This white paper 2.0 (henceforth “this paper”) is a reference material made in order to promote understanding of World Peace Coin (henceforth “WPC”). This paper was composed with the purpose to provide information regarding WPCs only. Therefore WP Project Pte Ltd. cannot guarantee the accuracy of its contents.
The roadmap relating to WPC products and services that is contained in this paper and its planned development are information that are valid as of the present time and may be subject to great changes depending on the discretion of the WP PROJECT Pte Ltd.
The data and information contained in this paper is as of March 1, 2018.
The following contents will be added for white paper 3.0.
●Marketing methods for companies, stores and services that have introduced or have the potential to introduce the WPC payment system at various areas
WPProject Pte Ltd. would like to announce that it has partnered with Paygregate Co., Ltd. which supports Myanmar payment settlement infrastructure.
We took a look at standards of living which is thought to be natural and come to realize that in the world there are still countries who do not satisfy even the lowest standard of living.
While rapid economic growth is expected to increase the income of developing countries, we found that ownership rate of mobile terminals were extremely high in spite of low bank account ownership rate in such countries. We believe debts and consumption can dynamize the economy. Therefore, we concluded the spread of a new cryptocurrency with blockchain technology could make debts and consumption available with the mobile terminals. Based on these backgrounds, WPC was developed.
WPC is a cryptocurrency that aims to route out the world poverty as well as a cryptocurrency utilizing blockchain technology. It enables you the real-time settlement with a low remittance charge. The maximum amount of WPC is set at 2.5 billion and we will donate 10% of them which is equivalent to 250 million to developing countries. WPC contributes to creating opportunities for people, who have neither bank accounts nor access to financial services, to live their independent lives.
Furthermore, it utilizes its own artificial intelligence (AI) system called “TSUMUGI” which calculates credit scores of people with no bank account so that it is capable of providing the revolutionary system, Proof of Lending (PoL), that enables WPC owners to mine while financing.
The AI analyzes the big data of people in developing countries who need financing, and computes credit scores. By doing this it provides chances to people who have not been able to access financial services in the past to become financially-independent.
According to Statista, the world market for P2P lending in 2015 was $64 billion. Based on the CAGR given by Statista (56%) and TechNavio (53%), we expect that at the end of 2017, the potential market for the project will be over $152 billion (and by 2025, the market is expected to grow to 1 trillion dollars [Statista]) . With regard to the market for P2P lending in the Asian region, the Allied Market Research predicts an annual growth rate of 54%.
There are 4 billion low-income earners in developing countries that currently live on annual earnings of 3,000 dollars or less on a Purchase Power Parity base in the world. These untapped 4 billion people constitute the WPC market.
The Myanmar population, which is WPC’s initial target for distribution, is 51.48 million people or 11.956 million households, as of May 29, 2015 but according to a JETRO report, 48% of which are living with monthly income of 400 US dollars or less (households who can only afford to buy the most minimum of necessities).
In Myanmar, these 5,738,880 households constitute the market. In the early stages of the project, a donation of 10,000 households will be 67USD x 6 (months) = 4,020USD, which is the minimum wage in Myanmar for 20 days of labor.
According to data released by Deloitte Touche Tohmatsu LLC, the average expenditure survey on household monthly income of approximately 150USD · 379USD · 740USD · 1119USD · 2238USD shows that households with monthly income of ~ 150USD has a slightly higher food expenditure ratio. On average, the distribution of expenditure breakdown has remained almost unchanged in any household, and expenses related to household cleaning products and entertainment were increased by the rise in monthly income.
Just by sending 100USD once through PoL to each of the 5.73888 million households with a monthly income of 400 USD or less, will distribute 570 million USD.
When this 570 million USD is allocated in the same manner as the above spending breakdown, and the calculation formula of the economic ripple effect presented by Japan’s Ministry of Economy, Trade and Industry is applied, the value actually rises to 998 million USD.
If we apply this calculation formula of the economic ripple effect to a market of 4 billion people, then the economic ripple effect actually rises to 700 billion USD.
Furthermore, the population of the world is approximately 7.6 billion people but approximately 2.5 billion people which is around a third of the world population are said to be non-holders of bank accounts. 1There are many people in developing countries who cannot hold bank accounts due to various reasons. Because they have no bank accounts, they cannot access financial services, and as a result, cases of people who cannot escape from poverty draw attention. The inadequacy of the financial system has become one of the factors which cause the gap between the rich and poor that remains to be fixed, and about 75% of the poor do not have bank accounts. 2 There is no way to receive money as a means of payment:
There are a lot of people in developing countries who don't even have a place to put their money safely if they want to make savings. In these countries and regions, the emergence of sound and stable financial services is very much needed. The current situation is a huge problem that must be solved, and at the same time it is a huge potential market. In Africa, Safari COM has established a means of transferring money that has been applied to SMS and this system has been used among those who do not have a bank account.
This is a perfect example of the safety and convenience of education in poor countries. In these places the digital thresholds are very low and there are few obstacles for us to expand.
In this way, markets that have been untapped so far are opened, and there will now be a demand for economic cycles to happen. If we try to solve this as a charity, it would be a enourmous burden. However, through the use of crypto-currency mining "PoL"(Proof-of-Lending) , WPC will create a virtuous cycle of donations and investments by giving investors a reason to donate.
WPC is a virtual currency born in 2016 with using public method and has adopted its own original blockchain.
In addition, in order to strengthen its security, it has been installed with a smart contract, and is issued as a ERC-20 token from its ICO distribution in order to make PoL possible. The WPC currency type makes mining possible due to Proof of Work (henceforth “PoW”) and Proof of Stake (henceforth “PoS”), and it is possible to exchange for equal value with WPC which has adopted ERC-20 in virtual currency exchanges.
Furthermore, 10% of total issued coins are kept in a special wallet, and will be used as donations in order to support the financial independence of the world’s poor.
Currency : X13
Token : ERC-20
In order to guarantee the stability of the blockchain and the profits of the ICO participants, the WPC source code will be made public in GitHub in time with being listed in the virtual currency exchange scheduled for the 2nd quarter of 2018.
block generation time: 2.5 min
block size: 1MB
The WPC currency type has adopted a PoW and PoS hybrid method and will transfer to a PoL hybrid method around the 2nd quarter of 2022.
In order to put efforts in stabilizing the network, a PoW and PoS hybrid formula will be adopted by the 2nd quarter of 2022. By switching the mining formula to PoW and Pol from the 2nd quarter of 2022 onwards, we will make the popularization of WPC come true and pursue world peace and profits for our investors at the same time. In addition, if the switch from PoS to PoL scheduled for the 2nd quarter of 2022 is delayed, we will adopt a mechanism that enables PoS to work continuously therefore it will not effect on WPC mining.
Total issued: 2.5 billion
Mining timespan: 10 years
Mining reward: 1,200 coins/ block (For the initial fiscal year. Decreases by 100 coins every year after that.)
The total issued 2.5 billion coins will be allocated as below.
50% for the 1st year, 45% for the 2nd year, and decreases by 5% every year after that.
PoL is an original WPC mining formula that applies the smart contract function.
PoL is a mechanism for WPC holders from advanced countries to finance WPC users in developing countries by mining.
Any WPC holder can become a miner. Financing by innovative mining makes it possible to create a global economic cycle.
TSUMUGI is a system that has been programmed to make full use of the latest AI technology in order to implement FinTech services for “Investments for the future” of consumers. The system was named from the Japanese word “tsumugu” which means to “spin”. TSUMUGI mainly bears the 2 following roles in order to create opportunities and world peace through a cycle of economic activities, as if it were spinning thread.
・Evaluating unique credit scores that do not require the financial systems of banks and other institutions
・The Mother Wallet which was created in order to make PoL actually functio
TSUMUGI, in implementing PoL, in order to minimize credit default risk for WPC holders in advanced countries, computes the once unclear credit scores of people living in developing countries, who have no access to existing financial systems such as banks by using a unique computation formula.
After launching the beta version of TSUMUGI, we are expecting that scientists around the world develop AI receiving WPC as rewards. Then, we will use the following data as a guiding data and develop TSUMUGI by having the AIs repeat reinforcement learning while competing with each other. These cost will be covered by the marketing cost. The analyzation is done by deep learning based on the following four resources:
Financing is conducted using special wallets but the borrower is restricted by the maximum financing amount and repayment interest rate that is determined by their own credit score, and can improve their credit scores through their repayment history.
Credit scores are computed by TSUMUGI as shown in the following.
TSUMUGI is a database that provides credit scores in order to carry out PoL, and at the same time, it collects effective learning material, and also carries the role of the Mother Wallet that will optimally manage and distribute the financing.
PoL is not carried out by direct money-sending between users. When users in advanced countries carry out PoL, it automatically sends money to TSUMUGI as the Mother Wallet. The sending of money to users in developing countries is by TSUMUGI allocating the amount and sending the money through the requests for credit scores and requests for financing. In the same manner, repayment is carried out through the Mother Wallet, and all records become deep learning material. PoL is calculated according to the past WPC remittance and recorded information of PoL, and all the remittances w be approved by “node”.
WPC designs dedicated wallets for loaners of PoL (we call them “UA”) and loanees of PoL (we call them “UB”) respectively.
Remitting functions for PoL are equipped, in addition to common features of cryptocurrency wallets. No limit for remittance and balance.
Loan limit is set according the score calculated by TSUMUGI in balance. Functions to see the loan limit, the current loan amount and apply loans with PoL.
WPC sent from UA wallet to TSUMUGI will be pooled and allocated for the allowance in case of delayed loan repayments from UB wallet. Here is the pool rate for remittance.
1st year: 30%
2nd year: 20%
3rd year: 15%
4th year: 10%
5th year or later: 5%
All remitting processes regarding PoL will be approved by “node” and PoW reward will be made until 2027. After that, as long as transactions are generated by PoL, node maintains the stability of the blockchain. PoL is necessary to maintain and stabilize the transactions and the blockchain, hence generating both local economic circulation and donation activities to the poor areas permanently.
10% of the financed/loan amount which includes interest, is automatically sent to TSUMUGI every week from the UB wallet. It’s possible to repay the loan all at once.
250 billion WPC, which is equal to 10% of total issued WPC, will be donated to developing countries that need a financial platform.
The donations will be carried out in several countries and areas in stages, and we are laying the groundwork of the WPC distribution infrastructure in order to support the lives of those in the poverty level.
In addition, we have chosen Myanmar as the first country to adopt WPC.
The donations by WPC are carried out in the form of inviting participants from various countries who are uniquely selected using all kinds of data such as bank account ownership percentage, Facebook penetration rate, smartphone ownership percentage, minimum wage etc, as well as the trends derived from, and by futures analysis and marketing.
Recruitment involves setting a half-year period for advertisement on Facebook and stores that can be paid with local WPC, and selecting from 1,000 to 10,000 participants calculated from the population ratio of each area based on various information submitted by the applicants.
The donation amount per person is approximately the total of six-months’ local minimum wage as of October 2018 and the remittances will be divided into approximately two years. Its usage history along with various local data with statistics will be provided as initial data for TSUMUGI.
The pace of economic growth of Myanmar is extremely rapid, with economic growth rate of 7.0% in 2015. Though it decreased slightly to 5.9% in 2016, it is expected to be 7.7% in 2017 and 8.0% in 2018. The social infrastructure of Myanmar is developed relatively well, but Myanmar is characterized by a low bank account ownership rate. A survey among people over 15 years of age reported the bank account ownership rate of Myanmar was very low at 23%.
In addition, in the suburbs excluding urban centers such as Yangon (Rangoon), the so-called under the bed mattress deposits is the common way for accumulating money and is extremely vulnerable to crime, and cases where there is no place to protect their savings are noticeable. In addition, since people do not have bank accounts, a large number of remittances are done in dangerous ways. One such example is entrusting a person from the same hometown when they are heading back there or entrusting an illegal remittance agent.
On the other hand, the penetration rate of smartphones in Myanmar is extremely high with 89% has their own smartphones. However, it had been only 1% until 2000. The background of this rapid growth was that the government aimed to increase it to 80% by 2016 to promote the communication infrastructure development. Therefore, Myanmar is expected to continue developing the communication infrastructure and has the necessary conditions for spreading WPC. Also, its legal currency “kyat” is so unstable that people usually pay with the US dollar and it is hard for multinational enterprises located in Myanmar to exchange kyat to their domestic currencies. In other words, Myanmar has an environment where cryptocurrency can be easily circulate. However, cryptocurrency market of Myanmar still has not reached a saturation point. Even neither Bitcoin nor Ethereum has expanded there. We believe that we can monopolize the market by introducing WPC as Myanmar’s first cryptocurrency.
ICOs are a new fundraising method for companies attempting to develop new businesses,, and it spreads the use of the coin all over the world. By carrying out an ICO, the company provides investors a unique virtual currency, and it becomes possible to raise funds to develop a new business. On October 2017, presale of the WPC was carried out, and the PreICO will be implemented from December 20, 2017 to January 20, 2018. During the PreICO, the target capital to be raised is set to 10 million US dollars, and the capital that will be obtained through this will be allocated to development expenses, as well as marketing costs and the budget to launch the ICO. Then we will carry out the ICO from March 25, 2018 to May 23, 2018 (UTC). The target capital to be raised in the ICO is 2 million US dollars, which includes the PreICO. Sales for the PreICO and ICO will be conducted through Ethereum, Bitcoin and BitcoinCash. The price is as follows:
pre-ICO: 1WPC = USD 0.22
ICO: 1WPC = USD 0.28
March 25 - April 8 : 17%
April 9 - April 23 : 12%
April 24 - May 8 : 8%
May 9 - May 23 : No bonus
Starting from the 2nd quarter of 2018, WPC can be converted to or traded with legal tender or major virtual currencies at virtual currency exchanges.
The breakdown of the capital acquired at the ICO will be allocated and used as below.
From the 2nd quarter of 2018, with the goal to further avoid risks for our investors, we will use 5% of capital obtained from the ICO and start handling the WPC in major virtual currency exchanges in sequence. In addition, while making possible the conversion and exchange with major virtual and legal currencies all over the world, we will start giving donations to developing countries which need a financial platform, and will proceed to create a mechanism that will produce liquidity at where they actually live.
The donations will be carried out using 250 million WPC which are equivalent to 10% of the total issued WPC.
We are scheduled to start donation activities to Myanmar through WPC and at the same time, they will be able to use WPC as a way to pay for retail and services starting with partner restaurants that will be developed centering on Yangon. The donations for Myanmar will be carried out over a period of 24 months, and will lead to a credit score with a reliable credit scores which is a total of the credit scores calculated by TSUMUGI and WPC usage history. TSUMUGI continues deep learning with these data and will be able to provide more reliable scores. PoL mining will start after clarifying the credit scores so that we can minimize credit default risk and promote a smooth distribution.
By targeting the above roadmap, we plan to use up 250 million WPC by donating it to other areas in a similar scheme. The number of donations to each region depends on the living standard of the donation destination. If the total number is less than 250 million WPC, a secondary recruitment will be conducted in areas where additional marketing is considered necessary, and donation activities will be carried out.
To realize a smooth distribution of WPC, we will use 60% of the fund obtained from ICO for infrastructure development such as exploring partner companies allowing WPC as a mean of settling and provision devices. From the time the first donation is completed in 2025, donations will keep continue via using PoL from around the world using credit scores calculated by TSUMUGI, generating the worldwide economic cycle.
Our vision to deal with the poverty is to realize the independant lives of the poor.. Lack of financial services can be given as a factor preventing developing countries from developing. We always need money to live today.
There are some poor countries where people earn less than USD 30 per month. Seeing this kind of situations, our project team has been considering how to deal with the problem with having “root out the poverty around the world” as our mission.
1 Advancing the development of financial services by distributing virtual currencies poor regions.
2. Promoting the worldwide circulation of WPC with revolutionary way of mining called PoL generating mining reward by financing,as well as pursuing the mutual gain for both the poor and investors by realizing the growth of WPC value
To realize this vision, we organized a team with core members from various departments: the top management, development department, corporate planning department, information and communications department, and PR department.
WPC is a totally new cryptocurrency having possibility to change the world. So far, no access to any financial services is the reason why 2.5 billion people without their bank account could not receive educations, launch a business, nor invest for their asset buildups. Without a bank account, they cannot get their credit scores based on their asset status and credit information, and that causes them to depend on money lenders with high interest rates, resulting in making their situation worse.
However, do they really need banks in this Internet age?
What is necessary is not a bank account, but the access to financial services. If what is asked for is the creation of rights and opportunities that can be obtained by having access to financial services, then that is a problem that can be solved by FinTech and not by banks.
In addition, based on examples of implementation so far, microfinancing has been confirmed to have extremely high rates of repayment but there are various hindrances such as a huge capital and the cooperation of megabanks. Under existing conditions, very few people can get an opportunity to get microfinancing.
To deal with such problems, people all over the world need to work together for future market development, and if we place ourselves not in a country’s or company’s point of view, but in an individual’s point of view, taking action with just by a dedicated spirit is difficult.
However, if we add the motive of mining then we can completely turn around the situation.
It is possible for WPC to solve these problems.
WPC is a massive project that will make “World Peace” a reality, through the mind shift from volunteering to investing. The spread of WPC could change the world economy.
Thank you for reading to the very end. We hope more investors will aim for the world peace together with us.