whitepaper - fx empire · physical store, e-commerce or m-commerce. additionally, the process...
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WHITEPAPER
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WHY | WHO | TOC | HOW | WHEN
Table of Contents INTRODUCTION ....................................................................................................................... 3
CRYPTOCURRENCY & CRYPTO TOKEN ISSUES ........................................................ 4
LACK OF ACCEPTABILITY ............................................................................................... 4
MARKET FRAGMENTATION AND LACK OF COMMONALITY ..................................... 4
NO COMMERCIAL OR FINANCIAL USAGE ................................................................. 5
LACK OF AUTHENTICITY ................................................................................................. 5
E-COMMERCE ISSUES .......................................................................................................... 6
LENGTHY & COSTLY PAYMENT PROCESS .................................................................... 6
Time Consuming Payment System ...................................................................................... 6
High & Inflexible Merchant Fees .......................................................................................... 6
Tedious Fund Transfer Duration............................................................................................ 7
Lack of a Unified Mobile Payment System ........................................................................ 7
AUTHENTICITY AND TRUST ISSUES .................................................................................. 8
Inability to Transfer Trust/Rating ........................................................................................... 8
Individual Relationship Management ................................................................................ 8
Fraud and Theft ..................................................................................................................... 9
MARKET OVERVIEW .............................................................................................................. 9
NOBAR, THE FULL FLEDGED SOLUTION ..................................................................... 13
CRYPTO COMMERCE .................................................................................................. 13
Global Trading ..................................................................................................................... 13
Local Trading ....................................................................................................................... 14
Tokenizing Used Products ................................................................................................... 14
Sharing and Selling Assets .................................................................................................. 15
Facilitating Services ............................................................................................................. 15
Advertisements .................................................................................................................... 16
PAYMENT FUNCTIONALITY ........................................................................................... 16
Multi-signature Agreement & Payment ........................................................................... 16
Recurring Transaction ......................................................................................................... 17
Flexible Transaction Fee ..................................................................................................... 17
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SHOP-APP ...................................................................................................................... 17
WHY CHOOSE NOBAR? ................................................................................................... 19
PURCHASING POWER, RETURNED TO YOU ............................................................... 19
MANY OPTIONS UNDER ONE UMBRELLA ................................................................... 20
CONSIDERABLE GROWTH POTENTIAL ........................................................................ 21
CONVENIENCE MATTERS ............................................................................................. 22
INCREASING ACCEPTABILITY ...................................................................................... 23
USER PROTECTION ........................................................................................................ 23
MINIMAL TRANSACTIONAL FEES ................................................................................. 24
REGULATION COMPLIANT ........................................................................................... 24
TWO DECIMAL CRYPTO TOKEN .................................................................................. 24
LOYALTY PROGRAM .................................................................................................... 25
TOKEN ........................................................................................................................................ 26
PROJECT SYMBOL ........................................................................................................ 26
BLOCKCHAIN TECHNOLOGY ..................................................................................... 26
SMART CONTRACT CODES ......................................................................................... 27
TOKEN SALE ................................................................................................................... 31
ROADMAP ............................................................................................................................... 37
COMPANY INFORMATION ............................................................................................. 38
NOBAR TEAM ......................................................................................................................... 39
TEAM .............................................................................................................................. 39
Advisors ......................................................................................................................... 40
APPENDIX ................................................................................................................................ 41
REGULATION ANALYSIS OF NOBAR ........................................................................... 41
Utility vs. Security .................................................................................................................. 41
Payment Alternative Regulation ....................................................................................... 46
Restrictions ............................................................................................................................ 47
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Blockchain, cryptocurrency, crypto token and Bitcoin, these are the ultimate buzz-words
which are changing the way how we perceive and understand economy and banking.
Since the inception of Bitcoin, multitudes of disruptive ideas revolving around
cryptocurrency are emerging as we, the consumers and users, are beginning to unlearn
the way we have perceived our past payment systems. Innovators are coming up with
new and fresh solutions every day in which blockchain and cryptocurrency can be used
to provide users more control with less uncertainty.
But has cryptocurrency been able to achieve what it was designed to do yet? Has it
become the universal medium of exchange for all kind of commercial activities?
The answer is a disappointing NO. Although there have been some promising projects
from a few cryptocurrency visionaries and entrepreneurs, these have surfaced as only
partial solutions to the problem. As a result, we users have to resort to using different
cryptocurrencies and different platforms for conducting different activities in our everyday
lives. This dependence on fragmented marketplaces for the application of cryptocurrency
makes it much harder to realize one of the key goals of this innovation, which was to
replace traditional fiat currencies in all the aspects of modern human civilization.
So, what do we need to solve this? We are in need of a single cryptocurrency or crypto
token operating on a single platform which will unify all kind of commercial activities (B2B,
B2C, C2C, C2B, POS, job, ads) revolving around payment or transaction so that any user,
ranging from an international business magnate to grocery shoppers can use it as a
universal medium of exchange to create a complete and holistic facility of crypto
commerce. NOBAR is here to provide this solution.
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The combined worth of cryptocurrency and crypto token sector has skyrocketed so much
that it is now comparable to any established industry in the world. As of March 2018, the
total crypto market was worth a staggering 600 billion USD (according to coinmarketcap).
Yet, the only major activity related to cryptocurrency or crypto token is exchanging it with
other cryptocurrency or fiat currency. If the true vision of cryptocurrency was to be a
payment alternative, then this will not suffice to fulfill that goal. What are the problems
and issues that are hindering the advancement of cryptocurrency? Let’s take a look.
Bitcoin and cryptocurrency have come a long way from being considered a useless trinket
to a steamy hot-cake in the eyes of the investors. Every day, major investments are made
with an aim to obtaining a slice of this booming market. Even though countries such as
Japan are accepting Bitcoin in various types of transactions ranging from point of sale
payments to large transactions, only a handful of merchants, retailers and businesses are
really using cryptocurrency for the trading of traditional goods and services. The reason
is cryptocurrency is still not accepted as a medium of payment for any kind of financial
activities that happens in our day to day life.
Whenever the topic of cryptocurrency is initiated, the first name that comes to everyone’s
mind is Bitcoin. However, the cryptocurrency industry has come a long way from confining
itself to only Bitcoin. There are many altcoins and crypto tokens now which are trying to
solve existing problems in our current world. As a result, there is now a cryptocurrency
for almost every activity imaginable. There are tokens for B2B (business to business)
activities, tokens for B2C (Business to consumers), one for sharing activity, one for selling
your assets and the list goes on. Although these projects are providing great solutions to
various problems and catering to some needs, they are creating fragmented markets by
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introducing different cryptocurrencies and crypto tokens for each activity. Therefore, there
is less commonality among the token holders. Any token holder would have to exchange
his/her token with other tokens to engage in any other activity which is not supported by
his/her token, which results in hassles for the token holder.
The combined market capitalization of cryptocurrency has increased more than
twelvefold since January 2016, surpassing $600 billion by January 2018. According to
the latest data, the current number of unique active users of cryptocurrency wallet is
estimated to be more than 6 million. And yet there is no real commercial or financial usage
of cryptocurrency. They are being used more as “Crypto-assets” rather than
cryptocurrency because they are not really being used as a currency. The reason behind
this is that there is no unified platform which connects all the fragments of markets
available. Therefore, for a certain token, the acceptability is very low compared to that of
USD or EUR. If cryptocurrency is not used as a currency, then no commercial of financial
usage can be obtained from it.
Most of the platforms that allow any kind of transactions have reviews provided by other
people who are available on a certain platform nowadays. Consumers rely heavily on
these reviews to trust a vendor, merchant or a service provider. This is of serious concern
as creating fake profiles and posting fake reviews have become commonplace, which
does not inspire confidence in users. Through research has become a necessity even for
simple financial transactions. This requires a significant amount of time and there is no
certainty that the independent research will prove to be useful or not. The developers and
moderators of these platforms do not create enough facility to monitor every profile and
their related activities on the platform to provide platform side review. So even if a
consumer is interested in a certain product or service he/she may not perform the final
transaction due to lack of trust.
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E-commerce sector and its associated industry has expanded at an unmatched rate over
the course of last decade and is expected to grow further at an even faster rate. The retail
e0commerce sale has more doubled in only the last 4 years and is likely show similar
level of growth in the next 2 years. But despite this high growth and reach, the sector is
facing a few major problems. Even behemoths of the industry, such as Amazon and eBay
are not completely free of these hindrances and drawbacks.
There are a number of payment gateways and transaction processing corporations
available for the buyers and sellers in the e-commerce sectors. Yet the whole process is
riddled with various problems, such as:
Currently implemented transaction process has a complex transaction settlement that can
include up to 16 steps to accept and settle transactions. The payment confirmation and
rejection are carried out in 8 steps at the time of the payment regardless of it being in a
physical store, e-commerce or m-commerce. Additionally, the process includes 8
additional steps to settle the transaction. This lengthy process calls for a significant
amount of time and resource.
There are up to 10 different types of fees that are borne by the merchant in order to accept
payment from the customers. It includes:
Transactional fees which can range anywhere between 2% and 6% per transaction
plus a fixed fee which ranges from $ 0.1 to $ 0.7. This fee is paid for banks, credit
card associations, processors and payment gateways.
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Chargeback fee and retrieval request fee are implemented when there is a request
for a chargeback. Various payment gateways, such as PayPal charge merchants
a $ 15 chargeback fee.
Flat fees which can include PCI fees, terminal fees, IRs reporting fees, monthly
fees, annual fees, network fees etc.
Cross-border fess which can go up as high as 4.4% + fixed fee (in the case of
PayPal).
Incidental fees such as batch fee, VAF, AVS and NFS fee.
No matter what the amount is being transacted, these activities always incur a certain
fixed amount/percentage of charges along with variable fees, on which the user has no
flexibility. And frustratingly, sometimes the payment gateways and processing
organizations opt to keep their overall fee structure hidden from a seller which can lead
to confusions.
Moving the money in different bank accounts can often take a long time which can range
from 2 days to a few weeks to receive the payment. Moreover, often the merchants’
payments are held for a week due to a higher probability of chargebacks.
The solutions currently available are fragmented and not very user-friendly across the
whole populace of the global market. October 2016 was the first ever month in the history
of the internet when more users around the world accessed the internet from mobile
devices than from desktop computers. According to Statista, it is estimated that
approximately 80% of internet usage will be from mobile by the year 2018. At the same
time, mobile payments are projected to increase from USD 8.6bn in 2015 to USD 274bn
in 2021.
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The problem is that most e-commerce and retail payments gateways and/or terminal were
developed to accept and process payments using physical credit cards, and at their core,
cards are not mobile-friendly. Payment gateways rarely offer a simple solution for a
merchant to accept mobile payments on their website or point of sale (POS) terminals.
Trust and reputation are extremely important for participants in today's global commerce.
People are more likely to buy from trusted merchants; therefore, merchants are striving
to maximize their trust rating/reputation and build a loyal customer base. On the flip side,
building trust can be quite difficult. To achieve this, a lot of time is required in addition to
resources hence a costly affair. In fact, this becomes even more difficult for new or small
merchants as compared to large and established merchants.
Consumer reviews are significantly more trusted (nearly 12 times more) than descriptions
that come from manufacturers, this is according to a survey of US internet users by the
online video review site EXPO. Below are some of the problems of trust faced by
merchants in today's global e-commerce:
Sellers of e-commerce space currently have no ability to transfer their trust rate from one
marketplace to other. For example, once you become trusted on eBay, you still must
build your trust on Amazon or any other marketplace platform.
Buyers need to establish a relationship with each merchant separately. Moreover, a
buyer’s history is not available for merchants to make decisions. This is due to the fact
that trust is not inter-transferable between merchants.
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In 2015, card fraud reached $21.84 billion – a figure that is expected to rise to $31.67
billion by 2020. According to Advanced Payment Report 2016 conducted with the help of
Wirecard.de, 92% of merchants say fraud will remain a prime concern for online
payments. Large e-commerce and m-commerce merchants lose 1.4% and 1.7% of
revenues respectively to fraud according to the 2015 True Cost of Fraud Study.
With rapid and continuous global economic growth, the e-commerce sector is growing
steadily. The number of daily users is growing every day, and a lot of businesses all over
the globe are generating a major portion of their sales through e-commerce platforms.
This growth is apparent when we take a look at the annual turnover from e-commerce on
a worldwide scale.
The global turnover from e-commerce is expected to be $2.2 trillion by the end of the year
2018, with a growth rate of around 20%.
1100
1490
1850
2000 2
24
0
2014 2015 2016 2017 2018*
GLOBAL E-COMMERCE TURNOVER ($BILLION)
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Each year the number of people who regularly shop online keeps growing. According to
the Global E-commerce Report marketing study by Nielsen (a company focused on the
FMCG industry marketing measurements), the number of online shoppers’ increases
annually by an average of 16% and now it amounts to 1.66 billion worldwide.
There are more than 1.5 billion customers of online marketplaces around the world.
The volume of the global e-commerce amounts to trillions of dollars annually. The leaders
in total expenditure are China, Great Britain, USA and Japan.
Now, how does having a marketplace offer benefits for sellers and buyers? It-
Provides access to a virtually limitless global market
Provides an opportunity to meet a large client base
Facilitates selling various goods
Makes payment easier
Reduces promotional and marketing cost
1.3
1.4
7 1.6
2
1.7
3 1.8
6
1.9
5 2.1
2014 2015 2016 2017 2018* 2019* 2020*
NUMBER OF CUSTOMERS BY YEARS (BILLIONS)
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The market share of e-commerce ventures in global retail trade is expected to increase
and will most likely reach 15% by 2021. Thus, e-commerce is exhibiting considerable
influence on the development of global trade.
There are some key facts that are apparent from various data obtained from the market.
They are:
70% of the total customers rated price as the main factor in selecting items from
online stores
71% customers factor in sales and promotional offers while purchasing
80% of the customers consider Delivery cost and speed is an important factor
In 2016, 58.3% of global internet users had purchased products online. In 2019, this figure
is expected to grow to 63%. With digital buyer penetration expected to surpass 65% of
internet users worldwide in 2021, the e-commerce industry is set to evolve and expand.
0
2
4
6
8
10
12
14
16
18
2015 2016 2017 2018 2019* 2020*
MARKET SHARE OF E-COMMERCE IN RETAIL TRADES (%)
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The following figure shows the global markets with the highest online shopping
penetration rate as of the second quarter of 2017. As of the second quarter of 2017, the
average value of online shopping orders worldwide via desktop was 136.77 U.S. dollars.
Smartphone and tablet purchases lagged behind with an average order value of 100.75
and 108.18 U.S. dollars respectively.
58.3
60.2
61.6
63
64.6 65.2
2 016 2017 2018* 2019* 2020* 2021*
DIGITAL BUYER PENETRATION(%)
83
83
82
81
79
77
77
76
75
74
China
South Korea
UK
Germany
Indonesia
India
United States
Taiwan
Poland
Thailand
ONLINE SHOPPING PENTRATION RATE (%)
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NOBAR aims to offer a three-sixty-degree holistic solution to both the buyer and seller
group by focusing on different specific needs. To streamline and increase efficiency, our
solutions will be presented through a singular platform combining two major functionalities
simultaneously, “Crypto Commerce” and “Shop-App”. We believe in facilitating in any
eligible and interested buyer and seller, no matter the size or scale of their businesses.
This dream has encouraged us to offer these solutions for our users:
Imagine that you have been out on a holiday in the beautiful islands of the Maldives from
your home country. Upon your return to your home, you feel very nostalgic and now you
want a souvenir from your visit, in the form a traditional wear. You look for it online for a
couple of hours and finally find a lead on eBay where a local resident of Maldives is selling
those attires. But to your dismay, when you go to place an order you find out that the bank
you use for your transactions does not offer a payment gateway to the Maldives. And the
alternate processors are charging so much that the extra charges are even more than the
cost of the attire. You feel dejected with a dampened mood.
This is just a fictional scenario which illustrates how across the border trading has become
lengthy, time-consuming and expensive over the period of time. Moreover, this whole
process requires significant paperwork along with the need of an intermediary (banks,
processors, payment gateways) which charges a significant amount for each transaction
made. NOBAR will enable you to take part in global trades without the need of any kind
of intermediary.
Our platform offers any of our users to communicate with other users without any hassle
or need for a third party. All the trading is done electronically and the system will ensure
the authenticity of the users while registering to negate any possibility of fraudulent
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activities. The platform will offer tools with easy to use interface so that the products are
available internationally if a seller wishes so.
NOBAR will allow local businesses to showcase and sell their products to local buyers.
We strive to focus on fairness which will allow all the sellers, no matter the size of their
businesses, to showcase their goods and services on our platform.
With the growing amount of orders, it often becomes nigh impossible for a small scale
local producer to expand and scale up as it is very time consuming and expensive.
NOBAR will assist local vendors in expanding and maintenance by offering supports on
the fronts of sales, communication, PR management and marketing. By assisting the
sellers in these activities, NOBAR aims to help the vendor in focusing on their core
activities, namely production of the goods and services.
NOBAR aims to dispatch dedicated tool for marketing and measuring customer
feedbacks by maintaining a transparent purchasing behavior and trend history of the
platform. We have the goal of building dedicated fractions of communities which will
correspond to local needs of both the sellers and buyers.
One of the interesting features offered by our platform is the ability to buy or sell used
products. This trade will operate much like eBay, but with the added convenience of using
a unified medium of exchange, namely NBR Token to perform the trade. This negates all
the possibilities of undue price fluctuations and transactional complexity that is faced by
fiat currencies. The price of the product will be at the complete discretion of the buyer and
sellers with no influence from the authority which will ensure fairness.
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NOBAR will make it very easy not only to buy and sell your produced goods and services
but also to share or rent anything that you want. Facilitating the needs of both the
traditional hoteliers and Airbnb users, you can rent your hotels or share your house with
any interested user. Want to rent your car? Our platform will support dedicated sharing
and renting of automobiles. With no service/processing fees incurred, you can quickly
connect to other users on the platform if you wish to share your assets.
The platform also aims to provide its users support for selling assets such as automobiles,
houses and equipment. Users can directly communicate with each other via the dedicated
chat service on our platform and adjust the terms of the transactions.
Just like sharing assets, it will be enormously easy to share human resources across our
platform. Any user can showcase their skill sets and experience while attracting one –to
one contract with other users for providing services. These services will open doors for
remote job opportunity by conducting projects bypassing global barriers.
We wish to make our platform a haven for freelancers across the globe. If you wish to
avail a service, you can post job notices against which other users can make bids.
A user can also opt to list his/her employees in our platform and opt to automate the
payment. Our platform will provide the service of employee payroll management on behalf
of the employer.
A user can also operate a virtual workplace or office through our platform. This can
significantly bring down the operating cost while making it possible to obtain and maintain
a diversified workforce around the globe.
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One exciting feature that our platform aims to offer is a versatile advertising tool. Any user
of our platform can enjoy the benefit of targeted advertising on the basis of demographics
and interests while selling various goods and services. It will allow for a precise
deployment of advertisement, therefore resources, to reach the most potential buyers,
renters or any interested party.
Let’s take an example to illustrate the point better. Suppose, you run a small business in
Lyon that specializes in crafting handmade, customized wedding gowns. You want to
showcase your products in our platform, and are aiming to sell your products to the
dwellers of your city as that will allow you to provide a better logistical support.
To successfully run an advertisement campaign that will fit your business need properly,
you will be aiming to target an audience that is female, falls in a certain age group, has
interests in bridal wears and resides in your town. Our advertising tool will allow you to
precisely select a customized target audience like this, and that too in a simple, easy-to-
understand user interface.
In our platform, a buyer and a seller can come to an agreement with different payment
and other clauses in action. There will be provision for partial payment before the delivery,
while the other portion can be paid after successful delivery. Additionally, the whole
payment can be made in advance or after delivery. Once the payment procedure and
other terms and conditions are settled, both parties will digitally sign a contract with all the
necessary parameters and clauses. During the whole duration of the transaction,
payment and delivery process track and trace service will be integrated into the system
to let the parties involved know about the package position.
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As soon as the agreement is digitally signed by both the parties, the agreed amount from
the buyer’s account will be frozen and after successful delivery of the product that amount
will be released to the seller as per agreement.
A special feature of our platform is the recurring transaction system, where anyone can
automate the payment for anyone at a given time. A user can set a certain time and a
certain amount which will enable the user to send out payment without manual
involvement. A notification will be sent to the user to his/her account to facilitate a
successful automated transaction.
Any user will be able to use this feature to pay bills, to send out salaries to employees, to
pay house rent and many other purposes.
A sizeable benefit that NOBAR will provide over conventional transactions is the flexibility
offered to users in terms of transaction fees. Being based on Ethereum blockchain
technology, NOBAR will allow its users to choose any amount of transaction fee (as low
as $ 0.05 per transaction), depending on the preferred transaction time. This feature will
ensure greater control to the most important entity to us, our users.
NOBAR aims to provide a dedicated shop-app functionality right in the dedicated mobile
app across major mobile operating ecosystems. Users of the app can potentially perform
all the activities from any browsers or our mobile app which will feature additional benefit
of acting as a dedicated payment device.
Any Point of Sales that integrates our platform will allow our users to expand the
functionality of the app. With growing users and POS, users can potentially do any kind
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of shopping from physical stores and pay for services using NOBAR’s signature app.
Imagine paying for your grocery, or the delicious dinner you just had at your favorite
restaurant with the help of our app with just a swipe. We strive to make the lives of our
users smooth and easy in the most convenient way possible.
Our shop-app functionality aims to make the process of payment thoroughly easy by
integrating a simple “scan and pay” system. By scanning the crypto address or the QR
code, any user can send the payment easily from any of our POS. The integration for the
retailers who want to accept payment in this method will be equally as easy, as they will
be able to take benefit from the same POS.
By scanning the QR code of the receiver’s address, any user will be able to send payment
in NBR token or in any other cryptocurrency of their choice to any retailer who has
integrated the NOBAR Shop-App into their devices. Transferring NBR tokens or any other
currency to any friend or family will be equally as easy. Just copy and paste the desired
address into the address bar or scan the QR code and press send to transfer.
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NOBAR will deploy the shop-app functionality in two versions. They are the basic shop-
app and the advanced shop-app.
Upon reaching the soft cap target, a basic shop app feature will be deployed with
support for ETH and NBR.
Upon reaching the advanced level of the token sale, the advanced shop-app
feature will be made available to all users, which will support ETH, NBR, BTC, LTC
and BCH.
NOBAR team will integrate the fast lightning network upon reaching the hard cap.
With the promise of harnessing the power of Ethereum blockchain and smart contract,
NOBAR aims to completely revolutionize the way we view and use e-commerce
platforms. But what do we promise to offer in this platform? Let’s find out.
One of the biggest niggles that we, the NOBAR team had during the meteoric rise of
Bitcoin and consequently other cyrptocurrencies and crypto tokens is that due to the wide
fluctuations of the values, users have started treating cryptocurrencies and crypto tokens
as assets. The dominating tendency is to “short sell” to make a short-term profit. This
defeats the main purpose of a currency, which is to work as a medium for transactions.
Most of the cryptocurrencies and crypto tokens currently present in the world are currently
used for only speculative trading. Imagine US Dollar as a currency which is only used to
be traded against other currencies of the world, for the hope of making profits out of the
trading. This hypothetical situation is being realized in the crypto world which will
ultimately lead to a collapse of the market.
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NOBAR promises to give the power back to the users. By engaging our token as a mean
to purchase and sell products, we want to establish NBR token as an appropriate
replacement for traditional currencies.
A few cryptocurrency providers have started providing solutions for various activities
regarding online trading such as marketplace based blockchain or online hiring contracts.
But these organizations are focusing on disparate goals with no aim of unifying various
activities to be made available to users. This leads to fragmentations and hassles for
users as they have to use different platforms for different but co-existing activities.
NOBAR will accommodate different types of activities under a unified platform to provide
a holistic solution for our users. These activities will range from, but not limited to:
Managing local trades and businesses
Conducting global trades
Selling used goods
POS payments
Providing personalized and generalized services
Selling assets
Sharing or renting assets
Hiring workforce
Customizing activities by setting parameters
There are currently no other entity in the crypto world who are offering so many options
in a single platform. When NOBAR is pitted against other competitors working in the same
segment, it becomes even more apparent.
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The number of users and beneficiaries from the global e-commerce sector has increased
at an exponential rate of over the last few years. Each year more and more people are
moving from traditional buying habits to online purchases. Here we can see how far the
digital commerce and mobile POS payment trends have grown in the last years and how
they can be even more widespread potentially.
0
1000
2000
3000
4000
5000
6000
2016 2017 2018 2019 2020 2021 2022
DIGITAL PAYMENT GROWTH POTENTIAL ($ BILLION)
MOBILE POS PAYMENT DIGITAL COMMERCE
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For some markets, the lion’s share of the buyers is opting out of going to traditional brick
and mortar shops to using e-commerce spaces. This figure can reach up to 60 percent of
the people eschewing traditional shops in favor of online market space. Let us take a look
at an illustration of how buying behavior for a lot of items has changed.
In light of these data, it can be reasonably assumed that the e-commerce sector all over
the world should grow steadily in the coming years. NOBAR is inviting you to take part in
a market that has the potential for sustainable and steady growth. With the addition of
more and more users, the platform will be sustainable and viable.
One of the biggest problems of transacting with traditional currency is the lack of
convenience. Carrying money in person is cumbersome and risky while paying through
various payment gateways and banks currently incur a considerable fee and long
processing time. With NOBAR, we want to get rid of these hassles and design an easy to
use, convenient shopping experience for our users. And the biggest point of this
convenience stems from our promise to introduce a single crypto token that can be used
60%
43%
39%
36%
37%
28%
51%
37%
44%
47%
BOOKS, MUSIC, MOVIES, VIDEO
GAMES
CONSUMER ELECTRONICS
TOYS
SPORTING GOODS
HEALTH AND BEAUTY
GLOBAL ONLINE VS IN-STORE SHOPPING PREFERENCES IN 2017
IN-STORE
ONLINE
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for every kind of commercial activities imaginable, rather than holding different
cryptocurrency and crypto token for various activities.
The usage and public interest on cryptocurrencies have skyrocketed in the last couple of
years and big corporations have started to notice that. To keep up with the consumer
demands, a lot of organizations, businesses and shops have started accepting
cryptocurrencies as a payment method. These include Expedia, Shopify, Newegg,
Roadway, Gyft, Overstock, PayPal, Subway and even Microsoft. These show the
potential that many more organizations will integrate their businesses with the demand,
which works as a huge boost for NOBAR and its promises to deliver a unified e-commerce
platform all over the globe.
A big headache for the users of cryptocurrencies is the fear of being scammed. Taking
advantages of the boom, some fake cryptocurrency ventures have participated in
fraudulent behaviors and scammed unsuspecting users by selling false promises.
To reduce the uncertainty regarding the experience and contributions of our potential
users, NOBAR has adopted a fully transparent modus operandi. Any potential user will
be vetted by our operations team so that the trading of illegal or dangerous items do not
take place. Any potential user can contact our core team members regarding any issues
over various social media platforms. Additionally, our advisory panels constitute various
personnel who are well versed in the marketing, regulations, security and operations of
cryptocurrency and e-commerce.
Moreover, individualized KYC and AML requirements will be carried out for each user to
diminish the chance of any fake profile or fraudulent activity. This step will ensure the
legality of NOBAR’s operations, as well as will diminish the chance of our users getting
cheated or scammed.
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Due to the inclusion of various types of fees on different steps of the processing of a
typical credit card transaction, the fee can vary between at least $2 to up to more than 5$
for every $100 of transactions. On the other hand, NOBAR, on the virtue of being based
Ethereum’s blockchain algorithm will incur as low as only $0.05 fee per transaction,
depending on the preferred transaction time. Thus NOBAR users will have much higher
flexibility in reducing these fees greatly.
Nowadays the only debate from the concerned regulators is “utility or security” regarding
how an ICO is structured. During an ICO, the purchaser of the tokens has to make sure
if there is any regulatory risk associated with the project which might halt or lessen the
development of the associated project. Generally, the main point for all of the jurisdiction
around the world is that tokens which give investors certain rights in the issuer company
or whose value is tied to the future profits or success of a business are likely to be
considered securities. The straightforward answer for this matter would be that NBR token
holders will only have rights to access and to use NOBAR platform’s functionalities
(Crypto Commerce & Shop-App) and the right to use NBR token to purchase goods and
services only through NOBAR platform. For a thorough analysis of the nature of NBR
token, please refer to our appendix section.
After careful deliberation, the NOBAR team has chosen the value of NBR token to be
divisible to up to two decimal point. The reason behind this is to help the users to easily
transition into using cryptocurrency or crypto token from the usual fiat currency due to the
similarity and ease of calculation.
For example, when you walk into a conventional shop, you might buy a gallon of milk for
$ 3.75. You can find this ease of usage in NBR, where you can expect a transaction
amount to be rounded to a value of 4.01, instead of 4.08465816 in case of other tokens.
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The question might arise, why is NOBAR refraining from using eight decimal crypto
tokens which is the preferred way of operation for Bitcoin and other cryptocurrencies?
Even though the decision of using eight decimal points offers more precision, we feel that
it forces users to adapt to a sudden and huge paradigm shift of using two decimal point
fiat currencies for their entire lives.
Imagine a day in your life. No matter your profession, you are very likely to partake in
various activities that use currency, sometimes multiple times a day. These can range
from paying a small bill to buying a grocery to hiring a service staff. Using eight decimal
point cryptocurrency repeatedly in quick succession for these small tasks might make the
users weary of keeping track of their finances while rounding to two decimal points will be
a continuation of their lifelong habit.
Scientist and researcher Stanislas Dehaene notes that prices with precise numbers tend
to make consumers uneasy. Prices are rounded to calm consumers and increase
perceived value. Dehaene also notes that Rounded numbers convey value more
effectively. All of these observations have culminated in our decision to develop NBR
token as a two decimal point crypto token.
NOBAR believes in giving back to its most ardent supporters, to those loyal users who
are the heart of soul of the platform. To make it worthwhile for our frequent users, a
specially crafted loyalty program will be deployed along with our platform. Through a
collaborating with the interested merchants and sellers of the NOBAR platform, we wish
to launch a loyalty program for our users that can work cross-brands so that the whole
process is streamlined and easy.
In addition to providing supreme value for the buyers, this program will also drive sales
for the sellers, merchants and service providers of NOBAR platform. While traditional
loyalty points have no monetary value to the merchants after it’s been spent, the loyalty
points in NOBAR can be traded which will help the sellers recoup a portion of the sales
made through this program.
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The name NOBAR was chosen for the platform to signify how we plan to facilitate no “bar”
or no restriction on our platform across both the functionalities (Crypto Commerce &
Shop-App).
The vibrant colors symbolize multitudes of activities that can be performed with our token,
henceforth known as NBR token.
We have chosen NBR Token to operate as an Ethereum based token for the platform.
There are some distinct reasons behind these decisions, such as:
The block time for Ethereum is 14/15 seconds compared to almost 10 minutes of
other leading cryptocurrencies. This translates into a much faster transaction time
which is one of the aims of our platform.
Ethereum has its own Turing complete internal code, which means that when
provided ample time and computational power, anything can be calculated.
Ethereum discourages centralized pool mining through its Ghost protocol
rewarding stale blocks. There is no advantage to being in a pool in terms of block
propagation.
Ethereum has a high “immune” system where a third party can’t make changes to
any data.
Apps connected to Ethereum rarely, almost never go down and cannot be shut
down.
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Ethereum’s smart contracts use blockchain stored applications for contract negotiation
and facilitation. The benefit of these contracts is that the blockchain provides a
decentralized way to verify and enforce them. The decentralized aspect makes it
incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide
greater security than traditional contracts and bring down the associated costs.
Deploying the smart contract to create the desired token is the most important part of any
Token sale from the technical point of view. Recent reports and a thorough search in
etherscan show us that most of the contract codes developed have solidity compiler bugs.
These bugs have low and medium severity issues which can harm a token holder’s
activity at any time. NOBAR team wants to make sure that there is no existence of such
bugs which can create any problem for our token holders and our platform. Some of the
compiler bugs make the contract susceptible to the following issues:
Zero Function Selector
Delegate Call Return Value
EC Recover Malformed Input
Skip Empty String Literal
Constant Optimizer Subtraction
Identity Precompile Return Ignored
High Order Byte Clean Storage
Optimizer Stale Knowledge About SHA3
Send Fails for zero Ether
Dynamic Allocation of Infinite Loop
Optimizer Clear State on Code Path Join
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These issues may create mass confusion among the users which will result in distrust
and operational difficulties in the associated token and ecosystem. Therefore, our expert
team of smart contract developers has deployed a perfect and bug-free contract for
confirming the precise operations associated. The following is the description of our smart
contract specifications and codes:
0x267398927B5886df921B235AFe9dBbe47Fbcc37d
NobarToken
NBR
v0.4.18+commit.9cf6e910
Yes
https://etherscan.io/address/0x267398927b5886df921b235afe9dbbe47fbcc37d#
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pragma solidity ^0.4.18;
interface tokenRecipient { function receiveApproval(address _from, uint256
_value, address _token, bytes _extraData) public; }
contract NobarToken {
string public name;
string public symbol;
uint8 public decimals = 2;
uint256 public totalSupply;
mapping (address => uint256) public balanceOf;
mapping (address => mapping (address => uint256)) public allowance;
event Transfer(address indexed from, address indexed to, uint256 value);
event Burn(address indexed from, uint256 value);
function NobarToken(
uint256 initialSupply,
string tokenName,
string tokenSymbol
) public {
totalSupply = initialSupply * 10 ** uint256(decimals);
balanceOf[msg.sender] = totalSupply;
name = tokenName;
symbol = tokenSymbol;
}
function _transfer(address _from, address _to, uint _value) internal {
require(_to != 0x0);
require(balanceOf[_from] >= _value);
require(balanceOf[_to] + _value > balanceOf[_to]);
uint previousBalances = balanceOf[_from] + balanceOf[_to];
balanceOf[_from] -= _value;
balanceOf[_to] += _value;
Transfer(_from, _to, _value);
assert(balanceOf[_from] + balanceOf[_to] == previousBalances);
}
function transfer(address _to, uint256 _value) public {
_transfer(msg.sender, _to, _value);
}
function transferFrom(address _from, address _to, uint256 _value) public
returns (bool success) {
require(_value <= allowance[_from][msg.sender]); // Check
allowance
allowance[_from][msg.sender] -= _value;
_transfer(_from, _to, _value);
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return true;
}
function approve(address _spender, uint256 _value) public
returns (bool success) {
allowance[msg.sender][_spender] = _value;
return true;
}
function approveAndCall(address _spender, uint256 _value, bytes
_extraData)
public
returns (bool success) {
tokenRecipient spender = tokenRecipient(_spender);
if (approve(_spender, _value)) {
spender.receiveApproval(msg.sender, _value, this, _extraData);
return true;
}
}
function burn(uint256 _value) public returns (bool success) {
require(balanceOf[msg.sender] >= _value);
balanceOf[msg.sender] -= _value;
totalSupply -= _value;
Burn(msg.sender, _value);
return true;
}
function burnFrom(address _from, uint256 _value) public returns (bool
success) {
require(balanceOf[_from] >= _value); // Check if the
targeted balance is enough
require(_value <= allowance[_from][msg.sender]); // Check
allowance
balanceOf[_from] -= _value; // Subtract from
the targeted balance
allowance[_from][msg.sender] -= _value; // Subtract from
the sender's allowance
totalSupply -= _value; // Update
totalSupply
Burn(_from, _value);
return true;
}
}
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The tokens available in the NOBAR platform will be the primary form of transaction among
the users. The usage of smart contract will ensure the layer of security while using the
tokens. Here is some key information:
Our token sale will be carried out in 5 stages, with 400 million (400,000,000) token being
offered at each stage. Each stage will have different bonus amounts, facilitating early bird
adopters greatly.
The currencies which will be accepted for the token sale are BTC, ETH, LTC and BCH.
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The bonus during stage 1 will be a whopping 30% which will eventually slide down to 10%
during the last stage.
This translates to a total of 2,400,000,000 NBR tokens offered during the token sale,
including the bonus.
30%
25%
20%
15%
10%
BONUS ALLOCATION
0 400M 800M 1200M 1600M 2000M
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The tokens will be distributed in 4 main segments. They are:
PUBLIC: 2,700,000,000 NBR will be distributed among users in the form of token
sale, bonus, referral and verification during 5 token sale stages.
NOBAR TEAM MEMBERS: 600,000,000 NBR will be reserved for the NOBAR
Team (founders and advisors).
PARTNERS: 300,000,000 NBR will be distributed to the partners (advertisers,
agency, and PR personnel).
BOUNTY PROGRAM: 400,000,000 NBR will be channeled to our bounty program.
TOKEN DISTRIBUTION
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The fund raised from the token sale will be distributed into 5 major activities. They are:
Product Development (50%)
Marketing & Promotion (15%)
Holistic Research (15%)
Legal (10%)
Team & Advisors’ equity (10%)
FUND ALLOCATION
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To ensure proper usage of the fund raised and to create various modules of functionality
from the platform, the whole token sale event has been divided into 4 milestones. These
milestones will offer varyingly increasing degrees of benefits depending on the stage.
Basic Shop-App functionality for Android and iOS with ETH and NBR support
Integrable merchant dashboard
Basic Crypto Commerce web platform, android and iOS app functionality with ETH
& NBR support
Advanced Shop-app functionality for android and iOS with NBR, ETH, BTC, LTC,
BCH support
Advanced Crypto Commerce platform with consumer analytics and reporting along
with ETH, NBR, BTC, BCH & LTC support
Integration of basic accounting tools for businesses
Multi-signature integration
Advanced Crypto Commerce functionality in web platform, android and iOS app
API and documentation available for 3rd party payments processing integration
Integration of local logistics for internal deliveries of products
24/7 call center and live chat support for users of the platform
Integration of advanced accounting tools for businesses
Merchant Analytics support
Complete Integration with logistics to support cross-border business from the
platform
Integration of lightning network
Support for hardware wallets
Cryptocurrency and token exchange support and integrable dashboard
Track and trace support for the flow of materials
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Token burning is an innovative solution in the crypto world that ensures transparency and
maximum value for the users of that token. Though it may seem counterintuitive or a
perplexing idea, these events have been occurring on a frequent basis.
Any amount of token which remains unsold during the token sale or is not used for bonus,
referral, promotion, partners or any other cause will be considered as excess tokens at
the end of token sale. NOBAR team wishes to burn all excess tokens at the end of token
sale.
These excess tokens will be burnt in a way that they become non-spendable &
inaccessible to anyone permanently. The NOBAR team will do this by sending the excess
tokens to an address whose private key is inaccessible to anyone or destroyed.
0x0000000000000000000000000000000000000000 is the most common burning or
eater address. There are many cases you can find on Etherscan that people have
accidentally sent their tokens or ethers to this address and cannot get it back. This
happens when users do not put an address in the address bar at the time of sending and
accidentally click the send button. However, the good news is the smart contract for NBR
token prevents any token to be sent to this address. This will provide relief to the NBR
token holders that their token cannot be accidentally sent to this address for their mistake.
Thus, NBR token provides a “Poka-Yoke” or mistake proof system for the token holders
to protect their tokens. The NOBAR team will create a different address whose private
key is destroyed and the burnt tokens remain in the address forever.
It is the common understanding of economics that when the supply goes down the
demand goes up or in this case when a certain amount of token is inaccessible to anyone
from the total supply of NBR tokens the value of the remaining accessible and usable
tokens go up.
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NOBAR OÜ
Harju maakond, Tallinn. Kesklinna linnaosa, Parda tn 4, 10151, Estonia
14447353
Legal form is osaühing (private limited company)
Management board member is Joyjit Bhowmick, personal identification code is
39311010100.
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Mehedi Hasan Sonnet
Back-End Developer
Anindya Chowdhury
UX/UI Designer
Carla Celisa
Finance and Accounting
Joyjit Bhowmick
Founder and CEO
Md. Ariful Haque
Chief Technology Officer
Likhon Amin
Marketing and promotion
Meriam Belghali
Business Development
Sharath Kumar
Business Development
Malek Romdhane
Community Manager
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Eduarda Shintaku
PR and Communication
Saloni Jain
Content Marketing
Faith Obafemi
Content Marketing
Fernando Galdino
20 years of experience in
IT, Software Development,
Database & application
support and certified
blockchain professional
Miriam Iwaik
Blockchain & cryptocurrency
researcher at IDEA, experienced
in IT and services industry, highly
skilled in CRM, SLA & business
process
Bogdan Fieudur
Smart contract developer,
entrepreneur and President of
Blockchainexperts.io. Over 20 years
of IT experience in e-commerce
websites and 3 years of experience
in blockchain development
Haris Rana
Experienced blockchain
professional, advised several
successful ICOs, worked as
Finance & Operations Manager
at bitcoin exchange Cubits
Ismail Malik
Able to provide leadership and
strategic direction to support service-
focused and cost effective activities
related to sourcing, contracting, and
acquisition of eMoney, Mobile
services, and Alternative Finance.
Anil Kumar
Director of Strategic
Partnership at World
Blockchain Summit
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For the better understanding of how our token sale and token is structured according to
security regulation, the detailed legal analysis is provided below:
The following analysis is done with the latest acts in force related to Initial Coin Offerings
(ICO) associated with each section. Every single point has been analyzed with caution to
create a steady pathway of development of the NOBAR project.
1) Is it a share or other similar tradable right?
Shares are units of ownership interest in a company. NBR token does not provide such
ownership interest in the issuer company. This token is simply to be used as a medium
of exchange in the NOBAR platform.
2) Is it a bond, convertible security or other tradable debt obligation?
a. A bond is a fixed income investment in which an investor loans money to an entity
(typically corporate or governmental) which borrows the funds for a defined period
of time at a variable or fixed interest rate. NBR Token has no such function or
quality.
b. A convertible security is:
a convertible bond
a convertible bond which may be exchanged only for a share of a subsidiary of
the issuer – exchangeable debt security;
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a debt security with warrants consisting of a redeemable bond and the right to
acquire a share to be issued (warrant).
NBR tokens do not provide any such opportunity.
c. A debt is money owed to another person or business, and obligation refers to your
practical and legal responsibilities to repay the debt. A debt obligation, therefore,
includes any money an individual or business owes to another entity. NOBAR team
does not have any monetary obligation to the contributors.
3) Is it a subscription right or other tradable right granting the right to acquire
securities?
a. Subscription right is a clause in an option, security, or merger agreement that gives
the investor the right to maintain his or her percentage ownership of a company by
buying a proportionate number of shares of any future issue of the security.
Contributors to this project who will receive NBR tokens in exchange do not have
any rights in the ownership of this company.
b. Tradable Rights are tradable securities that entitle right holders to subscribe to new
shares offered during a capital increase. All shareholders registered in the
company’s records at the end of the Extraordinary General Meeting (EGM) are
entitled to tradable rights. The EGM is convened for voting on the decision of the
capital increase (‘Registered Shareholders’). Each Right grants its holder the
eligibility to subscribe to a new share at the offering price. In case of NBR token,
they are neither securities nor share as explained before. Anyone with appropriate
KYC completion is eligible to contribute to the project during the Token Sale.
According to the roadmap, there will be no offering of new tokens after the Token
Sale is over.
4) Is it an investment fund unit?
An investment fund unit is a unit in the supply of capital belonging to numerous investors
used to collectively purchase securities while each investor retains ownership and control
of his own shares. An investment fund provides a broader selection of investment
opportunities, greater management expertise and lower investment fees than investors
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might be able to obtain on their own. For NBR token everyone can contribute and receive
NBR tokens individually rather than a collective effort.
5) Is it a money market instrument?
A money market instrument is a low credit, unsecured, transferable and marketable debt
obligation issued by an issuer for a term of up to one year which is traded on the money
market, including a treasury bond, commercial paper, certificate of deposit and bill of
exchange secured by a credit institution complying with the aforementioned
characteristics. NBR token does not hold any of these functions or characteristics.
6) Is it a derivative security or a derivative contract?
Derivative securities and derivative contracts are derivative instruments. A derivative
instrument is a tradable security expressing a right or obligation to acquire, exchange or
transfer, the underlying assets.
NBR token is independent and it is not dependent on any asset. It is a medium of
exchange in the NOBAR platform.
7) Is it a tradable depositary receipt?
A depositary receipt (DR) represents an ownership interest in securities of a foreign issuer
typically trading outside its home market. A DR is a tradable instrument.
NBR token is simply a payment medium in the NOBAR platform. It does not represent an
ownership interest in securities of a foreign issuer.
If NBR token would fall into any one of the characteristics of a security mentioned above,
it would be considered as a security. However, the analysis suggests there is no real
possibility of NBR token being a security.
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According to ESMA, “Depending on how they are structured, ICOs may fall outside of the
scope of the existing rules and hence outside of the regulated space. However, where
the coins or tokens qualify as financial instruments it is likely that the firms involved in
ICOs conduct regulated investment activities, such as placing, dealing in or advising on
financial instruments or managing or marketing collective investment schemes.
Moreover, they may be involved in offering transferable securities to the public.”
The key takeaway from this is that we have to analyze if NBR token is a financial
instrument by the definition of MiFID (Markets in Financial Instruments Directive) or not.
By the definition of MiFID, a financial instrument is an asset or evidence of the ownership
of an asset or a contractual agreement between two parties to receive or deliver another
financial instrument.
According to MiFID directive, financial instruments are:
(1) Transferable securities;
Transferable securities are those classes of investments which are negotiable on the
capital market such as shares in companies and other investments equivalent to shares
in companies, partnerships or other entities or capital return and interest investments
known as bonds.
As explained before NBR tokens do not provide any ownership interest or any other
characteristics stated above.
(2) Money-market instruments;
NBR token is not a money market instrument as stated before.
(3) Units in collective investment undertakings;
A Collective Investment, as its name suggests, is an investment scheme wherein several
individuals come together to pool their money for investing in a particular asset(s) and for
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sharing the returns arising from that investment as per the agreement reached between
them prior to pooling in the money.
It is clear from the structure of the project that each contributor is free to purchase,
exchange or use their NBR tokens individually. Also, here is no agreement among the
contributors themselves.
(4) Options, futures, swaps, forward rate agreements and any other derivative
contracts?
Options are a form of derivatives, which gives holders the right, but not the
obligation to buy or sell an underlying asset at a predetermined price, somewhere
in the future. NBR tokens have no such functions or characteristics.
Futures are exchange organized contracts which determine the size, delivery time
and price of a commodity. Although NBR tokens can be exchanged for other
cryptocurrencies in listed exchanges, it is not at all an exchange organized contract
nor is its value determined by the exchange itself. Rather it is a token to be used
in the NOBAR ecosystem and the value depends on the usage and subjective
understandings of the token.
A swap is an agreement between two parties to exchange cash flows on a
determined date or in many cases multiple dates. Therefore, NBR token is not a
swap.
Forwards and futures are very similar as they are contracts which give access to
a commodity at a determined price and time somewhere in the future. NBR tokens
are no such contract and cannot be sold at a determined price at some point in the
future.
(5) Derivative instruments for the transfer of credit risk;
NBR token is neither derived from any other financial instrument nor does it have any
relation with credit issues.
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(6) Financial contracts for differences;
NBR token is the medium of exchange in the NOBAR platform. There, it does not qualify
as a financial contract.
Other common characteristics that most of the jurisdictions attach to a token that is a
security are -
1. Is it a debenture?
A debenture is an indebtedness of the issuer of the digital token in respect of any money
that has been lent to the issuer by a token holder.
NBR token provides the access to use the crypto commerce and shop app platform. As
a result, it does not qualify as indebtedness of the issuer in respect of money.
2. Is there any dividend?
No, there is no dividend associated with the NBR token.
To conclude, a holder of NBR token will only have the rights to access and use the
NOBAR platform and the right to purchase and sell goods, services, assets etc. through
the platform. NBR token has no other rights attached to it. Therefore, it is not a security;
it is a utility token for the NOBAR platform.
As NBR token is a payment alternative to purchase goods and services, most of the
jurisdiction need KYC from the token holders to prevent illegal activities and terrorist
financing. This part includes precisely identifying an individual with all the valid information
and documents. To comply with this regulation, we have integrated a minimum required
KYC at the Sign Up portal.
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The above analysis covers all the declared regulations for ICOs all over the world. NBR
token sale is open and complaint with all the jurisdictions except for those who have strict
ICO barriers, cryptocurrency bans and unclear or unannounced regulation. Therefore,
this token is not available to the people whose rights are associated with the following
jurisdictions –
United States of America
Bangladesh
China
Japan