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Rflexcoin – An Introduction February 2019

© Copyright Global Raising, All Rights Reserved 1

TABLE OF CONTENTS

I. Abstract .............................................................................................................................. 2

Market outlook................................................................................................................ 2

Global Raising‟s solution ............................................................................................... 2

II. Market Context .................................................................................................................. 3

Current problems faced by private companies ............................................................... 3

Current problems faced by individual investors ............................................................. 4

III. Global Raising’s Platform ................................................................................................. 6

Key value propositions for private companies ............................................................... 6

Key value propositions for individual investors ............................................................. 7

IV. Key Processes ..................................................................................................................... 9

Screening process for company and asset due diligence ................................................ 9

User journey for individual investors ............................................................................. 9

Transaction course between RG and RFC .................................................................... 11

RG liquidation process ................................................................................................. 11

V. Technical Features ........................................................................................................... 13

Implementation of Smart Contracts with security patterns .......................................... 13

Establishment of a secure and scalable exchange platform for RG .............................. 13

VI. Industry-specific Use Cases ............................................................................................ 15

Tokenised VC funds ..................................................................................................... 15

Case study: Socidea Inc ................................................................................................ 15

Share-based tokens ....................................................................................................... 18

Case study: FCC 2019 .................................................................................................. 18

Asset-backed tokens ..................................................................................................... 23

Case study: INGINE ..................................................................................................... 23

Social contribution business ......................................................................................... 25

Case study: Enerwin Korea Inc .................................................................................... 26

VII. Tokenomics ....................................................................................................................... 29

RG issuance plan .......................................................................................................... 29

RFC issuance plan ........................................................................................................ 29

VIII. Project Roadmap ............................................................................................................. 32

IX. The Global Raising Team ............................................................................................... 33

Philosophy and vision ................................................................................................... 33

Core team ...................................................................................................................... 34

Advisors ........................................................................................................................ 36

X. Disclaimer, Legal Notice & Other Matters ................................................................... 38

Disclaimer ..................................................................................................................... 38

Legal notice .................................................................................................................. 38

Other matters ................................................................................................................ 39



I. ABSTRACT

Market outlook

Investing in the modern world has never been easier, with mature markets existing for

major asset classes such as public equities (i.e. stocks), fixed income (e.g. bonds), money

market instruments (e.g. treasury bills), real estate and commodities.

However, markets for non-mainstream but still attractive investment opportunities, such as

stocks of highly-valued start-ups and other private companies, remain underdeveloped in

comparison due to a myriad of limitations, which in turn causes problems for private

companies as well as individual investors.

Prime instances of such problems are small- to medium sized private companies finding it

increasingly difficult to raise funds, and individual investors becoming less exposed to

exciting investment opportunities. Altogether, these factors contribute to an unhealthy

investing environment wherein big companies and institutional investors can “squeeze out”

the smaller players (i.e. private companies and individual investors) easily.

Global Raising’s solution

Global Raising‟s internal exchange platform – including the issuance of Rflexcoin (a

utility token) and Reward Gas (a security token) – is geared towards providing high utility

to existing investment markets that exhibit signs of the problems above through tokenisation

of companies‟ shares and/or assets.

By utilising blockchain technology to further solve information asymmetry problems for

individual investors, Global Raising‟s platform is well-positioned to improve the field of

investing for all parties involved.

This White Paper outlines Global Raising‟s vision to bridge the interests of both parties by

building an organic yet robust ecosystem that is rewarding for private companies and

helpful toward individual investors in making optimal investment decisions.



II. MARKET CONTEXT

Current problems faced by private companies

The lack of a public market for individual investors to trade the stocks of private

companies (including start-ups) often results in either over- or under-estimation of their

operations‟ and assets‟ respective intrinsic values, as such value judgements are often

carried out by singular parties (e.g. angel investors, venture capital firms).

A prime example of gross over-estimation of a private company‟s intrinsic value is Snap

Inc (previously branded as Snapchat), which, on 2 March 2017, was listed on the New York

Stock Exchange. Snap Inc‟s Initial Public Offering (IPO) was conducted at USD24.00 per

share at a combined company valuation of approximately USD33.0bn (Crunchbase, 2019).

Snap Inc‟s company valuation at IPO was in line with investment judgements made by

venture capital firms as it had previously raised approximately USD2.7bn over 10 funding

rounds (Crunchbase, 2019).

However, in the public market, investors did not see as much intrinsic value in Snap Inc

and that led to its share price falling tremendously since IPO. As of market close on 8

February 2019, Snap Inc trades at USD9.10 per share, a 62.1% drop from its IPO price.

This example highlights the importance for private companies to have a strong grasp of its

intrinsic value via a free market mechanism (such as in public markets) in order to make

optimal decisions on an operating, financing and investing level.

Fig 1: Common problems that companies face when they over- or under-estimate their intrinsic values



While a free market mechanism may seem like a double-edged sword for private

companies, it provides much-needed validation for companies that would otherwise have

been under-valued and a “reality check” for companies that would otherwise have been

over-valued, prompting them to actively seek out areas for improvement.

In both cases, free market mechanisms existing within a public market for private

companies‟ stocks to be traded would be a most welcome addition to the companies‟

decision-making processes.

Current problems faced by individual investors

As most investment fields today are dominated by “big name” players (e.g. major asset

management firms and hedge funds), it is extremely difficult for individual investors to find

exciting investment opportunities, much less have a head start in doing so.

The investment process for individual investors is further made complicated by the fact

that they must go through intermediaries (e.g. stock brokers) and oftentimes, only have

second-hand access to information as provided by financial news agencies, for instance.

Altogether, these factors cause further limitations for individual investors.

Information asymmetry: Unlike major investment firms, individual investors usually

do not have access to communication channels with private companies‟ management

teams. Considering that private companies are not obliged to disclose their financial

information, individual investors face greater risks in their investment decisions due to

the disparity in material knowledge.

The information asymmetry problem is worsened due to time lag – individual investors

are likely to only hear about corporate events after they have been reported in the news

but major investments are likely to learn of them first-hand.

Long payback period: Payback period on investments is a very important

consideration for individual investors, as it indicates the amount of time needed to

recover the initial investment. Payback periods are generally longer for venture capital

investments, with a minimum of three years and an average of five years being the

norm.

On top of that, individual investors cannot liquidate on their under-performing stock

holdings quickly, as investments in private companies are relatively illiquid.

Inaccessible information: Apart from lack of access to critical corporate information,

individual investors also seldom have access to information on private companies‟

fundraising rounds. This puts them at a greater disadvantage when it comes to assessing

what the best investment opportunities are at any point in time.



High transaction fees: By having to go through intermediaries (e.g. hedge funds) in

order to invest in private companies, individual investors often end up incurring large

transaction fees even if their investments (or even the funds, for example) underperform.



III. GLOBAL RAISING‟S PLATFORM

Global Raising will build an entire ecosystem focused duly on (1) improving the

accessibility of private companies‟ stocks and assets as investment opportunities, as well as

(2) adequately recognising the intrinsic value of such investment opportunities.

To achieve this end, Global Raising will issue two tokens – Reward Gas (“RG”), a

security token, and Rflexcoin (“RFC”), a utility token – on an internal exchange platform

with compulsory corporate disclosures required from companies that list using RG. By

making investment opportunities on Global Raising‟s platform transparent and convenient,

individual investors benefit greatly by having more information and time to make superior

investment decisions.

The following illustration explains the relationship between RG and RFC, as well as their

synergy within Global Raising‟s platform.

Fig 2: Synergy between RG and RFC on Global Raising‟s internal exchange platform

Key value propositions for private companies

First and foremost, Global Raising‟s platform allows private companies to enjoy the main

benefits of being listed – the ability to conveniently raise funds and unlock their respective

intrinsic values in a public market – without having to go through the IPO process.

Securitisation of intangible assets: On top of the above, companies can also choose to

securitise their intangible assets on Global Raising‟s platform. For instance, companies

may choose to securitise their Intellectual Property (IP) rights using RG.



The benefits to doing so are two-fold – (1) companies can use RG as “licenses” to

govern their IP-protected materials, and (2) creative companies stand to be better

rewarded for their efforts. An additional side benefit to this is that in terms of

accounting, it will be easier to obtain a fair value for intangible assets if they have been

securitised.

New funding channel for Small & Medium Enterprises (SMEs): SMEs commonly

raise funds through government grants and other financing schemes. However, as the

eligibility criteria becomes more stringent, SMEs are increasingly turning to

crowdfunding to raise funds.

With RG, Global Raising‟s platform then becomes a more efficient market from which

SMEs can seek financing. Considering that most private companies are SMEs, this

makes Global Raising‟s platform especially attractive from a corporate perspective.

Key value propositions for individual investors

The most obvious benefit that Global Raising‟s platform brings to individual investors is

that with RFC, it bridges the gap between them and investment opportunities that were

previously either inaccessible or unavailable.

Global Raising has also streamlined its platform, eliminating complexities that are

commonly found on other investment platforms – for example, purchases of RG and RFC

can be made via smart contracts without the need for third parties to be present.

Improved investment recovery: Investment assets, especially venture investments,

typically require a considerable amount of time before initially deployed funds can be

withdrawn due to liquidation protocols. However, as individual investors can trade RG

and RFC on an internal exchange (i.e. Global Raising‟s platform), such liquidation

protocols can be circumvented, allowing for investments to be recovered much earlier –

this is especially crucial if the individual investor‟s investment is severely

underperforming against expectations.

An important consequence arising from this is that “failed” investments are less likely

to have an adverse impact on individual investors‟ risk appetites as their invested funds

can be recovered relatively easily. This allows investors to focus more assuredly on the

long-term potential of their investments instead of fretting unnecessarily over short-

term losses.

Better reflection of a company’s intrinsic value: Global Raising‟s platform is

accessible globally, allowing for investors to easily trade RG and RFC from anywhere

around the world. Without geographical limitations (fairly common in stock exchanges,

as public companies typically list on their respective domestic exchanges), a company‟s

RG price will be more reflective of its intrinsic values as it takes into account many

trade



positions taken up by a diverse investor base (as compared to stock exchanges, which

tend to have investor bases that mainly comprise of locals).

This effectively allows individual investors to function as collective intelligence on a

global scale, which is highly likely to result in them making increasingly better

investment decisions.

Diversification and distribution of risk: With RG, individual investors can purchase

fractionated token denominations instead of having to purchase in lots of shares (e.g. in

stock exchanges). This allows individual investors to better diversify the risk in their

investment portfolios.



IV. KEY PROCESSES

Screening process for company and asset due diligence

The following diagram details the actual due diligence process which will take place prior

to a company securitising either its shares or assets with RG.

Fig 3: Asset evaluation process

It is important to note that investment decisions and transactions on Global Raising‟s

platform are to be made at each individual investor‟s discretion and judgement. However, in

order to duly protect investors on the platform, due diligence checks and stringent

assessments will be conducted on companies looking to tokenise via RG.

Throughout the process, in-house and third-party experts will be engaged by Global

Raising to conduct a holistic evaluation chiefly on the financial, technical and legal fronts.

User journey for individual investors

The following diagram illustrates the user journey for individual investors after the

companies have passed the initial due diligence procedures.



Fig 4: User journey on Global Raising‟s platform

In order of flow, the user journey is as follows.

1. Investment property registration: The company will register on Global Raising‟s

platform for either its shares or assets to be tokenised into RG. In both cases, thorough

valuation will be conducted to determine a fair value for the shares or assets.

2. Purchase RFC: Individual investors can choose to purchase RFC on Global Raising‟s

platform with either fiat currency or other cryptocurrency assets (e.g. Bitcoin,

Ethereum).

3. Select investment opportunities: Individual investors closely review the available

investment opportunities and buy their desired tokenised shares or assets with their

previously purchased RFC.

Investors will also be required to provide their particulars and information in

compliance with anti-money laundering laws and other related regulations.

4. Receive RG: Once purchases have been approved, individual investors will receive RG.

5. Investment payment: After the sale has been completed, the relevant company will

receive fiat currency in return.



Transaction course between RG and RFC

Fig 5: Transaction course for RG and RFC

RG and RFC will be transacted on Global Raising‟s internal exchange platform due to the

fact that not many foreign exchanges are able to list security tokens at the moment.

Thereafter, as the market grows bigger, the vision is for RG and RFC to both be listed on

external cryptocurrency exchanges for security tokens and utility tokens respectively.

1. Internal exchange for RG transactions: Transactions will be conducted using RFC

via Global Raising‟s internal exchange platform.

2. Internal exchange for RFC transactions: A secondary market within Global

Raising‟s platform will be used as a channel to distribute RFC (bundled with Vault

Contracts) and for over-the-counter transactions of large quantities. Unlike traditional

utility token exchanges, this secondary market will utilise escrow trading for

international transactions.

3. External exchange for security tokens: As the market for security tokens mature,

many major exchanges will be better positioned to list security tokens. For RG, the

vision is to expand its presence to external cryptocurrency exchanges to accommodate

the forecasted expansion in its investor base.

4. Common crypt foreign exchange: As RFC is a utility token, it will also be listed and

distributed via existing cryptocurrency exchanges.

RG liquidation process

Currently, security tokens can be implemented in four major structures – (1) Tokenised

Venture Capital (VC) Funds, (2) Share-based Tokens, (3) Asset-backed tokens, and (4)

Crypto-bonds – with the Global Raising platform being able to accommodate the first three

structures.



The following denotes the liquidation process that Global Raising will undertake for each

of the three structures described above.

1. Tokenised VC Funds: When the opportunity to liquidate arises (e.g. in cases where the

issuing company is sold), the RG that was issued will be collected and incinerated.

From there, promised shares will be paid out to the individual investors.

2. Share-based Tokens: This is a structure that is similar to ordinary company shares as

it allows security tokens to be issued with voting rights, dividends or revenue share.

Upon liquidation, profits will be confirmed through accounting audits and distributed to

the individual investors.

3. Asset-backed Tokens: Individual investors can liquidate their investments on asset-

backed tokens and earn a profit by selling the tokenised asset rights back to the

respective issuing company.



V. TECHNICAL FEATURES

Implementation of Smart Contracts with security patterns

By issuing a token contract that complies with Ethereum‟s ERC-20 specifications and

further applying the contract‟s security pattern(s), reliable Smart Contracts such as Circuit

Breaker and Vault can be implemented.

The following table shows the security patterns for certain Smart Contracts that Global

Raising can emulate for RFC.

Security pattern Smart Contract

Checks-Effects-Interactions CryptoKitties

Emergency Stop Augur/REP

Speed Bump TheDAO

Rate Limit Etherep

Mutex Ventana Token

Balance Limit CATToken

Fig 6: Security patterns and the corresponding Smart Contracts that employ them

Establishment of a secure and scalable exchange platform for RG

Most cryptocurrency exchanges do not have robust technical infrastructures in terms of

security and efficiency that are on the same level as traditional stock exchanges.

Global Raising‟s internal exchange platform aims to differentiate itself by growing into a

cutting-edge platform that can be fully trusted by both issuing companies and individual

investors. To achieve that, the following are key areas that Global Raising will focus on.

Compliance management: In order to respond to the latest cyber-attack threats and

enhance internal controls, it is crucial for legal and physical security systems to be

established. Accordingly, Global Raising will establish an exchange system that

complies with regulations regarding Information Technology (IT), systemises IT

business processes and confirms operations.

Technology specifications for compliance management include:

− Privacy compliance response

− Security policy/management system/process improvement

− Respond to ISMS/PIMS/ISO27001

− Security solution review and adoption

− Mock hacking, infrastructure vulnerability check

− Establish BCP



Security infrastructure management: In order to ensure the safety and reliability of

all RG transactions, Global Raising‟s platform will be geared towards having full

capabilities to efficiently configure and operate networks, hardware, storage as well as

security systems.

Technology specifications for security infrastructure management include:

− Network separation and system access control

− Hot wallet/cold wallet separation and monitoring system

− DDos/IPS/Firewall

− Database encryption

− Access control system

− Key management system

Engine management: Global Raising will establish a rule-based and engine-based

foundation for its platform in order to allow for safe and fast on- as well as off-chain

transactions.

Technology specifications for engine management include:

− Authorisation engine

− Risk engine

− Trading/matching engine

− Blockchain gateway engine

− Hot/cold storage engine

− Reporting engine



VI. INDUSTRY-SPECIFIC USE CASES

Tokenised VC funds

New fields of technology that had previously not existed are continuously being

researched and rapidly developed by today‟s venture companies as well as start-ups –

Internet of Things (IoT), big data, artificial intelligence, smart sensors, robots, security,

virtual/augmented reality and smart cities are prime examples of such new fields.

Global Raising will support innovative tech-focused ventures to help foster an ecosystem

of companies that can develop useful technology for public good.

In line with that, Global Raising will take the first step towards attracting more investment

opportunities by tokenising the shares of Socidea Inc, a semiconductor technology

development venture company.

Case study: Socidea Inc

1. Company overview

Corporate body Socidea Inc

Company representative(s) Kim

Location(s) Headquarters: Gangnam-gu, Seoul, South Korea

Subsidiary: San Diego, CA, United States of America

Incorporation date 12 June 2018

Area(s) of expertise

Semiconductor process migration services

Sales of EDA Tool and semiconductor foundry IP

Design and development of embedded semiconductors in the

human body

2. Major business lines and core competences

Semiconductor process migration service

− Socidea Inc has the capability to deliver optimal digital process migration

services through mergers and acquisitions of experienced engineers (personnel

that have worked in the early stages of 7nm migration process porting) and

companies providing semiconductor design tools.

− Socidea Inc also has the ability to develop world-class semiconductor process

migration tools and solutions, provide fair migration solutions and development

services to a diverse range of semiconductor companies around the world.



Establishment of non-memory semiconductor foundry IP platform

− Socidea Inc currently has IP process migration technology on top of proven

silicon IP trade methodologies; based on this, a number of small-scale

semiconductor companies will be assisting to develop products using process

platform-based IP in a plug-and-play manner.

− Socidea Inc will provide process migration and IP enforcement in a variety of

process technologies in order to play a key role in government-led system LSI IP

platform projects.

− Socidea Inc will provide market analyses, demand forecasting, customer

engagement, ASIC SoC development and patent protection services.

− Socidea Inc will also provide a new foundry business model.

Fig 7: The structure of foundry IP market platforms

Human-embedded semiconductor development project

− Socidea Inc will develop bio-electronic applications in collaboration with a global

company (hereafter known as “Q”) and serve as exclusive business application

partners of the developed business; there will also be further co-development of

bio-related IP.

− Socidea Inc will also ensure tools (e.g. health tracking, health monitoring, ultra-

low power IoT devices) and manpower through collaboration with another

company (hereafter known as “A”).

3. Related market forecasts and competitiveness

In 2017, the application processor (AP) of smartphones were applied to 10nm

FinFET (3D solid structure design and process technology) processes, which led to



increasingly advanced process nodes that were able to realise more functions while

maintaining smaller chip sizes.

As mass production became possible with 7nm FinFET technology in 2018, process

technology needs for other small ASIC SoCs increased dramatically. Hence, rapid

growth is expected due to competition within the 7nm process industry.

The foundry market is growing faster than the overall IDM market, and was

projected to hit a market capitalisation of KRW81.0tr by 2018.

Socidea Inc has the world‟s leading semiconductor IP process migration technology

(micro-processing). Based on this, it will be able to provide the optimal digital

process migration service and aid in establishing the semiconductor IP platform.

From there, the smaller semiconductor fabless companies will be able to develop

products using process platform-based IP.

With the acquisition of a German company (hereafter known as “M”) and a

company in the United Kingdom (hereafter known as “I”), Socidea Inc will be able

to enter the migration-related technology market in future, making the previously

monopolised market more competitive in the process.

4. Future business schedule

Division Business overview Schedule

Semiconductor

process migration

service business

Merger and acquisition of “M”

and “I”

Complete acquisition of “M” in

March 2019

Complete acquisition of “I” in

May 2019

Complete merger with US

subsidiary in 2019

Propel full-scale business from

2019 onwards

Establishment of

non-memory

semiconductor

foundry IP platform

Key role in government foundry

IP platform business

Participation of platform

construction business stake in

December 2018

Participate in businesses from

the second half of 2019 onwards

Propel full-scale operations from

2010 onwards



Division (cont’d) Business overview (cont’d) Schedule (cont’d)

Human embedded

semiconductor

development project

Establish a subsidiary in the US

and jointly develop a

semiconductor unit that can be

integrated into the human body

with “Q”

Obtain essential semiconductor

IP through collaboration with

“A”

Sign a contract with “Q” in

March 2019

Sign an equity participation

contract with “A” in March 2019

Complete joint development

project with “Q” in 2019

Propel full-scale business from

2020 onwards

Fig 8: Planned business roadmap for Socidea Inc‟s divisions

5. Investment plan

Establish corporation June of 2018 with USD 0.27M (established capital)

Established capital to USD 1M up to now

Planned capital to reach USD 40M in 2019

Share-based tokens

This token structure issues tokens based on several types of rights correspondingly

attached. Global Raising aims to raise funds for a fashion project titled „FCC 2019‟ by

issuing tokens attached with revenue share rights.

This is particularly useful for relatively short-term yet profitable projects because the

overall structure scales proportionately to the number of tokens that have been bought at the

end of each project.

Case study: FCC 2019

1. Project vision

To support the growth of new designers by selecting excellent young fashion

designers through a collective intelligence and actively supporting them through

dedicated growth programmes

To complete a fashion IP platform by sourcing novel fashion IP and establishing

global sales through distribution channels



To generate interest in fashion IP investments to lead new designers and innovative

projects into the broader market

Fig 9: Project overview for FCC 2019

2. FCC 2015

Track record

− The first FCC online contest was held in September 2015

− Developed and applied self-developed general public evaluation algorithms

(C.E.S)

− Operated websites in eight languages, as well as 17 individual Facebook pages

Result

− High participation rate, with designers from 127 countries and evaluation teams

from 204 countries

− A separate FCC Festival was held at the Himalaya Centre in Shanghai in January

2016, with 1,800 attendees

− Launched FCC TV – Lotte.com



Fig 10: Homepage snapshot from FCC 2015‟s official website

Fig 11: FCC Festival held in January 2016



3. Project flow

Fig 12: Project progress flow for FCC 2019

4. Investment structure

Designers in season units – Spring-Summer (“SS”) and Fall-Winter (“FW”) – will

request investment of season business expenses.

FCC will verify the designers and evaluate their respective investment potential

(done by the public and professional evaluation teams).

Very first purchase of designs from FCC will be with RFC. Creation of a system for

the public to invest will be based on RG issuances.

Market entry will be conducted through mass production of potential designs.

Distribution of investment income will be carried out after the end of each season

(every six months).

Fig 13: Investment structure for FCC 2019



5. Core value propositions

Designer

Possible to operate only with minimum item production

Given growth opportunities

Secure and stable revenue source

Seasonal investment attraction

Given global opportunities

Improved reputation and fan base

Industry

Given fresh IP

Able to identify trends and forecast demand

Sustainable and reliable designer sourcing

Industry-wide activation due to smooth fund attractions

Investor

Secures a proven investment in the public markets

Rapid investment returns (seasonally adjusted)

Additional revenue generation based on RFC

Additional activities such as designer sponsor and purchase of goods

Customer

Able to find a designer that suits his/her taste

Curation service based on evaluation data

Possible to own custom fashion that is not ready-made

Able to communicate directly with designers and be feasible to donate

6. Project schedule

Dec

2018

Jan

2019

Feb

2019

Mar

2019

Apr

2019

May

2019

Jun

2019

Jul

2019

Aug

2019

Sept

2019

Operation

organisati

on settings

Website

open

Season 1 Recruitment

for designers

Online

Showroom

Season 1

Sale

Season 2 Recruitment

for designers

Assessm

ent &

Selection

Assessm

ent &

Selection

Season 1

Investment

Season 1

Settleme

nt

Establish cooperative

network

CFDK*

MOU

Selecting a sales

platform

LEKETAN

MOU Chinese IP marketing Chinese orders

*Council of Fashion Designers of Korea

7. Investment plan

Invested USD30.0m to build FCC platform in January 2019

RG to be issued for 2019 FW season launch by May 2019



Asset-backed tokens

Asset-backed tokens are essentially either tangible or intangible assets that undergo a

tokenisation process. Such assets do not have to be fully developed, as it can also be an

undeveloped asset that will be commercialised at a later stage. Common cases wherein

asset-backed token structures are applied include renewable energy projects (e.g. natural

resources, photovoltaic development).

There are two key important factors behind the application of asset-backed tokens – (1)

assets can be liquidated more easily, and (2) asset-backed tokens make it easier for

companies to bear heavy asset development costs. For instance, developing countries with

natural resources but are lacking in capital are often assisted by developed countries or even

multi-national corporations to improve their allocative efficiency in utilising the natural

resources.

However, in such scenarios, the developing countries often find themselves surrendering

control of their own natural resources to their “benefactors”, further driving home the point

that possession of resources without the economic or military power to fully maximise

usage has long been a pain point for those countries.

In this regard, asset tokenisation is crucial as it not only addresses such related problems,

but also benefits resource owners, brokers and buyers – resource owners can raise funds to

cover development costs while brokers and buyers can own a fraction of the asset-backed

token at a much lower cost than purchasing the entire asset off the market.

Global Raising has plans for several projects in the renewable energy and public housing

fields to be supported by asset-backed tokens. Currently, Global Raising is reviewing the

degree of public interest in those projects and in the process of developing other new

projects that can raise public interest and adequately generate profits for investors.

Updates on projects supported by asset-backed tokens on Global Raising‟s platform will

be posted in future reviews of the White Paper as well as official communication platforms.

Case study: INGINE

1. Company overview

INGINE is an innovative technology company that aims to become the first mover

in wave power generation.

For most ocean wave technology companies, high commercialisation costs have

been key obstacles to their market entry strategies. To that end, INGINE has

developed a differentiated approach to address those challenges.



− First, expensive underwater cables that are necessary for most ocean wave

technologies are not needed for INGINE‟s technology because in INGINE‟s case,

power is generated onshore while kinetic energy from waves is captured in the

sea.

− Second, INWave™, INGINE‟s core competence in multi-directional energy

harvesting technology, recovers energy from all wave moments (i.e. heave, yaw,

sway, pitch, roll, surge) in all directions, which results in greater efficiency levels

and power generation.

− Third, INGINE‟s technology adopts a modular approach based on a system

comprising one set of buoys attached to an onshore power generating unit

(installation of this system can be scaled according to distributions on a small or

large scale). Even for large scale facilities, the geographic footprint is fairly small

(smaller than solar and wind energy systems).

2. Market potential

There is enormous potential in the commercialisation of wave energy, which is

commonly viewed as the third-best renewable energy source, after solar and wind.

Investments geared towards the commercialisation of wave energy are now

widespread globally, with wave energy now at pre-commercial stages. Out of over

200 companies specialising in wave energy, there are 10 that can be viewed as

INGINE‟s competitors.

However, all 10 companies adopt an offshore power generating approach, which

involves expensive underwater power transmission cables in a power generating unit

that is placed in either a corrosive or constantly moving environment. This is

completely different from INGINE‟s approach.

3. Growth plan

The first commercial project will consist of two phases – the first project, which

comprises installing the first one or two modules, and the subsequent scale project,

which involves installing multiple additional units to reach commercial scale. From

the first project, INGINE aims to attain credibility in the industry as well as

demonstrate economic viability/technical feasibility.

To achieve that, INGINE has worked with major industry players such as Korea

Electric Power Corporation, EDF UK, Abbey Ecosse and Indonesia Power, who are

all interested in both the first and scale projects.



In addition, INGINE has also signed an MOU with a French partner who is willing

to conduct a 40MW scale project. As a result, INGINE has completed location

selection, feasibility study and site approval preparations for the first project, with a

targeted launch in 2019.

Following the first project, commercialisation will be achieved by launching the

scale project between 2020 and 2021. Beyond that, INGINE plans to list on a stock

exchange via an Initial Public Offering sometime between 2021 and 2022.

Fig 14: Visualisation of INGINE‟s growth plan

4. IP portfolio

INGINE will continue to expand its IP portfolio with the help of the South Korean

IP Office and Muhan, a leading South Korean IP law firm.

INGINE currently has 284 applications, disclosures and registration cases in 68

countries (98 patents, 186 design patents) and a patent portfolio for differentiated

technology areas. Its entire IP portfolio is managed with support from the South

Korean government (South Korean Patent Office).

Social contribution business

At Global Raising, we firmly believe in doing our part to protect the environment and will

be contributing towards efforts to tackle global warming as well as climate change.



Global Raising will use a portion of business profits for research and developmental

support towards renewable energy (e.g. solar and wind power) as well as smart farming

projects in Mongolia. Through this, we hope to supply a smooth supply of electricity in

Mongolia and to reduce fossil fuel usage by providing environmentally friendly electric

heating solutions.

Case study: Enerwin Korea Inc.

1. Company overview

Enerwin Korea is a renewable energy company specialising in small- and medium-

scale S-SAWT (Smart Symmetrical Airfoil Blade Wind Turbine Technology) wind

turbines with patents in South Korea and overseas. The S-SAWT is able to produce

electricity at low wind velocities.

Enerwin Korea plans to provide clean energy to remote islands and rural areas

without electrical grids – in particular, the continent of Africa – by distributing its

hybrid power solutions in order to increase energy access around the globe.

Enerwin Korea is going to penetrate into the global Micro-grid market based on the

performance in the domestic market through the „Energy Independent Island project‟

with KEPCO (Korea Electric Power Corporation) after obtaining certification and

building a manufacturing facility in Naju Energy Valley.

2. About wind power

Wind power is technology that can most efficiently produce energy in a safe and

environmentally sustainable manner – it has zero emissions, is inexhaustible and

competitive.

Currently, there are 1.1bn people around the world with no access to the electrical

grids; in some other areas, small wind turbines are used for power generation,

however, the efficiency is low and the availability of sites is limited. Because those

turbines are not able to generate power in low wind velocities.

Enerwin Korea‟s S-SAWT enables utilisation of sites with low annual average wind

speeds (which were not previously used) by extending the range of application as the

system is able to produce electricity at low wind velocities (from 1.5m/s onwards).

3. Market potential

Renewable energy will make up almost two-thirds of global power capacity by 2040,

according to a global energy outlook published by International Energy Agency in



2018. Grand View Research further postulates that the global small wind market will

grow at an annualised rate of 14.3% and reach a market value of USD1.8bn by 2025.

Increasing awareness regarding renewable energy, along with government

regulations that control growing carbon footprints, is expected to further propel

market growth.

With S-SAWT, Enerwin Korea is expected to have over 20% of the market share for

small wind turbines by 2025.

4. Core competences

In terms of technology, Enerwin Korea has its own blade design and development

capabilities, having also been selected for government research projects in

recognition of its excellence. Enerwin Korea also offers grid-connection and

islanded modes of operation using the Power Conversion System (PCS),

Supervisory Control and Data Acquisition (SCADA) and Condition Monitoring

System (CMS). The S-SAWT was also designed according to international standards

(IEC 61400-2).

Enerwin Korea has patents registered in South Korea, Japan, China and the United

States of America for its horizontal-axis wind turbine using airfoil blades with

uniform width and thickness.

Fig 15: Key benefits of the S-SAWT



Section Existing technology S-SAWT technology

Blade profile

Tapered and twisted blade profile

(complex)

Symmetrical blade profile formed of

the same width and thickness (single)

Manufacturing Complex manufacturing process Simplified auto manufacturing

process (cost & time reduction)

Control of power Stall

(passive output control)

Pitch

(active output control)

T S R Within 6 8 – 9

Rated wind speed 11 – 14m/s 9 – 10m/s

Patents

The technology that is most

commonly used

(partial patents)

Acquired patents in South Korea,

Japan, China and USA

(system original patent)

Annual Energy

Production (AEP)

18,000 kWh

20.5%

27,000 kWh (more than 1.5 times

compared to conventional wind

turbines) 30.8%

Fig 16: Technology comparison

5. Business outlook

Enerwin Korea‟s innovative wind turbine, combined with its patented technology, is

expected to increase its market share rapidly in related industries both in South

Korea and overseas.

Enerwin Korea aims to be a global energy group valued at USD10bn in 10 years.

Enerwin Korea is going to achieve its goal through joint projects with existing wind

energy companies, quick and stable financing, revenue diversification, as well as

analysis on market and political trends.

(KRWm) 2019F 2020F 2021F 2022F 2023F

Sales 1,000 4,000 20,000 50,000 90,000

Operating profit 30 240 1,800 6,000 10,800

Net profit 15 186 1,549 5,422 9,760

Fig 17: Forecasted earnings from 2019F to 2023F



VII. TOKENOMICS

Global Raising will be using a two-tier token issuance model, with RG and RFC. Both

tokens will be based on ERC-20 protocols.

RG issuance plan

Since RG is a security token, individual Smart Contracts will be customised to each share

or asset‟s unique requirements and securitisation model. Each share or asset will be issued

with a unique corresponding RG – for example, if companies A and B issue RG, RG-A will

have a different Smart Contract from RG-B.

Since each RG is incinerated during liquidation, the volume of RG issuances is not subject

to any significant restrictions. However, since the total supply of RFC (which is used to

trade RG) is limited, the total issuance volume of RG will be loosely limited by the total

supply of RFC.

RFC issuance plan

RFC is a utility token to be used for trading RG on Global Raising‟s internal exchange

platform. In all, a total supply of 10bn RFC tokens will be issued – this volume was derived

based on the estimated number of RG tokens that will be issued and also, the optimal

amount of RG tokens that can be traded.

Other factors that led to our determination of RFC‟s total supply include the influx of

investors to Global Raising‟s platform on a mid- to long-term horizon, as well as the

liquidation cycle for RG tokens.

Key statistics

− Coin name: Rflexcoin (RFC)

− Total issuance: 10bn RFC tokens

− Issue price: 1 RFC = USD1.00

− Purchasing means: Bitcoin, Ethereum, fiat currency



RFC distribution structure

Fig 18: RFC token allocation

− Contributors: Assigned to purchasers or RFC and RG tokens

− Founders & team: RFC will be time-locked via a Vault contract, with the lock

period lasting for one year after RFC‟s listing, after which they will be distributed

− Advisors & partnerships: RFC will be time-locked via a Vault contract, with the

lock period lasting for one year after the listing of external suppliers and business

partners; remaining amount will be retained in the foundation reserve

− Exchange reserve: The volume of trading will be determined according to the level

of user input after the RG‟s internal exchanges are in full swing

− Foundation reserve: It will be used primarily as a financial resource for controlling

the amount of money for stable transactions of the internal exchanges; it will also be

used for the expansion of the company‟s future business and for long-term

technology development

Coin sales

− Private sale: 20m RFC tokens have been sold at a price of USD0.25

− Pre-sale: Total sales of 180m RFC tokens at a price of USD0.40 (sales at this stage

will mainly be targeted at existing investors, with only a small portion being sold to

the general public)

− Pre-market stage: Total amount of 1bn RFC tokens will be sold at a price of

USD1.00

− Public sale: 1.6bn RFC tokens will be sold at USD1.00



Funds usage plan

Fig 19: Funds utilisation from RFC sales



VIII. PROJECT ROADMAP



IX. THE GLOBAL RAISING TEAM

Philosophy and vision

Eliminate information asymmetry in making investment decisions

While it is difficult for members of the public to have insights and knowledge on par

with major investment firms, it is our primary aim to improve individual investors‟

accessibility to important information and in so doing, bridge the knowledge gaps that

hold back their decision-making abilities.

Instil robust compensation schemes to promote support for creative works

Social overhead capital projects, resource exploration reports, semiconductor design

assets, costume designs and auction-able artworks require actual trading, along with

more time and value realisation. Global Raising aims to promote creative innovation by

adequately compensating creative work and sharing successes with those who made it

possible by providing opportunities for them to realise profits.

Create a democratic decision-making environment based on collective intelligence

By opening up investment opportunities to individual investors, who collectively form

a large proportion of the general public, collective intelligence is mobilised. This gives

rise to a transparent and reliable decision-making environment that can be created

under a decentralised structure rather than the existing closed and rigid decision-making

framework.

Create a platform that can act as a supplier and a consumer

RFC donors can used RFC as a means of purchasing goods and services and trading

them within an ecosystem where RFC is the payment method. In other words, RFC

donors can be both a provider and a consumer. In the case of goods and services

provided by a funded or affiliated company, discounting the purchase with RFC can

increase sales and help marketing. Individuals can actively influence the markets with

an act of donation or, as in the previous example, an act of direct purchase.

As the utilisation of RFC increases, its value will rise proportionately as well.

Furthermore, as the ecosystem grows, there will be more beneficiaries and the donors‟

means of being compensated will also be diversified.



Core team





Advisors





X. DISCLAIMER, LEGAL NOTICE & OTHER MATTERS

You agree that RFC White Papers do not constitute investment advice, solicitation or

investment proposals and that you are not legally or administratively bound.

You agree and acknowledge the following disclaimers, legal notices and other matters.

Disclaimer

All information and suggestions expressed or implied by RFC in this White Paper may

change in accordance with business environments and management policies. It will not

guarantee or guarantee any future results, and we will be excused from any liabilities

that may arise.

The English version of this White Paper is the official version. The translation is for

reference only and is not authorised by a reputable institution. If there are discrepancies

between the official and translated versions, the English version will take precedence.

This White Paper is for reference purposes only and cannot be copied, distributed, or

used for any commercial purposes without the express permission of Global Raising. If

we breach the above, we will be excused from all legal liability.

Global Raising shall not be responsible for any damages, losses, breach of contract,

negligence, tort or strict liability of the donor.

Regardless of the form or legal theory raised in connection with the content of this

White Paper, no action can be taken against Global Raising.

Legal notice

The statements and information contained in our White Papers are content and

information about forward-looking statements.

The content and information contained in the forward-looking statements contained in

our White Papers are uncertain due to related laws, policies, and known and unknown

risks and other circumstances, and are subject to change. Actual results are based on

statements and the implications of the results and White Papers may be materially

different.

The content of our White Paper does not include recommendations or suggestions for

trading or investment. Also, RFC described in our White Paper does not provide a basis



for inducing or trading in purchases or sales.

RFC does not mean securities, nor is our white paper for issuing securities. RFC shall

not be liable for any indemnification, civil or criminal liability for any financial

damages, losses, damages, liabilities, or any other form of loss, damage or liability of

any kind whatsoever arising from the reading of our White Paper or any donor's

decision or use of this White Paper.

RFC shall not provide, distribute, resell or transfer RFC to citizens (natural persons),

corporations, etc., which are prohibited or prohibited from ciphering transactions by

laws and regulations.

RFC may refuse or cancel donations immediately if the information to be provided by

the person making the donation of RFC is inadequate, inaccurate or misleading and is

presumed to be a donor. If a donor has donated RFC, donations may be prohibited and

restricted immediately if they are made through illegal and unauthorised means. We

also have no obligation to cancel or invalidate the donation of RFC if it is cancelled or

invalidated.

It is up to donors of RFC to determine whether it is legally possible to donate RFC in

the donor's area or whether it is possible to resell RFC to other donors in a particular

area. All liability arising out of the intervention of the donor shall be with the person

providing, distributing, reselling or transferring RFC to the donor.

Other matters

Donation limiters:

− Organisations and donors who violate Anti-Money Laundering regulations or the

Anti-Terrorism Act

− NCCT (anti-money laundering non-cooperative country) National and residents

− Organisations and people whose contributions are restricted according to the laws

and regulations of each country

RFC may not work or develop due to unexpected environmental changes (e.g. changes

in legal environment, technical difficulties, lack of funds, changes in the price of

cryptographic assets).

RFC is at risk of being attacked by various malicious groups or organisations.

Documents

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