probability that a validator will win a block and earn the associated transaction fees.

In addition to standard block rewards, Stegos implements a unique jackpot feature. A portion of the rewards from each block are added to the jackpot, which continues to grow until a winner is randomly selected in an ongoing cryptographic lottery based on verifiable distributed randomness. The amount in the jackpot is then automatically transferred to the winner’s wallet, and the jackpot resets. Anyone who stakes Stegos can win the jackpot, with only a small minimum threshold for entering. This helps mitigate against centralization and ensures that Stegos offers incentives for every user, not just the wealthy.

Everyone deserves privacy. The Stegos Privacy Platform doesn’t just keep your money and secrets safe. It rewards you for maintaining the network, even on your phone.


Stegos is Using Blockchain for the Greater Good

At Stegos, we believe everyone has the right to privacy. Every individual should have the right to decide for themselves what they want to share and what they want to keep secret. And those secrets should be safe and secure from hackers, corporations, and governments.

We are increasingly forced to give up our privacy — online, at the airport, and even on the street.

We're passionate about technology that keeps secrets safe from prying eyes. We’ve put years of research into making key improvements to cutting-edge blockchain technology to make sure privacy is within everyone’s reach. Stegos lets everyone send and receive coins and data completely anonymously and privately, as well as earn and win coins for supporting the network. Best of all, it can all be done right from your smartphone.

Big Brother is Watching

Solid-state technology, smartphones, and the Internet of Things have made it easier than ever to carry large amounts of data with us wherever we go. We carry our lives in our pockets, on our phones and on our laptops. But under the guise of protecting us — from terrorism, from hackers, from our own alleged lack of responsibility — our privacy has been decimated. In airports, online, even on the street, we are being forced to reveal our private information with alarming frequency.

This intrusion by Big Brother leaves many of us feeling exposed and powerless. Even worse, people face much more chilling consequences such as the loss of their jobs, liberty, or even lives.

Privacy is a universal human right that we must all fight to preserve.

Disruptive Change

Traditional data sharing and storage technologies (online cloud storage, email, our laptops, etc.) have built-in security. But all these technologies can easily be compromised. If the password is obtained and entered, the data is permanently exposed for everyone to see.

The Stegos team believes that blockchain is a far better way to keep your private information safe in the modern online world.

Why Blockchain?

Stegos Privacy Blockchain is the best mechanism for securing secrets and communications because, unlike traditional email and online messaging services, it’s completely decentralized, cryptographically secure, and leaves no telltale clues in the open. It’s impossible to see who sends or receives information or establish how anyone is connecting to the Stegos Privacy Blockchain. No-one but the intended recipient of a communication or transaction can see what or how much was sent, and there’s nothing to link data or transactions to anyone’s real-life identities.

With the Stegos Privacy Blockchain, there is no central place for Big Brother or other bad actors to tap into our secrets.

Private by Default

The original Bitcoin paper was seminal in its proposal for a mechanism to prevent double-spending of electronic cash, but it only included a very small section on privacy. It assumed that even though transaction amounts are public, it would be impossible to link those transactions to anyone’s real identities. This assumption has been proven wrong over the years by researchers, hackers, and blockchain analysis companies. Transaction analysis has become trivial with the help of software like ChainAnalysis, allowing anyone to quickly de-anonymize users of Bitcoin and other cryptocurrencies.

Most blockchains have followed in Bitcoin’s footsteps with a totally transparent design that includes visible addresses and amounts, including the balance of any wallet, how much money has been sent and received and the addresses of every sender and recipient. All this readily available information paints a large and highly visible target for hackers and Big Brother.

There’s a reason why your credit card spending isn’t published online, even with your name stripped. Your pseudo-anonymous payment history can be put together with other data collected from the Internet and you can still be identified, making you a target for unscrupulous marketers and scammers.

We live in an era of unprecedented state surveillance and crackdowns on freedom of the press and even thought. It’s nobody’s business what you do with your money, whether paper or digital, and it’s nobody's business who you transact with on the blockchain. With the rise of privacy technologies like Bulletproofs and zk-SNARKs, there’s no excuse to perpetuate Bitcoin’s mistake. Blockchain should be private by default.

Stegos Vault

We All Deserve Privacy

Everyone deserves privacy. But there are many people whose jobs and sometimes even lives depend on the ability to send and receive crucial information privately and with confidence. People like whistleblowers, activists, journalists, and businesspeople. These people are all vital elements of a free and safe society.

Whistleblowers expose lies and corruption in governments and corporations. Activists rally like-minded people to bring about positive change. Journalists uncover the truth and guard it. Businesspeople travel the world creating wealth and prosperity, all while protecting clients’ sensitive information.

All of these people have important secrets, secrets which benefit the whole of society when they’re kept safe. To protect these secrets and the people that carry them, the Stegos team is proud to introduce the Stegos Vault application.

Consider Alice. Alice is a whistleblower. She could be Edward Snowden, who told all of us about mass surveillance on a global scale. Or maybe Howard Wilkinson, who reported Danske Bank’s laundering of $235 billion of Russian money. The list of famous whistleblowers is long and storied. Alice has discovered illicit activity within her organization, activity that is illegal, unethical or just plain wrong. She wants to bring this activity to light by reporting it to lawyers or media outlets, but she has no way of doing this without serious negative consequences.

Alice’s employers have a huge incentive to keep her quiet and will go to great lengths to make sure that happens. They may fire Alice from her job, threaten her with lawsuits, or even throw her in jail. Persecution of whistleblowers is a major problem in many parts of the world, and Alice has a very real reason to be scared.

Or consider Bob. ​​Bob is an independent journalist. He collaborates with talented colleagues on ground-breaking investigations that expose the truth and hold the powerful accountable.

Bob lives in a world where facts are denied and suppressed daily, while the media is flooded with bogus claims. Lies are everywhere and accountability has vanished. Press freedom is under constant attack.

And yet, Bob remains dedicated to his job. Bob needs private and confidential tools he can use to collaborate with his fellow journalists, tools that cannot be tapped by the corrupt powers which rule over his world. Unfortunately, those tools do not exist. Instead, Bob has to resort to using insecure methods like WhatsApp, Slack, and Twitter.

With Stegos Vault, Alice and Bob can anonymously and securely share text, photos, audio, video, and documents with media outlets or lawyers.

Everything shared by Alice and Bob is stored on the Stegos Privacy Blockchain and cannot be traced back to them. Thanks to Stegos’ unique pruning technology, the data is automatically deleted from the blockchain once it has been retrieved by the recipient or after a chosen amount of time.

Stegos gives Alice and Bob the confidence to speak up, making the world a better place for all of us.


Charlie’s Story

Charlie is a freelance consultant who spends a lot of his time traveling the world on business. His laptop is his livelihood, full of customer information, intellectual property, client lists, and future deals. Because Charlie is a one-man show, he doesn’t have access to the kind of security infrastructure which large companies use to protect this type of information. But Charlie still needs to keep his secrets safe.

When he’s travelling, security agencies and border officers are all eager to stop Charlie and force him to reveal his passwords so they can poke around inside his phone and laptop and copy anything they like. Charlie has to comply, or he won’t be able to pass the border or checkpoint and get to his next job.

Charlie is torn between his duty to keep his customers’ information safe and his obligation to abide by the laws of the countries he visits.

Charlie knows that the best way to protect confidential information is to not carry it with him at all. Existing technologies aren’t good enough. Cloud solutions such as Dropbox are centralized and insecure, and offline options such as FedEx are slow, expensive, and unreliable. Charlie needs a secure solution that will keep his information completely safe and inaccessible by anyone until he reaches his destination.

We passionately believe in the fundamental right to privacy and freedom of movement. This is why we have put many years of research into making key improvements to cutting-edge blockchain technology to keep Charlie’s secrets safe from prying eyes.

Charlie moves his confidential files to Stegos Vault before his trip and retrieves the files once he reaches his destination. Charlie’s files live on the Stegos Privacy Blockchain, and there's nothing to link him to them, even if he’s forced to unlock his phone or give up the password to his laptop. His files are automatically removed from the blockchain once he retrieves them.

To do this:

  1. Charlie downloads Stegos Vault.
  2. Charlie uploads his confidential files to the app, and these files are then encrypted and added to the Stegos Privacy Blockchain.
  3. Charlie removes his confidential files from his laptop or phone and then proceeds across the border or checkpoint.
  4. Once he arrives at his destination, Charlie uses Stegos Vault to access all his information. Once Charlie has safely recovered his information, it is immediately pruned from the blockchain.

With Stegos, Charlie can happily travel anywhere in the world knowing that his secrets are safe.

​​Investing in Privacy

​​The Tale of a Token

​​David is a savvy cryptocurrency investor. He reads whitepapers and digs into the technical papers. David wants to contribute to the development of the Stegos Privacy Platform and buy Stegos Privacy Coins in a private sale.

David also wants to make money via the Stegos network by becoming a validator. By running his own node and posting tokens as bonds, Dave will earn block rewards and transaction fees every time he is selected as the leader of a consensus round.

The more tokens he stakes, the higher the chance David has of being selected as leader.

STG is the Stegos privacy token. David, and other cryptocurrency investors like him, will receive STG after the private sale. David can buy more STG on a centralized exchange or the Stegos DEX. STG can be used for anonymous payments just like any other privacy token, such as Monero, Dash, ZCash or Grin.

However, unlike other privacy tokens, STG works just like a virtual mining rig: the more STG you accumulate, the higher your hash rate. The more STG that David stakes, the higher the probability of him earning transaction fees.

​​Mobile Staking

​​Ethan is just a regular cryptocurrency enthusiast. He isn’t too familiar with the technical side of things, and doesn’t particularly read many white papers. Ethan isn’t a whistleblower or a journalist or a high-powered businessman, but he leads an active online life and would like to be able to send and receive coins and data without worrying about security or hacks. Ethan believes in crypto and firmly believes everyone has the right to freedom and privacy, no matter where they live or how wealthy they are.

Ethan has heard about staking, and has looked into a few privacy coins, but he doesn’t have a lot of money to invest and those projects don't seem to offer good returns for people like him. Ethan does spend a lot of time online, but mostly on his phone, so he can’t easily run a node for any of those projects anyway. It just doesn’t seem worth the effort to get involved.

Stegos is different. Stegos can run on Ethan’s phone, so he can run a validator node from his pocket to help maintain the Stegos blockchain and do his bit in helping to make the world a more secure and private place. Ethan knows he still can’t compete with major investors like David in terms of winning regular block rewards, but like every other validator he’s got a chance to win the ever-growing jackpot and receive thousands of tokens as a reward for supporting universal privacy.

​​The Financials


Stegos is powered by the STG token, which will be available once the mainnet is launched. When posted as collateral by nodes wishing to support the Stegos platform, the STG token gives the right to earn fees and block rewards, and provides a chance of winning the regularly distributed jackpot. ​​


Stegos will generate a pre-mine of 1 billion STG tokens. Up to 51.25% of the STG pre-mine may be privately sold to high net-worth individuals and companies to reach a maximum of $30 million. Stegos has already raised $15 million of this target in 2018.

Once the mainnet is launched, STG tokens will be sold directly to the general public using the built-in DEX.

Monetary policy

STG token emission will start at 14% during the first 4 years and halve every 4 years thereafter.

​​Technical Overview​​

The following is a brief technical summary of the cutting-edge technology which underpins the Stegos Privacy Platform. More details are available in our Technical Paper.

​​UTXO and Proof-of-Stake

​​Stegos uses the unspent transaction outputs (UTXO) model and proof-of-stake (PoS) consensus. PoS allows Stegos to achieve a higher throughput over proof-of-work (PoW) systems, at significantly lower energy costs. Stegos is environmentally friendly and does not require megawatts of electricity to be spent on mining blocks. ​​

​​UTXO was first introduced by Bitcoin and, unlike the Ethereum account-based model, aggregates spent and unspent coins, available across multiple wallets, into a single balance. Not only does UTXO offer simplicity, it also drastically increases Stegos' scaling capability, by enabling transactions to be processed independently and in parallel. ​​

​​Each new Stegos block must be verified and confirmed by a group of validators, all of which must put post tokens as bonds. The amount of tokens staked in this way directly affects the probability that a validator will win a block and earn block rewards and transaction fees. ​​

​​Transactions and Non-Interactive Zero-Knowledge Proofs

​​Transactions in Stegos are unlinkable, untraceable, and completely confidential. Stegos makes it impossible to identify recipients of a transaction because each transaction is directed to a new and unique stealth address. ​​

​​Stegos makes it impossible to trace the history of transactions since many individual transactions are joined together to form a super-transaction. This is done in a secure and privacy-preserving way before submitting the transaction to blockchain validators. Stegos Privacy Coins are fully fungible. ​​

​​Zero-knowledge proofs are the Stegos privacy pillar. Stegos uses zero-knowledge proofs to ensure transaction amounts, among other things, are not visible in the public ledger. For example, although blockchain addresses are represented by random strings, it is currently possible for mapping software to crawl Bitcoin’s ledger for spent and unspent (UTXO) coins, to identify the transactions of a single private key and determine a holder’s total wealth in Bitcoin. ​​ ​​ While non-interactive zero-knowledge proofs do not prevent such transaction graph analyses, they prevent the tracing party from seeing the amounts being transferred. All amounts in Stegos are hidden using cryptographic commitments (Pedersen commitments) and zero-knowledge range proofs (Bulletproofs). Validator stakes and transaction fees are the only exception since these must be visible for blockchain validation to work. ​​

​​Pooled transactions

​​Stegos implements a peer-to-peer transaction mixing mechanism based on ValueShuffle. This mechanism combines stealth addresses to protect recipient anonymity, Pedersen commitments and Bulletproofs to cloak transaction values, as well as CoinJoin to make transactions untraceable. We also employ DiceMix (which relies on dining cryptographers networks or DC-nets) to ensure sender anonymity and make it impossible for an attacker to associate a message with its sender. ​​

​​Scalability and Compaction

​​Many projects claim to be able to process a million transactions per second (TPS), but none of them explain how they will maintain all the accumulated data. Bitcoin only provides for 7-10 TPS and the Bitcoin blockchain is expected to grow past 170 terabytes by the end of 2018. If we assume that Bitcoin suddenly supports 16,000 TPS, the Bitcoin blockchain will grow by 350 gigabytes every day, or 127 terabytes every year. This amount of data is completely unsustainable unless the blockchain is centralized on a few supercomputers, which runs contrary to blockchain’s decentralization ethos. ​​ ​​ Stegos is a fast and highly scalable blockchain that, unlike other blockchains, is kept small. Spent coins and consumed data are safely removed from the blockchain using secure cryptographic pruning. This breakthrough enables Stegos to run on billions of mobile devices, for a truly decentralized blockchain. Stegos is the first and only blockchain that can run in your pocket. ​​

​​Stegos uses transactional sharding to scale. Separate groups of Stegos validators keep the whole blockchain state but verify only a subset of incoming transactions, using cross-shard atomic commits to eliminate double spending. This scaling approach lets Stegos process hundreds of thousands of transactions per second. ​​

​​Expanding the Ecosystem

​​Stegos aims to build an ecosystem, with applications from different developers running on the Stegos Privacy Blockchain and protecting our privacy. Stegos will build libraries and software development kits (SDKs) to help build applications and make them available to the community. Stegos will use the same libraries and SDKs to build its own applications.

​​Comparison with other privacy coins

The competition

Unlinkable Untraceable Confidential Prunable Shardable Non-Interactive Consensus Trusted Setup Data & Apps
Monero Yes Yes Yes No No Yes PoW No No
Zcash Yes Yes Yes No No Yes PoW Yes No
Dash No Yes No No No Yes PoW/PoS No No
Grin Yes No Yes Yes No No PoW No No
Stegos Yes Yes Yes Yes Yes Yes PoS No Yes
  • Unlinkable: For any two outgoing transactions, it is impossible to prove they were sent to the same person.
  • Untraceable: For each incoming transaction, all possible senders are equiprobable. There is no way to trace coins from inputs to outputs, which makes the cryptocurrency fungible. All coins are equivalent and there are no tainted coins.
  • Confidential: Identifying blockchain data (e.g., transaction details, including amounts) cannot be obtained and analyzed by unauthorized third parties.
  • Prunable: Spent coins can be pruned from the blockchain and the blockchain can be compacted.
  • Shardable: Transaction verification can be distributed between participants or groups of participants.
  • Non-Interactive: Senders and recipients of transactions do not need to interact off-chain before posting a transaction to the blockchain.
  • Consensus: Type of consensus protocol.
  • Trusted Setup: Blockchain participants need to trust someone to generate some initial parameters and then destroy those parameters.
  • Private Data & Apps: Users can exchange data privately and anonymously and build applications that do so.

Stegos vs MimbleWimble

MimbleWimble is a blockchain format and protocol that provides extremely good scalability, privacy and fungibility by relying on strong cryptographic primitives.

Stegos started life by implementing MimbleWimble. Unfortunately, the receiver of the payment needs to be online for the security features of MimbleWimble to work. Current implementations of MimbleWimble such as Grin and Beam fail the non-interactive requirement by requiring users to communicate out of band, potentially compromising security. Both these restrictions are unacceptable reductions in privacy, so our current design removes them.

Untraceability, preventing adversaries from tracing coins from inputs to outputs, is what makes cryptocurrency fungible, meaning all coins are equal and there are no tainted coins. Unfortunately, MimbleWimble (Grin and Beam) only partially support untraceability by removing transaction boundaries when composing and sealing a block. It’s still possible to implant a node on the MimbleWimble network and record all transactions related to a block, thus enabling adversaries to track funds and taint coins.

Stegos implements full untraceability using a DiceMix-based protocol that mixes inputs and outputs from the many users who will be willing to post transactions. This protocol creates a super-transaction that severs the link from inputs and outputs. Only the supertransaction is sent to the network, meaning validators — including any adversaries listening in — do not have the ability to trace funds by connecting transaction inputs with outputs.


Timeframe Deliverable
Q4/2018 Publishing of technical papers
Q1/2019 End of private sale
Testnet Alpha
Q2/2019 Testnet Beta
Q3/2019 Mainnet and native token
Prototype applications: Whistle, Vault
Q4/2019 Working applications: Whistle, Vault, Spotlight


​​The Stegos team doesn't just bring blockchain experience to the table (although we have plenty of that, too). With backgrounds in finance, aerospace, and cryptography, the team has a breadth of experience in applying technology to some of the most sensitive challenges facing society. ​​

​​Joel Reymont CEO, The Buck Stops With Me!

​​Joel is a seasoned hacker and blockchain pioneer. He started his career on Wall Street and brings twenty-five years of diverse software engineering and management experience to Stegos. Joel was previously Chief Technology Officer at a Top 100 cryptocurrency and blockchain company, where he earned a reputation within the community for his formidable ability to get things done. Joel has acted as Director of Prime Brokerage Technology at Deutsche Bank, has run offshore development teams, and has built many scalable and fault-tolerant systems over the years. He now smashes technological boundaries and ventures deep into the unexplored frontiers of crypto to bring unique opportunities to Stegos contributors. ​​

​​Vladimir Lebedev VP of Engineering

​​Vladimir has over twenty-five years of experience in managing technology in fintech, telecom, and media companies. His pioneering credits include creating the first FidoNet node in Soviet Union, the first remote banking application using asymmetric keys cryptography in Russia, and the first ISP in Western Siberia. Vladimir was CTO of the Russian stock exchange, where he created its trading system and network infrastructure. Vladimir has held executive roles at VEON (a telecom company with over two hundred millions subscribers), Sberbank (the biggest bank in Eastern Europe), Moscow City Telephone Network, Orange Business Services, Lucent Technologies, and Mail.Ru Group (the biggest Internet-media company in Russia). Over his career, he has led and successfully delivered many cutting-edge projects, in addition to launching his own companies, CPM and Cybertonica. ​​

​​David McClain, PhD Chief Rocket Scientist

​​David is literally a rocket scientist. Trained in theoretical and observational astrophysics, in addition to computer science, he brings an incomparable and extraordinary five decades of unique programming expertise to the table. David has served as a Principal Scientist in the aerospace industry where he built airborne LIDAR systems for underwater mine detection, and was a Senior Scientist on the Raytheon ExoAtmospheric Kill Vehicle (EKV) program. He is a true expert in numerous computer languages, including Lisp, and an authority on signal processing, image processing, guidance and navigation, radio-frequency and infrared target detection systems, and target tracking. He has twice addressed the European Common Lisp Meeting. ​​

​​Roman Tsisyk, Core Blockchain Team Lead

​​Roman is a database and distributed systems expert who enjoys working on the cutting edge of technology. Over his fifteen-years career in Telecom and Internet industries, he gained broad expertise in software engineering as well as team and product management skills. Roman was a Team Lead and Core Developer of Tarantool, an open-source database and application server. He designed and implemented numerous technologies to store mission-critical data in a highly-available and fault-tolerant manner. During his career at Mail.Ru Group, one of the largest Internet companies in Europe, Roman used his deep expertise in data processing and distributed systems to create and launch Russian’s first Database-as-a-Service and BigData-as-a-Service products for the public cloud. ​​

​​Eugene Chupriyanov Site Reliability Engineer

​​Eugene is the Site Reliability Engineer at Stegos, taking care of our development and production infrastructure. Eugene has more than thirty years of experience in DevOps/SRE, beginning at the Siberian Branch of the prestigious Russian Academy of Sciences in the early days of the Internet. He has helped build and manage networking and operational infrastructure in industries as diverse as science, telecom, media, and finance, and has held Senior DevOps/SRE positions with companies including The Russian Trading System, RosBusinessConsulting, Lucent Technologies, and Vimpelcom/VEON. He brings a deep passion for information technology and is dedicated to continuously learning the latest techniques and tricks to ensure that the systems he manages operate at the peak of security and efficiency. ​​

​​Veronika Fedorinchyk, Marketing Assistant

​​Veronika is enthusiastic marketing assistant with a keen interest in positioning and brand building. Meticulous and thirsty for new information, she has over 6 years experience in SEO & SMM in various industries. ​​

​​Batyrkhan Zhaparov English/Russian/Chinese Community Manager

​​Batyrkhan is an experienced multicultural community manager. He started his career from the mobile gaming industry in China where he mainly collaborated with Asian gaming development companies. After redirecting into blockchain field, he managed to work with several crypto projects and has been gaining plenty of relevant experience and knowledge. ​​

​And other team members who wish to remain anonymous.

​​Legal Disclaimer

​​No part of this white paper constitutes legal, financial, business, or tax advice, and you should consult your own legal, financial, tax, or other professional adviser before engaging in any activity in connection herewith. Stegos AG (“Stegos”), its affiliates, and the Stegos team members shall not be liable for any kind of direct or indirect damage, loss, or liability whatsoever which you may suffer or incur in connection with accessing this white paper or any other materials published by Stegos. ​​

​​There is no official translation of this white paper from its original English, and recipients of foreign language translations are strongly cautioned that any information contained therein may conflict with the information in this white paper. ​​

​​By accessing this white paper or any part thereof, you represent and warrant to Stegos, its affiliates, and the Stegos team that you acknowledge, understand, and agree that: ​​

​​(a) the STG tokens (the “Tokens”) described herein may have no value, there is no guarantee or representation of future value or liquidity for the Tokens, and the Tokens are not intended for speculative investment; ​​

​​(b) Stegos, its affiliates, and the Stegos team members shall not be responsible for or liable for the value of the Tokens, the transferability and/or liquidity of the Tokens, and/or the availability of any market for the Tokens through third parties or otherwise; ​​

​​(c) in any decision to acquire Tokens, you have not relied on any statement set out in this white paper; ​​

​​(d) you will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you; ​​

​​(e) the information contained herein shall be subject solely to Swiss law, and the place of jurisdiction shall be Zug, Switzerland; ​​

​​(f) Stegos, its affiliates, and the Stegos team, as a result of future applicable law, decree, regulation, treaty, or administrative act, may be restricted or limited to hold a token generation event (“TGE”) or any similar event as currently planned, and may elect, at their discretion, to issue Tokens through or by a legal entity other than Stegos; ​​

​​(g) Stegos, its affiliates, and the Stegos team may be prohibited from offering any Tokens at either the TGE or in a secondary market to certain jurisdictions and their subjects, and may have to restrict trading of the Tokens on certain trading platforms as a result of applicable law, decree, regulation, treaty, or administrative act; and ​​

​​(h) you may not be eligible to acquire any Tokens if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card holder of a geographic area or country where it is likely that the sale or distribution of the Tokens would be construed as the sale of a security (howsoever named) or investment product, and/or in which access to or participation in any token distribution event or the Stegos platform is prohibited by applicable law, decree, regulation, treaty, or administrative act. ​​

​​This white paper shall not be construed to be an invitation or solicitation to enter into an investment or participate in the sale of a security (howsoever named) or investment product in any jurisdiction. The information in this white paper is given for general illustrative and discussion purposes only, and Stegos does not provide any warranty as to the accuracy and completeness of this information. Stegos reserves the right to change the information contained herein at its sole discretion. The information set out in this white paper is not legally binding upon Stegos, its affiliates, and the Stegos team members. The agreement for any issuance or distribution of the Tokens shall be governed by a separate agreement setting out the terms and conditions thereof. In the event of any inconsistencies between such an agreement and this whitepaper, the terms and conditions of the agreement shall prevail. ​​


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