exchange all of your values. - exrayablockchain-based cryptocurrency such ethereum, ripple,...
TRANSCRIPT
International Remittance and Lending Platform Exchange
COPYRIGHT ⓒEXRAYA ALL RIGHTS RESERVED.
Ver. 1. 1
Whitepaper
Exchange All of Your Values.
TABLE OF CONTENTS
ㆍ1. Legal Notice
ㆍ2. Summary
ㆍ3. Challenge
ㆍ4. Vision
ㆍ5. EXRAYA Exchange Features
ㆍ6. Token Economy
6.1 RAYAX Token Summary
6.2 RAYAX Token Distribution
6.3 RAYAX Token Utilization and Holder Support Plan
ㆍ7. Roadmap
p.3
p.4
p.6
p.8
p.9
p.12
p.12
p.13
p.14
p.16
2
Legal Notice
1. Legal Notice
RAYAX token does not have a function or certain value except on the EXRAYA flatform and must not be bought
for speculative investment. Buyers of RAYAX token should read this whitepaper carefully and be aware of all
risks, cost and benefits of RAYAX token. Buyers of RAYAX token should understand cryptocurrency, blockchain
system, crowd funding, etc. EXRAYA exchange is not responsible for user’s own acts that results in loss or
loosing access to RAYAX Token and not responsible for loss by hacker attacks.
Obtaining and holding RAYAX tokens have various risks. Especially, there are risks such as not able to launch
exchange or finish developing blockchain. Therefore, it is recommended to have personal judgement whether
RAYAX token is risky or not, and if it is necessary, obtain professional advice prior to obtaining RAYAX tokens.
If a buyer cannot understand and take the risks described, it is not recommended to purchase.
This whitepaper is published and used for introduction of EXRAYA exchange.
Therefore, in this whitepaper, only the Information about EXRAYA exchange and RAYAX Token are present.
Please read whitepaper thoroughly before making a personal decision to invest.
*It is clearly stated that the purpose of this whitepaper is not investment promotion, nor it is related to or
considered as stocks. Furthermore, this whitepaper does not contain the information or contents that are
for investment decision and promotion.
3
Summary
2. Summary
Ever since blockchain technology was presented in 2008, Bitcoin has led the way for various cryptocurrency
offerings. This technology has suggested a great opportunity beyond the present centralized financial system
where the cryptocurrency can be used as commodity, currency and as a mean for value exchange centered
around people.
After publishing cryptocurrency named Bitcoin, under name of future currency or store of value, various
blockchain-based cryptocurrency such Ethereum, Ripple, Litecoin, Monero, NEM, etc. have been appearing
in the market. The cryptocurrency market volume is 265 Billion USD in September 2019 since people started
exchanging cryptocurrency.
Despite the quantitative expansion, the future value of cryptocurrency is determined by the answer to a
question; whether cryptocurrency can be accepted as commodity or currency. Since 2017, focusing on
advantage and disadvantage of cryptocurrency, full- scale discussion has been going on in government to
incorporate cryptocurrency into existing system.
Sanctions for cryptocurrency market has started in 2017 which pointed cryptocurrency as a challenger to fiat
currency and being used for money laundry.
In July, 2017, Securities and Exchange Commission (SEC) mentioned that funding for ICO (Initial Coin Offering)
is considered as negotiable securities, and in September of the same year, China which had the biggest mining
pointed out cryptocurrency’ s harmful effect and announced an official statement about prohibition of ICO and
closure of cryptocurrency exchanges in China.
In Korea, Financial Services Commission also officially announced that ICOs, which are type of issuance of
securities such as debt securities and equity security, would be banned and can be prosecuted under capital
market laws.
Even though these sanctions are still ongoing in most countries, there have been progressive results in
acknowledging various opportunities of cryptocurrency as axillary currency and incorporating them in the
system by the government since 2016.
In March of 2016, Japan Bank Association (JBA) announced that under the supervision of Financial Service
Agency (FSA) in Japan and Bank of Japan (BOJ), money transfer and trade finance processes would be built
through blockchain technology. Furthermore, JBA also joined the pilot project which utilizes blockchain cloud
solution developed by Ripple. It shows that there are attempts to incorporate cryptocurrency into the system at
both government and public corporation side. In 2017, the function of cryptocurrency as a method of payment,
in leu of USD was discussed at national level during BRICS meeting.
4
Ever since blockchain technology was presented in 2008, Bitcoin has led the way for various cryptocurrency
offerings. This technology has suggested a great opportunity beyond the present centralized financial system
where the cryptocurrency can be used as commodity, currency and as a mean for value exchange centered
around people.
After publishing cryptocurrency named Bitcoin, under name of future currency or store of value, various
blockchain-based cryptocurrency such Ethereum, Ripple, Litecoin, Monero, NEM, etc. have been appearing
in the market. The cryptocurrency market volume is 265 Billion USD in September 2019 since people started
exchanging cryptocurrency.
Despite the quantitative expansion, the future value of cryptocurrency is determined by the answer to a
question; whether cryptocurrency can be accepted as commodity or currency. Since 2017, focusing on
advantage and disadvantage of cryptocurrency, full- scale discussion has been going on in government to
incorporate cryptocurrency into existing system.
Sanctions for cryptocurrency market has started in 2017 which pointed cryptocurrency as a challenger to fiat
currency and being used for money laundry.
In July, 2017, Securities and Exchange Commission (SEC) mentioned that funding for ICO (Initial Coin Offering)
is considered as negotiable securities, and in September of the same year, China which had the biggest mining
pointed out cryptocurrency’ s harmful effect and announced an official statement about prohibition of ICO and
closure of cryptocurrency exchanges in China.
In Korea, Financial Services Commission also officially announced that ICOs, which are type of issuance of
securities such as debt securities and equity security, would be banned and can be prosecuted under capital
market laws.
Even though these sanctions are still ongoing in most countries, there have been progressive results in
acknowledging various opportunities of cryptocurrency as axillary currency and incorporating them in the
system by the government since 2016.
In March of 2016, Japan Bank Association (JBA) announced that under the supervision of Financial Service
Agency (FSA) in Japan and Bank of Japan (BOJ), money transfer and trade finance processes would be built
through blockchain technology. Furthermore, JBA also joined the pilot project which utilizes blockchain cloud
solution developed by Ripple. It shows that there are attempts to incorporate cryptocurrency into the system at
both government and public corporation side. In 2017, the function of cryptocurrency as a method of payment,
in leu of USD was discussed at national level during BRICS meeting.
Commodity Futures Exchange Commission (CFTC) issued a derivative product license to a public corporation in
August 2017. Such movement are indications that cryptocurrency is being incorporated into current system.
In 2019, International Financial Action Task Force (FATF) suggested to most countries to legislate laws to
strengthen the transparency of cryptocurrency trading. In Addition, Securities and Exchange Commission (SEC)
has been reviewing approval of cryptocurrency exchange-traded fund (ETF) in the US.
Each country has been defining cryptocurrency as illegal, currency, commodity or goods and ready to strike
double edged sword whether allow or ban.
The exponential increase of cryptocurrency market explains that most people expect the cryptocurrency’s role
as a medium of value exchange. In short, the potentiality of becoming currency in the coming future is the basis
of future investment.
However, in the real world, there are still weak connections between fiat currency and cryptocurrency and lack
of development in the international trade market.
Cryptocurrency project like Ethereum, Litecoin, Ripple, Monero, NEM, etc. are focusing on new methods of
trade and strength of security, so that the approach to financial infra is weak and lacks connection with the
existing financial system.
This, in turn, accelerated the subordination of the project to the exchange market, and now the exchanges are
trying to establish itself as a central platform, with various exchanges being established.
Despite various efforts, however, there are restrictions on the opening of accounts with commercial banks due
to the pre-institutional regulations in each country. And the value of cryptocurrency as an exchange medium is
being lowered due to restrictions on cross-border transactions.
5
Challenge
3. Challenge
EXRAYA's challenge will be a new challenge for cryptocurrency exchanges.
In 2008, after Bitcoin was born as an alternative to fiat money due to global financial crisis, the cryptocurrency
market has been recognized as a commodity and an alternative currency. With the emergence of cryptocurren-
cy exchanges, and the increase in the volume of trade has led to an explosive expansion of the cryptocurrency
market.
However, most of the exchanges were established without characteristics that they mimicked or ‘copy and
paste’ rival exchange services, did not strive to make new challenge, service and interface for users. Which
ultimately led to the shutdown of numerous exchanges, causing financial damage to users and turn the
industry into red ocean causing the industry to have following requirements these days:
▣ Weak SecurityThough the concept of cryptocurrency is decentralized to protect users, most of the cryptocurrency users are
using centralized cryptocurrency platform. The problem is when assets are deposited in centralized cryptocur-
rency platform, where many assets from users are saved in one system. Therefore, it could be a target of
hackers, and the hacking of Mt. Gox exchange is one of the examples.
▣ Low QualityMost of exchanges are not following the guideline of each countries’ blockchain association or financial
institution. Also, lots of exchanges are not using blockchain technology, but making and saving data into trade
database instead of blockchain.
▣ Unreliable ServerExchanges with low capital money end up maintaining their servers and could not provide enough safety and
security protection for servers. Therefore, they become constant target for hackers and exposed to loss of
assets by hacking.
▣ Risk of InvestmentMost exchanges do not have real time customer service to respond promptly to deal with issues arising from
low level performance during deposit/withdrawal, price manipulation, hardware error, delayed trading, and
large quantity of orders.
6
EXRAYA's challenge will be a new challenge for cryptocurrency exchanges.
In 2008, after Bitcoin was born as an alternative to fiat money due to global financial crisis, the cryptocurrency
market has been recognized as a commodity and an alternative currency. With the emergence of cryptocurren-
cy exchanges, and the increase in the volume of trade has led to an explosive expansion of the cryptocurrency
market.
However, most of the exchanges were established without characteristics that they mimicked or ‘copy and
paste’ rival exchange services, did not strive to make new challenge, service and interface for users. Which
ultimately led to the shutdown of numerous exchanges, causing financial damage to users and turn the
industry into red ocean causing the industry to have following requirements these days:
▣ Weak SecurityThough the concept of cryptocurrency is decentralized to protect users, most of the cryptocurrency users are
using centralized cryptocurrency platform. The problem is when assets are deposited in centralized cryptocur-
rency platform, where many assets from users are saved in one system. Therefore, it could be a target of
hackers, and the hacking of Mt. Gox exchange is one of the examples.
▣ Low QualityMost of exchanges are not following the guideline of each countries’ blockchain association or financial
institution. Also, lots of exchanges are not using blockchain technology, but making and saving data into trade
database instead of blockchain.
▣ Unreliable ServerExchanges with low capital money end up maintaining their servers and could not provide enough safety and
security protection for servers. Therefore, they become constant target for hackers and exposed to loss of
assets by hacking.
▣ Risk of InvestmentMost exchanges do not have real time customer service to respond promptly to deal with issues arising from
low level performance during deposit/withdrawal, price manipulation, hardware error, delayed trading, and
large quantity of orders.
▣ Danger of VolatilityMost exchanges do not have national fiat currency (USD, EUR, Yen, IDR, etc.) markets due to regulations, and
virtual account issuance is limited in many places including Korea. They are constantly exposed to volatility and
risk.
▣ Impossible to Transfer Money Overseas Majority of exchanges could not align with each country’s banks because of sanctions, so it is hard to get an
approval for virtual accounts from banks. Without it, is almost impossible to withdraw fiat currency to overseas,
but only stable coins are possible.
EXRAYA exchange has strived to solve those common problems and will become a pioneer in the cryptocurren-
cy exchange ecosystem.
7
Vision
4. Vision
“Everywhere, Everyone, Easy to use. International Remittance and Lending Platform”
“Money” is a medium of value exchange that must be used fluidly or in the real value. Expansion of cryptocur-
rency market underlying it, there is anticipation for future value as money. The current nature of cryptocurren-
cy as a commodity is byproduct of what cryptocurrency will be worth in the future.
EXRAYA will lead changes in the cryptocurrency and the real world and will create a new cryptocurrency
ecosystem that has not been seen before. It will present a new paradigm of cryptocurrency. Cryptocurrencies
will be exchanged directly for fiat currencies, remitted and loaned.
EXRAYA will build cryptocurrency exchange ecosystem that is truly valued internationally and will be developed
and used by people around the world.
This is the true vision of EXRAYA cryptocurrency exchange, which supports multinational remittances and
lending.
EXRAYA will become global cryptocurrency exchange where everyone can use easily.
EXRAYA opened both fiat markets and cryptocurrency markets. Through the cooperation with Indonesian bank,
users in all over the world can have own virtual accounts so international wire transfer can be done simply and
easily. In addition, EXRAYA will support lending program so that people can deposit BTC as collateral and have
balance in EXRAYA exchange to trade in markets.
RAYAX Token of the EXRAYA exchange is a cryptocurrency that is usefully used on the exchange and will be a
vehicle for all transactions on the exchange. To that end, we will create a real-world ecosystem where transac-
tions can be made and bring commodity/retail items to be traded to ensure the versatility of cryptocurrency
and fiat currency.
This, along with the drastic increase in the utility of cryptocurrency in the market, will naturally give value to
RAYAX Token, and it will be clearly established as a cryptocurrency and a commodity in the global exchange
market including EXRAYA exchange.
8
EXRAYA Exchange Features
5. EXRAYA Exchange Features
EXRAYA exchange fully integrates hybrid digital asset trading solutions by combining existing technology and
architecture with the performance of a centralized trading platform and the security attributes of a distributed
trading platform. The system consists of two main components: the OFF-CHAIN transaction interworking
system and the smart contract that executes the transaction.
▣ OFF-CHAIN Transaction Interworking SystemThe OFF-CHAIN transaction interworking system allows EXRAYA exchanges to take advantage of centralized
performance characteristics while maintaining a distributed user account model based on blockchain. Verified
orders are sent from the user's address to the pairing system for fast and deterministic processing using high
performance hardware. The paired order will validate the offline chain and resubmit it to the user account on
the blockchain.
▣ Smart Contract Technology EXRAYA exchange interworking system is connected with Ethereum's smart contract to review transactions
between users. Smart contracts are based on the NEP-5 standard, which combines the assets of all orders.
When order pairing is successfully paired, the system automatically sends a smart contract to all trader
addresses involved in the transaction and the type and quantity of the transaction, including the transaction,
and the transaction is completed according to the smart contract. Smart contracts on provided information
allow multiple transactions to be resolved simultaneously to improve transaction performance and reduce
network throughput.
▣ Excessive Traffic ResponseEXRAYA exchange supports stable trading execution functions that have not been experienced in other
exchanges. Even in the simplest hardware environment, you can make hundreds of transactions per second,
and depending on how your hardware environment is configured, you can significantly increase the volume of
transactions. To do this, it is designed based on financial and securities trading processes, rather than simple
web-based trading designs, and is supported by an international Amazon cloud server.
9
▣ Stability and SecurityEXRAYA exchange aims to provide a separate hardware environment and flexible response to reflect the
security-related system architecture proposals, designs and policies proposed by governments around the
world. We are faithfully implementing the exchange regulation proposed by Indonesia and developing and
building security systems with blockchain and fintech security companies to integrate various technological
environments that can cope with evolving hacking techniques. EXRAYA exchange is a web-based exchange that
aims to provide the best cryptocurrency trading environment by supporting various functions that were not
overcome by existing cryptocurrency exchanges. EXRAYA exchange plans to keep investors' assets safe,
especially in case of hacking. by existing cryptocurrency exchanges. EXRAYA exchange plans to keep investors' assets
safe, especially in case of hacking.
▣ Various Cryptocurrency Trading Support The exchange will start trading five cryptocurrencies initially and will support up to 50+ cryptocurrencies within
the fourth quarter of 2019.
▣ Fiat Currency Market OpenEXRAYA exchange supports Indonesian legal tender IDR(Rupiah) and can trade with fiat currency.
▣ Indonesian State Bank Virtual Account and Oversea Remittance EXRAYA exchange supports virtual accounts issued by major Indonesian state bank to foreigners who have
signed an exchange and completed KYC certification.
▣ IEO SupportWith the plan to actively support the IEO (Initial Exchange Offering), a platform exchange fundraising method,
EXRAYA exchange will provide unlimited opportunities for startups preparing blockchain projects and showcase
various quality projects to investors.
▣ Multi TraderEXRAYA exchange will support several trading methods. To develop and improve the platform service, EXRAYA
will partner with international exchanges and share various cryptocurrency projects. At last, through trading
assistant functions like third party, API interaction, etc., EXRAYA will help users to maximize their assets.
▣ Building Extraordinary Transaction Detection System Real-time monitoring system prevents abnormal access attempts and transaction patterns quickly. By estab-
lishing a “Extraordinary Transaction Detection System” for suspicious transactions or accounts, accounts that
appear to be withdrawn after hacking and traders who have suspicious transaction volume will have their
accounts disabled, only to be activated after investigation. Accounts with suspicious transactions are disabled
for withdrawal or trading.
10
▣ Multi Device SupportEXRAYA exchange will support web/mobile platform environments.
▣ Multilanguage SupportEXRAYA exchange currently supports five languages (English, Chinese, Korean, Japanese, Indonesian) and will
add more based on development schedule.
▣ Loan Support (Lening Program) EXRAYA exchange will support �at currency loan by LTV 40% (loan to value) when users deposit their Bitcoin. The balance
can be withdrawn, and the interests of loan must be paid with RAYAX.
11
Token Economy
6. Token Economy
6.1 RAYAX Token Summary
RAYAX is distributed token utilized within the EXRAYA exchange platform for various uses to share profits
generated during the fair and transparent operation of the exchange.
The amount of issuance of RAYAX is five hundred (500) million, and the price is initially targeted to be $0.25.
Four hundred (400) million tokens will be locked up at the exchange, and after 1-year lockup period, twenty-five
(25) million tokens will be unlocked every quarter to be used for exchange operation. The remaining one
hundred (100) million tokens will be used for the exchange's lending program, trading fees, events / marketing,
R&D, partnerships, and IEO.
The initial target price of RAYAX token is set at $0.25.
(The target price can change depending on market conditions)
Categoty Description
Name / Symbol
Industry
Coin / Token
Homepage
RAYAX / RAYAX
International Remittance & Lending Exchange in Indonesia
Token (ERC20)
www.exraya.com
Total Supply 500,000,000
12
Category Distribution
Total Supply
Locked-up
Total in Circulation
IEO
500,000,000
400,000,000
100,000,000
5,000,000
Event / Marketing 3,000,000
R&D / Operation 15,000,000
EXRAYA Team 15,000,000 (12 months lock-up)
Institutional Investor 62,000,000
IEO5,000,000
Event/Marketing3,000,000
Institutional Investor
62,000,000
EXRAYA Team15,000,000
R&D/Operation15,000,000
Total in Circulation100,000,000
Total Supply500,000,000
13
6.2 RAYAX Token Distribution
▣ Circulating vs Total supply ▣ Distribution of Circulating Supply
6.3 RAYAX Token Utilization and Holder Support Plan
With following token utilization and holder support plan, EXRAYA exchange intends to increase the utilization of
RAYAX tokens and build a fair and transparent system where part of profits is shared with RAYAX tokens holders.
◆ RAYAX Token Utilization ◆
▣ EXRAYA MarketThrough RAYAX trading market, you can trade RAYAX with other coins and save on fees by paying with RAYAX
tokens.
▣ Lending Program Interest FeeEXRAYA lending program users must pay interest fee by purchasing and using RAYAX tokens.
▣ International Remittance FeeEXRAYA remittance program users must pay transfer fee with RAYAX tokens
▣ Listing & IEOProjects to be listed on EXRAYA must purchase and pay fee with RAYAX tokens.
14
◆ RAYAX Token Holder Support Plan ◆
▣ Early Institutional Investor SupportInstitutional investors who supported the initial establishment and operation of the exchange through the purchase of RAYA
tokens will undergo 1:1 swap with RAYAX Token to preserve value.
▣ Lending Program Interest Fee Burning
EXRAYA lending program users will purchase RAYAX tokens to pay for interest fee, and the EXRAYA exchange will collect and
burn the RAYAX tokens collected for interest fee on quarterly basis.
▣ Profit Sharing
EXRAYA exchange plans to distribute the exchange pro�ts to RAYAX token holders by conducting quarterly RAYAX token
buyback & burning of tokens using 10% of the pro�t generated from the exchange.
▣ Free AirdropRAYAX token owners (holders) can receive coin airdrops from various campaigns conducted jointly newly listed projects and
EXRAYA exchange.
▣ Future PlanIn order to stabilize the RAYAX market in the future, we will continue to plan ways to increase users' convenience and
support for holders, such as fee discounts based on holding time, set the lower price limit, block deal, P2P, and multi-training
programs.
15
Roadmap
7. Roadmap
3Q
4Q
ㆍProject Ideation Concept Planning
ㆍCore Team Building
ㆍProject Planning
2017
1Q
3Q
ㆍSeed Funding ($3M USD)
ㆍStart the Incorporation
ㆍPartnership with the Largest Bank in Indonesian
ㆍEXRAYA Platform Alpha Test
ㆍBounty Program Starts (YouTube, Telegram, Written Contents)
4Q ㆍIncorporated in Indonesia
ㆍExchange System Development (R&D)
ㆍBanking Integration Complete
ㆍInternation Remittance Test Complete
2018
2Q
3Q
ㆍExchange Opens (Beta)
ㆍLending System Development & Beta Testing
ㆍLaunch RAYAX Token
ㆍRAYAX Token Listing on Global Top 10 Exchange
ㆍPartner with Global Exchange
4Q ㆍAdditional RAYAX Token Listing on Global Top 10 Exchange
ㆍPartnership with Global Exchange and Projects
ㆍProvide More than 50 Trading Markets at EXRAYA
ㆍUse 10% of Profit for Token Buyback & Burn
2019
16
1Q
4Q
ㆍLaunch Lending System
ㆍStart Security Token Licensing Project
ㆍObtain Security Token Licensing & ETF
ㆍSupport STO Project IEO
2020
17