WORLD COIN

The future of Middle Eastern Commerce

Create a stable Middle Eastern Cryptocurrency, with real exchanges in local markets to facilitate trade for a more prosperous and better Middle East.

Time to next round

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ICO buyers will be considered partners under Sharia law and half the investment will be held in an audited account. Any ICO partner can ask World Coin anytime in the future for 50% of the the original investment to be returned in exchange for their Coins.

  • Round A
    $0.90
    finished
  • Round B
    $1.35
    continues
  • Round C
    $1.80
    soon

INTRODUCTION

Crypto Currency is a booming marketplace with untold uses coming into view. As everyone will soon know, it has forever changed the way we view digital economics. But despite having a large framework of coins, many popular coins are leaving underserved marketplaces out of the mix. This is where WorldCoin is coming in to level the playing field, by helping the Islamic world to catch up to modern day standards and practices. Although we will still work within the framework of sharia law, we are also working to cultivate the most useful Middle Eastern marketplace tool in the past 50 years. . This will effectively take a 100 billion dollar industry (crypto currency) and introduce it into the trade-hungry Middle East. Instead of trying to reinvent the wheel, our developers will be partnering with the Kyber Network (kyber.network.com) to deliver trustless currency exchanges, which feature instant, no “middle men”, contract based coin exchanges, as to be on the forefront of security and accountability. A first in the crypto exchange world.

The rise of Ethereum, Ripple and several other cryptocurrencies, other than Bitcoin, have been responsible for an estimated $57 billion dollars increase in total market cap since Q4 2016. Adding to the growth of the crypto space in an exponential way.

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GROWTH

This industry has seen unparalleled growth over the past 2 years. But beyond that, the Middle East has also started upping its trading sophistication as well. Markets are becoming as modern as pretty much anything you would see in the states, so adoption will be easier due to capital rich markets on many of these exchanges. The growth will really be determined less by foreign policy and more by technological delivery, something that we are building to be highly secure and highly transparent. Growth in the past has been restricted both by sharia law’s anti usary policies and by physical trade restrictions. We don’t want to destroy any cultural values, instead we want to aid in speeding up the transaction time, which is why expedient growth will be possible.

Both the Crypto market along with the middle eastern markets have both been on the rise as of late… with certain countries in the middle east showing signs of early adoption to western economic trends.

World Coin will be an ethereum backed currency with a dynamic blend of 15 other sub currencies to help bolster the ease of use within the region. Our worldcoins will be easily traded into our 15 other sub coins and vice versa, which will act as a peg currency to hold its value steady compared to the broader market of coins. With these micro currencies people will be able to trade within their country of origin very quickly and without the hassle associated with a traditional large currency such as Bitcoin, which has yet to proliferate within the region.

This instead makes it into a PayPal type coin for trading locally or for trading within the Middle East. People will know that you have something behind their investment due to our 50% paper/gold guarantee. Most banks will only stock 10-20 percent, but our reserves will be held both locally and on international markets to insure transparency and solvency in our transactions. Even though the price of the coins will not be pegged to a currency themselves, they will be backed up by these regional currencies, so as to bolster regional confidence and comply with local regulations.

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THE NEED

The Middle Eastern countries are still operating on a cash and carry policy in many cases. These are due to cultural laws, as well as physical currency infrastructure setbacks. Although they have internet in many cases, secure transfer of funds from country to country is just not always available. In fact, it’s almost never available. This is where cryptocurrencies can create very interesting and very viable options for people to not only make money, but for them to save time and working capital in the pursuit of growth. Many across the board have clamored for such technological innovations, but political factors and national restrictions have created roadblocks to success.

WORLDCOIN TOKEN SALE DETAILS

Quarterly Reporting and full transparency of the business.

  • 50 million tokens will be issued
  • During the presale and crowdsale, a total of 30% of the total available BIP tokens will be sold.
  • Crowd funding starts October 1st to December 31st. After that, the remaining unsold tokens will be burned and no-more will be able to be issued.
ALLOCATION AND DISTRIBUTION OF TOKENS
  • 30% tokens will be sold during the presale and crowdsale
  • 2.5% tokens will be reserved for Referral Rewards
  • 2.5% tokens will be reserved for Bounty Programs
  • 15% tokens will be offered after Platform Launch
  • 30% tokens will be offered for Founders, Advisors and team members
  • 20% tokens are allotted for Other Expenses (Operations, Legal, PR, Consulting, Development, Technical Support, and Audit)

ASSETT MANAGEMENT

Along with infrastructure change delays, the problem of having many digital assets increases as the number of ICOs increases. Making investments more difficult to manage. Despite this many investors will acquire a variety of desired crypto tokens as part of their investment strategy. Our exchange will also support such a functionality, although the convertibility of one crypto token to another represents a new challenge for both investors and operators alike. For example, it may be a challenge for a party to allow an already deployed contract to accept new crypto tokens as a form of payment. It also introduces more room for implementation bugs and security flaws. As an example, recently, in the DAO Token ICO, there was a major bug that distributed more tokens to SNGLS contributors than to ETH contributors, although they contributed the same amount. Thus, there is a need to simplify the payment procedure for both token holders, merchants and users in the network.

INFRASTRUCTURE OF WORLDCOIN TRADING

The WorldCoin will feature a basket of 14 individual currencies all pegged to the local fiat currency of their respective country. (For example 1 Iraqi dinar will equal one dinar coin.) So to mitigate instability in fiat, we will also have our tokens easily tradeable into WorldCoin’s thereby allowing investors a safe haven in case of political instability in the region. These currencies will always carry a 50 percent cash on hand reserve, in order to be fully sharia law compliant. This backs investors’ money with local dollars and insures the stability of WorldCoin as a trading network. Keep in mind that most modern banks only are required to keep somewhere between 3-20 percent of cash on hand to back up their outstanding assets. Hence we arrive at the term “fiat” banking. Our coin will surpass this in terms of our quarterly accountability “open the books” sessions via skype. Along with our open source transaction legers.

KYBER NETWORK TRANSACTION MANAGEMENT

As soon as technological stability has been established, our currency exchange system will work to integrate with the the Kyber Network, as we wanted to have the most cutting edge security features available for our platform. Until that time we will be working with more traditional exchanges in order to provide the highest level of customer services for our token holders.

Here is a bit about Kybers’ transaction methodology…

KyberNetwork’s design has several novel constructions to support all these applications.

● Instead of maintaining a global order book, we maintain a reserve warehouse which holds an appropriate amount of crypto tokens for purposes of maintaining exchange liquidity. The reserve is directly controlled by the Kyber contract, and the contract has a conversion rate for each exchange pair of tokens by fetching from all the reserves. The rates are frequently updated by the reserve managers, and Kyber contract will select the best rate for the users. When a request to convert from token A to token B arrives, the Kyber contract checks if the correct amount of token A has been credited to the contract, then sends the corresponding amount of token B to the sender’s specified address. The amount of token A, after the fees, is credited to the reserve that provides the token B.

● We introduce a new standard contract wallet to enable some of our interesting applications. Specifically, our new standard contract wallet allows the Kyber contract to send a user’s newly converted tokens to his/ her destination address on the user’s behalf. The destination address will receive the converted tokens as if the tokens were sent from the sender, not the Kyber contract.

● Our long-term plan also includes employing future features of the EVM language to build an efficient ZCash-Relay on Ethereum. A ZCash-Relay on Ethereum will allow us to support cross-chain trades between ETH and ZEC. We also leverage future platforms like Polkadot and Cosmos to enable more cross-chain trading and payments.

● The Kyber contract is designed with extensibility-focus which has well modularized components. Specifically, we allow dynamically adding any new tokens or delisting existing tokens. Thus, we are able to work with any tokens or digital assets in the future. By utilizing their infrastructure for our coin exchanges, we can deliver real time trading while maximizing security for our customers.

5.1 Platform Features The platform will feature a digital wallet and eventually a matching mobile application, all programmed in house and externally verified to be secure for our customers? Why are we doing this? Mostly because we just don’t trust all of the software that has been written up until this point and we want the best possible security for our clients.

5.2 Cash Reserve Turned Into Real Estate Bankroll Payments So in order to be Sharia compliant, we will eventually put our token holders stakes into some Middle Eastern Real Estate Developments. This is due to our founder’s extensive real estate background and a proven track record of delivering promising returns. ( 15-20% on average during his career) These dividends will then partially replace the cash reserves, as they are the safest place money can be spend over the long term.

5.3 Mobile Development The mobile app will mostly be for accessing the easy exchange market, for converting your coins to the Middle Eastern currency of choice. Using the market platform we will roll out in 2018.

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Want a World Coin Franchise in the Middle East? World Coin will provide System and ATMs for Crypto Currency Exchange Franchisees.
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ROADMAP

  • 1. ICO and WorldCoin deployment
    We will roll out WorldCoin after our ICO for initial coin usage and open market trading. 12-1
  • 2. Develop a platform for National Exchanges
    We will also immediately start development on our platform, featuring security minded coding and not relying on existing security infrastructures. (This is for exchanging fiat to tokens (AED <-> AEDT) (NO Kyber contracts yet.)
  • 3. We will then start to deploy our local markets country-by-country.
    The order of country deployment will be determined by initial demand and further market research etc. We will then create an exchange on top of platform developed on step 2; This will be our own Middle East mini exchange for our token holders to use. Then we can develop partnerships with local banks to store fiat reserves. All the banks we work with will help us in our quarterly investor screened audits of cash reserves on hand… (If only everyone did this!) We will then link the cash with the documents referenced in blockchain correspondence to the actual real money transactions.
  • 4. We will then begin working with Kyber (parallel to 3)
    to create a unique (non-market exchange reliant) token exchange service for easy conversions between national tokens and WorldCoin.
  • 5. During this time we will be developing a mobile app (parallel to 2, 3 and 4)
    which will allow token holders to store national tokens and convert them to/from national currencies and to/from WorldCoin. This will allow people to send tokens and WorldCoin to friends.
  • 6. We then then shift our focus on working with merchants
    to help them accept national tokens and WorldCoin for their services and goods. Creating a platform which they can easily integrate to their existing businesses.
All Board members and advisors have 6 month to 2 year lockup period.

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SECURITY FEATURES

WORLDCOIN SECURITY PROBLEM

1. SECURITY BACKGROUND

Blockchain technology holds the great promise of enabling decentralized protocols, applications and organizations. Much of this enthusiasm is driven by Bitcoin and Ethereum, the main software platforms where these are built. Yet, we’ve seen $60m+ lost to hacks to blockchain-based projects in the past 6 months. Recent scandals have exposed the high risks and challenges every project faces: the problem of how to write simple and secure code that deals with several real types of money. Still, there are no widely adopted security standards or best practices for projects to follow. There are no tools for developers to easily create, test, verify and audit smart contracts, and do so collaboratively. We believe that the only way to make this happen is for existing and emerging projects to cooperate and build them together. Using OpenZeppelin as the basis for our library, we are going to create the new token(WorldCoin) contract and the token(WorldCoin) will be compatible with ERC-20 token.

2. TOKEN CONTRACT

As mentioned above, the WorldCoin token contract will be based on the OpenZeppelin library. OpenZeppelin is an open-source framework to build secure smart contracts. It’s meant to provide secure, tested and audited code to enable the new generation of distributed applications, protocols and organizations. Using Smart Contract Solutions, we believe will create an open financial and economic system for the world. We’ve been working on using blockchain technology to improve the experience of creating and running businesses. We plan to use OpenZeppelin as the core technology to achieve this vision.

3. ABOUT ERC-20 TOKEN(WORLDCOIN TOKEN)

Ethereum, the popular cryptocurrency and blockchain system, is based on the use of tokens which can be bought, sold, or traded. There are several different tokens which may be used in conjunction with Ethereum, and these differ from ether, which is the currency native to the Ethereum blockchain. Tokens, in this case, represent digital assets that can have a variety of values attached. They can represent assets as diverse as vouchers, IOUs, or even objects in the real world. In this way, tokens are essentially smart contracts that make use of the Ethereum blockchain. One of the most significant token standards of all for Ethereum is called ERC-20.

4. SECURITY SOLUTIONS

  1. Configuring the network
    KyberNetwork is on the basis of an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. cryto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, Zcash) with high liquidity. The main purpose is to implement several ideal operating properties of an exchange including trustless, decentralized execution, instant trade and high liquidity.
    There are 5 roles for the actors in the network.
    1. Users who send and receive token to and from the network. Users in KyberNetwork includes individual users, smart contract accounts and merchants. 2. A reserve entity provides liquidity to the platform. This can be our own reserve or other third party reserves that are registered by other market makers. Reserves can also be classified into public and private reserves which do and do not take contributions from the public. 3. Reserve contributors who provide capital to the reserve entity and share the platform profit. This actor only exists in public reserves which accept contributions from public to build up the reserve.. 4. Reserve manager who maintains the reserve, determines exchange rates and feeds the rates to the KyberNetwork. 5. KyberNetwork operator who is responsible to add and remove reserve entities, list/delist pairs of tokens in the network. Initially the Kyber team will act as the KyberNetwork operators to bootstrap the platform in the early phases. Later on, a proper decentralized governance will be set up to take over the task.
  2. Token Contract Overview
    World Contract Token contract will be based on the OpenZeppelin. OpenZeppelin is a library that has extensive and well tested smart contracts that adhere to security best practices.
  3. Registration Security
    By using the notary service, the user registration security problem will be solved perfectly.(follows as below picture)
  4. Dapp design
    Our Dapp consist of openzeppelin contract and web interface.
    In more detail: Dapp = OpenZeppelin contract + web interface

TECHNICAL AND SECURITY OVERVIEW

Technical overview Security overview

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TECHNICAL FEATURES

TOKEN SPECIFICATION

Token contract will be based on OpenZeppelin library. Token will be compatible with ERC20 token standart.

ERC20 TOKEN PARAMETERS
Name WorldCoin
Symbol WLD
Decimals 18
ADDITIONAL TOKEN PROPERTIES

During ICO token will be mintable. After end of the crowdsale no more tokens will be minted. During ICO token transfers will be paused (to prevent sell on marketplaces like EtherDelta during ICO). Token is not intended to be an owner other another tokens and contracts. If it is accidentally set to be an owner it should allow to reclaim them. For this purpose token extends HasNoContracts and HasNoTokens contracts. Token holders are able to burn (sell to the contract and withdraw from circulation) part of their tokens, and receive some reward. This reward is calculated as <amount_of_burned_tokens> * <amount_of_ETH_on the_contract> / <total_amount_of_tokens>. Token holders will be able to burn their tokens and receive burning reward using any Ethereum wallet with ERC20 token support.  Some examples are: MyEtherWallet, MetaMask, Coinomi and Mist. It will be possible to check the reward amount using blockchain explorers like etherscan. (More details can be found at BurnableToken page on github)

CROWDSALE SPECIFICATION

Start date and time TBD (first block with timestamp greater than this)
End date and time
(Crowdsale may be finished earlier if all tokens are sold)
TBD (last block with timestamp lesser than this)
Minimum amount of tokens sold for crowdsale to be successful
(ether will be refunded if not successful)
100 000
Amount of tokens to be sold for crowdsale to be finished before scheduled date and
after some time after this limit reached
(soft cap)
not applicable
Maximum amount of tokens (hard cap):
both sold and reserved for owner
50 000 000
Token distribution For each 30 tokens paid by buyer another 70 tokens will be minted and
sent to owner wallet.
Token price 1 ETH = 600 WLD
Additional 2.5% bonus tokens will be added as referral reward, from which
- 1% to buyer
- 1.5% to refferal partner
Transaction gas price limit* 50 Gwei
(to be changed before and during ICO to represent current gas price used by popular wallets by default)

NATIONAL TOKENS AND EXCHANGES

A set of tokens will be created to be the Ethereum equivalent of national currencies (like USDT is USD on blockchain; in essence these tokens will be equivalents of fiat money on the Ethereum blockchain).
Bank accounts will be created for each national currency. For each national coin deposited to such account 1 token will be minted. For each national coin withdrawn from that account one token will be burned.

For example:
An AEDT token will be created as an Ethereum equivalent of AED. Then a bank account in Dubai’s bank will be created. 10 000 ETH collected during crowdsale of WorldToken will be converted to AED (about 13 000 000 AED) and stored on this account. Also 13 000 000 AEDT tokens will be created. This 13 000 000 AEDT will be distributed across WorldCoin holders according to their shares.
AEDT token is supposed to be exchangeable to AED at 1:1 price (excluding exchange fee). If more tokens will be required to operate an exchange, it can put additional money to a bank account and new tokens will be minted.
Also, if some AED will be required for exchange operations, they can be withdrawn from the bank account and the same amount of AEDT will be burned (without any reward, unlike burning WorldCoin).
Exchanges between national currencies and tokens will be created. They will take a small fee for exchange operations. All their profit (after operational expenses and taxes) will be converted to Ether and sent to WorldCoin contract, increasing its burning reward (and minimal price).

EXAMPLE OF NATIONAL COIN CREATION AND EXCHANGE OPERATIONS

We are currently selling 45M coins at about 1$ each. Another 5M are left for bounty/bonus/reserve.

Let's say that we only sell 15M during the crowdsale. Now we have about 15M USD and a total supply of 20M WLD. We use 1M USD to build our infrastructure and 14M are reserved to create 14 national coins.

When we are ready to run first exchange, say AED <-> AEDT, we take 1M USD from the reserve, convert it to AED and put this 3673000 AED into our WorldCoin fund’s bank account. Then we will ask the bank to give us documentation proof of this transaction as it happens.
We publish this proof on our web site and take this URL + SHA3 hash of the document (so later everyone can make sure that this URL has exactly the same tracking information as before.

Then we Mint this 3673000 AEDT and while minting we will publish that URL and hash of our AED transaction proof to blockchain.

So now we have 3673000 AED in our bank account, 3763000 AEDT on our Ethereum account and a proof of having 3673000 AED our books is published to the blockchain.

Then we wil distribute 3763000 AEDT across 20 000 000 WLD holders, it will end up being about 0.18 AEDT to 1 WLD.
Now we have to remember that 1M WLD will be left as reserve. We will receive 180 000 AEDT for it. This is our exchange reserve.
We can sell this 180k AEDT without depositing more money to our bank account. And if we sell all this 180k AEDT, then we will have another 180k AED to deposit.

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THE TEAM

Andy Fur

Andy Fur

Cloud Security Specialist
Alex Misuno

Alex Misuno

Mobile Developer
Pavel Rubin

Pavel Rubin

Security production developer