Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
1
Copyright © Wadz Pte. Ltd.
Wadz Whitepaper
Inclusive Infrastructure for the Blockchain and payments
ecosystem
2
Copyright © Wadz Pte. Ltd.
Abstract
The payments industry is evolving dramatically, fuelled by the rise of the Internet economy.
FinTech companies are collaborating with financial institutions and governments to inspire
change. In these disruptive times, industries are realizing that they can no longer survive purely
on legacy payment structures and systems, and that there is a fast-growing need to upgrade to
newer payment processing technologies.
Merchants, however, typically do not benefit from newer payment processing technologies.
Even with the rise of digital wallets, the core infrastructure behind them is still the same
outdated process and legacy technology. While consumers may benefit from these
conveniences, merchant pain points still largely remain the same as ever, and thus, adoption of
new technology remains sluggish.
As the world shifts inevitably towards a ‘cashless first’ economy, Wadz will utilize Blockchain
technology to be at the forefront of the payments industry. As reported in multiple government
and institutional analyses, Blockchain technology has the potential to enable superior efficiency,
transparency, and cost over traditional systems – but not everyone shares the perception that
Blockchain will see widespread practical applications.
Wadz is more than just a payment processing product: the core of Wadz is our open, inclusive
infrastructure, and the decentralized governance protocol enabled by the Proof-of-Contribution
(PoC) model. Leveraging Blockchain can reduce cost, process layers, and settlement periods.
However, in order to be the most inclusive and accessible product, we have expanded on the
use of Blockchain to minimize fraud, maximize positive contributions, and enable multiple forms
of financial collaboration.
The FinTech revolution is in full effect, and technology is the primary catalyst for change.
Innovative solutions empower financial institutions and boost financial inclusion globally. We
call upon partners, analysts, advisors, charity groups, governments, and financial institutions
across emerging markets to support our commitment and resolve to innovate and evolve, in
order to equip the payment industry for the future.
3
Copyright © Wadz Pte. Ltd.
Table of Contents
Abstract ................................................................................................................................................. 2
1.0 Introduction ............................................................................................................................... 5
1.1 Wadz Team’s Mission ........................................................................................................... 5
2.0 Problems .................................................................................................................................... 6
2.1 Merchants .............................................................................................................................. 6
2.1.1 High Cost and Transaction Fees .................................................................................. 6
2.1.2 Difficulty Acquiring Reliable Data ................................................................................. 7
2.1.3 Drawbacks of Utilizing Multiple Management Solutions ............................................ 7
2.2 Consumers ............................................................................................................................. 8
2.2.1 Lack of Control Over Personal Data ............................................................................. 8
2.2.2 High Barrier to Entry to Digital Currency Payment ...................................................... 8
2.3 Emerging Markets ................................................................................................................. 9
2.3.1 The Unbanked and Inaccessible Services ................................................................... 9
3.0 Wadz Architecture ................................................................................................................... 11
3.1 Inclusive Infrastructure ....................................................................................................... 11
3.1.1 Decentralized Finance (DeFi) Products ...................................................................... 11
3.1.2 Cryptocurrency Wallets & Exchanges ......................................................................... 12
3.1.3 Retailers & Services ..................................................................................................... 12
3.1.4 Microtransactions ........................................................................................................ 12
3.2 AI Commerce for all Business Sizes .................................................................................. 13
3.2.1 Targeted Marketing ..................................................................................................... 13
3.2.2 Market Trend Predictions ............................................................................................ 13
3.2.3 Cash Flow Management ............................................................................................. 14
3.2.4 Inventory Management................................................................................................ 14
3.3 Multicurrency Payment Platform ....................................................................................... 15
3.3.1 Online Purchases ......................................................................................................... 15
3.3.2 Brick-and-Mortar Merchants ....................................................................................... 16
3.3.3 Automated Crypto/Fiat Settlement ............................................................................ 16
3.3.4 Eliminating the Middlemen ......................................................................................... 17
3.4 White-Label Model ............................................................................................................... 18
3.5 Data Marketplace ................................................................................................................ 20
4
Copyright © Wadz Pte. Ltd.
4.0 WTK Economy ......................................................................................................................... 21
4.1 Proof-of-Contribution .......................................................................................................... 21
4.1.1 Consumer and Merchant participation ...................................................................... 22
4.1.2 Decentralized AI-enabled Reputation System ........................................................... 23
4.1.3 Exclusive Deals and Services ...................................................................................... 23
4.2 Data Purchase and Monetization ....................................................................................... 23
4.3 Additional Benefits of WTK ................................................................................................. 24
4.4 WTK Burn Mechanism ........................................................................................................ 24
5.0 WTK Token............................................................................................................................... 25
5.1 Token Model ........................................................................................................................ 25
6.0 Development Strategy & Roadmap ........................................................................................ 26
7.0 Team ........................................................................................................................................ 27
5
Copyright © Wadz Pte. Ltd.
1.0 Introduction
Wadz is an inclusive payments infrastructure that leverages on Blockchain technology to
incentivize data ownership for consumers and businesses, and to redefine payment processing
technology.
Wadz utilizes Blockchain to enable cheaper, faster, secure, and hassle-free transactions. Not
only do we seek to build a mutually beneficial, long-lasting relationship with merchants and
consumers by offering cost-effective, tech-enabled solutions, the Wadz architecture is
developed to be integrated easily with a wide range of products, solutions and applications.
1.1 Wadz Team’s Mission
Wadz was initially conceptualized as a Blockchain-anchored payments platform aimed at
solving the current merchant pain points associated with conventional payment processors, and
providing merchants with the capability to accept digital payments. From this starting point
Wadz has evolved. Further research into the Blockchain and payments ecosystems found that
emerging markets stand to benefit from this new technology if various underlying issues can be
solved.
As a result we have further expanded on our core initiatives to the realms of data ownership,
emerging markets, and financial inclusion. Based on the team’s wealth of experience, the team
is confident in making the following vision a reality:
1. To equip merchants with the capability to accept digital payments
2. Provide the unbanked with access to previously unattainable services
3. To ease the usage of Blockchain products, even by people who have no knowledge of
Blockchain technology or cryptocurrencies
4. To monetize personal data anonymously as well as allow merchants to purchase
affordable, and ethically sourced reliable data
5. To build a cohesive and positive contribution-based ecosystem
6. To create a payments platform where different solutions can communicate and
collaborate with each other through sharing of valuable data across the ecosystem
6
Copyright © Wadz Pte. Ltd.
2.0 Problems
According to the McKinsey report, “global payment revenues are expected to surpass $3 trillion
in the next five years. The global payments revenue growth is dominated by the Asia-Pacific
region. At more than $900 billion, the region now accounts for nearly half of global payments
revenue, compared to less than a quarter just six years earlier. Payment revenues in APAC will
grow at a double-digit growth rate over the next five years, faster than any other region across
the world.”
Even though the statistics are impressive and aligned with the rapid development of the Internet
economy, there are still several underlying issues that have not been satisfactorily resolved. We
have identified pain points within the following segments: merchants, consumers, and emerging
markets.
2.1 Merchants
While payment systems have evolved over time to become more reliable and efficient, offline
commerce still overpowers online commerce, standing at a staggering $25 trillion. Merchants
have found themselves unable to keep up with the pace of technological transformation; the
financial industry is grappling with the changes and challenges presented by the FinTech boom.
In Indonesia, digital wallets and payment solutions have only achieved an estimated 6% market
penetration with merchants. While they offer convenience for merchants, there are heavy fees
associated with using these digital payment systems, in large part because they still rely on
outdated transactional processes. Furthermore, merchants receive no other benefits when
using such digital payments services, outside of the core functionality.
2.1.1 High Cost and Transaction Fees
As the digital payment landscape evolves, brick and mortar retailers are often unsure about the
best path with regards to their uptake of the new options. Either they need to embrace new
innovations and adapt to increasing consumer convenience considerations, or choose to lose
out on market share.
Today, cashier-less checkouts are a booming trend in brick and mortar retail, but the technology
to deploy such a system is expensive, and requires dedicated lanes, and for dedicated hardware
to be installed. High merchant transaction fees further add to merchant’s cost.
Providers Shopify POS PayPal Stripe Credit Cards Per Transaction Fee
2.6% + $0.30 2.9% + $0.30 2.9% + $0.30 1.9% to 16%
Transaction fee table
While consumers may transact digitally at no additional costs, they are not offered for free to
merchants. Merchants are charged by intermediaries and financial institutions to facilitate each
transaction.
7
Copyright © Wadz Pte. Ltd.
Due to the complexity of the current payment processing industry, payment gateways have to
act as intermediaries that connect consumers with merchants. With these intermediaries
retaining full control over the payment journey, merchants are commonly charged unreasonably
high fees, based on their categorization (in the eyes of the intermediary), geographic location
and consumer type.
2.1.2 Difficulty Acquiring Reliable Data
Merchants using legacy payment systems have limited access to the kind of consumer data
that can be essential to the execution of growth and marketing strategies. This is due to
consumer data being split between the different players in the payments ecosystem, meaning
that merchants do not have a complete picture of their customers’ behavior.
For instance, Bob makes a credit card transaction with Merchant A but Merchant A fails to keep
track of the item purchased by Bob. Credit card companies might be able to provide the identity
of the customer, transaction amount and geographic location but only the merchant could know
the item purchased.
These limitations have consistently prevented merchants from fully knowing their customers.
Furthermore, merging of data between these players in the payments ecosystem is unlikely to
happen due to regulatory issues around data privacy, and conflicts of interest.
2.1.3 Drawbacks of Utilizing Multiple Management Solutions
Merchants in this digital age are often utilizing multiple tech solutions, such as inventory
management, cash flow management, marketing, and analytical tools. However, these solutions
are typically from different providers, and are as a consequence siloed, resulting in a less than
seamless experience for merchants, especially as it relates to the data that the different
systems manage and produce.
8
Copyright © Wadz Pte. Ltd.
2.2 Consumers
As reported by Visa in their 2018 Consumer Payment Trend research, a continuous downward
trend of cash usage can be seen within Southeast Asia as consumers increasingly embrace
non-cash payments.
Payment systems today have become more streamlined to help consumers, merchants and
financial institutions to pay and accept payments instantly with a single click. While cash as a
medium offers immediate settlement, digital payment channels enable multi-currency transfer
across geographies. The digitally evolving consumer expects less waiting time for fund transfer,
faster processing of payments, consolidated reporting, and notifications on their digital devices.
Economies are also benefiting greatly from embracing electronic payments, with over US$296
billion added to the global GDP between 2011 and 2015 globally. In addition, Digital wallets are
estimated to have added approximately $40 billion to global payment revenues in 2017,
showing that a revolution driven by this technology is underway.
Though digital wallets are still in early development in most countries, some areas are starting
to see an uptick in adoption. Worldwide, 2.07 billion consumers will use a mobile wallet to make
a purchase in 2019; this is up nearly 30 percent from the 1.6 billion consumers recorded at the
end of 2017. China is currently the largest adopter of mobile payments, but other countries are
starting to catch up. In Southeast Asia countries such as Indonesia, Thailand and Vietnam have
shown massive growth in digital wallet adoption.
2.2.1 Lack of Control Over Personal Data
Data is often monetized without the knowledge or consent of consumers, largely due to
consumers not paying attention to terms and conditions that allow corporations to use and
monetize data freely.
While the cost of personal data may vary, evaluations have shown that personal data can be
worth up to USD$200 annually per person. Data monetization has the potential to significantly
benefit people in countries such as Indonesia and Vietnam, where the average annual income is
around USD$2000.
2.2.2 High Barrier to Entry to Digital Currency Payment
As the digital payment landscape evolves with changing business demands, many new forms of
digital currencies have come to play, and include: Bitcoin, Litecoin, Dash, Zcash, Stellar,
Ethereum, and many more. A quick search on CoinMarketCap would show that there are almost
5k different cryptocurrencies currently in circulation at present; however, only a tiny fraction of
them are being actively used for digital payments.
Among the trends of cryptocurrency owners as surveyed by CrowdFund Insider, they were more
likely to store their cryptocurrencies on an exchange because of the exchange’s brand
9
Copyright © Wadz Pte. Ltd.
recognition and security. With cryptocurrency sitting on exchanges, cryptocurrency owners are
not able to pay for goods and services with cryptocurrencies as easily as they might want.
A survey by bitcoin.com has shown that a whopping 70% of cryptocurrency owners rarely use
crypto for payments, with many citing the fact that cryptocurrency transactions are confusing,
especially when it comes to setting the appropriate gas or mining fee to make them.
In addition, there is a rather high learning curve for people who are attempting to purchase
cryptocurrency for the first time due to the lack of understanding around the differences
between public and private keys.
2.3 Emerging Markets
Over the last 4 years, Southeast Asia’s (SEA) internet economy has tripled, and is reportedly
valued at USD$100 billion, with Indonesia and Vietnam leading economic growth at an excess of
40% annually. These are aligned with the rapid growth of the Internet, digital, social media, and
mobile activities in SEA regions, where there are over 360 million internet users with over 90%
who connect to the Internet primarily via their mobile phones.
While there are increasing levels of internet usage in SEA, there are still issues that need to be
overcome, however, once solved, these will further spur the growth of the economy, and
improve way of life for many people.
2.3.1 The Unbanked and Inaccessible Services
There are over 2 billion unbanked users globally and more than 50% reside in Asia. Since bank
account ownership is nearly universal in high-income economies, virtually all unbanked adults
live in developing economies. Despite relatively high account ownership in China and India,
these nations continue to feature in the list of the globally unbanked population because of the
size of their populations.
Even as bank account ownership stagnates in East Asia and the Pacific, the use of digital
transactions has increased phenomenally, with 71% of adults owning a bank account. However,
the percentage of unbanked continues to remain high in Indonesia, at 49% as of 2018.
20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
2011 2017
High Income East Asia & Pacific
South Asia Europe & Central Asia
Latin America & Caribbean Middle East & North Africa
Sub-Saharan Africa
Percentage of people (>15 years old) with a banking account
10
Copyright © Wadz Pte. Ltd.
Various reports have highlighted a number of reasons why many people in these regions choose
to remain unbanked, such as lack of sufficient money to open a bank account, belief by the
unbanked that they do not need a bank account due to their limited earnings, costs of
maintenance, distance barriers, distrust in the current financial system, and documentation
requirements. These are the same group of people, the unbanked, that have limited access to
services that requires a bank account such as loans, insurance, or simply just a place for their
financial savings.
11
Copyright © Wadz Pte. Ltd.
3.0 Wadz Architecture
The Wadz architecture consists of several features and components that are aligned to provide
a cohesive and growing ecosystem between not just consumers and merchants, but also
existing applications that wish to take advantage of Wadz’s payment processor technology and
network.
3.1 Inclusive Infrastructure
As an inclusive infrastructure, Wadz can be easily integrated into any business, offline or online,
or into any applications. The inclusive infrastructure serves to unlock many possibilities for
partners in garnering a whole new demographic and also various services at affordable rates –
with more merchants and partners on board, it will serve to mutually benefit consumers,
merchants and the WTK ecosystem.
3.1.1 Decentralized Finance (DeFi) Products
DeFi products are financial products built on Blockchain that are created using decentralized
frameworks to allow anyone in the world to have access to financial services in a transparent
manner, replacing intermediaries with technology. Examples of DeFi products are lending,
assets collateralization, derivatives, DEXs (Decentralized exchanges), and insurance.
While there has been a rise in DeFi usage, transactional volume has shown that dApps
(decentralized applications on the Blockchain) were seeing a huge downtrend in transactional
volume, and funds are visibly flowing into DeFi products instead. This has been a huge
indication that DeFi products have still not broken out of the usual Blockchain demographic due
12
Copyright © Wadz Pte. Ltd.
to the difficulty in using such applications. Exposure to the public at large can not only drive
volume, but also dramatically improve way of life for users in emerging markets.
The Wadz platform simplifies the usage processes for DeFi products. With an existing account
on Wadz, consumers can get started on using DeFi products with a few simple navigations. Our
ultimate goal of integrating DeFi products is not only to broaden usage as a gateway to other
Blockchain applications, but also to begin educating the general public on the advantages that
Blockchain is able to bring to them.
3.1.2 Cryptocurrency Wallets & Exchanges
With Wadz, crypto wallets, and crypto exchanges can easily integrate into the platform to allow
for existing cryptocurrency owners to get started with Wadz right away. Partners of Wadz will
also be incentivized when integrated onto Wadz platform. Not only will they get a share of
revenue when payments are made with Wadz through their service, wallet and exchanges,
partners of Wadz will stand to gain when there is active circulating volume in their own
ecosystem.
Wadz will support integration by providing plug-ins via APIs and SDKs for developers to be able
to either integrate with Wadz, or to support Wadz on their applications. Wadz will also provide
custom integration support for partners who require a more customized solution when utilizing
Wadz.
3.1.3 Retailers & Services
Wadz has little to zero restrictions on the businesses that can come onboard, as long as they
are aligned with the laws and regulations of the specific geographic location in which they
operate. Businesses can choose to integrate Wadz into their systems via an API, or to integrate
onto the Wadz platform directly.
Examples of businesses that can utilize Wadz include: convenience stores, fast food chains,
insurance/microinsurance companies, e-commerce stores, ride-hailing, and sharing services, to
mention just a few.
3.1.4 Microtransactions
Microtransactions are typically used in purchasing digital or virtual goods. This is often seen in
video games, where the model is widely employed and has been reported to be a large part of
revenue for game developers.
According to an article on Forbes, EA’s FIFA video game franchise accounts for nearly 40% of
EA’s revenue. In 2016, the physical copy of the 2016 version of FIFA generated USD$450 million
in revenue, however USD$650 million was generated through microtransactions alone, earning
the company more than the physical copy of the game.
13
Copyright © Wadz Pte. Ltd.
With Blockchain we are able to significantly reduce transaction overheads for merchants by
facilitating “microtransactions” with near-zero charges, enabling instant verification, and
reducing chargebacks.
3.2 AI Commerce for all Business Sizes
Artificial Intelligence (AI) has been statistically proven to have huge impacts across almost all
industries. Many enterprises have chosen to depend entirely on AI for their analytics and
business processes, as it allows for more efficiency and effectiveness. AI is now learning to
assist humans in their day-to-day repetitive functions, thus helping businesses focus more on
revenue productive functions and cost savings.
AI however, has not been entirely accessible to all businesses, with few solutions that actually
suits business needs.
With Wadz, we are enabling AI solutions that cater for all business sizes. In the case of our
implementation, businesses can expect to bring in more consumers and increase their margins,
as Wadz will utilize a state of the art analytics engine to analyze and curate collected data in
order to deliver meaningful insight.
3.2.1 Targeted Marketing
AI brings a sense of direction and purpose to support merchant focused marketing efforts.
Using AI, merchants can understand consumer-specific buying patterns, predict purchase
behavior, and design customized marketing campaigns to boost sales and minimize the
nuisance inflicted on the end-user by poorly target ads.
This type of purchasing-data driven marketing will save merchants money by avoiding
expensive and inefficient advertisement campaigns which fail to target the right kinds of
consumers. Furthermore, we are convinced that by delivering relevant offerings to consumers,
and helping them save money on products and services that fit their needs and budget, overall
consumer satisfaction and responsiveness will increase.
Together, our strategy should improve the overall transaction experience for both merchants
and consumers, and ultimately translate into increased usage of the Wadz platform and
merchant services.
3.2.2 Market Trend Predictions
Without sufficient and accurate data, any analysis derived would have low value. Wadz will
capture and aggregate transactional information from merchants using our payment gateway to
provide recommendations through various metrics on how consumers’ interests are changing
over time across product categories. This process will provide vendors with accurate market
predictions to be able to make smart decisions with regards to their business growth and
development.
14
Copyright © Wadz Pte. Ltd.
Most of the problems faced stem from a lack of clean data, which is a result of the difficulties
of managing data across a large number of merchants, each using different product codes and
descriptions. With current payment systems the issue is even more pernicious because most of
the data is incomplete and/or lost when transferring between the various intermediaries, where
the primary purpose is to relay transaction details.
Using AI technology, we will in turn help provide a structure that will ultimately enable the
prediction of market trends. This technology will also help understand the supply and demand
of goods based on a number of parameters such as seasonality, location, product type, cost
advantage, and brand, to name a few, which together will offer valuable information to
merchants. Data collected anonymously from consumers during transactions will then be
analyzed to understand the change in consumer purchasing behavior, and evaluate any changes
in product demand. This, in turn, will help store managers to adjust the supply chain for their
store in real-time, reducing inefficiencies and helping them increase their revenues while
reducing the cost to the end consumer.
3.2.3 Cash Flow Management
Wadz enables faster settlements which can be as low as 1-3 days. As a result, merchants can
utilize revenue from sales much faster, rather than the funds being retained by institutions and
invested.
Wadz follows an approach which is far superior, wherein the settlement period is determined by
the reputation of the business. The reputation of a merchant is tied to the feedback collected
overtime from its consumers and is based on the quality and the efficiency of the merchant
services. Wadz can be considered as a pipeline that connects the transfer of financial value
both upstream and downstream to reduce the cost of liquidity in-between settlements.
Furthermore, this comes with the added benefit of having all purchases and invoice records
stored in a central place, thus alleviating the pain point of traditional manual reconciliation.
3.2.4 Inventory Management
Wadz’s AI analyzes inventory consumption and provides the merchant with recommendations
based on past trends. The system helps maintain an adequate inventory of stock in demand. It
will automatically prompt merchants when items or SKUs (stock keeping units) are running low,
or are expected to run low. This ultimately will help merchants make more informed decisions
about their business, resulting in savings on manpower, storage space, and inventory.
15
Copyright © Wadz Pte. Ltd.
3.3 Multicurrency Payment Platform
Wadz offers a multi-currency digital wallet. With a cryptocurrency market cap of over USD$200
billion, it makes for endless opportunities in acceptance of alternative cryptocurrencies. Wadz is
the first agnostic and interoperable cryptocurrency acceptance ecosystem, and will allow the
most relevant cryptocurrencies in the market to be available to consumers in order to make
purchases.
Wadz will charge near-zero fees on each transaction and will continuously aim to be the lowest
in the market. Merchants will have the option to settle their payments in either fiat or
cryptocurrency.
3.3.1 Online Purchases
For E-Commerce merchants, Wadz offers an easy-to-adopt solution in the form of plug-ins for
the most popular e-commerce platforms such as Magento, WooCommerce, OpenCart, and
Shopify. Merchants are required to install the plug-ins or API’s through their e-commerce
platform and follow simple steps to start accepting payments via Wadz.
For consumers, Wadz is offered as a web-based wallet to help users transact. Simplicity is at
the heart of the experience Wadz offers. We provide the convenience of making purchases and
transfers without the hassle of using public or private keys for each transaction. If both the
sender and the recipient are using Wadz as a transaction facilitator, the payment transactions
are processed off-chain without the need to have any waiting period for transactions to be
processed and confirmed. Wadz can be considered a custody wallet built for the easy utilization
cryptocurrencies for purchases.
16
Copyright © Wadz Pte. Ltd.
3.3.2 Brick-and-Mortar Merchants
In order to capture the entire retail space, Wadz is currently developing a mobile application
which will enable buyers to settle payments at their favorite retail stores. Wadz is designing a
simple user interface that will enable merchants to receive payment through the used of a
simple QR code, without requiring merchants to make significant changes to their operations, or
purchase expensive additional hardware.
As a part of the product evolution, Wadz will design a merchant application that can be loaded
on any mobile device in order to turn them into a POS terminal, or integrate into any existing
POS terminal. Ultimately, this merchant-specific mobile application would provide added
security as well as playing a critical role in the transfer of smart data for the AI powered services
that Wadz plans to offer to consumers and merchants.
3.3.3 Automated Crypto/Fiat Settlement
Wadz is automating 85% of the overall payment cycle using Blockchain. This has enabled us to
slash the cost of running such a powerful network and directly pass the benefit to the consumer
and merchants. Wadz charges near-zero fees and allows merchants to receive settlements via
cryptocurrencies or in fiat. In the case of fiat settlement, there may be additional conversion
fees applicable based on prevailing market regulations.
17
Copyright © Wadz Pte. Ltd.
3.3.4 Eliminating the Middlemen
With the implementation of Blockchain, we are able to eradicate the need for a multilayer, tri-
party (Issuer, Acquirer and Switch) payment system. In the Wadz ecosystem, the Consumer is
directly connected with the Merchant.
Typical credit/debit card transaction
Transaction with Wadz
With our technology and payments background experience, we have been able to all but
eradicate the latencies in the existing legacy payment systems. Wadz is implementing a simple
‘Pay as you Go’ model with near-zero charges and no hidden costs, contracts, or overheads.
18
Copyright © Wadz Pte. Ltd.
3.4 White-Label Model
Wadz’s white-label model will allow for external parties to utilize Wadz’s proprietary technology,
rebranded as their own, while still being part of Wadz’s ecosystem. By white-labeling Wadz’s
technology, external parties will essentially allow for interoperable payments across all other
white-labeled merchants, and Wadz’s platform via their native tokens.
Examples:
White-label application to Wadz’s Merchants Purchases
Company A has white-labeled Wadz’s solution to enable digital payments. When a consumer
uses Company A’s application to make a purchase with Wadz’s merchants, revenue from the
transaction will be shared between Company A and Wadz.
19
Copyright © Wadz Pte. Ltd.
Cross-company Purchases
Company A and Company B have both white-labeled Wadz’s solution to enable digital payments.
When a consumer from Company A wishes to purchase from Company B’s merchants, he/she
can do so using Company A’s application. Company A and Company B will then have a share of
the revenue gained from the transaction.
As shown from the above instances, Wadz and white-label partners benefit from this because
everyone in the ecosystem will essentially be sharing their pool of merchants, increasing
opportunities for revenue substantially. With every white-label partner transaction, Wadz takes a
small cut for management of their solution, and to help in boosting the growth of the
ecosystem.
Wadz will employ a strict screening process to ensure that external parties fit the necessary
criteria before they are allowed to white-label Wadz’s application. We will assess metrics such
as community and user base, business model, and strategic fit.
20
Copyright © Wadz Pte. Ltd.
3.5 Data Marketplace
The Wadz Data Marketplace will connect merchants and consumers on the Wadz platform to
allow merchants to purchase behavioral and transactional data while also allowing consumers
to choose if they want to be incentivized to share their personal data.
Merchants will have the ability to choose the type of data they wish to purchase, for example,
choosing to purchase data regarding males between the ages of 18 and 30; consumers in the
requested demographic can then choose whether they wish to upload their personal data to the
merchant for monetary incentives.
Consumers will always be protected by Wadz’s security and encryption protocols, consumer
identity will remain anonymous throughout this transaction, and Wadz will only facilitate in
sending merchants a consolidated set of trends and averages, instead of individual purchasing
and transactional information.
21
Copyright © Wadz Pte. Ltd.
4.0 WTK Economy
The utility token, Wadz Token (WTK), will power the WTK ecosystem. The ecosystem is
strategically designed to incentivize positive contributions, reduce fraud and malicious
transactions, and also to promote sustainable growth of the ecosystem.
The token economy is also based off a deflationary model whereby the overall supply of the
tokens will be deflated by token-burns from the circulating supply of WTK.
4.1 Proof-of-Contribution
The unique Proof-of-Contribution (PoC) model will be the primarily anchor that supports the
ecosystem by having consumers and merchants be part of WTK governance protocol by staking
WTK as collateral. This model will ensure that staked users act in the best interest of the
community while keeping the ecosystem active.
The staking requirements are set as low as possible to allow for maximum accessibility;
especially for consumers and merchants in emerging markets.
Tier No. of WTK required for staking Reward Multiplier (per annum basis)
Silver 400 0.002 Gold 800 0.003 Platinum Above 800 0.005 *Subject to changes
Staked users are only rewarded based off their amount of contributions on Wadz. The more
contributions are made, the more rewards the users will stand to receive. The model for stake
rewards under the Proof-of-Contribution Model for Wadz is as follows:
Stake rewards = (WTK Staked) x (Reputation score (0-10) of user) x (User PoC Multiplier)
E.g Alice is a Silver tier and has a reputation score of 9, based on her activity and contributions
to the Wadz reputation system, she currently has 400 WTK staked in the staking contract under
her account. Her rewards for the stake will then be calculated as:
Rewards (WTK) = 400 x 9 x 0.002
Rewards = 7.2 WTK
Stake rewards are calculated and distributed on a quarterly basis to ensure that there is enough
time to allow for a stable reputation score for each user in the membership tiers. In order to
unstake, there is a 30-day vesting period before WTK is returned.
22
Copyright © Wadz Pte. Ltd.
4.1.1 Consumer and Merchant participation
Before merchants and consumers are allowed to stake to achieve a premium status, they are
required to behave positively, actively and consistently, and also fulfill a certain number of
qualitative and quantitative requirements.
Merchants and consumers are not required to achieve all of the requirements but should fulfill
most of the requirements outlined below before staking:
Merchant Requirements
Qualitative Quantitative Wadz Merchant Reputation Score
Transaction Volume
Number of Disputed Purchases Lost
Order Fulfillment Success Rate OR Service Satisfaction (For Brick and Mortar shops)
KYC and Merchant Profile Completion Level
Activity Level e.g. invoicing, replies for inquiries, use of Wadz services
Consumer Requirements
Qualitative and Quantitative Requirements Number of Disputed purchases lost User Profile completion level Participation Rate for Merchant Reputation Scoring User Activity Level on Wadz Platform
23
Copyright © Wadz Pte. Ltd.
4.1.2 Decentralized AI-enabled Reputation System
The Decentralized AI-enabled Reputation System will be completely governed by consumers
and merchants who are staking WTK. This model and implementation enables Wadz to have a
quick and nimble approach to eliminating fraud within the ecosystem, a unique service provision
that extends beyond KYC/AML integrations. This allows for active participation of community to
clean up the transactions and behavior within the Wadz platform while at the same time
allowing incentivization for voting against malicious activities.
As part of the requirement in achieving quarterly rewards for staking WTK, only participants who
have staked WTK will be randomly chosen through the reputation system to vote on both
merchant and consumer disputes. However, consistent bad votes will be reflected on the
reputation score and ultimately punished upon reaching the limit.
Consumers and merchants can also gain reputation score by giving each other feedback or
confirming receipt of goods upon successful completion of a transaction.
4.1.3 Exclusive Deals and Services
As part of Wadz governance protocol, users who staked will have access to exclusive deals and
services, which are stated in the following:
Consumers Merchants Additional discount on goods and services Discount on Wadz services Participate in funding activities such as loans Access to financial services (Microloans,
asset collateralization, etc) Exclusive customer support Exclusive customer support Priority Placement as a Paid-feature on Wadz
4.2 Data Purchase and Monetization
WTK will be the main driver for the data marketplace as mentioned in Section 3.4; merchants
will have to utilize WTK in order to make purchase for behavioral and transactional data of the
demographic and geographic location of their choosing. Consumers who fit the request will
then be incentivized in WTK if they agree to share their data.
24
Copyright © Wadz Pte. Ltd.
Merchants will only be charged for the amount of data shared with them.
For example, Merchant A pays 1000 WTK for the data relating to 10,000 persons in his/her
preferred demographic – however only 8000 people were willing to share their data at a total of
800 WTK, the remainder of 200 WTK paid by Merchant A will be refunded.
4.3 Additional Benefits of WTK
As there are different actors on the Wadz platform (consumers, merchants etc.), WTK can be
used to derive different benefits. The following are the benefits which the different actors can
enjoy when using WTK:
Consumers Merchants - Lower Peer-to-Peer Transaction Fees
- Discount/rebates on goods and
services
- Support philanthropy disbursement
efforts
- Lower transaction fees and quicker
settlements
- Ease of invoice settlements
- Discount on A.I. commerce solutions
- Discount/rebates on goods and
services
- Support philanthropy disbursement
efforts
- Provide digital vouchers
4.4 WTK Burn Mechanism
Each WTK-based transaction by merchants on the Wadz platform will be subjected to a 10%
burn from each transaction that occurs.
For example, Merchant A spends 1000 WTK for inventory management services; Wadz will take
100 WTK and remove it from the circulating supply.
This deflation scales together with the activity and growth of Wadz as a whole, ensuring that the
burn rate increases as the company grows over time while also keeping a healthy circulating
supply and maintaining sustainability for WTK.
25
Copyright © Wadz Pte. Ltd.
5.0 WTK Token
5.1 Token Model
Ticker WTK Total Supply 458, 000, 000 Strategic Round Token Price USD $0.026 Public Round Token Price USD $0.0208
Soft Cap USD $2 million Hard Cap USD $6 million Token Type on Listing ERC20 Strategic Round Vesting 75% released on listing, 25% released 6 months later Team token vesting 1 year lock-up followed by milestone-based releases
(milestone release schedule to be announced)
26
Copyright © Wadz Pte. Ltd.
6.0 Development Strategy & Roadmap
We intend to ‘Start local, Go Global’, with the initial focus on countries that have a higher
proportion of unbanked. Starting with a pragmatic approach of growth and ensuring that our
strategy is aligned to our long-term business goals, Wadz plans to focus on countries in the
region with a large number of potential users and where regulations are favorable to the
commercialization of our platform.
In particular, Wadz is initially releasing its product in Indonesia, which has a vast population of
over 260 million people and a high rate of unbanked as over 50% of the adult population lives
without a bank account. Wadz will also focus its initial efforts in Vietnam and Thailand where
retail is a high growth sector and where a combined population of over 160 million relies in large
part on cash payments, despite the countries having robust telecommunications infrastructure.
We have already established a number of partnerships with local exchanges, and have identified
a number of e-commerce companies looking to use our platform to collect payments.
Following the release of the Wadz payment platform in these initial countries, Wadz will apply
resources to expanding into new countries, driven by the partnerships that it can build in
countries within Asia-Pacific (APAC), and in the Middle East and North Africa (MENA).
Furthermore, should there be changes to the regulatory landscapes in countries such as China
and India, Wadz, will position itself favorably to move quickly in these countries with a high rate
of unbanked, and representing together a third of the world population.
27
Copyright © Wadz Pte. Ltd.
7.0 Team
Anish Jain, MBA
Founder & CEO
Anish is an incisive leader with over 15 years of extensive experience with two of
the top payment processing companies in the world. In his last role as Vice
President for Market Development with MasterCard, he managed markets such
as Asia, Australia, Middle East & Africa. In this role, he led and executed several
successful payments projects across the region with Telcos, Airlines, Large
Retailers, Governments, etc.
Prior to MasterCard, he was the Client General Manager for American Express
and was posted in various geographies including India, Australia, and Singapore.
In addition, Anish also currently oversees a successful asset management
company in Singapore, and his family manages a number of successful
telecommunication projects in India and Africa.
Anish holds a Masters in Business Administration & a Masters in Finance.
Fabio Paridiso
COO
Fabio Paradiso is a Talent Acquisition and Talent Management specialist. He
brings with him over 15 years of experience in helping companies reach their
growth objectives by implementing scalable, human capital strategies.
Hailing from Italy, he spent a few years perfecting the trade in San Francisco,
providing talent acquisition services to Silicon Valley-based companies such as
Apple, Google and Genetech. He then moved to South-East Asia to kick start the
Singapore office on behalf of two International Tech recruitment firms. Fabio
also co-founded Zero2Group Pte Ltd, a Tech recruitment and talent acquisition
consulting firm in Singapore, for which he is now the managing director.
Aaron Tan
Regional VP of Partnerships
Aaron is a passionate blockchain entrepreneur and co-founder of Nakka
Singapore, a venture and community building company that focuses on emerging
tech and blockchain solutions.
Being a consultant and core team member of several ICOs has enabled Aaron to
acquire a wide range of business development and sales experience in the
blockchain industry.
Prior to working in the arena of blockchain technology, Aaron has worked in tech
and marketing startups, SMEs, as well as Government-linked organizations in
Singapore.
Aaron brings to Wadz a fresh, entrepreneurial, ground-up perspective that highly
reflects the new generation of millennial blockchain entrepreneurs.
Tanuj Soni
Tech Lead
Tanuj is an experienced Tech Lead with 9+ years of experience who works in a
dynamic and challenging environment. His position involves designing, planning,
and executing projects in a technical perspective and he is the single point of
contact for the technical needs of the application.
His role includes working with complex designs and developing applications,
solutions and information systems in - RoR, NodeJS, MeteorJS, ReactJS, Elixir,
Ethereum, and Hyperledger Fabric architecture and works with Senior Software
Engineers and Product Manager for execution of projects.
28
Copyright © Wadz Pte. Ltd.
Vishal Maheshwari
Product Manager
Vishal is a seasoned and result oriented Product Manager having a proactive
attitude and result-driven mindset and holds 10+ years of experience in
developing enterprise-grade software solutions. He is experienced in identifying
business opportunities, building a product strategy, and influencing tech
stakeholders.
He holds notable development knowledge in Open source tools and technologies
and monitors the work progress of the team. He formulates the blockchain
implementation strategy for client businesses and ensures that
recommendations and decisions are consistent with the client’s objectives.
Liew Jia Jun
Marketing & Communications Manager
Jia Jun is a generalist with a core focus on marketing and passion for emerging
technologies - especially Blockchain. With his technical and programming
knowledge, Jia Jun can decipher the latest Blockchain trends and position them
in-line with his scope.
Prior to joining Wadz, Jia Jun has worked with multiple Blockchain companies in
developing and executing strategies that are not limited to - community
management, marketing strategies, product development and content creation.
With his successes and wealth of experience in the Blockchain space, Jia Jun is
expected to not only make an impact on marketing strategies - but across
various functions of Wadz.
Sulaiman Latiff
Business Development Manager – Singapore & Indonesia
Sulaiman worked for over 3 years as a sales consultant and OTC broker for
cryptocurrencies. As an OTC Broker he handled multi-million dollar transactions
across multiple countries with a multitude of clients ranging from angel investors
to big corporations. Consequently, he grew a large network of high net worth
individuals in the brokerage space.
In addition, being multilingual and fluent in Bahasa Indonesia will help the
development of Wadz business in Indonesia and support the onboarding and
coordination of merchant acquisition there. His large network of connection is
critical for the rapid growth of Wadz in this first wave of expansion abroad.
Bipasha Bhattacharyya
Head of Merchant Training
Bipasha worked for over 15 years in the arena of training, coaching and
leadership development. She obtained a Certified Leadership Coach (ICF
Accredited) and was trained by Mr. Peter J Reding MCC. During the course of her
career, she works extensively on management capability, transformation, and
leadership initiatives.
Bipasha works across Asia and in particular with leaders from India, Singapore,
Pakistan, Sri Lanka, Bangladesh, and Thailand. As a seasoned consultant, she
combines her passion for learning and business to create engaging and highly
relevant training courses and documentation.