UTRUST Whitepaper

Saturday, June 16, 2018
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The future of online payments is here utrust.io Version 1.0.2 2 November 2017 Amended 8 November 2017

UTRUST Switzerland AG © 2017 TABLE OF CONTENTS PREAMBLE ......................................................................................................................... 3 EXECUTIVE SUMMARY ..................................................................................................... 4 VISION ................................................................................................................................. 6 PROBLEM ............................................................................................................................ 6 SOLUTION ........................................................................................................................... 7 BLOCKCHAIN, ICOs AND FUTURE OF PAYMENTS ........................................................ 7 PLATFORM & TOKEN ........................................................................................................ 11 The UTRUST Payment Platform .............................................................................................................. 11 THE UTRUST TOKEN (UTK) ............................................................................................. 18 Value and Strategy ..................................................................................................................................... 18 Token implementation ............................................................................................................................... 19 Legal and Regulatory Remarks .............................................................................................................. 20 PLATFORM MARKET FIT ................................................................................................ 22 TIMELINE & MILESTONES .............................................................................................. 26 ICO Details .................................................................................................................................................... 26 Development Roadmap ............................................................................................................................ 30 THE TEAM ......................................................................................................................... 32 Contributors .................................................................................................................... 37 Security ......................................................................................................................................................... 37 Protection ..................................................................................................................................................... 37 Advisory and information disclosure ................................................................................................... 37 2

PREAMBLE The purpose of this document is to provide information regarding the UTRUST project, its core conceptual idea, business model, competitive advantages, team, ICO details and roadmap towards the 1st MVP (Minimum Viable Product). A more technical description of core architecture and APIs will follow after the ICO funding phase. UTRUST started from a simple idea, born from a tale of personal hands-on frustration using current offerings in crypto-payment systems and our desire to build a better platform. After condensing the original concept into a pitch presentation, we relentlessly reached out to interested partners and organically built our team. Along this journey, we found great partners and mentors who were strongly committed and excited to work with the ever-progressing vision of UTRUST, while aiding in the refinement of our proposal for the market. Now as we drive towards the ICO stage, we thank everyone that supported us and hope to surpass the expectations set forth by the community in the future. This whitepaper has been published on 2 November 2017 and amended on 8 November 2017. We recommend following updates on the UTRUST website and other official media channels, for new information and updates. 3

EXECUTIVE SUMMARY UTRUST will be a revolutionary payment platform that enables buyers to use their favorite cryptocurrency in order to pay sellers (private or merchants). We provide sellers with the safety and convenience of receiving funds in fiat currency, and offer the best consumer-protection to buyers, by acting as trusted mediators. We combine the best payment protection features of current generation fiat systems with the innovative features of blockchain while blending in the unique features provided by our own token. KEY SUMMARY The UTRUST platform aims to provide the PRE-ICO START DATE 28th August 2017, 4pm UTC 2nd November 2017, 2pm UTC ICO START DATE consumer protection that buyers take for ROUNDS 1 Pre-sale + 1 Single Round TOKEN SYMBOL UTK granted in traditional online purchases, 500,000,000 (five hundred TOKEN POOL SUPPLY million) acting as a mediator, resolving conflicts and PRE-ICO ROUND VALUE $0,03 (3 cents) ICO ROUND VALUE $0,065 (6.5 cents) enabling the possibility of refunds to mitigate MAX CROWDSALE CAP $21.375 MM ACCEPTED CONTRIBUTIONS BTC & ETH fraud, while shielding the merchant from TOKEN PROTOCOL ETH, ERC20 crypto-market volatility. We want to build upon the best features of cryptocurrencies to enable fast transactions, lower fees and low cross-border transaction friction, enabling merchants to sell to a growing worldwide audience of crypto-holders. In summation, we aim to build a payment API for marketplace integration that will become the crypto-contender to PayPal. All aforementioned features we intend to integrate would make for an incredible product in its own right, the first of its kind in the world of crypto-payments and one that could be funded by venture capital investment alone. We decided to go a step beyond creating an innovative idea and product, by offering the chance for anyone in the world to become a supporter, leveraging the power of an Initial Coin Offering (ICO) and issue our own UTRUST token (UTK) alongside the UTRUST platform. In 4

essence, the token will act as a contribution from our supporters, as a transactional token, that buyers can use in the UTRUST Platform itself alongside other major coins, and as a financial mechanism linking the UTK value to the UTRUST platform value - our strategic value-coupling mechanism. This is an ambitious endeavor intended to build a comprehensive software platform from the ground-up, while bringing tangible value to our supporters, in the form of token appreciation, and to the community of buyers and sellers, driving its future growth in the form of platform transactions. We believe cryptocurrencies are evolving to become much more than speculation and are here to stay in the minds and wallets of consumers. This is a game-changer that we know can change how merchants and buyers use cryptocurrencies and we believe that the only missing link is a platform of mediation and trust. The UTRUST platform. On August 28 2017, we opened a pre-ICO of $1.5 MM to observe community interest in our project. After the round closure, and if it matches our expectations, we will be targeting an ICO starting on 2nd November 2017, in order to obtain a total financial leverage of $49 MM. This amount was further reduced to $21.375 MM for the extension of the ICO’s deadline. The funds will fuel our passion to disrupt online payments with cryptocurrency, financing development of MVP (Minimum Viable Product), marketing operations, merchant adoption incentives and team expansion. What we have achieved so far is the result of the efforts of a diverse and highly-skilled team, who has targeted our ambitious roadmap. At this stage we need your support, and dare we say, your trust. 5

VISION We believe that one of the key roles of cryptocurrencies in the digital age is to facilitate transactions and serve as a frictionless and secure payment method with broad acceptance. We believe current payment platforms are lacking the necessary features to drive broad merchant and user adoption. Digital tokens are more than an asset for financial speculation and ICOs can be leveraged to fund agile teams with the drive to build new platforms; platforms with real value, driven by growth in the transactions of goods and services, and financially sustained by a revenue from fair fees. PROBLEM Despite the industrial disruption and technological advances that blockchain provides, one area that is still largely untapped is digital payments between buyers and sellers of physical services. Digital payment systems have been a holdout of larger industry incumbents, with more legacy APIs and agreements with traditional financial institutions, banks and credit cards. Despite the advantages of crypto payments, such as ultra-low fees, speed and low barrier of entry, clear and developed advancement in transactional security has yet to be implemented to the market. Buyers desire and have come to expect a robust consumer protection system that protects their purchases and provides refunds. Sellers on the other hand would love to earn more revenue but are cautious of the volatility issues associated with accepting cryptocurrencies. Wouldn’t it be amazing if we could have the best of both worlds? This is a mutual trust dilemma we aim to solve with the UTRUST platform. 6

SOLUTION Our aim is to build a next-generation payment gateway allowing buyers to use their favorite cryptocurrency to buy goods and services with confidence from merchants, incorporating a robust PayPal-like consumer protection and dispute resolution scheme. We aim to drive adoption of the API by merchants by providing them a way to receive fiat currency directly from cryptocurrency buyers, shielding the merchant from market volatility and decreasing the risk of accepting crypto- currency. BLOCKCHAIN, ICOs AND FUTURE OF PAYMENTS "It’s crazy that most retailers still don’t accept bitcoin payments" th Jonathan Johnson, Medici Ventures President, 14 July 2017 With the blockchain industry reaching its post-inception phase, many key- technology foundations are now mature enough to build robust consumer-facing products reaching a wider audience. Many wonder what is the next big thing in Fintech, what is the next disruption and where we are headed. As with any new technology, blockchain is driving change in many areas of traditional business, forcing incumbents to adapt their more traditional business models. From banking, insurance, equity trading, venture capital, logistics and governance, everyone is being affected, with new products redefining the way we think of money, transactions, value and trust. We have made great strides from the early days of bitcoin being traded in private forums, to exchanges and application platforms powered by smart-contracts. Though we have already made significant advancements, this is just one stage in the digitalization of money. With the cryptocurrency market predicted to reach a 7

sizable 5 trillion in the year 2025 according to major market analysts1, we believe this is the time to go beyond tokens as purely speculative investment platforms and begin leveraging ICOs to build platforms with tangible value and ambition to disrupt. According to Q2 2017 ICO data, over $1.2 billion in funding has been raised; however, this amount represents a small fraction of the funds invested by more traditional Venture Capital funds in startups worldwide. Figure 1 - Amount raised by ICOs in 2017 (YTD), in $MM 1 Bloomberg, https://www.bloomberg.com/news/articles/2017-06-27/novogratz- says-cryptocurrencies-face-monster-regulatory-risks 8

Figure 2 - ICO Investment Growth, 2017 (YTD) We believe that this momentum will only accelerate with future growth leveraged by ICOs that build upon established protocol layers and build next-gen commercial ecosystems backed by a token economy. Currently key protocol foundations are in place to build a new faster and scalable online payment gateway. A platform you can use for paying goods and services, free from constraints of legacy payment processors built around credit cards and offer more than other crypto-centered platforms today. We believe the payment arena is one of the key value-generating uses for cryptocurrencies going forward, and that the UTRUST platform will be able to create value for its 3 major stakeholders: the buyer, the merchant and the initial token contributors. For buyers, we aim to minimize the risk of scams and fraud while paying online, providing full payment protection of purchases and acting as mediator of all transactions. We strive to be the best choice for buyers, by minimizing the amount of service fees for each transaction in comparison to other system. Our goal is to increase the purchasing power of cryptocurrency by providing buyers more and safer outlets to spend their acquired crypto-holdings, 9

which will further drive the variety of merchant offers, expand market consumption and size. For merchants, we aim to provide a way to expand their client base and sale revenue by targeting a wider audience of cryptocurrency holders. This untapped market of users has amassed a large number of assets that continue to grow in valuation with limited outlets that stimulate spending. By providing the merchants the ability to receive in fiat currency, we will tackle one of the major gripes of accepting cryptocurrencies in a highly volatile economy, effectively shielding the merchant against crypto volatility and assuring the amount received for the purchase. Additionally, we will mitigate common risks associated with traditional payment methods by removing the possibility of chargebacks, stolen credit card information and fraud. For Contributors, we aim to provide an opportunity to fund a platform with real value in its operating business model beyond mere token speculation. The UTK will not only have a role in the UTRUST Platform as an accepted token alongside other cryptocurrencies offering the advantage of fee waivering, but will also be synergistically tied to the platform in a strategic value coupling. Each time a buyer pays with any cryptocurrency via the UTRUST payment platform, a small percentage of the transactional fee is removed from the market and burned in the form of a UTK. This reduces the UTK supply further driving demand, the adoption of the platform, and the value for contributors. In essence, the higher the volume of transactions in the UTRUST platform, the higher the potential value of the UTK for contributors in the future. 10

PLATFORM & TOKEN The UTRUST Payment Platform The UTRUST platform will be a payment processor solution that enables merchants to accept multiple cryptocurrencies from buyers while receiving their funds in fiat currency. We aim to establish our solution as the best in the market, offering a few distinct innovative features: • A robust consumer protection and risk mitigation to both buyers and sellers • Pay with your favorite cryptocurrency as a buyer, receive in fiat currency as a seller • An integrated indexed token of exchange, that can be used in the platform to reduce transactional fees Figure 3 - Overview of a transaction 11

UTRUST will be a transactional payment API that combines the speed and safety of crypto payments with the consumer protection of traditional payment systems and the fraud-free benefits of crypto payments (no stolen cards, chargebacks or hacked accounts). It will be a payment protection system designed around a robust mediation mechanism, empowering the buyer to open a dispute and escalate if something goes wrong. We will provide a safe chat environment for both parties to dialogue and attempt to self-resolve while allowing a trusted mediator to join as an arbitrator. This escalation and mediation by a UTRUST operator will insure that a final decision (refund or release) is reached by an impartial 3rd party. Our key- pillars of value will stand on: Buyer Protection - The amount to be paid by the buyer will be held until transaction has been validated by the platform mediator. UTRUST handles conflict resolution and mitigate risk, protecting the consumer and assuring the possibility of the buyer to get a refund in case of a problem arising with the purchase. Fluctuation Protection - We will provide a transparent conversion preview of rates. The conversion from crypto to fiat is done JIT (just in time) at the best market rate and added to the pool. By locking in this amount and assuring the hold after conversion, we ensure the seller will get the specific amount he/she requested, unconstrained from crypto market volatility. Low fees - We will provide lower fees than other ecommerce platforms for sellers - 1% of the transaction amount. Connection to multiple exchange providers and smart analytics will ensure the lowest possible exchange fees for the buyer sending the payment. 12

How will the platform work from a buyer and seller’s perspectives? It’s quite simple. Let’s look at a typical user interaction flow with the platform: • The merchant sets an article for sale on the marketplace with the specific price he/she intends to receive in their local currency. The marketplace offers prospective buyers with a wide range of payment options at checkout, including UTRUST. • Since the merchant wants to target as many young online buyers as possible, he/she offers UTRUST payment as a prominent checkout option, the buyer can select and Merchant Check-out Context take advantage of the best possible Sets article for sale in market (e.g.: 200 USD) protection from Seller the UTRUST platform. Buyer decides to purchase the article Buyer • A buyer sees the offer and Selection of payment method thinks it’s a great deal for the price the merchant offers. Pay with UTRUST 13

• When the buyer selects UTRUST as a payment method, he/she can choose to use funds from any of their existing cryptocurrency wallets as a source of funds (e.g.: Bitcoin, Ethereum address) or use their UTK funds. If he/she has not created an account with UTRUST at this stage, he/she can do so now or just proceed and pay. • The buyer will be shown a description of the total amount to be paid, including a 1% commission and exchange conversion fees (from the crypto amount to the fiat amount). The description is transparent and updated every 2 minutes. • The buyer completes the transaction and the amount is sent to UTRUST. Our system converts the cryptocurrency amount to fiat and holds it in escrow until its released to the seller. The specific duration of this hold period will vary depending on the merchant performance history. 14

• The merchant is then notified of an incoming purchase and that the amount has been sent by the buyer and is pending release. If this is a trusted merchant with a high-performance rating, the funds will be released almost immediately. If the merchant is a newcomer to the platform with no prior history the hold period can take several days. As the merchant establishes a track record of successful transactions, his performance rating will increase, hereby progressively decreasing the holding period. 15

• If everything goes smoothly the buyer receives the article, the seller receives the funds and no dispute is opened. Another happy customer and another successful sale for the merchant increasing his performance. • But let’s imagine that something does go wrong. For example, perhaps the buyer did not receive the article from the merchant due to an incorrect address. He decides to open a dispute, escalating the issue. At this escalation stage both parties enter a self-resolution chat, where they try to amicably come to mutual agreeable terms. This can mean the merchant acknowledging a shipping mistake and fixing the issue, voluntarily refunding the buyer, or the buyer acknowledging the goods were received. These few examples are among a multitude of possible scenarios. • If both parties do not come to terms in 7 days the buyer has the option to escalate the claim to a mediator. In this instance, a UTRUST operator joins the chat resolution and serves as mediator and arbitrator with final say on the dispute outcome. Proceeding with an escalation will incur a fee of 2% over the amount in hold if a buyer refund is issued by the UTRUST mediator. 16

• From this point onwards, the UTRUST mediator takes control of the chat, collecting evidence from both parties and either issues a refund to the buyer or releases the funds to the seller. If the merchant loses the dispute (due to scam or fraud), a corresponding performance downgrade will occur which will translate to a higher holding period for future transactions. Any buyer refunds are issued in UTK, converted from fiat at current market value. 17

THE UTRUST TOKEN (UTK) The Token We aim to enable the use of UTK in the UTRUST platform by spending it on merchants that support UTRUST or private buyer/seller transactions. You can also sell the token in supported exchanges, privately or hold it for future use. The key difference in our platform is the business model behind it. Once all the regulatory questions have been clarified with the Swiss Regulator (FINMA), the UTRUST platform will be a payment system that will enable you to use the token and spend it independently alongside a system that grows in synergy with the token. Moreover, using the UTK on the UTRUST platform will have additional benefits to further stimulate its growth. Value and Strategy How will this strategic value coupling work? Each time a buyer pays with any cryptocurrency via the UTRUST payment platform a percentage of the transactional fee will be used to buyback UTK and to remove them from the market. The removed tokens will be burned. This will reduce the amount of UTK supply further driving demand, the adoption of the platform and the value for contributors. The amount of UTK was projected to be reduced from the initial 1 billion to a minimum cap of 100 million, at a rate no faster than 50 million a year. Considering that the total amount of tokens was reduced upon the extension of the ICO, this reduction will be prorated. The higher the volume of transactions in the UTRUST platform, the higher the potential market value of the token. A percentage of the transaction fee will be removed from the pool in each market transaction, and the more the UTRUST 18

platform is used (with any supported crypto-currency), the further the supply of UTK will decrease, a built-in adjustment that acts as our self-stabilization mechanism. A contributor that decides to hold UTK for the long run, though it may be subjected to exchange market fluctuations, will enjoy a protective layer that links the UTK to a sustainable platform. This so called intrinsic deflationary mechanism makes UTRUST not only the safest payment platform, but a valuable utility token. It should be stated however, that the expected increase (or decrease) of the value of the UTRUST token will be dictated by the market’s supply and demand rules and will not be derived directly from UTRUST’s activities. Please note that holding UTK does not trigger the right (or likelihood) of redemption2 or the payment of a fixed or determinable income by UTRUST. Token holders must not reasonably expect to generate profits through the sale of token to other persons. The UTRUST token will grant access to the platform. Any other forms of financial incentives token holders may or may not receive by holding a token, which are not expect, are outside of UTRUST’s control and activities and will only be derived through their own efforts. Thus, holding a UTRUST token should not be construed as a passive investment. The UTRUST token will not be compatible with full passivity of the participant. Token implementation The UTRUST token will be implemented as an ERC20-compatible token over the Ethereum blockchain. Ethereum was the natural choice for this project due to its broad adoption and industry-standard for issuing custom digital assets. The compatibility with the ERC20 standard leverages upon the existing infrastructure advantages of the Ethereum ecosystem, namely in terms of development tools, 2 The right of the investors to force a company to repurchase their shares 19

wallets, exchanges and human resource expertise. The ability to program smart contracts with a Turing-complete language allows for robust foundation and flexible customization of the cryptocurrency to the UTRUST domain-specific requirements. For more information on ERC20, please visit https://github.com/ethereum/EIPs/issues/20 Legal and Regulatory Remarks The UTRUST token sale represents a voluntary contribution towards the execution of this product vison by its current and future team as it is described in this whitepaper. The UTK does not grant any direct equity stake nor profit sharing. It does not represent an ownership right or claim in the UTRUST platform, revenues or intellectual property, either present or future. Despite UTRUST team’s best efforts and diligence to bring this project forward, all contributors should be aware that their contributions are not refundable and accept the inherent risk of project failure at any stage of development. This implicit risk is associated with any and all uncertainty of backing cutting-edge technologically-focused entrepreneurial projects, and can be affected by either internal or external factors that are out of the control scope of the team. Additionally, contributions may be subject to any applicable compliance regulations (including KYC, AML and others where applicable). The planned UTRUST platform first needs to be analyzed by the Swiss Regulator (FINMA3). The UTRUST platform will only then be operational if and when its status is clarified by FINMA and FINMA has granted either a no-action letter or a license. Therefore, the above described function of the UTK as a means of payment on the 3 FINMA - Swiss Financial Market Supervisory Authority - https://www.finma.ch/en/ 20

UTRUST platform will at the earliest be activated from the moment of clarified regulatory status onwards. The UTK can be used in the UTRUST platform with a corresponding utility value inside such ecosystem and will not provide any redemption rights4. We believe that the UTRUST token does not qualify as a security and does not provide a contributor equity share in the legal structure of any of the UTRUST entities. As a preventive measure of caution and due to U.S. Securities and Exchange Commission new regulations5 we currently do not accept contributions from U.S. citizens. U.S. citizens may not expect to have access to the ICO in the same terms and conditions as residents or citizens of other countries or jurisdictions. In the event the ICO is open to USA citizens, different terms and conditions may apply. 4 The right of the investors to force a company to repurchase their shares 5 Investor Bulletin: Initial Coin Offerings - https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings 21

PLATFORM MARKET FIT In order to understand what was missing in the online payments market, we started by collecting data from user experiences using crypto payment systems, identifying the major pain points encountered. We then looked at current solutions in the market (both in crypto and traditional fiat payment segments), comparing key- features and focusing on the top-market players. From this analysis, we discovered that current solutions in crypto payments were lacking in their ability to provide merchants and buyers with the protection features users had come to expect from traditional payment methods in the areas of transaction protection and conflict resolution. On the other hand, traditional payment solutions suffered from a high rate of fraud, with credit card chargebacks being a major pain for merchants. By condensing our findings and comparing UTRUST with the top players in the traditional and crypto worlds, we came with the following comparison chart: Figure 4 - Competitive Landscape vs other market players 22

1. Lower Buyer Purchase Risk - We cover all purchases (both goods and the majority of services). Other traditional solutions such as PayPal only cover the purchase of physical goods. Crypto-based services such as Bitpay do not cover anything at all. 2. Payment Approval Speed - Unlike traditional payment systems, which usually delay the approval of payments due to high risk of fraud and require submission of countless documents, we will approve payments immediately and make the process hassle-free for both parties (buyer & seller). 3. Low exchange fees - We will provide both buyers and sellers low exchange fees by using advanced analytics that are connected to multiple crypto-currency exchange providers. Services such as PayPal and Bitpay provide exorbitant internal exchange rates. 4. Low seller fees - We will charge sellers a flat 1% fee on received payments. Other services such as PayPal charge a flat minimum rate of 2.9% but can go as high as 5% after all “hidden fees” are accounted for. 5. Multiple Cryptocurrencies accepted - We will accept the most used cryptocurrencies on the market (Bitcoin, Ethereum, Litecoin, Dash Monero and others) that covers a wider percentage of the total market cap. Other services such as Bitpay only accept Bitcoin, which restricts their market to half of the total market cap. As more tokens are created and added to the market, the captured percentage of Bitcoin will only shrink further. 6. Safety of funds – Leverage the power of the blockchain and say goodbye to credit card fraud. Only you will have control over your own private keys and funds, and even we cannot access your wallet. Traditional centralized solutions have a poor track record of keeping your funds safe. 23

7. No Chargebacks - Sellers will be protected from rampant credit card fraud and fake chargebacks, which is a common occurrence in traditional payment services that still rely on credit cards. 8. Customer Payment Protection – The well-known service PayPal relies heavily on its buyer/seller protection plan. However, it only covers the purchase of physical goods. Bitpay does not cover any purchases, making the transaction irreversible and leaving you exposed to potential fraud. UTRUST will extend consumer protection by covering both physical and virtual (if applicable) purchases. We will guarantee full coverage for all eligible payments made via UTRUST. 9. Efficient resolution of disputes - Traditional solutions such as PayPal have a lengthy waiting period of transaction resolutions while they gather evidence on both sides independently (taking up to several months), making it a slow and painful process. We will provide both a self-mediated 2-party resolution mode, and an advanced 3-party resolution dispute mechanism, enabling both parties to chat in real time, guided by one of our resolution mediators. We will make it quick and easy to sort conflicts. 10. Performance-based rating of seller - We will implement a performance-based analytics algorithm to evaluate the performance of sellers, making it so that when the performance of a seller grows, the corresponding hold period on the funds is decreased. This mechanism will create a trusted environment, encouraging sellers to perform better over time and increases buyer confidence. In a best-case scenario, a top seller will see its hold time virtually eliminated and will have the ability to obtain the funds almost immediately. 24

11. Decentralized token linked to platform value - UTRUST will not only be a payment platform. We will issue our own cryptocurrency – UTK. You can buy or sell, send or receive in the platform, convert it to fiat, another cryptocurrency, or simply keep safe in your wallet and see its value grow in synergy with the platform. Transactions using UTK will be converted internally and benefit from zero exchange fee within the UTRUST platform. 25

TIMELINE & MILESTONES ICO Details An initial pre-ICO was successfully completed on 28th August 2017 and the main ICO opening round is set to follow on 2nd November 2017, 2pm GMT. It was expected to for the single round to run for a variable period no longer than 7 days or until all tokens were issued, whichever happened first. However, considering recent market developments and the acceptance of new countries in the ICO, the process will run until [DATE]. Half of total amount of tokens previously available will be destroyed. During this second stage of the ICO, the rights and obligations of participants that already invested will not suffer any restrictions and participants’ expectations will not be compromised. The new maximum ICO cap is set at $21.375 MM, with accepted contribution tokens in both BTC and ETH. The total pool is fixed at 500,000,000 (five hundred million) UTK, and will be segmented in a single round totaling 70% of the pool, preceded by a 10% pre-sale sale and with 20% already pre-allocated to private stakes. In aggregate, all publicly available rounds will total 80% of total minted tokens and the minimum contribution stake set at 0.2 ETH / 0.02 BTC. 26

10% Distributed During Pre-ICO Private Investors 20% Marketing & Bounty 55% 5% Retained by UTRUST 10% Distributed During ICO The pre-sale round took place with a unit price of $0.03 (three cents) per token with a 10% distribution of the token pool. The ICO will follow suit at a 55% distribution with unit prices per token at a fixed value of $0.065 (six dot five cents). Regarding the remaining 15% of tokens, 10% will be retained by UTRUST, diluted in 2% per year, during the next 5 years in order to support future steering of the project. The final 5% will be allocated to marketing and bounties. The values and percentages are further detailed in the table below: Percent Unit Price per Token Total Tokens Issued Total Amount Private Round 20% $0.02 100,000,000 $2,000,000 PRE-sale Round 10% $0.03 50,000,000 $1,500,000 ICO Round (single) 55% $0.065 275,000,000 $17,875,000 TOTAL 85% The pre-sale round confirmed profile public interest in the project’s potential and obtained valuable community feedback, while providing an early opportunity to loyal contributors to join in prior to the full ICO. During the round the tokens will be distributed in a first-come-first-served basis and only the tokens sold on each round will be created and issued (for example, if 27

only 50% of the tokens are sold in 7 days, then only 250 million tokens will be generated, thereby decreasing the total token pool from 500 million to 250 million). In regard to the token issue timeline, the UTK are planned to be issued to all contributors no longer than 2 weeks after the ICO closes. This timeline may be subject to further delays in the event of any unforeseen legal, certification, or regulatory compliance roadblocks. At the beginning the tokens will not have any features. The use as a means of payment will only be possible after the regulatory status of the UTRUST platform has been clarified with FINMA. For further information regarding our token sale, please visit the dedicated FAQ section on our website. A significant portion of the post-ICO funds, totaling 40% of the token total value will be allocated to the MVP, R&D, personnel, the development of an API for merchant marketplace integration, client wallet frontend and resolution dispute mechanism backend. Around a quarter of the funds will be allocated for marketing purposes and to drive platform adoption and integration with 3rd party websites. The remaining amount will be dedicated to operational and administration expenses, partner engagement and legal fees. The following chart represents the current expected allocation and may be adjusted as the project evolves. 28

Allocation of funds, post-ICO 3% 10% Engineering and Development Partner Engagement 12% 40% Marketing and Promotional Legal and Regulation 15% Operational and Administration Misc 20% ● Engineering and Development - Developing the UTRUST platform and all its components, hiring technical resources and establishing the infrastructure to support development. ● Marketing & Promotional - Developing relationships, marketing plan and cooperation strategy with merchants in order to expand support of the UTRUST platform and reach a wider audience of clients. Developing a marketing campaign targeting increased adoption of the platform by buyers. • Partner Engagement – Developing relationships with non-merchant entities, such as exchange providers and other strategic partnerships. Engaging possible joint ventures and incentives to drive platform adoption. • Legal & Regulation – Establishing legal entities, complying with the ongoing regulatory framework, incorporation and other legal obligations. 29

Development Roadmap Regarding timelines for this project, the following showcases tentative milestones and target date for each phase: Figure 5 - The roadmap towards a new payment system After the conceptual phase and the ICO closes, our team will prepare a detailed roadmap for the staged development of the platform. Currently we aim to have a transactional API platform ready for merchants to test in Q1 2018, supported by a wallet app in where buyers and merchants can check their balance, transaction 30

history and mediated resolutions. The back-end interface for mediators will complement the platform, rolling out in a progressive basis in Q2 2018. The initial pilot launch will feature a curated selection of merchants with a progressive expansion and refinement planed in Q3 2018. Figure 6 – MVP for transactional API integration and user wallet 31

THE TEAM In order to realize this ambitious project, and bring the MVP from concept to market, we gathered an awesome team of diverse experts, from mobile tech, digital payments, finance, crypto markets, UX and business worlds. Together we will leverage our combined experience in other ventures to make this project a reality. Want to know more about the UTRUST team? Here are just a few of us, but we encourage you to visit our website team section and check the complete profiles of our core team and advisors. Nuno Correia Filipe Castro Artur Goulão CEO CIO CTO An early cryptocurrency An MBA with an MSENG and Former CTO in a leading investor, deeply involved in love for disruptive digital payment platform crypto markets and technologies. Early career in company and current community since early 2011 development of software head of Development of a and successfully co-founded solutions, including electronic Swiss-based several B2C ventures. With a payment systems. Cybersecurity company. background in Law and Internationally-minded, moved Excels and is deeply Marketing, he is passionate from corporate to small involved in the about the transformative ventures in Scandinavia, development and R&D of future of digital payments. complemented with an MBA in software-related payment China and a brief advisory systems, in either classical role. Now engaged in business or Blockchain development and strategic Smartcontract-based development of innovative approach. Has a ventures. background in Computer Science from IST and MIT. 32

Roberto Machado Luís Zamith Nick Olender CPO Head of Engineering VP of Marketing Founder and Product Working at Subvisual for more Technology is only as Manager at several startups than 5 years, he specializes in important as the business prior to UTRUST, he has been the development of complex problems it solves. Nick leading different teams to web-centered solutions, using loves opening a closed build highly reliable software Ruby and RoR. He has a mind to a solution that a products, with a focus on the fondness for open source tech new perspective can end user experience. and giving back to the create. He has a keen Previously, he has worked community. He is an interest in international together with major accomplished Rails mentor, business strategy with an international companies such teaching in workshops, emphasis on business as AT&T, Betfair, Airtel and university classes and events. financials and technology Uphold, to provide vision He also loves experimenting applications. outline, goals and product with new, fun programming strategy of solutions used by languages, from Haskell to millions of users. Elixir or even Crystal. Sydney Lai João Ferreira Laura Esteves Partner Engagement Head of Design Head of Operations Cryptocurrency investor with a Lead Designer at Subvisual With a background in background in tech and banking with over 5 years’ experience management, she has at Wells Fargo and Credit in designing several contributed to different Suisse. As a community leader innovative web-centered organizations in tech and building startup ecosystems, she products. In his UX media ensuring the smooth has built relationships with methodology, he obsesses execution of operational financial institutions, with a human-centered activities and events. accelerators, venture funds and approach, focused on Analytical and driven, she investors, helping to enable bringing out the best possible analyzes and manages KPIs society's access to emerging experience for the end user. towards continuous growth technology. He digs deep to understand and operational excellence. the drive and motivations in using a product while looking for opportunities to empower the user at every step. 33

Francisco Baila Gabriel Poça Ronaldo Sousa Product Designer Software Engineer Software Engineer A young designer with a passion Upon first encouter, but you Restless techie, design guru for typography who always has would instantly find that this and music lover that likes to five minutes to talk about it. He guy is a top-notch web build complex software for the has had the opportunity to work developer, loving every people. Usually, you can find with worldwide known brands aspect of his job. From him diligently coding in front and platforms, beautifying working in key-projects for of a computer, getting inspired technology into a friend. AT&T and helping launch new with a guitar, or meditating on fintech and healthcare care a couch. Always learning new startups, Gabriel has had exoteric programming diverse experiences that languages, he is keen on makes him a balanced all- decentralized systems and round developer and PM. modern technologies. Fernando Mendes Bruno Azevedo Pedro Costa Software Engineer Software Engineer Software Engineer With a background in A Software Engineer with a An acomplished full-stack web distributed systems and specialization in Natural Developer at Subvisual. His computing, he loves to give Language Processing and experience dates back to the back to the community by being Machine Learning. He loves world of HPC and the a part of different volunteering to explore different beginnings of Web 2.0. organizations. A young prodigy technologies; combined with Describing himself as pedantic, with multiple academic awards his 5+ years of experience as he is constantly experimenting and fresh from college, he is a web developer makes him a and trying new approaches to now focusing on mastering force to be reckoned with in classic problems, striving for cutting-edge technologies that cutting-edge projects. He excellence at every step will help change the world. aims to be the best version of himself applied into whatever area he's interested in. 34

Marc Howland David Bryan Lilian Yu Financial Advisor Strategic Advisor Marketing Advisor - China Marc holds a role as Co- David is a Serial Entrepreneur With extensive experience in Founder and Business Developer and a Co-Founder of Keyturn product branding and at Keyturn, a venture using Public Benefit Corporation, a marketing, she has spent most blockchain tech to build a venture using blockchain tech to of her career focused on the supply-chain-centric product. disrupt the construction and Mainland China and Taiwan He has extensive experience in supply-chain industry. He markets, working with digital the private equity and specializes in System Platform agencies to successfully launch investment banking sector, Design and Technology new campaigns. She holds a having worked at Goldman Strategy, with more than 10 Business Administration with a Sachs & The Carlyle Group. He years of experience in the marketing focus and has a keen is currently pursuing an MBA design of sustainable game- interest in consumer behavior from Harvard Business School, changing solutions supporting a and analytics. with a previous BA in Business triple bottom line – people, Economics from Brown. planet, profit. Sascha Benz Dhiveshan Govender João Figueira Business Develop. Advisor Strategic Advisor Legal Advisor A seasoned Entrepreneur and Founder and CEO of SVRGN, a International lawyer with Strategy consultant, he has platform built to empower extensive experience in founded several ventures in the citizens to control and share international taxation and legal e-commerce and mobile space their digital identity between aspects of cross-border in Switzerland. Holds a degree trusted entities. Created and investment in several industries in Banking & Finance from the lead an innovative global first such as IT/Media, Real Estate, University of Zurich and model for digital music M&A, Finance, FinTech and specializes in growth strategy, streaming consumption: PAYC, Cryptocurrency. Due to his product design and marketing later translated onto the background in both Law and strategy of mobile and e- blockchain – giving rise to Management, he is counsel to commerce centric platforms. Stream-to-own models. Holds a Boards of Directors of several MBA from the University of companies. João is Managing Stellenbosch Business School Partner of a Lisbon based firm, and is currently working in Lugna, and a college Professor. Europe to spearhead the Providing forward-looking development of a blockchain solutions in challenging new ecosystem in Africa. sectors is part of his daily business. 35

João Paulo Francisco Cruz Francisco Maia PhD, Cloud Security Advisor PhD, Architecture Advisor PhD, Distrib. Systems Advisor Co-Founder of SafeCloud Researcher at INESC TEC and Co-Founder and CEO of Technologies based in Co-Founder of SafeCloud SafeCloud Technologies , a Switzerland and researcher at Technologies based in Swiss venture focused on INESC TEC. He is one of the Switzerland. His work has been privacy-preserving software world leading researchers on focused on distributed solutions. Researcher at INESC storage deduplication and databases and Big Data. He TEC with focus on distributed benchmarking. He has also has extensively contributed to systems, large scale data worked on software defined the community with work on storage, distributed storage for Cloud Computing autonomous reconfiguration coordination and privacy- and has contributed to several and elasticity systems for preserving technology. He has European projects namely in Cloud Computing. He has been participated in several the development of secure involved in European projects European projects in database and storage such as CumuloNimbo, aimed collaboration with both solutions. at re-architecting distributed industrial and academic database solutions intended partners from all over the for large scale deployments. world. Arthur Zubkoff Marketing Consultant Arthur is a fintech and marketing consultant with a background in technology, design, business, and banking at the Standard Chartered Bank. He holds a Master’s degree in Management from the University of St Andrews and a First Class Honours degree in Computer Science from the Newcastle University. Arthur’s passion and enthusiasm for blockchain and startups has led him to invest in various cryptocurrencies and companies like TenX and BrewDog. 36

Contributors Security Our system will be designed to take into account the recent events of wallet theft in ICO. This will be mitigated by circulating the currency between multiple addresses and converting a significant amount of the ICO to fiat currency when possible. Protection A contribution in UTK is a contribution in the UTRUST platform’s future. Our deflationary mechanism creates intrinsic value and a relationship between the platform growth and token value. The purpose is to mitigate the effects of earlier ICOs in which the tokens had a large demand on the first months and then flattened, leaving the value at almost zero. Advisory and information disclosure Our operating strategy includes periodical contact with contributors through a mailing list and/or newsletter in order to keep them updated on current status of development, marketing, clients, and revenue. This strategy allows us to gain feedback from the contributors and keep them updated with the most recent news and developments. 37

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