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Technical
Whitepaper
ADigitalToken
DistributionSystem
ForMainstreamEnterprises
September2017
GATCOIN|www.gatcoin.io
2GATCOINwww.gatcoin.io
ADigitalTokenDistributionSystemForMainstreamEnterprises
Contents.ExecutiveSummary........................................................................................................................4
Introduction................................................................................................................................4
SystemDesign............................................................................................................................5
ProjectSummary........................................................................................................................5
TypesOfMerchantTokens.........................................................................................................5
ExampleUse-Case......................................................................................................................6
SystemObjectives......................................................................................................................7
GATCoinVsMerchantTokens...................................................................................................7
BenefitsToGlobalMerchants....................................................................................................9
MassAdoptionIn2018...............................................................................................................9
TokenSale................................................................................................................................10
Chapter1:TheProblemWithCorporateAdoptionOfTokens....................................................11
1.1TheProblem.......................................................................................................................11
1.2TheSolution........................................................................................................................12
1.3TheGATSystem..................................................................................................................12
Chapter2:TheGATSystem.........................................................................................................14
2.1Introduction........................................................................................................................14
2.2SystemDesign....................................................................................................................14
2.3MerchantAdoption............................................................................................................24
2.4GATCoin.............................................................................................................................26
2.5Governance&Institutions..................................................................................................28
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Chapter3:ThePartners...............................................................................................................29
3.1SKPlanetJapan...................................................................................................................29
3.2COTOCO..............................................................................................................................29
3.3EnumaTechnologies...........................................................................................................29
Chapter4:DevelopmentRoadmap..............................................................................................30
4.1Timetable............................................................................................................................30
4.2TokenSale..........................................................................................................................30
4.3UseOfProceeds.................................................................................................................33
Chapter5:Risks............................................................................................................................35
5.1TechnologicalRisks.............................................................................................................35
5.2BusinessRisks.....................................................................................................................36
5.3RegulatoryRisks.................................................................................................................37
Chapter6:Miscellaneous.............................................................................................................40
6.1Disclaimer...........................................................................................................................40
6.2ContactDetails...................................................................................................................41
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ExecutiveSummary.IntroductionThe GAT Coin is a new crypto-currency token that will be launched on the Ethereummainnetwork as part of a broader enterprise system (GAT System) for globalmerchants to issuetheirownbrandeddigital tokens (MerchantTokens).TheGATSystemenablesenterprises toissuedigitaltokenstoamassconsumeraudiencewithminimalset-up,allowingthemtoquicklyadopttokenusageaspartoftheiroverallmarketingstrategy.
TheGATCoinwillbetheexclusivecurrencyofexchangeforthetradeofMerchantTokensontheGATExchange.
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SystemDesignTheGATSystemiscomprisedof:
§ GATWallet:amobiletokenwallet,shoppingplatformandpaymentportal
§ GATMarketplace:participatingmerchantstoresforthesaleandpurchaseofproductswithMerchantTokens
§ GATExchange: a tokenexchange for the sale andpurchaseofMerchantTokenswithGATCoin
§ GATNetwork: private consortianetworksofhigh-speed super large ledgersonwhichMerchantTokensarecirculated
ProjectSummaryAt its core, theGATSystem isanenterprise solution forglobalmerchants to issue theirowndigital tokens to a mass consumer audience. The project seeks to create a controlledenvironment for enterprises todeploydigital tokens, thereby reducing traditional barriers toblockchain adoption faced by mainstream companies seeking to leverage blockchaininnovation.
In the GAT System, merchants create and issue their own branded digital tokens calledMerchant Tokens. Merchant Tokens are displayed in a beautifully designed mobile tokenwallet.MerchantTokensthencirculateonprivateconsortianetworksthatareaccessibleonlybyparticipatingenterprisesandconsumers.MerchantTokensarethenusedtobuyorredeemrealproductsandservicesfromparticipatingmerchants.
TypesOfMerchantTokensMerchantTokensmaybeissuedtoreplacetraditionaldiscountcoupons,giftvouchers,prepaidcashcards,andloyaltypoints.
§ CashTokens:usedaspre-paidcashtobuyproductsandservices
§ DiscountTokens:usedasdiscountstosubsidisetheregularcashpriceofproductsandservices
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§ LoyaltyTokens:usedtoreplaceloyaltypointstoredeemrewards
§ GiftTokens:usedasgiftvoucherstosendtofriendsandfamily
§ TravelTokens:usedasportablecurrencytospendgloballyinnetworkmerchantstores
Merchant Tokens may be freely transferred to other participants on the GAT Network.MerchantTokensmayalsobetradedforotherMerchantTokens,orforGATCoinontheGATExchange.
ExampleUse-CaseImagineifJill'sfavouriteairline,LuxAir,issuedLoyaltyTokensinadditiontotheusual"airmiles".WhenJillbuysherplaneticket,theairlineissuesLuxAirtokensdirectlytoJill'sGATWallet.
Jillnowwants tobuyabusiness-classupgrade.UpgradesareavailableontheGATWallet forLuxAir tokens plus a cash supplement. She "buys" theupgradewith a combinationof LuxAirtokensandcash.
Jillalsoseethatherfavouriteboutiquehotel,theRedHotel,isofferingroomsatlowcashratesprovidedRedHoteltokensareusedtosupplementthecashpurchase.Shedoesn'thaveenoughRed Hotel tokens to trigger this offer, but has plenty of LuxAir tokens. Jill trades her LuxAirtokensforRedHoteltokens,thenusesthosetokenstopurchaseroomsatRedHotel.
ThebenefitstoJillareobvious.EventhoughRedHotelandLuxAiraretwoseparatecompanies,JillusestheGATSystemto"cashin”hergiftfromLuxAirtospendwithRedHotel.
LuxAirbenefitsbecause theLuxAir tokens Jill soldarenow in thehandsofanothercustomerwhoismakingapurchaseofLuxAirtickets.
Finally, RedHotel benefits because it has sold rooms that would otherwise have remainedempty,andhasdonesoinamannerthatavoidstraditionaldiscountmarketingtechniques.
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SystemObjectivesTheprimaryobjectivesoftheGATSystemare:
§ Drive Consumer Engagement: to significantly enhance the frequency and speed ofinteraction between customers and their merchant incentive programs by offeringconvenience,utilityandvaluetotheconsumerexperience
§ Plug-and-Play:tooffermerchantsacost-effectiveplug-and-playsolutionfordeployingdigital tokens as part of their consumer marketing strategy, thereby reducingtechnologicalbarrierstotheadoptionofdigitaltokens
§ Flexibility: to provide a flexible platform where merchants can design their ownincentiveprogramstobestsuittheircustomerbase
§ ConsumerData: toprovidegranulardataon the reachandeffectivenessofmerchantincentiveprogramsbymeasuringinteractionandconsumptionofdigitaltokens
§ EasyAdoption:toofferarangeofdatabasesolutionsforthecirculationandstorageofMerchantTokens,rangingfromtraditionalserversolutions,toconsortiaGATblockchainsolutions
§ Reputational and Legal Security: to issue digital tokens in a closed system, therebyavoiding regulatory concerns associatedwith public offerings, as well as reputationalrisksassociatedwithlaunchingtokensonpublicmainnetworks
GATCoinVsMerchantTokensMerchant Tokens may be publicly traded for GAT Coins on the GAT Exchange. The GATExchangeistheonlyforumforthetradingofMerchantTokens.
ThedifferencebetweenGATCoinsandMerchantTokensissummarizedasfollows:
GAT Coins
§ Availableduringtokensale
§ LimitedsupplyofGATCoin
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§ WillcirculateonthemainEthereumpublicnetwork
§ Freelytransferable
§ Tradableonmajorexchanges
§ Storableinallmajorclient-wallets
§ Maynotbedirectlyexchangedformerchantproducts
§ MaybeexchangedformerchanttokensontheGATexchange
Merchant Tokens
§ Notavailableduringtokensale
§ Usedtoredeemrewards,productsandservices
§ Unlimitedsupplyandvariety
§ Issuedbyparticipatingmerchants
§ WillcirculateonprivateconsortiaGATnetworks
§ NotavailableonthemainEthereumpublicnetwork
§ StorableonlyintheGATWallet
§ MaybeexchangedforGATCoinandotherMerchantTokensontheGATExchange
TechnologyProductsandMerchantTokenswilltransactonhigh-speedsuperlargeledgers(SLL)maintainedbyconsortiamerchantsandGATCOIN.TheSLLtechnologywasdevelopedbyProfessorWei-TekTsai,EmeritusProfessoratArizonaStateUniversity,anddemonstratedtoIBM,AWS,SAPandtheChineseMinistryofIndustryandInformationTechnology(MIIT).Testresultsoperatingon4nodesusingIBM4x86processorsproducedverifiedtransactionspeedsofanaverageof5,000transactions per second (TPS) which is equivalent to average Visa/Mastercard processingspeeds.
TheSLLtechnologyusesaproprietaryconcurrentbyzantinefaulttolerance(CBFT)architecturethat allows the system to process multiple block consensus operations concurrently. ThesystemalsodividestheblockchainintoseparateA-Blockchains(foraccounts)andT-Blockchains(fortrades)toallowfurtheroptimizations,suchasloadbalancing.
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BenefitsToGlobalMerchantsThebenefitstoglobalmerchantsare:
§ PowerfulMarketingTool:digitaltokensarevaluable,transferableandhighlyattractivetocollectfromaconsumer’sperspective
§ ConsumerData:theflowofdigitaltokenscanbemonitored,givingmerchantsvaluabledataontheeffectivenessoftheirincentiveprograms
§ IncreaseSalesActivity:unlike traditional coupons,vouchersandpoints,digital tokensare highly liquid and trigger sales activity much more quickly due to their speed oftransferandconsumption
§ CashFlow:businessownerscanselldigital tokenstoraiseGATCointoday, to financetheredemptionofproductsandservicesbyconsumerstomorrow
MassAdoptionIn2018GATCOINisworkingwithSKPlanetJapan(SKPJ)todeploydigitaltokensusingtheGATSystemin2018uponcompletionofmilestones.
SK Planet Japan is a leading consumer rewards service company andmember of one of thelargestconglomeratesinKorea.
GATdigitaltokensareplannedtobeusedinSKPJ’sretailgiftvoucherprogram,COTOCO.GATtokensforCOTOCOwillcover21major internationalandlocalbrandswithanetworkofover30,000retailstores,80,000restaurantsand60,000beautyoutlets.Thebrandscoverhouseholdnames in the fast food restaurant, beverage, confectionary, beauty and convenience storebusinesses.
GATCOINisalsoinadvanceddiscussionswithanumberofotherglobalbrandsfordeploymentofMerchantTokensintheirdigitalmarketingstrategies.GATCOINwillissueannouncementsofadditionalGATmerchantparticipantsduringtheyear.
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TokenSaleThetokensalewillofferalimitednumberofGATCointoearlyadopters.Theobjectiveofthetoken sale is to launch a liquid currency for the trading of Merchant Tokens on the GATExchange.
TheGATWallet,GATMarketplace,andGATExchangewillbelaunchedin2018accordingtotheroadmapdescribedinthiswhitepaper.
Toke n S ale S ummary Afixedsupplyof1billionGATCoinswillbecreatedforoperationwiththeGATSystem.Thereafter,nofurthercoinswillbecreated.OfthetotalsupplyofGATCoins,10%willbe
allocatedtotheGATFoundation.10%willbeallocatedtothedevelopersandtheirtechnicalpartners.80%willbeallocatedtothegeneralpublic.
On28October2017,200,000,000GATCoinswillbesoldtoearlyadopters.Thesalewillcommenceat12:00UTCandconcludeon28November2017at12:00UTCorearlierwhen
all200,000,000GATCoinshavebeensoldout.
GATCoinswillbeallocatedonafirst-comefirst-servedbasis.Thesalepriceforthefirst33%GATCoinswillbefixedinETHattheETHequivalentofUS$0.20.Thesecond33%fixedatthe
ETHequivalentofUS$0.30,andthefinal33%attheETHequivalentofUS$0.40.
GATCoinsaredeliveredtobuyersimmediatelyuponpurchase.GATCoinsarefreelytransferableuponconclusionofthesale.
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Chapter1:TheProblemWithCorporateAdoptionOfTokens.1.1TheProblemTherearesignificantbarrierstoadoptionoftheuseofdigitaltokensinmainstreamconsumermarketingprograms:
§ NegativeAssociations:Digitaltokensandcrypto-currencies,whetherrightlyorwrongly,areoftenassociatedwithillicitactivitiessuchasmoney-laundering,drugtraffickingandterroristfinancingetc.Whilethesamecouldbesaidaboutfiatcurrencies,conservativecorporate culture is, we believe, influenced by negative media coverage of cryptocurrencies.Thisnegativeassociationslowstheadoptionofdigitaltokensinmainstreamcorporateculture.Astrongcaseregardingthelegitimateuseofdigitalcurrenciesmustbemadetoboardsofmultinationalorganizations.
§ TechnologicalComplexity:Whileadvancementsinblockchaintechnologyoccuralmostdaily,distributedledgertechnology(DLT)anditsapplicationsarestilllargelyconsideredimmature and untested. CTOs with a working knowledge of DLT are scarce. Mediareports on scalability, speed and cost also negatively impact the decision-makingprocess to adopt blockchain technology as part of core IT platforms formultinationalorganizations.
§ Unclear Value Proposition: The availability of quality data on the utility andeffectiveness of digital currencies on consumer spending activity is poor, making itdifficult for mainstream enterprises to justify the investment of time and resourcesneeded to deploy their own digital tokens as part of their mainstream consumermarketingstrategies.
§ UnknownswithTokenCirculation:Allowingbrandeddigitaltokenstofreelytradeintheopen market presents unknown questions for corporate decision-makers. Questionsremain on whether freely circulating tokens have a positive or negative impact on
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consumerbehaviour.Thereareotherpertinentquestions,suchastheimpactoftokencirculationonbrandperceptionandproductvalue.
1.2TheSolutionWebelieve thatmany, ifnotallof theseconcernscanbeaddressedbycreatingacontrolledenvironment in which enterprises can deploy digital tokens to a mass consumer audience,therebymitigatingrisksthatmightotherwisenegatively impacttechnologicaladoption,brandvalue,andpotentialregulatoryconcerns.
1.3TheGATSystemThe GAT System provides such a controlled environment, and is designed to eliminateperceivedrisksassociatedwithdeploymentofdigitaltokenstoamassconsumeraudience:
§ NotCrypto-Currency:Merchant Tokens in theGAT Systemarenot traditional crypto-currency.Merchant Tokens are not a replacement for fiat currencies, nor are they acompeting crypto-currency. Rather,Merchant Tokens are a consumermarketing toolthat aims to enhance the quality of interaction between consumers and the issuingmerchant.
§ Controlled Circulation: Tokens are issued in a closed network, and used only fortransactionsonmerchantstoresaccordingtoparameterssetbymerchants.IssuerswillalwaysknowthelocationandholderoftheirMerchantTokens,allowingmerchantstocontrolthescopeandimpactofdigitaltokensonglobalbrandreputationandcustomerbehaviour.
§ Modifications:MerchantTokensmaybedestroyedandmodifiedanytimeaccordingtothe requirements of the issuer. This allows merchants to quickly change or evenwithdraw programs if there is any negative impact resulting from their digital tokenprogram.
§ ClearValueProposition:ThetransactionflowandconsumptionofMerchantTokenscanbe tracked, providing granular data on consumer social networks and consumptionpatterns.Thisgeneratesvaluablenewdataformerchantsseekingtobettertargettheirdigitalmarketingstrategies.
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§ Technological Flexibility: Merchant Tokens can circulate on any type of back-endtechnology, whether a distributed database or a traditional database. This providesmaximum flexibility for mainstream corporations in their assessment of the mostappropriatetechnologicalsolutionthatworksbestfortheirorganization.
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Chapter2:TheGATSystem.2.1IntroductionThe GAT System provides a stable and scalable solution for the controlled distribution ofMerchantTokens.TheGATSystemiscomprisedof:
§ GATWallet:amobiletokenwallet,shoppingplatformandpaymentportal
§ GATMarketplace:participatingmerchantstoresforthesaleandpurchaseofproductswithMerchantTokens
§ GATExchange: a tokenexchange for the sale andpurchaseofMerchant TokenswithGATCoin;and
§ GAT Network: private consortia networks of high-speed super large ledgers, or solodatabasesonwhichthecirculationofMerchantTokensisrecorded
2.2SystemDesign
2.2.1 GAT Wallet
TheentrypointforconsumersistheGATWallet.
The GAT Wallet consolidates Merchant Tokens in a beautifully-designedmobileAppthatcanbeconvenientlyaccessed.
Merchant Tokens are displayed along with their amount, currentmarketpriceandequivalentvalueinGATCoinandUSD.
The GAT Wallet dynamically interacts with the GAT Exchange, theGATMarketplaceandtheGATNetwork.
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2.2.2 GAT Marketplace
Foreachbrandoftoken,theGATWalletdisplaysacorrespondingMerchantStore.
Products are denominated in tokens and cash and set by themerchantstoreowner.
The cash portion of any purchase is settled via traditional creditcardpaymentsviathepaymentgatewaysoftheGATMarketplace.
2.2.3 GAT Exchange
Customers can buy or sell Merchant Tokens for GAT Coin bytradingthemontheGATExchange.
The GAT Exchange is a token exchange in which participatingmerchantsmaylisttheirtokensfortradingontheopenmarket.
TheGATWalletwillautomaticallyplacebuyorsellordersbasedontheoptimalpriceofaparticulartoken.
All users of the GATWalletmust open a trading account on theGATExchangeinordertoaccessthetokentradingfunction.
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2.2.4 Types Of Merchant Tokens
MerchantTokenscaninitiallybedeployedforavarietyofconsumermarketingprograms:
§ CashTokens:usedaspre-paidcashtobuyproductsandservices
§ DiscountTokens:usedasdiscountstosubsidizetheregularcashpriceofproductsandservices
§ LoyaltyTokens:usedtoreplaceloyaltypointstoredeemrewards
§ GiftTokens:usedasgiftvoucherstosendtofriendsandfamily
§ TravelTokens:usedasportablecurrencytospendgloballyinnetworkmerchantstores
The specific use case of each Merchant token will be tailored for each issuing merchantdependingontheirobjectivesandmarketingstrategy.
Figure1.1MerchanttokenTypes
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2.2.5 GAT Network
TheGATNetwork isacollectionofprivateconsortiaGATnetworksandenterprisedatabases.These networks are maintained by participating merchants, and tailored specifically tomerchant needs. Some of these private networks will be sharedwith othermerchants, andothernetworkswillberunprivatelyorinpartnershipwithalliedmerchants.
A ll ne tworks o pe rat ing wit hin t he GA T Ne twork int e rac t wit h t he GA T Walle t , GA T Marke t plac e and GA T Exc hange .
2.2.6 SLL System Architecture
GATCOINwilldeployahigh-speedsuperlargeledgerblockchainsolutionfortheCOTOCOgiftvoucherprogramin2018.TheSLLtechnologywasdevelopedbyProfessorWei-TekTsai,oneoftheworld’sleadingblockchainscientists.
Thecorealgorithmforreachingconsensusinmanyoftoday’spermissionedblockchainsisPracticalByzantineFaultTolerance(or“PBFT”).PBFThasthreephasesasshownbythemiddlethreephasesinthediagrambelow:
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TheproblemwithPBFTisthatitperformsconsensussequentially,meaningtheyvoteononeblockatatime.Andthisisacriticalperformancebottleneck.
TheGATCOINSLLsystemusesconcurrentbyzantinefaulttolerance(CBFT).CBFTallowsmultipleblockstobevotedconcurrentlytospeedupthevotingprocess.WithCBFT,thetraditionalthreephasesofPBFTremainthesame,butanewphaseisaddedtothefrontoftheprocess.
While thatmay seem like adding an extra layer of operation, the front phase is crucial as itperformsapre-processingactiontospecificallydetermine(i.e.fix)thecontentsofblocks.Oncethecontentsofeachblockisknown,blockscanbevotedonbyallthenodes.Thissavestimebecausevotingonpre-processedblockscanthenbeconductedconcurrently.Theprocesscanbeillustratedasfollows:
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Thecurlylinesrepresentthecollectionoftransactiondatapreparedtobevotedon.Thestraightlinerepresentsthevotingoperation.
Thediagramshowsthreeconcurrentthreadsofprocessesexecuting,whiletransactiondataisbeingcollected.Twostreamsofdatameantransactiondatamaycomefrommultiplesources(duetoparallelexecution),andthreeormoreconcurrentthreadsofPBFTvoting,greatlyenhancingTPS(transactionspersecond).
TheSLLwillfirstreachconsensusonthecontentsoftheblock(s)tobevotedon.Oncethecontentsofeachblockhavebeenfixed,theprocessofvotingonthosefixedblockscanthenbeprocessedconcurrently,ratherthansequentially.
Dual-ChainStructure
TheSLLsystemalsodividestheblockchainintotwoseparatekindsofchains.Eachchainisresponsibleforonekindofaction.Thismakesiteasiertomanageeachkindofchainswithloadbalancing.Forinstance,inasinglesystem,theblockchaincouldbedividedintoanA-Blockchain(ABC)tomanageaccountinformation,andaT-Blockchain(TBC)tomanagetradinginformation.
Bysplittingblockchainsintotwoseparatechains,institutionsontheblockchaincansharedatatothepublicchainselectively(by“public”,ImeanalloperatorsontheTBC).Forinstance,eachinstitutioncanmaintainitsownABC,andwhenitwantstoshareaspecificsubsetofABCdata,itcansharethatdatatotheTBC.Agoodexample,forinstance,wouldbeanABCoperatorissuingarequesttoconductatradewithanotherABCoperatoronaTBC.Oncethetradeis
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completed,thedataontheTBCissentbacktothetwoABCs,andthedataontheTBCandABCsareallimmutable.
Anexampleofthekeyoperatingrulesis:
• AnABCperformsaccountmaintenanceonly.ItsendsmessagestoTBCsfortrading.
• ATBClinksmultipleABCstogetherandperformstradingbetweendifferentABCoperations.TheTBCkeepstrackofthecompletetradingrecord.EverychangeinanyABCcanbetracedtoatradingrecordataTBC.
Scaling
WiththeseparationofABCsandTBCsanumberofoptimizationsarenowpossible.Specifically,loadbalancingcanbeachieved,asanABCcanbesplitintomultiplesub-ABCs,eachresponsibleforaspecificsetofaccounts.Thesesub-ABCscanrunontopofdifferentprocessorsforparallelandconcurrentprocessing.Atraditionalblockchaincannoteasilybesplitbecauseitcarriesoutbothaccountandtradingactivities.
Wenotethatitiscertainlypossibletosplitatraditionalblockchainintomultiplesub-chainsinaprocesscalled“sharding”.Theproblemwithtraditionalshardingproposalsisthat,“shard-ed”sub-chainsarestillinter-connected,andtheyalsoprocesstradingtransactionsamongstshards.However,byseparatingaccountandtradingfunctions,whenanABCissplitinto,say,3subABCs,eachaccountwillresideinjustonesubABC,andnoneoftheABCsactuallyhandletradingactivities.Thus,sub-ABCsdonotinterferewitheachother.Inthiscase,eachsubABCcanrunondifferentprocessorstospeedupoperationswithoutanyinteractionsbetweenanysubABC.Thisistraditionalloadbalancingincloudcomputing.ButaftertheseparationintoABCsandTBCs,blockchainscanbefurtherdivided,combined(ifsodesiredlater),andscaled.Astheworkloadincreases,onecanaddadditionalserverssothattheoverallsystemcanmaintainhighperformance.
MassData
TheSLLsystemcanbefullyintegratedwithbigdataplatforms.Dataiscapturedintoablockchain,andthedataconvertedintobigDataplatformssuchasHBase.ThedataintheHBasecanbeanalyzedusingtoolssuchasR,MLlib,SPSS,andSAS.Furthermore,bigdataplatformscanbeincorporatedintoeachnodeofablockchain,ifnecessary.
Multi-LevelRedundancy
Faulttoleranceisanimportantfactorinanymassconsumerfacingsystem.Toensuresystemreliability,theSLLsystemhasbeendesignedwithfourlevelsofredundancy:
• MultipleBlockchains:Thesystemconsistsofmultipleblockchains(ABCsandTBCs)interconnectingtoeachother,ratherthanasingleblockchainlinkingeveryparticipant.
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Thisensuresdataaresavedindifferentchainsforredundancy.Forexample,Euroclearhasproposedasetofblockchains:Asset,Cash,Derivative,Fund,andCollateralledgers;
• MultiplenodesperBlockchain:Eachblockchainwillhavemultiplenodesparticipating
invotingandsavingsystemstates.Thisensuresthatallthedatastoredinablockchainaresavedindifferentnodesforreliability;
• Multipleprocessorsforanode:Eachnodecanrunontopofaclusterofprocessorsfor
reliability,availability,andhighperformance;
• Distributedstorage:DatastoredineachnodecanbesavedindistributedstoragesystemssuchasRAIDforreliabilityandperformance.
Multi-levelRedundancyArchitecture
SystemTestResults
TheSLLsystemwasfirstdeployedfortheGuangdongClearingHouse(GCH),asanoperationaltest.Thetest ran for twomonths. In the firstmonth, thesystemprocessedhistoricaldataof3.333billiontransactions.Thisisequivalentto16monthsoftradingatNASDAQ,or14yearsoftradingatLSE.Thesystemreachedanaverageof5,000TPS.
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Inthesecondmonth,thesystemoperatedonreal-timedata.In20+days,thesystemprocessedapproximately1Mtransactionsinrealtime.
Toprovideasenseofthescaleofthetest,3.33billiontransactionsisequivalentto:
• 15.5timesthealltimehistoricaltradingvolumeofbitcoinsince2008• 16monthsoftradingvolumefortheNASDAQexchange• 14yearsoftradingvolumefortheLondonStockExchange(LSE)• 231hoursoftradingvolumeforglobalVisatransactions
Thesystemused4nodes,eachwithIBM4x86processors.Eachprocessorwasinterconnectedbyahigh-speednetworkwithhigh-speedswitches.
ThesystemwasthensubsequentlydemonstratedtoIBM,SAP,AWS,MIIT(MinistryofIndustryand Information Technology), numerous universities and research institutions such as PekingUniversity, banks such as PBOC and ICBC, and government agencies such asMIIT and localgovernments.ThesystemhasbeeninpublicdisplaysinceMay2017atGuiyangBigDataExpo.
Thesystemhasalsobeenindependentlytestedbytwoparties:
(1) China’s MIIT. A one-week test to examine the code used in the system (i.e., white-boxtesting).
(2)Theclearingresultswereindependentlytestedandevaluatedbythehostinginstitution.
2.2.7 Value Proposition
The GAT System provides valuable data for enterprises seeking to improve their digitalmarketingstrategies:
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§ Token Tracing: The flow and consumption of Merchant Tokens can be tracked. Bytracing token migration, merchants can easily identify cohorts and social networks,allowingthemtobettertargetconsumers
§ ConsumptionPatterns:byanalyzinggeo-locationandtokenconsumptionfromtheGATWallet, enterpriseswill gain valuable insight intowheremarketing resources are bestapplied
§ Program Analysis: by consolidating different marketing programs into one platformmerchants can easily test,modify and evaluate awhole range of differentmarketingstrategies
In addition to providing valuable data, the GAT System also offers a compelling new digitalmarketingtool:
§ DriveConsumerEngagement:tokenssignificantlyenhancethefrequencyandspeedofinteraction between customers and enterprise incentive programs. This increasesturnoverastokensareconsumedmorerapidlythantraditionalmarketingtoolssuchasphysicalcoupons,vouchersandloyaltycards.
§ Flexibility: Merchants are able to choose the types of tokens that best suit theirbusiness.Thisallowscompaniestotailorprogramswithminimalconfiguration.
§ Brand Adjacencies: Merchants do not need to worry about brand adjacencies ascustomerschoosethemerchantsintheirWallet,nottheGATSystem.Thisaddressesasignificantproblemwithmanymajorconsumer-marketingplatformswhichdonotallowmerchantstocontroltheirbrandimageinmarketplaceforums.
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2.3MerchantAdoption
2.3.1 SK Planet Japan
GATCOINisworkingwithSKPlanetJapan(SKPJ)todeploydigitaltokensusingtheGATSystemin2018uponcompletionofmilestones.
SK Planet Japan is a leading consumer rewards service company andmember of one of thelargestconglomeratesinKorea.
GATdigitaltokensareplannedtobeusedinSKPJ’sretailgiftvoucherprogram,COTOCO.GATtokensforCOTOCOwillcover21major internationalandlocalbrandswithanetworkofover30,000retailstores,80,000restaurantsand60,000beautyoutlets.Thebrandscoverhouseholdnames in the fast food restaurant, beverage, confectionary, beauty and convenience storebusinesses.
GATCOINisalsoinadvanceddiscussionswithanumberofotherglobalbrandsfordeploymentofMerchantTokensintheirdigitalmarketingstrategies.GATCOINwillissueannouncementsofadditionalGATmerchantparticipantsduringtheyear.
2.3.2 The COTOCO Project
S t ep 1 : Deploy Tokens
SKPJ&COTOCOwill launchprepaidgifttokenscoveringtheirfullrangeofmerchantpartnersinJapan.
EachtokenrepresentsaunitofaprepaidgiftvoucherwithanetworkmerchantinJapan.
Tokens are sold B2C or B2B to enterprise partners - travelagencies,OTAs,creditcardcompaniesetc.
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S t ep 2 : S e lec t Token To Display Merchant S t ore
Customersclicktokenstodisplaycorrespondingmerchantstores.
In the instance of a beverage token, the various gift products aredisplayedalongwithcorrespondingtokencosts.
S t ep 3 : S e lec t Gif t To C laim Produc t
Beveragegiftdisplaysauniqueproductbarcode.
Merchant store scans the barcode, tokens are deducted fromcustomerwallet(i.e.spent),andbeveragedeliveredin-store.
COTOCOwillalsosellgifttokensinChinathroughOTAsaspartoftravel package incentives to trigger tourist spending activity inJapan.
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2.4GATCoinTheGATCoinisatransferableERC20tokenthatcanbeissuedandtransferredoverthemainEthereumnetwork.
2.4.1 The Ethereum Network
Unlikemany other blockchainswhich exist to perform one specific set of functions (such asrecordingthetransferofcrypto-coinfromoneownertoanother),theEthereumblockchainwasdesigned to be entirely "programmable". What this means in plain English, is that whilestandard blockchains such as Bitcoin record simple ownership transactions (hence thewidespread analogyof blockchain as a typeof electronic "ledger"), the Ethereumblockchainrecordsmachinecodethatcanberun likeanyotherprogramthatwouldordinarilyresideonyourPC.So,ratherthansimplyrequestingtheEthereumblockchaintorecordsimpleownershiptransfers of crypto-coin, users of the Ethereum blockchain can design and deployminiatureprograms into theblockchain itself. These programs,which are replicated over thousands ofnodes, can then perform any number of functions, from running a simple "ledger", tomoreadvanced functions like tracking themovement of inventory through an international supplychain.
So,ifBitcoincanbeviewedasadistributedelectronic"ledger",Ethereumcanbeviewedasadistributedvirtualcomputer, replicatedaroundtheworldon thousandsofnodes.Becauseofthedistributednatureoftheblockchain,theprogram'scode,itsinputsandoutputs,canneverbe erased, switched-off, hacked, or tampered with. Ethereum is arguably the world's firstdistributedglobalcomputerthatdoesnothavean"off-switch".
2.4.2 The GAT Coin "D-App"
TheGATCoin itself isonesuchprogramthatwillbeuploadedontotheEthereumblockchain(called a "D-app" for "DistributedApplication"). As the blockchain is public, the code for theGATCoinisavailableforinspectionbythegeneralpublic.TherulesoftheGATCoinarehard-coded into theEthereumblockchainatdeployment,andthereafterunchangeable.The lifeoftheGATCoinisthesameasthelifeoftheEthereumblockchain,whichintheory,isthesameastheexistenceofthenetworkitself.
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TheGATCoincodeprovidesfor,amongotherthings,thefollowingbasicfunctions:
§ The creation of a fixed supply of GAT Coins (nomore GAT Coinswill be issued aftercreation)
§ RecordsthetransferofGATCoinfromoneaccountholdertoanother
§ Announces the transfers of GAT Coin so that third-party clients (such as wallets andexchanges) can publicly access data on transfers (this is essential so that the latestwalletscanbeusedtoaccesscurrentbalances)
§ RecordsthecurrentbalanceofGATCoinineachaccount
§ Provides the GAT Foundation ability to "freeze" accounts if requested to do so byexternalregulators
§ ProvidestheGATFoundationtheabilitytoreversetransactionsintheeventoffraudortheft
2.4.3 Technological Improvements
Itisrecognizedthattoday'sDLTisundergoingrapiddevelopment,anditisforeseeablethatanynumberof competingblockchainprotocols toEthereummay, in the future,offerGATCoinamoreefficientprotocoltooperate.
ItistheroleoftheGATFoundationtomonitorDLTdevelopments,andtoproposechangestotheGATCoinprogram in order to ensure thatGATCoin functionson themost efficient andscalableprotocol.
WhileEthereumistheprimarytechnologicalchoiceforGATCointoday,theGATFoundationis,inprinciple,"technologicallyagnostic"andmaytransfercirculationofsome,orall,oftheGATCoins onto improved networks in the future. In such case, holders of GAT Coin on legacynetworkswillbeeligibletoswaptheirtokensforGATCoinsthatmaybecirculatingonnewerprotocols.TheGATFoundationwillmanagesuchexchangeprogramstomaintainconfidenceintheGATCoinasastabledigitalcurrencywithafixed,non-inflationarysupply.
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2.5Governance&Institutions
2.5.1 GAT Foundation
TheGATFoundationwillbeestablishedasanon-profitorganizationinSingaporemanagedbyaboardofindependentgovernors.TheGATFoundationwillcontrolthesupplyandcirculationofGATCoinsintheopenmarket.TheGATFoundationwillalsoactasmarket-makerandregulatorontheGATExchange.
Initially, 10% of the GAT Coins in circulation will be allocated to the GAT Foundation as areserveforopen-marketoperations.
ThestatedgoalsoftheGATFoundationareto:
§ Ensure a stable and transparent price for GAT Coins in order to assist merchantsaccuratelypricegoods,servicesandincentives
§ RegularlypublishmarketdataonthesupplyandcirculationofGATCoins
§ Providetimely informationtothemarketofeventsthatwouldhaveamaterial impactonthepriceofGATCoins
§ EnsureliquidityofGATCoinswithintheGATSystemsothattheGATCoincanremainausefulsettlementcurrencyfortheexchangeofMerchantTokens
§ Manage a sufficient reserve of alternative crypto-currencies to conduct open-marketoperationstosupportthepriceofGATCoins
2.5.2 GAT Exchange
TheGATExchangewill bea regulated crypto-currencyexchange thatwillmatchbuyand sellordersthroughanauctionsystem.ThegoaloftheexchangeistoprovidesufficientliquidityforGATCoins.
TheGATFoundationwillparticipateasmarket-makerontheGATExchangetoensurethereisalwaysabuyerandsellerofGATCoins.Itisalsoenvisionedthatmostopen-marketoperationsperformedbytheGATFoundationtostabilizeGATCoinpriceswillbeconductedthroughtheGATExchange.
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Chapter3:DevelopmentPartners.3.1SKPlanetJapanSK Planet Japan (SKPJ) is one of Japan's leadingmobileandonlineconsumergiftrewardscompanies.SKPJspecialisesinthedevelopmentandmarketingofa variety of mobile and online gift reward systemstargetingthemassconsumermarket.
3.2COTOCOCOTOCO isoneofJapan’sleadingsocialgiftvoucherdistributors. COTOCO is a subsidiary of SK PlanetJapan. COTOCO manages an extensive gift voucherprogram with a network of international and localbrands.
3.3EnumaTechnologiesEnuma is a leading blockchain engineering companyspecializing in the development of D-apps andsoftware solutions for enterprises. Enuma deploys aversatilearrayofblockchainsolutionsbasedonmajorblockchain protocols, including Ripple, Ethereum,Multichain,andHyperledger.
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Chapter4:DevelopmentRoadmap.4.1TimetableThetimetableforthetokensaleanddevelopmentoftheGATSystemislaidoutbelow:
Date
Milestone
Oct2017 GATCointokensale
Oct2017–May2018 GATSystemdevelopment
Businessrollout
Jun2018 GATExchangepubliclaunch
GATWallet,GATMarketplacebetalaunch
Jul-Sep2018 De-buggingandtesting
Oct2018 OfficiallaunchofGATWallet,GATMarketplace
4.2TokenSaleTheGATCointokendistributionwillcommenceonOctober28,2017at12:00UTCwhichis:
Americas Europe&MENA Asia
05:00LosAngeles08:00NewYork,WashingtonDC09:00SaoPaulo
13:00London,Paris,Berlin14:00Stockholm,CapeTown15:00Moscow16:00Dubai
17:30Mumbai20:00Beijing,HongKong21:00Tokyo,Seoul22:00Sydney
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GATCoinswillbedistributedaccordingtotheschedulebelow:
Date GATCoins CurrenciesAccepted
Price
28Oct2017–28Nov2017 200,000,000 ETHOnly
66,666,666@US$0.2066,666,667@US$0.3066,666,667@US$0.40
Oct2017–Jun2018 DevPeriod GATCoinsfreelytransferable
Jul2018–Jun2019200,000,000
SoldontheGATExchangeatregularintervalsduringtheyear
ETH,BTC,FIAT,OtherCrypto MarketPrice
Jul2019–Jun2020200,000,000
SoldontheGATExchangeatregularintervalsduringtheyear
ETH,BTC,FIAT,OtherCrypto MarketPrice
Jul2020–Jun2021200,000,000
SoldontheGATExchangeatregularintervalsduringtheyear
ETH,BTC,FIAT,OtherCrypto
MarketPrice
Reserved 200,000,000
TOTAL 1,000,000,000
ProspectivebuyersofGATCoinsintheUSA,HongKongandSingaporewillnotbeeligibletoparticipateinthe2017tokensale.
4.2.1 Timing and Objective of Token Distribution
In2017,therewillbean initial tokensaleof200,000,000GATCoins forearlyadopterson28October2017.
Thereafter,GATCoinswillbedistributedontheGATExchangebetween2018-2021.Saleswillnotbeannounced.Rather,buyersmaybidforGATCoinsontheGATExchangeattheprevailingmarket price. GATCOIN will participate in the auction process either directly, or indirectlythroughtheGATFoundationorotherbroker-dealers.
The objective of the 2018 – 2021 sales program is to coordinate the gradual release ofGATCoins with the long-term business development requirements of the GAT System and toprovidesufficientliquidityforthefuturegrowthinusersoftheGATSystem.
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AsmoremerchanttokensandusersareaddedtotheGATSystem,thedemandforGATCoinsisexpectedtoincrease.
4.2.2 Initial Token Sale in 2017 (ETH Only)
Theinitialtokensaleof200,000,000GATCoinson28October2017willbeanEthereum-onlysale.
GATcoinswillbedividedintothreetranchesof66,666,666,66,666,667,66,666,667each.Theprice of the 1st tranchewill be fixed at the ETH equivalent of US$0.20. The price of the 2ndtranchewillbefixedattheETHequivalentofUS$0.30,andthepriceofthe3rdandfinaltranchewillbefixedattheETHequivalentofUS$0.40.
TheETH:USDexchangeratewillbefixedwithin24hourspriortosalebyreferencetoaveragetradingpricesforETH:USDonmajorexchanges.
BuyerswillreceivetheirGATCoinsimmediatelyuponpurchase.GATCoinswillbeallocatedona first-come first-servedbasis by dividing the amount of ETH transferred toGATCOINby theapplicablesalepriceinETHforthattranche.GATCoinsareimmediatelyassignedtothesameEthereumaddressthatthebuyerusestosendETHtoGATCOIN.TheGATCOINEthereumsmartcontract address for the token sale will be uploaded to the GATCOIN website atwww.gatcoin.io
Thesalewillconcludeon28November2017orearlierwhenall200,000,000GATCoinshavebeensoldout.Afterthesale,GATCoinsareimmediatelytransferrable,andbuyersmaytransfertheirGATCoinstoanyEthereumaddress.GATCoinsmayalsobetradedonallmajorcrypto-currencyexchangesaroundtheworldthathavelistedGATCoinsfortrading.Itisimportanttonote thatGATCoinsmaybe tradedonanycrypto-exchange,not just theGATExchange.TheGAT Exchange is scheduled for launch in June 2018. Prior to launch of the GAT Exchange,holdersmaytradetheirGATCoinsfreelyonotherexchanges.
GATCOINreservestherighttomodifythesaledate,thenumberoftokensavailableforsale,thesalepriceandthedistributiontimetable.
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4.3UseOfProceeds
4.3.1 Business Expansion
ProceedsfromthetokensalewillbeusedforthedevelopmentoftheGATSystemaswellastheglobalroll-outoftheGATCOINbusiness.Marketing,salesandtechnicalengineeringofficeswillbeestablishedinthefollowingmajorgatewaycities:
2018 A s ia & Americ a Expans ion
§ Shanghai
§ Beijing
§ Shenzhen
§ Tokyo
§ Seoul
§ Singapore
§ SanFrancisco
2019 Americ a & EU Expans ion
§ LosAngeles
§ NewYork
§ London
§ Berlin
§ Stockholm
§ Paris
2020 Global Furt her Expans ion
§ Moscow
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§ SaoPaulo
§ Milan
§ Dubai
§ Jakarta
§ Manila
§ Bangalore
§ Sydney
4.3.2 Revenue Model
GATCOINwillearnthreemajorstreamsofincome:
§ MerchantfeesontheGATMarketplace
§ BrokeragefeesontheGATExchange
§ EngineeringandmaintenancefeesontheGATNetwork
Detailedbusinessplansandfinancialmodelshavebeenapprovedbythedevelopersandtheirfinancial advisors. The majority of the funding for the rollout of the GATCOIN business isintendedtobeprovidedfromproceedsofthetokensale.
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Chapter5:Risks.TherisksassociatedwithpurchasingGATCoinarenumerousandsignificant.Inthissection,wehighlight some of the major known risks associated with GAT Coin. The list below is notintendedtobecomprehensive.
5.1TechnologicalRisks
5.1.1 Immaturity Of The Ethereum Technology
TheEthereumblockchainisatanearlystageofdevelopmentanditisnotfullyknownwhethertheEthereumblockchainwillbeabletosustainlong-termoperationoflarge-scaleD-appssuchas the GAT Coin. As recently as June 2017, the Ethereum blockchain experienced significantdelays inprocessingblocktransactionsduetoextremelyhighvolumesassociatedwithsimilartoken sales around that time. This lead to very high Gas prices for processing transactions,which made using the blockchain prohibitively expensive. It is not certain whether theEthereumdevelopmentcommunitywillresolvethesetechnicalissuesinthefuture.
5.1.2 Unknown Impact Of Proposed Changes To Ethereum
TheEthereumFoundationhas laidout a roadmap for the improvement anddevelopmentofEthereum.Whilesomeof the futureproposalsofferpromises toknowntechnical issues, it isuncertain when these new improvements will be introduced, and whether they will besuccessful. In particular, proposals to "shard" the blockchain in order to greatly increaseblockchainspeedsis,atthetimeofpublication,farawayfromimplementation.Aproposaltochange the mining process from the current Proof-of-Work algorithm to a Proof-of-StakealgorithmwillhaveayettobeseenimpactfortheEthereumnetwork.
5.1.3 Prohibitively High Gas Prices For Transactions
AlltransactionsovertheEthereumblockchain,includingthetransferofGATCoinshaveareal-world cost in Gas. While at this point in time, Gas prices for basic transactions over theEthereumnetworkarenominal, there isnocertaintythatGaspriceswill increasemakingthetradingofGATCoinovertheEthereumnetworkcommerciallyunfeasible.
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5.1.4 Risk Of Theft Or Misuse Of Private Keys
The control of the GAT Coin source code resides with the GAT Foundation which holds therequisiteprivatekeys incoldstorage.Whileall reasonablemeasuresmaybe implementedtopreventunauthorizeduseoftheprivatekeys,thereisnocertaintythattheprivatekeyswillbesubject to theft, fraud or misuse. The unauthorized use of the private keys could result insignificantdisruptiontotheGATCoin,andinaworst-casescenario,causetheGATCointobeunusableorworthless.
5.1.5 Ethereum May Be Superseded
While today, in our view, the Ethereum blockchain technology presents themost promisingadvancesinblockchaintechnology,thereisnoguaranteethatEthereumwillnotbesupplantedbycompetingprotocolsthatimproveupontheEthereumtechnology.TheEthereumtechnologyis open-source, meaning that anyone can copy and disseminate the same code withmodifications. It is not knownwhether theEthereumplatformwill become thepredominantprotocoladoptedbyglobalindustry.IfEthereumissurpassed,thenthiscouldimpacttheGATCoinprogramasusageandadoptiondeclines.
5.2BusinessRisks
5.2.1 Unknown Merchant Adoption Rates
The success of the GAT System relies in large part onmass adoption of the GAT System byparticipatingmerchants.While thedevelopers are in advanceddiscussionswith anumberofglobalmerchants(otherthanSKPJ)forthedeploymentoftheGATSystem,itisnotknownhowmanyothermerchantswilladopttheGATSystem.
5.2.2 Unknown Consumer Adoption Rates
Mass consumer adoption of blockchain technology has not yet occurred. Only a very smallpercentageoftheconsumersofincentiveprogramsarefamiliarwithblockchaintechnology,letaloneEthereum.
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5.2.3 Competition
Utilizingblockchaintechnologytodisrupttheconsumermarketingindustryhasbeenproposedasoneoftheearliestusecasesfordistributedledgertechnology.Consequently,asofthetimeofpublicationofthiswhitepaper,thereareanumberofotherconsumermarketingcompaniesthat competedirectlyor indirectlywith theGATSystem. It isnotknownwhichcompanywillprevailinthecompetitionforconsumerandmerchantadoption.Itisalsonotknownhowmanyotherblockchainconsumermarketingcompanieswillenterthemarketpriorto,orduringthetokensale.
5.2.4 Business Execution Risks
The implementationof theGATSystemroadmapanddeploymentof its relatedtechnologicalcomponents requires a high degree of professional business and software engineeringexperience. While the developers have a proven track-record of software engineering andbusiness development, it is not certain whether the developers can fully deliver on thetechnicalmilestonessetforthintheroadmap.
5.3RegulatoryRisks
5.3.1 Currency Regulation Risks
Governmentsare still grapplingwithpublicpolicyon the regulationof crypto-currenciesasaform of settlement in trade. Governments adverse to the proliferation of the use of crypto-currencies in local commerce could issue laws and regulations deeming the use of crypto-currencies a regulatedactivity. This could result inholdersofGATCoinsbeingunable tousetheirGATCoinswithoutfurtherregulatorycompliancebyGATCOIN.
5.3.2 Risks Associated With Licensing Of The GAT Exchange
Licensing procedures to register a crypto-currency exchange are complex and subject tostringentqualificationrequirements.Thereisnoguaranteethatthedeveloperswillbeabletosuccessfully obtain a license to accept customer deposits for use in a global crypto-currencyexchange. The failureby the sponsors toestablish a registeredGATExchange could result indecreasedliquidityoftheGATCoinasaformofsettlementcurrencywithintheGATSystem.
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5.3.3 Risks Associated With The Token Sale
GATCoinsarenotinvestmentproducts.Rather,GATCoinsserveaspecificfunctionwithintheGAT System,which is themeans to accessMerchant Tokens.WithoutGATCoin, the generalpublicmaynotaccesstheGatSystemtoacquireMerchantTokens.ThereisalsonoexpectationoffutureprofitorgainfromtheacquisitionofGATCoin.
For these and other reasons, we believe the sale of GAT Coin does not constitute a publicofferingofsecuritiessubjecttoprospectusregistrationrequirements.
However, public policy towards token sales is changing, and it is conceivable that regulatorsmayinthefutureseektobroadenthescopeofregulationoftokensales.Thiscouldmaketokensalessubject to registrationrequirements in theUnitedStatesandsimilar jurisdictions. If theGAT Coin token sale becomes subject to registration requirements, this would delay orpotentiallypostponetheproposedGATCointokensaleindefinitely.
5.3.4 Taxation Risks
TheuseofMerchantTokensasa formof settlementcurrencymayormaynotbesubject tolocal income tax, capital gain taxes, VAT or other forms of taxes. This uncertainty in taxlegislationmayexposemerchantsandcustomersaliketounforeseenfuturetaxconsequencesassociatedwith theuseofMerchant Tokens as a settlement currency, and/or the tradingoftokensorGATCoinforcapitalgains.
5.3.5 Capital Control Risks
Many jurisdictions, such as China impose strict controls on the cross-border flow of capital.Holders of Merchant Tokens and GAT Coins may be subject to these regulations and/orarbitrary enforcement of such regulations at any time. Thiswouldmake the transfer ofGATCoinsoutofthelocaljurisdictiontooverseasexchangesanunlawfulactivityexposingtheuserofGATCoinstogovernmentfinesorotherregulatorysanction.
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5.3.6 CTF and Anti-Money Laundering Regulations
The United States has issued a series of regulations to combat terrorist financing (CTF) andmoney-launderingactivities.Manyother countrieshaveenacted similar legislation to controlthe flowof capital for such illicit activities. Theuseof crypto-currenciesbybadactorswouldbreach such regulations. Any illicit use of the GAT Coin orMerchant Tokens could seriouslyimpacttheglobalreputationoftheGATSystem.Insuchevent,itisnotinconceivablethatthiscould trigger scrutiny by CTF and anti-money laundering regulators and potentially causesignificant disruption to the distribution and circulation of tokens and GAT Coin in the GATecosystem.
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Chapter6:Miscellaneous.6.1DisclaimerThiswhitepaper has been prepared by GAT Systems Ltd. (GATCOIN) for the sole purpose ofintroducing the technical engineering aspects of the GAT System, its associated platformcomponents, and its underlying blockchain protocol Ethereum. This document does notconstitute any offer, solicitation, recommendation or invitation for, or in relation to, thesecuritiesofanycompanydescribedherein.
Thewhitepaperisnotanofferingdocumentorprospectus,andisnotintendedtoprovidethebasisofanyinvestmentdecisionorcontract.Theinformationpresentedinthiswhitepaperisofatechnicalengineeringnatureonly,andhasnotbeensubjecttoindependentaudit,verificationor analysis by any professional legal, accounting, engineering or financial advisers. ThewhitepaperdoesnotpurporttoincludeinformationthatabuyerofGATCoinsmightrequiretoformanyinvestmentdecision,and,inparticular,doesnotcomprehensivelyaddressrisksoftheGATCoin,whicharenumerousandsignificant.
GATCOIN (along with its directors, officers and employees), do not assume any liability orresponsibility whatsoever for the accuracy or completeness of information contained in thiswhitepaper,or for correctinganyerrorsherein.All forward lookingFurthermore, should youchoosetoparticipateintheinitialsaleofGATCoin,GATCOINdoesnotassumeanyliabilityorresponsibilitywhatsoeverforanylossofmarketvalueofGATCoins.
The content of this whitepaper is technically challenging and requires a high degree offamiliarity with distributed ledger technology in order to comprehend the GAT Coin and itsassociatedengineeringrisks.
Recipientsofthisdocumentareencouragedtoseekexternaladvice,andaresolelyresponsiblefor making their own assessment of the matters herein, including assessment of risks, andconsultingtheirowntechnicalandprofessionaladvisers.
Disclaimer"forwardlookingstatements"
Thiswhitepaper andmaterial uploaded towww.gatcoin.io contain statements related toourfuture business and financial performance and future events or developments involvingGATCOINthatmayconstituteforward-lookingstatements.Thesestatementsmaybeidentifiedbywordssuchas"expect,""look forwardto,""anticipate""intend,""plan,""believe,""seek,"
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"estimate," "will," "project"orwordsof similarmeaning.Wemayalsomake forward-lookingstatementsinotherreports,inpresentations,inmaterialdeliveredtoshareholdersandinpressreleases. In addition, our representativesmay from time to timemake oral forward-lookingstatements.SuchstatementsarebasedonthecurrentexpectationsandcertainassumptionsofGATCOIN'smanagement,ofwhichmanyarebeyondGATCOIN'scontrol.Thesearesubjecttoanumberofrisks,uncertaintiesandfactors,including,butnotlimitedtothosedescribedinthiswhitepaper. Should one or more of these risks or uncertainties materialize, or shouldunderlying expectations not occur or assumptions prove incorrect, the actual results,performanceorachievementsofGATCOINmay(negativelyorpositively)varymaterially fromthose described explicitly or implicitly in the relevant forward-looking statement. GATCOINneither intends, nor assumes any obligation, to update or revise these forward-lookingstatementsinlightofdevelopmentswhichdifferfromthoseanticipated.
6.2ContactDetailsForfurtherinquiriesonthetokensalepleasewritetotokensale@gatcoin.io
GATCOIN
Suite1007A,10thFloor
CDWBuilding,388CastlePeakRoad
TsuenWan,HongKong