Unleash Distributed Reputation - Forbole · this human interaction as “Guanxi”. We rely on word-of-mouth referral long before we have social networking apps. ... Members can also

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Unleash Distributed Reputation

Whitepaper v0.71 for Private Sale

(draft for comments and subject to change)

Prepared by: Terence Lam ([email protected]) Kwun Yeung ([email protected])

29 September 2018

powered by Cosmos & Tendermint

Decentralized Community: Reputations, Referrals & Rewards

ObsoleteThis Whitepaper and any other documents published in association with this

Whitepaper relate to the intended development and use of Forbole. They are information purposes only and may be subject to change.

Nothing in this Whitepaper constitutes legal, financial, business or tax advice and you should consult your own legal, financial, tax or other professional adviser before engaging in any activity in connection herewith. Neither Forbole Limited (‘FL”), any of the project team members who have worked on Forbole or project in any way whatsoever (the FL Team) nor any third-party service provider shall be liable for any kind of direct or indirect damage or loss whatsoever which you may suffer in connection with accessing this Whitepaper, materials produced by FL, or accessing the website at https://forbole.com or any other materials published by FL.

This Whitepaper contains forward-looking statements that are based on the beliefs of FL, as well as certain assumptions made by and information available to FL.

Forbole as envisaged in this Whitepaper is under development and is being constantly updated, including but not limited to key governance and technical features. The tokens involves and relates to the development and use of experimental platforms (software) and technologies that may not come to fruition or achieve the objectives specified in this Whitepaper.

This Whitepaper is intended for general informational purposes only and does not constitute a prospectus, an offer document, or an offer of securities or a solicitation for investment. The information herein below may not be exhaustive and does not imply any elements of a contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where this Whitepaper includes information that has been obtained from third party sources, FL and the FL Team have not independently verified the accuracy or completion of such information. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information.

Disclaimer

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Forbole (ˈfɔːbəl) is a blockchain aims to foster the real-life application of distributed reputation. Powered by Cosmos SDK and Tendermint, Forbole is designed to record reputation-related attributes as portable digital assets. With its proof-of-contribution (“PoC”) and governance structure, Forbole provides appropriate incentives to community members who have made contributions while keeping spam and fraud in control. Forbole will serve as the hub of various applications which need distributed reputation. The first application will be Forbole’s Referral Network (“FRN”). FRN is a decentralized community of members who help each other to generate more referrals of business and career opportunities. By making recommendations and referrals on FRN, members are helping each other to build one’s word-of-mouth reputation. The process of referral can generate reliable attributes about reputation and trust, which are the building blocks of many applications.

Abstract

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Overview

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CosmosHub

Irishub

Zone 1

Zone 2

Zone 3

Zone 4

ForboleBlockchain*

ForboleReferralNetwork

IBCIB

C

IBC

IBC

IBC

IBC

* Forbole Blockchain will start as a zone and then evolve to become a hub.

Data TungShing


ObsoleteForbole will be part of the Cosmos Ecosystem. In the section, we will give

you a brief introduction about the relationship between Cosmos and Forbole. For further details of Cosmos, please refer to their website.

Zones and the Cosmos Hub*

The Cosmos Ecosystem is a partially-ordered network of blockchains called zones that run concurrently and interoperate to create a multi-blockchain ecosystem. It is termed an Internet of Blockchains as much like the traditional Internet which connects otherwise isolated networks, Cosmos connects otherwise isolated blockchain networks. These multiple blockchains can communicate using a protocol called Inter Blockchain Communication (IBC), which can be thought of as the TCP/IP of Cosmos. Much like how Internet Service Providers (ISPs) help route IP packets, Hubs are special blockchains that help zones route IBC packets. The Cosmos Hub is one such hub to which zones can connect to and is secured by an open and globally decentralized set of validators. On the Cosmos Hub, tokens can be held by individual users or by zones themselves. Along with just providing routing for packets, the Cosmos Hub also preserves the global invariance of the total amount of each token across the zones, preventing zones from double spending other zones.

Forbole Blockchain

Forbole Blockchain will be one of the zones connecting to the Cosmos Hub. As the project evolves, Forbole Blockchain shall become a hub to connect other blockchains which have found synergy with the ecosystem, governance structure and PoC of Forbole.

Forbole Referral Network (“FRN”)

FRN will be the first application of Forbole Blockchain, which is a decentralized referral network. During the process of referral of opportunities, users will generate reliable attributes about reputation and trust, that can be portable and tradable digital assets on Forbole Blockchain.

Overview explanation

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* Source: Cosmos Token Model

https://drive.google.com/file/d/1jtyYtx7t1xy9gxEi2T5lXFNd8xUY7bhJ/view


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When a stranger knocks on your door

When a stranger knocks on your door, how does your body respond? Your heart beat faster, and your blood pressure goes up. You will be cautious and wonder who is that. This is our instinct to protect us from uncertainties, which are perceived as risks.

From stranger to acquaintance

What if the person who knocks is someone recommended by your trusted friend? Our reactions will change drastically. Referral turns a stranger to an acquaintance. It removes the barricade in a new relationship and increases the efficiency of communication. Referral is a reliable source of opportunities for businesses, professionals and job seekers.

Referral is win-win

You achieve a win-win result by making a quality referral. Firstly, you help a friend to solve a problem. Secondly, you help another friend to seize an opportunity. Thirdly, you feel good as you

help your trusted friends to succeed.

Introduction: Why does referral matter?

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The problem: how to get more referrals

Referral is such an efficient way to allocate the resources of our society. It helps us to match the right need and the right solution. Referral helps small businesses grow without wasting huge budget in interruptive marketing such as spam and cold-call. Referral helps talents to find the right jobs without wasting time to write hundreds of emails which would end up in the rubbish bins of HR managers.

We all understand the power of referral. But how do people join this world of referrals, create and seize more opportunities, and eventually help each other to become more successful?

Problem: How to get more referrals?

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When do referrals happen?

We are facing problems everyday. We may need a new vender or partner. We may want to change our job or recruit new employees. We may be acquiring for new customers. When we need help, we will ask our trusted friends. If they cannot help, they will refer their trusted friends to us.

This is where referrals happen.

Staking your reputation

In a referral relationship, we know some other people are watching us. We tend to behave better when we know we will meet again: both the giver and receiver of a referral are staking their own reputations.

Law of reciprocity

In the west, we use the term “law of reciprocity”. In the east, we summarize this human interaction as “Guanxi”. We rely on word-of-mouth referral long before we have social networking apps.

Give help first. Your reputation will take care of the rest.

From referral to reputation

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Appropriate incentive mechanism and sound governance

To create a community which can generate a lot of quality referrals for its members, we need members to make active engagements and are willing to help each other. This is a community with an appropriate incentive mechanism and a sound governance.

Recommendations, reputations and referrals

As members of FRN, we endorse the skills and give recommendations to people we really know and trust, and hence we help each other to build reputations. Each member will unleash the potential of one’s circle of influence and create a positive effect on other circles nearby. All these user engagements, or “contributions” as we name it, will be recorded on Forbole blockchain.

Reutilize this trust

When there is referral, there is reputation. While we are revolving to the age of AI, this reputation we generated during the process of real life referral is more important than ever before: this cannot be simply duplicated by AI.

With the help of blockchain technology, we can reutilize this trust by transforming the attributes derived from a referral to become secured digital assets.

FRN: blockchain-based referral network

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There are two ingredients of our distributed reputation model: meta-moderation and peer influence.

Meta-moderation

After a member has made engagements such as endorsements, recommendations and referrals of opportunities, other members can rate or comment these recommendations (eg. by adopting meta-moderation*). Members can also certify the profile information of other members.

Peer influence

We also reference some ideas from solidarity lending^. Solidarity lending is a lending practice where small groups borrow collectively and group members encourage one another to repay. It is an important building block of microfinance. Our algorithm will keep improving to reflect the peers influence amongst members in order to encourage members to help each other to make better recommendations and referrals.

Extending offline trust to online community

By implementing our token model and user experience design, we encourage users to record their real life events which are the proof of the endorsements, recommendations and referrals they have made. We can then extend the trust-related attributes from offline to online.

Distributed reputation

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^ https://en.wikipedia.org/wiki/Solidarity_lending

* https://en.wikipedia.org/wiki/Meta-moderation_system

https://en.wikipedia.org/wiki/Solidarity_lending

https://en.wikipedia.org/wiki/Meta-moderation_system


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Tokenizing contributions: simplified flow

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2 Users earn “Contribution Score” which will be stored on blockchain

1 Users write endorsements and make referrals with each other

3 Convert Contribution Score to Forbole’s tokens (Phaneros)

4 Utilise or trade tokens


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Community that incentivizes users’ contributions

Through a decentralized governance and incentive mechanism, we can distribute the rewards to users according to their contributions to the community. We need to encourage users to help each other to build reputation and create more opportunities. Our proof-of-contribution (“PoC”) play a critical role to achieve this.

In the following sections, we will cover some examples of contributions users can make at Forbole. We will modify the mechanic of making contributions from time to time.

Forbole Blockchain: Proof-of-Contributions

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ObsoleteRecognizing the skills of your

connections

Endorsement of the skills of your connections is an easy but powerful contribution. To make endorsement more valuable, we will set limitations of making endorsement (eg. daily limit per user or maximum number of endorsements to one connection).

By recognizing the skills of your connections, your connections will know how resourceful you are and to whom they should connect via your introduction.

Proof-of-Contributions: endorsement

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Relationship provides the ground of making a connection.

You may state a real life event or project which this recommendation is about.

You can write a short recommendation for your connection. Writing a recommendation consumes more effort than endorsing skills, and this will reflect by the Contribution Score.

Endorsing the skills of your connection.

Proof-of-Contributions: recommendation

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ObsoleteWhen a FRN user has made an

endorsement, recommendation or referral for a non-user, this is effectively an invitation to the non-user to join FRN. As shown on the left, an email notification will be sent to the non-user regarding the recommendation she has received.

Generally speaking, most people will not reject an endorsement or recommendation about themselves, not to say if it is a business or career opportunity referred by person they know. This is a viral feature of FRN.

People love compliments.

Recommendation as an invitation: virality

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ObsoleteHelping others to succeed by

making quality referrals

When there is a need from our friends and we know of someone who can help, this is the time we make the referral.

Making a referral of opportunity is a big contribution on FRN. It will become a bigger contribution if it is converted into a done deal successfully. So the quality of referral is also important. To create a quality referral, the connector needs to know the need and characters of both sides.

By understanding the need of our friends and making more quality referrals, we will become real connectors.

Proof-of-Contributions: referrals

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ObsoleteBuild personal influence

Writing quality articles is a way to build personal influence and credibility. People tend to refer opportunities to domain experts.

Increase exposure

Through content creation, the writers can generate social engagements and hence will increase their own exposures at FRN.

Gain traffic

By creating more quality contents, the writers also help FRN to gain more traffic, which is of course a valuable contribution!

Proof-of-Contributions: blogging

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ObsoleteIntroduction is the start

At FRN, your connections form your “alliance of referrals”. This is important to keep track of how your connections become connected with each other to see where the chemistry is.

Ordinary social engagements

These are the likes, comments and shares, similar to most other social networks.

Personal update is also an important contribution a user can make.

Proof-of-Contributions: social engagement

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Please note that all the screen caps in this Whitepaper are just used in our demo. We will revamp our design once we have secured the funding from our first private sale! We will also add more gamification features to our application.

Tracking your contributions and wallet

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LinkedIn: playground of spammy hunters

The reason for the corruption of existing social network is its business model. Take LinkedIn as an example. LinkedIn derives its major revenue from membership fee paid by premium users, who are mainly headhunters or salespeople. By becoming a premium user, you can enjoy more privileges to explore the profiles that match your appetite and contact them more freely. While premium users are hunting for sales leads or candidates’ profiles, who want to become their prey?

Facebook: data breach

Another example is Facebook. In March 2018, the Facebook–Cambridge Analytica data scandal* was reported, which involves the collection of personally identifiable information of up to 87 million Facebook users and almost certainly a much greater number that Cambridge Analytica began collecting in 2014. The data was allegedly used to attempt to influence voter opinion on behalf of politicians who hired them.

Forbole: align the interest of users and platform

Our goal is to achieve the growth of Forbole as a fast-growing startup while protecting the interests of users. Thanks to the emergence of blockchain technology, the platform and its users are now in a win-win relationship.

Business model: introduction

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* https://en.wikipedia.org/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal

https://en.wikipedia.org/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal


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Business model: source of revenue

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Membership fee The social networking services of FRN is free to use, while the crypto-related features are for paid member. Membership fee can be paid in fiat or our fee token Phanero.

Advertising revenue As a social media, FRN can sell advertising spaces.

Digital assets income We are currently an active validator on Cosmos testnet. We are also studying other proof-of-stake ecosystems which include but not limited to IRISnet, Polkadot and Tezos. We will earn commission fee as validator.

Sales of license? Our token Desmo, which will be distributed through a series of sales, will provide its holder the right to participate our blockchain governance to earn block provision, block reward and transaction fee. In our opinion, selling Desmo means selling of license and hence should be treated as a revenue.


ObsoleteBig Dipper

(demo)

a block explorer tool to serve the validators and

other stakeholders of Cosmos Network. This is our project to

compete for Cosmos

HackAtom3

Chainorama(planning)

a brand under FL to serve as the

infrastructure provider for a

portfolio of selected digital assets which are based on proof-of-stake consensus

algorithm.

100%

100%

Business model: organization plan

22

the legal entity

ForboleLimited (“FL”)

ForboleBlockchain

the blockchain enables Proof-of-

Contributions

FRN(end of Oct 18’)

the referral professional

network

This is a joint venture with 3 serial entrepreneurs. This JV will use Forbole

Blockchain and develop a social

community about lifestyle and

entertainment.

Data TungShing (MVP)

100%

26%

Non-profit organization for

launching fundraiser

Blochaineer Foundation

(“BCNF”) (planning)

servicecontract


ObsoleteCryptocurrency market as a whole

Our ultimate goal is to bootstrap a crypto ecosystem based on the theory of distributed referral generated from the process of making referrals of business or career opportunities. So we believe our market is the entire cryptocurrency market.

After the irrational boom in 2017, cryptocurrency has undergone a significant correction in 2018, which has removed most of the bubbles and scams. We are bullish on cryptocurrency in the long run.

Market analysis: Cryptocurrency market

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Mar

ket C

ap

(USD

billi

on)

0

150

300

450

600

2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.9.9

201.66

568.63

17.546.985.52

Source: https://coinmarketcap.com/

https://coinmarketcap.com/


ObsoleteTribute to Cosmos

Cosmos project has inspired us a lot in our journey at Forbole, and we are using Cosmos SDK to develop our project. Instead of designing our tokens model from scratch, we will do this by customizing on the well-thought-out token model and governance structure of the Cosmos Hub, which is a blockchain that hosts a multi-asset distributed ledger and is the first zone on Cosmos Ecosystem*. This allows us to focus more on our contribution-driven tokenomics and the user experience design of our product.

The necessity of multi-tokens model

In the token model of the Cosmos Hub, it is stated that:

“......In this single token model, the economic utility of said token is twofold: staking and transactional. This introduces more liquidity into the token as greater utility is bundled into a single token, and creates less of an incentive for people to stake their tokens. What’s more worrisome is that greater liquidity results in weaker network security, allowing potential attackers to stealthily accrue the amount of tokens necessary to attack a Proof-of-Stake system……” *

Steem, another outstanding blockchain project that we have referred to, has addressed the importance of stability for successful economies:

“There is significant value to having long-term commitment because it enables communities to make long-term plans. Long term commitment of stakeholders also causes them to vote for long-term growth rather than short-term pumps.” ^

Although the multi-tokens model of Steem and Cosmos Hub are quite different, they share a common goal - incentivize their users to make longer term contributions to the projects.

Token model: an introduction

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* https://blog.cosmos.network/cosmos-fee-token-introducing-the-photon-8a62b2f51aa

^ P.8, https://steem.io/steem-whitepaper.pdf

https://blog.cosmos.network/cosmos-fee-token-introducing-the-photon-8a62b2f51aa

https://steem.io/steem-whitepaper.pdf


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Roles on Forbole: keepers and users

Similar to Cosmos Hub, there will be two primary classes of actors in Forbole, which are the keepers and users. The keepers help to operate and maintain the blockchain network, while the users derive some utility from the network.

Forbole will adopt a multi-tokens model that it similar to the Cosmos Hub. “Desmo” will be the staking token to secure our ecosystem while “Phanero” will be the fee tokens to reward members who have made contributions.

Token model: Dual-tokens model

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Phanero is similar to a current asset

Desmo is similar to a non-current asset


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Desmo [ˈdɛsmɒ]

Desmo, inspired from Greek word desmós (δεσμός) which means “bond, relationship”, is the staking tokens on Forbole. Similar to Atom of Cosmos Hub, Desmos are a license for the holder to vote, validate, or delegate to other validators in Forbole.

There will be an inflation of 5 - 20% of the total supply of Desmos per annum. Most of the inflation will be rewarded to stakers in the form of block provision.

Validators and Delegators

Validators of Forbole Network are responsible to secure the operations of the decentralized system. With the Desmos delegated to the validators, validators will obtain voting power to help maintaining transactions of the network. Validators will also have the rights to propose changes and upgrades of the system. They can submit proposals and vote on behalf of the delegators to keep the whole network to evolve.

Token model: Desmo, the staking token

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Phanero [fəˈnærəʊ]

Phanero, inspired from Greek word phanerós (φανερός) which means “visible, manifest, evident”, is the fee tokens on Forbole. In fact, we first knew about this word from Jae Kwon, the founder of Tendermint, in his speech in CryptoEconomics Security Conference 2017*:

“...... I feel like, between crypto and economics there’s another word that’s missing which stands for the transparency, so maybe crypto economics should be crypto phanero economics ……”

(note: the word “crypto” is from Ancient Greek (κρυπτός) which means “hidden”)

Users are incentivized to become more visible

The literal meaning of phanerós aligns with the rationale of our contributions tokenomics - we encourage our users to contribute to our community by helping each other to build reputations through endorsements, recommendations, and referrals. Users are incentivised to become more visible.

Minting of Phanero

Phanero block reward will be minted at a constant rate of 24,000 Phaneros per day. Most of them will be rewarded to users according to their Contribution Score.

Token model: Phanero, the fee token

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Members help each other to build reputation

To facilitate referrals, members need to know who are reputable. Your reputation is what other people think about you. Our platform motivates members to endorse the skills of each other. They can further make recommendations or testimonials about each other. That means members help each other to build reputation. This is driven by the law of reciprocity.

Commission is a wrong incentive

A quality referral should not be driven by the direct commission (sometimes it acts like kickback) from the service provider. If the referrers work for the commission, they are just salespeople, and interruptive marketing (such as cold calls, spam emails) will arise.

The right incentive comes from the community as a whole

If we want to ensure our members will refer the right person to another, we need to ensure the source of their incentives. Phanero will be awarded to users according to their Contribution Scores, which are determined based on their overall contributions to the community. Our dual-tokens model is designed in the way to align the interests of individual member and the community as a whole.

Token model: providing the right incentive

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Is incentive the source of spam?

One of the most criticized drawbacks of incentivizing users on online platforms is that this will also encourage fake accounts and spammy activities. In our opinion, fighting spam should be an on-going battle regardless of the type of incentive system. There will be spamming activities even the incentive system does not exist.

Two layers of incentive

Our incentives are given in two layers. The first layer is Contribution Score. We plan to add gamification features such that the users have some triggers and rewards to make real contributions to the community: we want to feel good by helping other to succeed. This good feeling is an incentive which cannot be obtained from spam.

The second layer is our fee tokens Phaneros, which can be deemed as the monetary side of Contribution Score. This provides an extra boost to users who concern monetary reward. Due to its linkage to Contribution Score, we believe we can keep the spam activities in control.

Decentralized governance

W reward our validators with our staking tokens Desmos. This incentivized and decentralized monitoring framework is an efficient way to fight spam and fraud.

Token model: fighting spam

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Tribute to Steem

According to Steem’s whitepaper, “Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards. Steem combines concepts from social media with lessons learned from building cryptocurrencies and their communities. An important key to inspiring participation in any community, currency or free market economy is a fair accounting system that consistently reflects each person's contribution. Steem is the first cryptocurrency that attempts to accurately and transparently reward an unbounded number of individuals who make subjective contributions to its community.”

While Steem focus more on the creation of quality contents, Forbole focus more on the creation of quality relationships.

Hard spoon

Cosmos’s team will perform a hard spoon on Ethereum to create Ethermint. According to Jae Kwon, hard spoon is “a new chain that takes into account state from an existing chain; not to compete, but to provide broad access.”

If hard spoon on Ethereum can be done, how about hard spoon on Steem? If this will be executed, we will distribute to all Steem holders an adjusted amount of Phanero, which is our fee token. We are still studying the feasibility, the fairness and the costs and benefits of this hard spoon. In any case, there will not be a crowdsale for Phanero.

Proposed hard spoon on Steem

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A Decentralized Ecosystem

Due to its specific nature, Forbole will have a lot of user generated contents and user engagements. We aim to create a decentralized ecosystem which quantifies user engagements. Although Ethereum is the most popular platform for building ÐApps, the limited functionalities of Solidity and slow transaction speed on EVM cannot fulfill our requirements. So we decided to build our own blockchain with better performance while users can join and become parts of the governance.

Among various blockchain technologies, we chose Cosmos SDK. Cosmos SDK provides a set tools for developers to build their own blockchains. With these tools, we can build whatever applications we like without the limitation of the current Ethereum network. It lets us create our own tokens and governance modules which can truly make Forbole a decentralized community.

Proof-of-stake consensus engine

Cosmos SDK is built on Tendermint as the backbone consensus engine. In the traditional blockchain communities like Bitcoin and Ethereum, they use Proof-of-Work (“PoW”) as the consensus mechanism. PoW has been criticized from time to time . As the communities grow, its energy consumption skyrockets while the transaction time is getting slower.

It takes minutes or even hours to record a social network engagement on Ethereum, and it is not acceptable for a social network like Forbole. Tendermint is using a classic BFT and Proof-of-Stake algorithms which can handle up to thousands of transactions per second.

Reasons for using Cosmos SDK, Part (i)

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ObsoleteInternet of Blockchains

Cosmos is a network of blockchains. It allows different blockchains talk in the IBC protocol to be connected together to form an Internet of Blockchains. Zones can be created to plug any blockchain systems to the Cosmos Hub and exchange tokens among different blockchains. In that sense, we no longer need a centralized exchange to trade tokens, which is subject to hacks and theft. By using Cosmos SDK, we can develop a blockchain to be connected to different zones and the Cosmos Hub to create a truly decentralized token exchange.

Developer-friendly

On Ethereum, we have to develop ÐApp with Smart Contracts written in Solidity. With Cosmos SDK, we don’t have to consider those complicated P2P network protocol, consensus algorithms or cyber security issues. These are all done by the Tendermint backbone. We can focus on the user experience and the business logic of the application. Module based design also allows us to deploy updates and new features easily.

Tendermint and Cosmos SDK are originally developed with Go, which is a simple and efficient programming language created by Google. Developers can adapt for Cosmos SDK easily and build a blockchain in a short time.

Tendermint and Cosmos SDK communicated via Application-Blockchain Interface (“ABCI”). With this interface, developers can build blockchain applications with any programming languages. If you don’t use Cosmos SDK with Go, you can still connect your application to the Cosmos Network via IBC. For example, you can build a blockchain application with Lotion, a JavaScript framework which communicates with Tendermint via ABCI. With this architecture, it opens up unlimited possibilities for blockchain applications development. Developers with different skill sets can contribute to the Cosmos Network and hence the community can grow.

Reasons for using Cosmos SDK, Part (ii)

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Obsolete

We have developed “Big Dipper”, which is a live block explorer tool for various stakeholders of Cosmos Network to keep updated about the status of the blockchain (i.e. Cosmos Hub) and its validators.

Big Dipper: A live block explorer

33

https://bigdipper.forbole.com/


ObsoleteIMPORTANT: Please note that the Fundraiser is still

subject to further review. All the contents stated here are draft only.

We plan to launch a Fundraiser to collect donations to support our initiatives. We will do so by distributing Desmo to the donors of the Fundraiser.

Blockchain Foundation

Blockchaineer Foundation (“BCNF”, which is a temporary codename subject to change) is a non-profit foundation to be setup in [name of jurisdiction]. Its purpose is to conduct the Fundraiser designed to collect donations and to contract with entities and their agents for the development of Forbole and its relevant projects and activities (“Forbole’s Project”).

BCNF is planning a Fundraiser for Desmo, which is the future staking tokens on Forbole Blockchain, that gives the holder limited license to validate transactions on Forbole Blockchain. The contributions made in connection with the Fundraiser will go to the BCNF to develop Forbole’s Project.

Forbole Limited

Forbole Limited (“FL”) is a for-profit limited liability company incorporated in Hong Kong in October 2017. BCNF has contracted with FL to develop Forbole’s Project. The team of FL will be the core developer team of Forbole’s Project. As of the date of this Whitepaper, FL is majority-owned by Kwun Yeung and Terence Lam, with an option pool to be allocated to future early employees. There are also some early angel investors invested in FL using Simple Agreement for Future Equity (“SAFE”) with valuation caps ranging from US$385K to US$1.5M.

Fundraiser: introduction

34


ObsoleteOn genesis, the maximum number of initial token supply will be

200,000,000 of Desmos. The final number will be depending on the performance of the Fundraiser in various stages. Initial token distribution on genesis is as follows:

Donors include all the donors at different stages of the Fundraiser. We design our Fundraiser to reflect our actual need. We plan to have 3 round of token sale (the third round maybe in private or public depending on legal opinion and market sentiment) as stated below:

Fundraiser: initial token distribution

35

Parties: Number of Desmos allocated

% of allocation

Donors in fundraiser 140,000,000 70%

FL 16,000,000 8%

FL’s early SAFE investors 4,000,000 2%

Team incentive 20,000,000 10%

BCNF 20,000,000 10%

Total 200,000,000 100%

Periods Fundraise target

Offer price (per Desmo)

Number of Desmos

% of initial supply

Q1 2019 US$500,000 US$0.0200 25,000,000 12.50%

Q2 2019 US$750,000 US$0.0300 25,000,000 12.50%

Q4 2019 US$3,600,000 US$0.0400 90,000,000 45.00%

Total US$4,850,000 140,000,000 70.00%


ObsoleteKwun YEUNG, the Conductor

• Experience: 15 years • Adjunct Lecturer of SPACE, University of Hong Kong • Founding Committee Member of University of

Edinburgh (UoE) Alumni Association of HK • BEng in Computer Engineering,

Hong Kong University of Science & Technology • MSc in Design & Digital Media, (UoE)

Kwun has started his digital entrepreneur life since 2005. He cofound Creativeworks, a digital solution consulting company in Hong Kong which has served clients such as UNICEF, AIA, Miss Universe and All Nippon Airways. As an advocate in digital transformation through the decentralization and interactive user experience design, Kwun is responsible for the entire architecture, technology, product development, user experience and project management of Forbole.

Co-founders

36

Terence LAM, the Strategist • Experience: 14 years

• BBA in Finance / Postgraduate Certificate in Professional Accounting, City University of Hong Kong

• MBA, EU Business School

Terence has partnered with Kwun to run Creativeworks since 2009. Before that he has worked in corporate banking. As a digital strategist with finance and accounting background, he especially focuses on marketing conversion, ROI and the feasibility assessment and valuation of digital projects. Terence is responsible for the business model, tokenomics, marketing, finance & investment and management of Forbole.

https://www.creativeworks.com.hk/

https://www.linkedin.com/in/kwunyeung

https://www.linkedin.com/in/terencesflam


Obsolete

“Forbole” is a portmanteau of “for” and “Bole”. We are sure you know does “for” mean. What is “Bole” then? It’s time for a Chinese lesson.

“Bo Le” was the legendary inventor of equine physiognomy, which is a technique to “judge a horse's qualities from appearance”. In Modern Standard Chinese, “Bo Le” figuratively means "good judge of (especially hidden) talent”*. “Bo Le” is used to refer to someone who can recognize special talent in people or offers opportunities for people to showcase their skills.

We are so lucky that we have met a lot of “Bo Le” in our life who unleash our potential and help us to grow. We believe there are a lot of hidden talents around us. You surely can become their Bo Le by giving them an endorsement, recommendation or referral.

Behind the name of “Forbole”

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* https://en.wikipedia.org/wiki/Bo_Le

https://en.wikipedia.org/wiki/Bo_Le


ObsoleteThank you for your time! We hope you are interested in our

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Contact

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Terence [email protected]

Kwun [email protected]

https://www.forbole.com/#contact

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Documents

Unleash Distributed Reputation - Forbole · this human interaction as “Guanxi”. We rely on word-of-mouth referral long before we have social networking apps. ... Members can also