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Table of Contents

Abstract 4

Introduction to Asset Tokenization 5

Economic Benefits from Asset Tokenization 6

― Developed Economies 6

― Developing Economies 7

― Assets that can Benefit from Tokenization 7

Money 7

Company Shares 8

Real Estate 8

Fine Art 8

Cryptocurrency (Reverse STO) 8

Reverse STO for Profit Sharing 9

Reverse STO for Capital Increase 9

iCrowd Security (ICS) Token Standard 10

― ICS Token Standard 10

The Identity Chip 10

iCrowd Eligibility Protocol 11

ICS Wallet 12

Native iCrowd Token (ICC) 12

Validation Layer 12

Token Registry 13

Anonymization Layber 13

― ICS Token Issuance 14

Primary Markets Issuance Mechanism 14

Secondary Markets Issuance Mechanism 14

iCrowd Protocol 15

― Mainnet 15

DPoS Consensus Algorithm 15

― Tokenomics 15

Block Producer Requirements 16

Voters 16

― Token Metrics 17

Token Distribution 17

Token Sale Process 17

Token Valuation 17

Benefit Program 17

Profit-linked Deflation 17

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iCrowd Product Offering 18

― Security Token Exchange 18

― Social Trading Network 18

― Tokenize 19

― Fund Management 19

― Hybrid Due Diligence Rating System 19

Business Development Plan 20

― Guiding Principle for Development of iCrowd 20

― Selection of Jurisdiction & Development Phase (week 1 to week 84) 20

― Expansion and Growth (Week 60 to Week 84) 20

― Fund Management & Hybrid Due Diligence (week 85 to week 96) 21

※ INDEMNIFICATION CLAUSE 21

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AbstractIn this paper, we present the use case of distributed ledger technology for asset tokenization, to unlock additional value from removing the illiquidity premium on private securities and to lower costs of compliance for public securities. The iCrowd protocol enables primary market offering and secondary market trading while providing an established framework to comply with regulations from around the world.

By creating a new token standard that has compliance and regulations built into the protocol, iCrowd will be the gold standard for security token offerings (STO).

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Introduction to Asset TokenizationBlockchain provides a distributed ledger that is transparent, secure, auditable, and resistant to outages. It provides opportunity for digital trust and to facilitate transactions between parties with virtually no knowledge about each other.

The most promising application of distributed ledger technology(DLT) is to serve as a record for the transfer of assets, represented by tokens recorded on the blockchain. The process of tokenizing real-world assets such as money, shares in a company, real estate or even fine art pieces would vastly improve liquidity and price discovery of previously illiquid assets.

Liquidity in these markets helps to promote price discovery, creating a far more efficient capital market for asset owners, unlocking greater value for owners. Real estate and fine art are two potential asset classes that stands to benefit the most. Tokenization allows for fractional ownership which can improve accessibility for investors. The deeper liquidity, in turn, attracts more potential buyers who now have confidence that there is a ready market.

Tokenization has additional benefits of being trustless without the need for a central depository to record ownership. It is immutable and access can be granted to auditing companies or government authorities for the necessary compliance with regulations and to protect against Anti-Money Laundering(AML) and Terrorist Financing.

The potential for tokenization goes beyond tangible assets. Intangible assets such as individual data, intellectual property, and time can also be tokenized and capitalized upon. As an example, organizations such as Facebook and Google have discovered centralized mechanisms to capitalize on individual data, without offering any returns for the data created by users. Through blockchain, data generated by users can be tokenized and their share of profits generated from the data can be accurately attributed to them.

However, tokenization brings about significant regulatory challenges to both issuers and investors. Public securities incur significant compliance cost which includes preparation of a prospectus, registration materials and ongoing reporting obligations which are so expensive that it deters assets from being registered for public trading. Not to mention, traditional secondary stock exchanges such as the NYSE or NASDAQ would also incur ongoing costs for facilitating transactions in an asset.

Regulations were put in place with good intentions as safeguards against economic disasters resulting from financial speculation01 02. Regulations further hinders the adoption of DLT because different jurisdictions have different requirements for compliance03, adding a new level of complexity given the nature of tokenized cryptographic assets. Once an asset has been tokenized, it can be freely traded globally, within legal regulations.

For this, we propose a solution for tokenized assets to navigate the global regulatory landscape using the iCrowd Security(ICS) token standard. By tokenizing assets on iCrowd with the ICS token standard, tokens have well-defined frameworks and rules written into smart contracts which ensures that tokens traded can strictly stay within the boundaries of regulations.

01 https://www.sec.gov/about/laws/sea33.pdf02 https://www.sec.gov/about/laws/sea34.pdf03 https://sites.hks.harvard.edu/m-rcbg/CSRI/publications/workingpaper_59_zerk.pdf

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Economic Benefits from Asset Tokenization― Developed Economies

For developed economies, the problem of income inequality has been exacerbating in recent years, as access to the capital markets becomes limited by regulations that were originally designed to ‘protect’ retail investors. The most lucrative investment opportunities in recent years can be found in the venture capital scenes, which are typically limited to accredited investors and institutional investors only. Such regulations, while well intended, brings about negative side effects by accelerating the growth of wealth for the wealthiest individuals.

Tokenization of assets can once again, open doors to the capital markets and leveraging on DLT, can provide a controlled environment with a level-playing field for individuals and institutions.

Public securities often face prohibitive costs of compliance from regulatory filings and can be time consuming, resulting in low cost effectiveness. This cost is still being accepted for the deep liquidity afforded by going public. Through tokenization, the cost of liquidity can be made significantly cheaper through iCrowd.

Private securities on the other hand, have high cost effectiveness because it is significantly easier to issue private securities which are sold to only a small number of accredited investors and have fewer regulatory requirements to fulfil. However, these assets are illiquid, requiring brokerages and middlemen to connect buyers and sellers of the private securities. This results in high cost of transaction and may not necessarily get the sellers the best value for their assets due to illiquidity premiums04.

04 https://www.schroders.com/ru/sysglobalassets/digital/insights/pdfs/the-illiquidity-conundrum.pdf

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― Developing Economies

― Assets that can Benefit from Tokenization

The natural evolution for securities is to trend towards tokenization, but compliance burden and uncertain regulatory requirements remain a key hurdle for the evolution.

In principle, a better financial system can help overcome barriers, and thereby increase economic growth and improve the quality of life of individuals. Indeed, a more developed, i.e. deeper financial sector has been shown to aid economic growth05 . DLT has lowered the barriers and cost for establishing financial markets and to create the digital infrastructure needed to enable economic growth. Developing economies stands to benefit the most from this where the most fundamental asset, money, can be tokenized to give citizens the assurances that they have a reliable medium of exchange and to grant them access to banking facilities.

Given the absence of traditional sources of funding from banks, acquiring a loan or getting access to capital can be difficult for the unbanked in developing economies06. The common problems that restricts individuals from gaining access to banking facilities can be readily solved through the use of blockchain technology. For starters, valid identification can be created on iCrowd, giving these individuals a credit history to prove their credit worthiness. There is little need for costly physical infrastructure such as ATMs which can be susceptible to theft and vandalism. Instead, all that is required is a mobile phone with access to the internet.

Leveraging on blockchain technology as an enabler of finance, would allow local entrepreneurs to gain access to capital and they can create jobs and promote economic growth. Cross border remittance can be done quicker and at a lower cost, attributing a larger portion of their wealth back to the individuals for development.

The list of possibilities listed is non-exhaustive. The potential for tokenization to unlock hidden value in our assets is immense and future development can be made to develop these verticals.

MoneyThe most fundamental asset that can be tokenized is money. The benefits of tokenizing money are clear, with an immutable and transparent ledger, the history of financial records can be traced. This safeguards against money laundering, terrorism financing and transactions with sanctioned countries.

Privacy can also be preserved by limiting access of the ledger transactions to only the respective financial regulators that are tasked to oversee the cryptocurrencies issued. Indeed, we see that there has been rapid adoption of fiat-backed cryptocurrencies, more commonly known as stable coins (e.g. USDT, TUSD, PAX, USDC, GUSD07).

05 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2115.en.pdf06 Chen, S., Ravallion, M.: How Have the World’s Poorest Fared Since the Early 1980s? The World Bank Research Observer 19(2), 141–169 (2004)

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Company SharesFor corporate stocks, liquidity and trading volume can be increased and transaction cost can be significantly reduced. Better quality data can be readily available to traders and the trading market is open 24 hours a day.

For private companies, tokenizing their assets removes the illiquidity premium which can range between 20-30% of the asset value, allowing owners to capitalize on the full value of their assets. The ICS token standard can be used to issue security tokens to ensure that they fulfil regulatory requirements for trading.

This vastly improves access to markets for all qualified investors, enabling everyone to participate in early stage investing of startups with actual ownership in the company.

Real EstateReal estate continues to be an attractive investment asset for investors, due to relative stability and stable rental income stream. However, it is also an asset class that is exclusive to the wealthy, effectively preventing non-real estate owners to benefit from the economic growth experienced by their city.

A compelling opportunity presented by blockchain technology for real estate is to tokenize a single real estate into multiple tokens to be traded, such that fractional ownership can be made possible. This allows real estate owners to diversify their holdings across different geographical boundaries.

Fine ArtInvesting in a Picasso had always been out of the reach for most people, until the revolution brought about by blockchain technology. With tokenization, a single art price can be fractionalized, and everyone can own a piece of fine art. A multi-million-dollar masterpiece can be converted into smaller digital financial units that can be bought and sold easily.

There’s an estimated $3 trillion USD worth of fine art in safe storage, of which $65 billion USD are traded annually through auction houses and art dealers. This represents very low trading volume given the value of the art pieces. Through fractional ownership of fine art, the illiquidity premium can be eliminated and costly middleman fees, especially when incurred from auction houses can be significantly reduced. The burden of taking care of the physical safety and verifying the authenticity of the fine art can also be eliminated.

The market for fine art has not been disrupted by technology for more than three centuries, but this is where iCrowd can unlock the market for fine art.

Cryptocurrency (Reverse STO)Recently, the cryptocurrency market has been facing difficulties with lack of trust and have reached a point where change is necessary.

The existing cryptocurrency will be linked with corporate value through reverse STO. Thereby improving the asset value and credibility of the cryptocurrency and restoring trust of the cryptocurrency market.

Reverse STO for Profit SharingCompanies that have already issued cryptocurrency through ICO will be able to issue Security Tokens without collecting funds and it will be exchanged or converted at an appropriate rate. The exchanged or converted cryptocurrency will be incinerated.

07 As At 2 Nov 2018, the combined market capitalised for these stable coins totalled to $2,183 million USD. (Source: Coinmarketcap.com)

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This allows us to share our corporate value with the community while building trust and significance to our existing cryptocurrency.

Reverse STO for Capital IncreaseCompanies that have already issued cryptocurrency through ICO will additionally conduct STO for fundraising, which will allow exchange between corporate assets and existing cryptocurrencies at an appropriate rate.

This allows us to link the existing cryptocurrency with corporate value, collecting funds needed for the expansion of the new business.

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iCrowd Security(ICS) Token Standard― ICS Token Standard

Acknowledging the current limitations and potential for tokenizing assets, iCrowd developed a new token standard, ICS, which will run on the native blockchain to ensure that the tokens can have full compliance with regulations globally.

The ICS token standard will be designed to have compliance built in within the structure, providing custodial solution, anti-money laundering(AML) and counter-terrorism financing(CTF) frameworks, and adherence to sanctions built into the token on an architectural level.

Within the iCrowd native blockchain, all tokens created are stored on a trusted public permissioned environment, to enforce adherence to regulations that are not possible when they are traded on the existing centralized exchanges. ICS Token Standard performs an inbuilt test to verify compliance between the trading parties. This creates the impossible task of preventing tokens from being transferred to non-qualifying investors and raises the risks of AML and CTF.

While centralized exchanges can impose KYCs to provide compliance to a certain degree, they cannot enforce compliance with regulations once the tokens are withdrawn from the exchange.

Within iCrowd’s native blockchain, we are able to ensure that there are suitable on-chain checks put in place prior to the transfer of tokens, ensuring validation of all data. This can also enable token recovery should there be a need for legal compliance where a court may order for specific assets to be frozen.

On the iCrowd, we provide the following core services (i) the Identity Chip, (ii) iCrowd Eligibility Protocol, (iii) ICS Wallet service, (iv)native iCrowd tokens(ICC), (v) Validation Layer and (vi) Token Registry, (vii)Anonymization layer

The Identity ChipEach user within the iCrowd will be issued with a non-fungible, transferable and unique Identity Chip, which takes the form of a non-fungible unique token on the blockchain. The characteristics of the Identity Chip is similar to the ERC-721 token standard.

For an Identity Chip to be created and issued, the user must complete the KYC process and submit relevant documentation to the validator. Depending on the identity of the user, the Identity Chip will grant the user unique access to various ICS tokens for receipt and trading.

On the token layer, the Identity Chip will store identities such as the nationality, age, tax, residency, and investment experience. These identities will either enable or limit the ability of a user to perform transaction with the various ICS tokens on iCrowd.

The Identity Chip is a digital identity for the user. If the digital identity of the user is transferred to an unauthorized third party who conducts illegal transactions using their Identity Chip, the owner of the Identity Chip can be guilty of committing financial crimes.

Regulators such as the Securities and Exchange Commission (SEC) can remain confident in the fact

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that a security token that is issued based on a company domiciled within the United States, will not be transferred to an Iranian investor (prohibited sanctioned country), because the Identity Chip will prevent users from transferring the tokens to the Iranian investor.

Given that data is stored on the blockchain, the Inland Revenue Authorities can easily conduct a trail of audits to identify beneficial owners of the tokenized assets and levy taxes on capital gains readily, providing tangible benefits for regulators to adopt iCrowd.

From investors’ and token issuers’ perspective, the benefits of using iCrowd is immense as it gives greater confidence that the tokens sold are authentic representations of what marketing claims. For instance, Sharia-compliant bonds can be tokenized with the correct labels attached, and investors will have greater confidence that the bonds purchased have been certified by the relevant Islamic institutions08.

iCrowd Eligibility protocolThe identity Chip providers are responsible for establishing a trusted system for KYC, AML/CTF, and investor eligibility verification through the following three tiered protocols:

•Step 1: AI Compliance Validation Phase

We validate identification documents through artificial intelligence-based facial recognition

and document validation process.

•Step 2: Human Verification

We physically validate information of investors who may have been left out during step 1.

•Step 3: Qualification Eligibility Verification System

Review AML/CTF and investment suitability of each individual and for those who are

sanctioned will be reported to the regulatory authorities and managed according

to regulations.

08 http://aaoifi.com/?lang=en

< iCrowd Eligibility Protocol >

Artificial Intelligence

Document Verification

Facial Recognition Verification

Human Verification

Eligibility Verification System

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ICS Wallet

The ICS Wallet is a user interface that allows users to manage their ICS tokens and conveniently interact with the ICS blockchain. The wallet allows users to view, send and receive balances of any ICS tokens subject to their Identity Chip.

Data for the wallet is stored on the decentralized blockchain to ensure that cryptographic assets are tamper-proof. Given the decentralized blockchain, iCrowd does not have any direct access to users’ funds. However, to ensure compliance with local regulations, the financial supervisory authority of each country will have limited control over a users’ assets if their nationality falls under their jurisdiction. For instance, the ICS may report inappropriate transactions to financial authorities and may freeze assets if ordered to do so by the court.

For an ICS wallet to become active, there must be an Identity Chip within the wallet. Each wallet can only store a single Identity Chip at any given time.

Mobile support is also provided on the ICS wallet to ensure that users can have access to their assets wherever they go.

Native iCrowd Token(ICC)

iCrowd Coin(ICC) is an ERC-20 token on the Ethereum network. Once iCrowd’s new mainet has been developed, it will be switched to the Native iCrowd Token(ICC). ICC(ERC-20) will be sold during iCrowd’s Token Sale period.

iCrowd issued its own native utility token, the iCrowd Token(ICC). The existing ERC-20 is interchangeable with the iCrowd Token(ICC) and can be used within the iCrowd protocol.

The purpose of the ICC token is to facilitate the governance of the iCrowd protocol, ensuring that stakeholders have sufficient authority. The ICC token will be used to create a self-sustaining ecosystem that incentivizes every stakeholder in iCrowd to serve their functions.

The tokenomics of the ecosystem will be elaborated in ‘Tokenomics’.

Validation Layer

Within the Validation Layer, transactions are executed and verified. A Virtual Machine will run the complex smart contract to ensure that all transactions are legitimate, to ensure that it can be authorized, given the complex parameters of the Identity Chip and token validity.

The Validation Layer also ensures that external data is transmitted from off-chain sources to on-chain securely using industry grade encryption techniques such as HTTPS and Elliptic Curve Cryptography and Threshold Cryptography.

To ensure high performance of the validation layer, we also use a transaction execution scheduling client to batch related transactions together and to be executed simultaneously. This will significantly reduce the time taken to validate a transaction, increasing the performance of the iCrowd protocol.

The validation layer comprises of block producers who have been voted in by the stakeholders to validate and process transactions on the network.

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Token Registry

The token registry stores all data related to the blocks, token distribution and any legal documents that are uploaded onto the registry.

In the initial phase, only block data and token distribution data will be stored on the token registry. Sensitive information such as legal documentation and financial statements will first be stored on a centralized server operated by iCrowd. In due time, as security of the platform is proven, such data would also be stored and maintained by the block producers.

Anonymization Layer

The ICS protocol complies with the regulations of each individual country and it is able to issue and distribute security tokens. To this end, we have created an anonymization layer in order to comply with the privacy laws as well as the financial and securities regulations of each country.

The anonymization layer is a centralized layer that anonymizes personal information and manage storage and delete escalation. Once personal information passes KYC and AML, it gets categorized according to each country’s regulatory protocol, then some or all information is transferred to the anonymization layer. All personal information outside the anonymization layer gets deleted.

The anonymization layer has protocols that comply with individual regulatory authorities’ privacy regulations(GDPR, CCPA) and protocols that comply with the latest AML regulations. In addition, the basic principles of legality, fairness and transparency, principle of limitation of purpose, minimization of personal information processing, principle of accuracy, principle of limit of retention period, integrity and confidentiality all comply with personal information protection and management obligations.

The anonymization layer ensures the right to remove requests, process restrictions, move information and veto profiling.

Accounts may be temporarily frozen once the expiration date it reached, however reactivation may be achieved through identity verification process.

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― ICS Token Issuance

Primary Markets Issuance Mechanism

Secondary Markets Issuance Mechanism

< Primary Markets >

< Seconfary Markets >

Token Issuer

Token Approved

Token Registry

Security Token Exchange

Validation Layer

Buyer Seller

Token Registry

Investors sendbuy orders

Funds from investorsent to token issuer

1. Buyer send buyorders to exchange

2. Validators confirmIabels on tokens

1. Seller send sellorders to exchange

Ownership of ICStokens transferred

Validators confirminvestors eligibility

viaIdentity chip

3. Validators confirmBuyer’s identity chip

regulatory compliance

3. Validators confirmSeller’s identity chip

regulatory compliance

Investor Validator Layer

ICS TokenLegal Review

Security TokenOffering Contract

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iCrowd Protocol― Mainnet

― Tokenomics

The iCrowd protocol uses the Delegated Proof-of-Stake(DPoS) consensus algorithm09. A total of 51 block producers will be selected to secure the iCrowd protocol.

The estimated block time is 1~3 seconds and the throughput per second is targeted at 10,000 TPS.

Initially, the mainnet will be developed as a centralized blockchain, focusing on meeting the requirements of STO and following the national compliance of each country. This will serve as a solution to companies and organizations that are in need of an infrastructure, regarding STO issuance.

We will then expand to become a decentralized platform through technological democracy.

Block rewards from iCrowd will be shared equally among block producers and tokenowners. This ensures that block producers are sufficiently compensated for the work doneto maintain the network and to maintain ongoing server costs. On the other hand, rewardsare also shared with ICC token holders who helps to vote for block producers that are mostlikely to support the network in good faith and preserve the integrity of the protocol.

DPoS Consensus Algorithm

The DPoS consensus algorithm is split into two parts: (1) Election of block producers and; (2) scheduling production. It implements a layer of technological democracy to offset the negative effects of centralization, while allowing the network to reap the high performance that is made possible through centralization.

The election process ensures sufficient decentralization within the network, ensuring stakeholders are ultimately in control of the network as they have to vote for the block producer who can be expected to contribute the most to the network.

An extension of the DPoS consensus algorithm used in iCrowd is that all voters of the platform will need to have an Identity Chip on the native iCrowd wallet before they can vote for block producers. Specifically, cryptocurrency exchanges are not allowed to vote for block producers, ensuring that there is no centralization in votes for block producers.

Due to existence of the identity chip, iCrowd can avoid the issues of collusion among block producers which results in centralization and cartel-like behaviors in existing blockchain platforms that adopts DPoS. In the event that collusion is detected, validators have the authority to vote for disqualification of certain voters.

09 http://docs.bitshares.org/bitshares/dpos.html

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Block Producer RequirementsAs block producers, they will be required to stake a minimum of 0.5% of the total supply within the network. This reduces the incentive for block producers to go rogue and harm the network. Block producers are allowed to use their own tokens to vote for themselves.

In addition to providing the infrastructure to maintain the network, block producers may also serve as validators in the network. This is an additional characteristic tagged to the identity chip of the block producer. For a block producer to qualify as a validator, they must prove that they have adequate capabilities to conduct KYC on users of the platform, and users will vote based on the proposal submitted by the block producer to determine if the block producer can qualify as a validator.

Block producers serving as validators will be given additional incentive and a larger share of rewards from generating blocks. In the event that there are fraudulent identity chips issued, or problems with AML/CFT arising from errors in KYC, block producers who issued the identity chip will be served with a penalty of losing a proportion of their staked ICC tokens which will be liquidated to pay for the relevant fines from regulators. There may also be additional penalties limiting the ability of users to continue as block producers. Penalties for validators are more severe given the importance of ensuring the robustness of the platform.

VotersStakeholders who owns ICC Tokens stored in the ICS Wallet can use their ICC tokens for voting. All ICC token owners will receive block rewards even if they vote for block producers who are not among the top 51.

To ensure continual activity in voting, the proportion of rewards received by voters will begin to ‘degenerate’ after time. To continue receiving full rewards, the voters must pledge their votes to the block producer on a monthly basis. From the second month onwards, the amount of rewards received will gradually decrease exponentially until the voter renews his vote for the block producer.

From time-to-time, there may be ad-hoc votes filed by the community such as proposals to upgrade the network, creation of new token standards, or to serve as arbitrators to disputes among block producers.

ICC Token holders who do not vote for a block producer does not receive any rewards, and ICC tokens must be staked in order to vote.

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― Token Metrics

Team token allocation is locked for one years. The Ecosystem funds (20% of ICC tokens) are reserved to be loaned to selected block producers for one year. The tokens will be retrieved and incinerated afterwards.

Token Distribution

Token Sale ProcessThe token sale is conducted over an extended period of time because this is the duration where we expect to take to build our entire suite of product offerings and it also incentivizes the team to continue working delivering value for us to be funded continually by the community.

Token ValuationThe ICC Token is the key currency used within iCrowd and it will be utilized for voting and paying transaction fees.

In addition, it is used to pay for the iCrowd Trading Network’s transaction and validation fees as well as the token issuance fees.

Benefit ProgramFor companies conducting STO through iCrowd, that are willing to airdrop 5% or more ofthe total amount of tokens to ICC holders will receive a 20%~40% discount on legaladvising and consulting costs required for conducting an STO.

This allows companies to reduce STO production cost and increase the number of token holders while giving ICC holders an opportunity to acquire new STO tokens, thus increasing the holding value of ICC.

Profit-linked DeflationWe settle operating profit through business performance and acquire tokens every six months to perform incineration. This protects inflation while profit distribution is controlled through liquidity.

•Total Supply 3,000,000,000 iCrowd Tokens(ICC)•Circulating Supply 1,200,000,000 iCrowd Tokens(ICC)

•Inflation rate 3% per annum(distributed to stakers and block producers)

Token Sale 40%

Ecosystem fund(original block producers) 20%

Team

Advisors & Marketing

Partners

Reserve

10%

10%

10%

10 %

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iCrowd Product Offering

― Security Token Exchange

― Social Trading Network

The securities market trades more than $6 trillion USD across various financial productssuch as foreign exchange, stocks and financial derivatives among others. Utility-basedcryptocurrencies are a significantly smaller market in comparison with a daily tradingvolume of $17 billion USD as of Jan 12, 2019.

Some of Wall Street’s largest brokers and banks have recently given their backing to a new stock exchange that aims to break the dominance of NYSE and NASDAQ to reduce the cost of trading10. This demonstrates the intense desire to reduce the cost of trading which can be done via decentralization and blockchain technology.

Given that all forms of assets can be tokenized on iCrowd, the potential for the Security Token Exchange is immense as iCrowd can process foreign exchange, equities, real estate, commodities and even new asset classes such as cryptocurrencies.

Our team will actively shape the regulatory landscape for Security Token Exchanges by working closely with regulators globally, especially in leading financial hubs such as New York, London, Singapore, Hong Kong and Japan.

To ensure that iCrowd can quickly scale for the security token markets, iCrowd will be partnering with Blockchain Exchange Alliance (BXA), the holding company of Bithumb, to gain access to deeper liquidity and a large userbase.

As our way of rewarding early backers of the ICC tokens, trading fees paid in ICC tokens will be discounted.

As a natural extension to our Security Token Exchange, iCrowd will also develop a Social Trading Network to bring together like-minded investors and traders to discuss about potential trading strategies and also double as a learning platform for new traders/investors to learn from the veterans of the market.

To encourage adoption of the Social Trading Network, we are enabling both freemium and paid-subscription model. Under the freemium models, traders are able to offer copy-trading to their followers and receive a portion of trading fees paid by their followers when copy-trading. Under the paid-subscription model, traders can allow their followers to subscribe to their research and trade setups in exchange for a monthly subscription fee.

The freemium and paid-subscription model attracts the best-traders to use the Social Trading Network and attracting a larger base of users into the platform, contributing to greater liquidity on the Security Token Exchange.

iCrowd will offer additional products to ensure adoption of the ICS token standard. The full suite of products offered includes (i) Security Token Exchange, (ii) Social Trading Network, (iii) Tokenize, (iv) Fund Management, and (v) Hybrid Due Diligence Rating System.

10 https://www.ft.com/content/68ff40a8-1289-11e9-a581-4ff78404524e

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― Fund Management

― Tokenize

Fund Management is an exciting possibility for iCrowd. For fund managers looking to raise asset under management (AUM) for their funds, they are able to tokenize units in their funds on iCrowd and units can be traded for both open-ended and closed-ended funds. Through this product offering, the historical performance of each fund can be accurately tracked given that all products will be transacted on the blockchain, ensuring a trusted and immutable record of performance.

Tokenize is the Security Token Offering platform for all assets to be listed on the Security Token Exchange of iCrowd. On the platform, asset owners are able to create a listing page for the asset that they are tokenizing and raise funds for their assets via various mechanisms depending on their needs.

Each issuance can be customized depending on the needs of each asset owner. For example,companies that are looking to conduct a Security Token Offering can either pitch theircompany with their respective prospectus on the Tokenize platform, or they can conductDutch auctions (used by companies such as Google). In each case, the need for financialintermediaries is either completely removed or significantly reduced, enabling a largerportion of the funds raised to go to the company for business expansion.

After the funding is completed, The ICS Tokens created by the company will be issued to the investors and automatically begin trading on the Security Token Exchange operated by iCrowd.

Within Tokenize, each Security Token Offering must specify the methods of custody used for backing the assets (e.g. how will the Art pieces be stored; are there any insurance for the underlying assets). The rights of the token holders must also be defined within Tokenize through a legal contract.

Assets that are tokenized on iCrowd will incur a recurring annual/monthly user fee whichwill be payable in ICC tokens.

― Hybrid Due Diligence Rating System

Leveraging on both human intelligence and artificial intelligence, the Hybrid Due Diligence Rating System rates securities, providing investors with guidance on the quality of each asset tokenized on iCrowd.

Human Intelligence is provided through our Social Trading Network where artificial intelligence is used to analyze the performance of each trader on the Social Trading Network. Following which, deep learning techniques are implemented to carefully weigh the opinions based on the performance of each trader on the platform to provide ratings for assets tokenized on iCrowd.

This provides quality indicators, ratings, and research materials for assets that are tokenized on iCrowd, contributing greater value to the ecosystem.

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Business Development Plan― Guiding Principle for Development of iCrowd

― Selection of Jurisdiction and Development Phase(Week 1 to Week 96)

― Expansion and Growth(Week 60 to Week 84)

In the initial years of iCrowd, the team will take a more active role in managing the ecosystem operating several block producers (less than half of total block producers at any point of time). As the ecosystem matures and as we engage additional partners globally, the team will cede control to community driven block producers.

The team will actively engage existing market participants such as stock exchange operators, market regulators, credit rating firms, banks and other financial intermediaries to become block producers and become part of the ecosystem.

The entire development and monetization of the iCrowd is expected to take 96 weeks in total.

Development of the iCrowd (Security Token Exchange, Social Trading Network and Tokenize) is expected to take 36 weeks including working with regulators to find a suitable jurisdiction to launch the iCrowd. The initial launch of iCrowd is expected to take place 50 weeks after the token sale, beginning with the Mainnet launch.

The launch will contain the following products that are integrated with Blockchain Exchange Alliance:

1. Q2, 2020 Mainnet launch;

2. Q3, 2020 Tokenize;

3. Q4, 2020 Security Token Exchange;

4. Q1, 2021 Social Trading Network;

5. Q1, 2021 Hybrid Due Diligence

These are considered the core features of iCrowd.

During the beginning stages of the Mainnet, we plan to carefully select and tokenize at least five securities. These securities will serve as a sandbox for the initial launch of Security Token Exchange. After 8 weeks from the tokenization and trading on the Security Token Exchange, we will officially open Tokenize for additional securities to be tokenize on iCrowd.

Following the successful launch of the pioneering security tokens on iCrowd, we embark on rapid expansion and growth through aggressive marketing campaigns from Week 33 to Week 64. Our Business Development team will actively reach out to potential securities that have the greatest benefit from tokenization. These will include a wide range of securities from equities traded on smaller, obscure markets or illiquid assets such as real estate and art.

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The goal by the end of expansion is to have at least 100 securities on the platform with a daily trading volume of $1billion USD per day.

― Fund Management and Hybrid Due Diligence(week 85 to week 96)

Following the success of creating a liquid and active Security Token Exchange, we will expand on our product offering by bringing in additional fund management companies to create and list funds on iCrowd. Through this, we will encourage greater sophistication in the iCrowd with more institutional traders engaging on the platform.

We will also roll out the test phase of the Hybrid Due Diligence to track performance of securities, funds and provide potential ratings of new securities to be tokenized.

With new products being rolled out, we expect that the trading volume on Security Token Exchange will grow exponentially with the introduction of institutional traders and driving trading volume on Security Token Exchange to $5billion USD per day.

INDEMNIFICATION CLAUSEThis white paper is aimed for informational purposes only. Contents presented in this white paper is only an indicator. This white paper should not be read in any form for investment advice, solicitation, or direction guidance.

•Article 1 All decisions made based on information in the white paper are the responsibility of the decision maker.

•Article 2 This white paper is subject to change without any notice.

•Article 3 For the current and future revisions of this white paper, please note that ICO PLATFORM LTD, its affiliates, and interested parties are not legally bound by this document.

•Article 4 At this point, all contents of this report do not guarantee the future development of the products to be released by ICO PLATFORM LTD.

•Article 5 The roadmap in this report is for reference only. Depending on development process and company circumstances, roadmap schedules may be advanced or delayed.

•Article 6 Any economic loss occurred by referring to this report, ICO PLATFORM LTD is not responsible for any indemnification or compensation.

•Article 7 Participation in this project and token issuance does not guarantee future profits or losses.

•Article 8 Acquiring ICC tokens shall not grant any right or influence over iCrowd’s organization and governance to the purchasers.

•Article 9 We do not make any guarantees about the risk of losing access to ICC due to loss of identification information, loss of requisite private key(s) associated with the digital wallet storing the ICC or any other kind of custodial or purchaser errors.