Whitepaper v2€¦ · CabinCoin Whitepaper v2.1 Disclaimer CabinCoin and CabinTokens are not...

7

Whitepaper v2

3/26/18

2

CabinCoin Whitepaper v2.1

Disclaimer

CabinCoin and CabinTokens are not intended to constitute securities in any

jurisdiction. This Whitepaper does not constitute a prospectus or offer document of

any sort and is not intended to constitute an offer of securities or a solicitation for

investment in securities in any jurisdiction.

This Whitepaper does not constitute or form part of any opinion on any advice to

sell, or any solicitation of any offer by the distributor/vendor of CabinCoin (the

“Distributor”) to purchase any tokens nor shall it or any part of it nor the fact of its

presentation form the basis of, or be relied upon in connection with, any contract or

investment decision.

Purchasing and owning CabinCoin does not in any way stipulate that the purchaser

will receive shares, liquidity, stocks, bonds or an investment agreement in any asset.

CabinCoin is a decentralized crypto-currency. Supply and demand determine the

value of CabinCoin. The purchaser may use CabinCoin in legal manners, as stipulated

in their country of residence. CabinCoin is a decentralized digital currency that exists

on the Ethereum blockchain. Anyone who purchases CabinCoin must agree to these

terms.

While every measure has been taken to ensure the accuracy of the material,

CabinCoin group of companies ("CabinCoin") and its affiliates do not guarantee the

accuracy or completeness found in this whitepaper. CabinCoin and its affiliates will

not be responsible in any manner for direct, indirect or special damages, howsoever

caused, arising out of the use of this document.

The information in this document is subject to change or update without notice and

should not be construed as a commitment by CabinCoin.

This whitepaper and parts thereof must not be reproduced or copied without

CabinCoin’s written permission, and contents thereof must not be imparted to a

third party nor be used for any unauthorized purpose.

By accessing this whitepaper or any of its pages you understand, accept and agree

to the terms as set out above. If you do not accept, please do not read this document.

3


Mission Statement

CabinCoin is a digital currency specifically developed for

the eCommerce industry, loyalty, reward, and employee

incentive programs. It is our mission to be the premier

crypto payment solution and to be the best loyalty &

reward program where the rewards increase in value over

time, providing increased benefits to both the merchant

and the consumer.

4


Contents 2 …………. Disclaimer

3 …………. Mission Statement

4 …………. Contents

6 …………. What is CabinCoin?

8 …………. The Team

11 …………. Abstract

13 …………. Introduction

14 …………. CabinCoin in Ecommerce

14 …………. …………. How Businesses Can Benefit From Accepting It

15 …………. …………. Ecommerce Evolution

15 …………. …………. The Problems with Traditional Banking System

15 …………. …………. …………. Fraudulent Transactions

16 …………. …………. …………. Processing Fees

16 …………. …………. …………. Delayed Settlements

16 …………. …………. …………. Lack of Privacy

17 …………. …………. Advantages of Accepting CabinCoin at Online Stores

17 …………. …………. …………. Safe and Secure Transactions

17 …………. …………. …………. Faster Transactions

17 …………. …………. …………. No Chargebacks

18 …………. …………. …………. Private Transactions

18 …………. …………. …………. Global Acceptance and Appeal

18 …………. …………. …………. Loyalty Program

19 …………. CabinWallet

20 …………. The Role of Cryptocurrencies in the Future of Ecommerce

21 …………. CabinCoin Loyalty Program

21 …………. …………. A Mutually Beneficial System for Merchants and Customers

22 …………. …………. The Need for Reward Programs

23 …………. …………. How Reward Programs Can Increase Customer Loyalty

24 …………. …………. The Benefits of the CabinCoin Rewards Program for Merchants

24 …………. …………. …………. Easy to Implement

24 …………. …………. …………. Complete Control for Merchants

25 …………. …………. …………. Customer Acquisition

25 …………. …………. …………. Customer Retention

25 …………. …………. …………. Global Appeal

25 …………. …………. …………. Improve Employee Productivity and Efficiency

26 …………. …………. The Benefits of the CabinCoin Rewards Program for Customers

26 …………. …………. …………. Cash Back on All Purchases

26 …………. …………. …………. Global Acceptance

26 …………. …………. …………. Enter the Crypto World

26 …………. …………. …………. Rise in Value

5


27 …………. The Privacy Problem with Bitcoin and How CabinCoin Solved It

27 …………. …………. Blockchain Technology as the Solution to Data Breaches

28 …………. …………. The Problem with Centralized Databases

28 …………. …………. The Blockchain Solution

29 …………. Conclusion

31 …………. CabinCoin Website

32 …………. CabinWallet Portal Website

33 …………. Project Timeline

34 …………. Budget Allocation of Token Sales

35 …………. Implementation: Ethereum and ERC20

36 …………. Why Ethereum?

37 …………. CabinCoin Sample Code

6


What is CabinCoin?

CabinCoin is a digital currency specifically

developed for loyalty & reward programs

and the ecommerce industry.

Global eCommerce

Grow your business worldwide and connect to the world’s borderless digital currency payment network. For any eCommerce platform; receive payment in any amount from any computer or mobile device.

Currency for eCommerce

Sell to anyone, anywhere and eliminate risks from online sales. No chargebacks. No fraud. No identity theft. CabinCoin offers instant, secure and private transactions and therefore the premier choice for the eCommerce industry.

Loyalty & Reward Program

The CabinWallet app makes it possible for customers to shop at participating merchants and receive “cash back” paid in CabinPoints. Both the merchant and the customer will experience the first loyalty program that increases in value over time.

Privacy

Anonymous transactions will be encrypted on the blockchain. No one can find out who sent a transaction, the value of the transaction, or to whom it was sent. Everyone using CabinCoin to transact can feel safe that their private information is secured and not shared with anyone.

7


The Team

Masoud Zarkari

Advisor

Masoud has been in the Financial industry all his professional life with retail and institutional investors, raising capital through private and public markets for small, medium, and large cap companies. He has managed over a billion dollars in client's assets over the past 21 years. Many of his clients have requested investment guidance within the new Cryptocurrency space and he is now an avid Crypto investment advisor. Masoud's illustrious profile includes -. Investment Executive, ScotiaMcLeod; Investment Advisor, RBC Dominion Securities; Financial Advisor, CIBC; Investment Advisor, Westminister Securities. He holds a Commerce & Finance degree from University of Toronto, which he received in 1997. He is a Professional Financial Planner.

Monty Altintutar

Advisor

Monty has been in the financial field for 37 years and is currently a cryptocurrency trader and investor. Monty tutors clients in the field of financial literacy and has leveraged his vast financial knowledge to transition into the new cryptocurrency world. He is also a licensed mortgage agent specializing in private lending and real estate investing.

Previously he traded options and forex and worked at TD Bank as an Investment Representative and as an IT Analyst.

He attended Ryerson University for Industrial Engineering.

8


Rantz Quashie

BMoney Inc. – Advisor

Digital Currency & Blockchain Technology Consultant, Educator and Trader.

Rantz has been involved in cryptocurrencies for the last 5 years. He began as a trader of Bitcoin before co-founding a Bitcoin and cryptocurrency news magazine website where he was a contributing writer and editor providing day to day news and interviews to the global bitcoin community.

In early 2014 Rantz began working for Poloniex Crypto Currency Exchange, where he assisted in researching new coin additions to exchange markets.

His time at the exchange, his writing experience and his trading experience has provided Rantz with a vast amount of knowledge about blockchain technologies and cryptocurrencies overall. He now provides consultant services to individuals, businesses and institutions interested in learning more about the technology. In addition, Rantz is also a trading educator where he teaches individuals to become disciplined and smart traders in cryptocurrencies.

Osman A. Nur Chief Project Lead

Osman has over twenty-five years experience in business operations with ownership and/or executive roles. He worked for Compaq Canada and Hewlett Packard Canada prior to the merger assisting with business expansion and customer relations in Canada, the Caribbean and Hong Kong

With a comprehensive knowledge of corporate procurement policies, in 2013 Osman founded an investment company located in Hong Kong with clients from Hong Kong, Bangkok, Africa and Canada.

Osman’s transition into cryptocurrency came when he started accepting Bitcoin for his products in 2016.

Osman is currently the founder of CabinCoin OÜ, a fully licensed cryptocurrency company registered in Estonia. He assembled a highly knowledgeable and cryptocurrency savvy team to bring the CabinCoin project to realization.

Osman holds a B.Sc. and is currently working on his MBA.

9


Deryck Bascom

Technical Lead

Deryck has worked in management in various roles as Account Manager, Project/Program Manager, Senior Director, Delivery Manager, ScrumMaster managing projects from grass roots in Software Development to Enterprise Delivery. He has managed end-to-end development and deployment of software applications and products with in-depth understanding of the complete SDLC processes with cross-cultural teams of up to 120+ members. Well-balanced combination of Operation management, Strong emphasis on project management of Business solutions. High energy levels and a work ethic that has proven effective for bridging the gap between business and technology.

Deryck currently leads the cryptocurrency development team for CabinCoin OÜ.

Companies include Horizn Inc / Syncapse / The Globe and Mail / WiMax (Rogers Wireless & Bell Canada) / Workbrain / Kaboose / Delta Hotels / Auto.com / Telus / Paramount Silver / Arqana Technologies / Walmart Canada / KPDi

Shelley Hawley Loyalty & Rewards

Shelley brings over 20 years of rewards and customer incentive program experience to the CabinCoin project. She managed and supported various corporate and consumer-based programs including employee incentives, retail, restaurant, telecom, airline, and packaged goods industries. She served as executive vice president for international payment solutions and holds several certificates from Seneca College’s Compliance Officers Skills Training Program. Previously she owned and developed a plan of subdivision.

10


James H Cairns Loyalty & Rewards

James has over 2 decades of experience designing and facilitating unique loyalty and reward programs. James was a significant contributor to the creation and success of the first and only open loop points to cash program where end users from over 60 companies redeemed their rewards via ATMs across Canada.

Robbie McLean

Product Development Lead

Shane Fright

Senior Fullstack Engineer

Charles Boyd Development Lead and Cryptocurrency Expert

Alex Ramsewak

Developer

11


Abstract

The emergence of cryptocurrencies has resulted in an important question – could digital currencies be a viable alternative to fiat currency? The popularity of Bitcoin, the world’s first and most popular cryptocurrency, has led to hot debates about the disadvantages in the current financial system and if digital currencies and the blockchain technology could address them. The reason behind the popularity of cryptocurrencies is the blockchain technology, which enables fast and secure transactions between two parties without the need for a third party. There is no central banker to issue the currency and no

payment processors to facilitate the transactions. The whole process is digital and decentralized, resulting in 100% transparent, secure, and instant transactions. The success of Bitcoin has given birth to a number of digital currencies, each based on the blockchain technology but with unique features of their own. The latest entrant to the market is CabinCoin, which retains the best features of Bitcoin and goes a step further by making 100% private and anonymous transactions possible. CabinCoin is designed to address the flaws in traditional financial transactions, particularly in the commerce industry, which affect merchants as well as customers. It also makes it possible for users to have completely anonymous financial transactions, which is not possible with Bitcoin. The use of the Monero protocol offers privacy and anonymity for users who do not want third parties to track their financial transactions and gain access to their personal data. One key thing that separates CabinCoin from the rest of the cryptocurrencies is its universality. The wallet allows you to store and spend other cryptocurrencies like Bitcoin, Ethereum, and LiteCoin as well, which can benefit customers tremendously. CabinCoin also offers a loyalty program, which is structured to reward loyal customers and help merchants widen their customer base and increase their business and revenue in the process. By integrating CabinCoin into their existing payment structure, merchants can benefit greatly. The most intriguing fact about CabinCoin’s loyalty program is that it offers cash back for all purchases made by customers using CabinWallet at participating merchant stores. It also offers attractive bonuses, paid in CabinPoints as well as CabinCoin, to merchants, which they can pass on to their loyal customers. The program is designed to offer an incentive to merchants and customers to use CabinCoin for everyday transactions and to make sure they benefit from it equally.

12


Cryptocurrencies have their share of naysayers as well, as many people are still not convinced that the technology could stand the test of time. The criticism of prominent figures like Jamie Dimon and the recent rulings by the United State Securities and Exchange Commission (SEC) have raised a number of questions regarding the future of cryptocurrencies. Experts, however, believe that these setbacks are not likely to have any significant impact in the long-term growth of cryptocurrencies. The common consensus among experts is that cryptocurrencies are likely to reshape the financial industry for the better. For far too long, people have persisted with fiat currencies and traditional financial system, despite the inherent flaws present in them. The birth of a radically new technology like the blockchain is exactly what was needed to shake up the industry and make people think of alternatives to fiat currency. In the coming decades, we are likely to see widespread adoption of the blockchain technology across different sectors. The entry of new digital currencies like CabinCoin means people will have more options than they ever had at any point in time and the financial industry will no longer be overly reliant on central banks and fiat currencies.

13


Introduction

It is not an exaggeration to say that cryptocurrencies will do to the financial system what the internet did to news media. No other technology has had such a massive impact on commerce, banking, and finance sectors in recent times like cryptocurrency and the blockchain technology. The popularity of Bitcoin has resulted in the emergence of a number of digital currencies modeled after it, but with unique features of their own. The latest addition to the list is CabinCoin, which makes fast, secure, and completely anonymous transactions between two parties possible and offers a solution to the flaws inherent in traditional financial transactions.

The unique selling proposition (USP) of CabinCoin is that it addresses the concerns of merchants – online as well as brick and mortar – that are affected by the flaws present in the current system and could benefit enormously by adopting digital currencies. It addresses the lack of privacy issue in Bitcoin, which is a cause of concern for people who wish to remain anonymous in online transactions. CabinCoin offers a multicurrency, multifunctional wallet called CabinWallet, in which you can store CabinCoin and most of the top cryptocurrencies that you own. You can make purchases using CabinWallet at any store in the world, since the merchants do not have to alter their existing payment structure in any way. CabinCoin has also introduced a unique loyalty program to make it easier for merchants to expand their customer base and increase their revenue in the process. It provides merchants with cash back and reward points, the benefits of which can be transferred to customers in a timely fashion or at a later date. One of the main reasons behind the acceptance of Bitcoin and the emergence of new currencies like CabinCoin is that the blockchain technology, which these currencies are based on, has enormous potential to change the very nature of financial transactions as we know them. In recent times, many people have come to accept the advantages of the blockchain and how it could rectify the problems present in the current system, including data breaches. In this paper, we take a detailed look at CabinCoin and its features, how it benefits merchants and end users, how it makes 100% anonymous transactions possible, why the recent SEC rulings are beneficial for the industry in the long run, and why cryptocurrencies could be the next big thing in the financial industry.

14


CabinCoin in Ecommerce How Businesses Can Benefit From Accepting It

Ecommerce is evolving fast and the adoption of cryptocurrency and blockchain technology could be the next step in the process. Online merchants could benefit greatly by accepting CabinCoin, which makes online transactions fast and secure. CabinCoin transactions are peer to peer and there are no middlemen or payment processors involved. So, businesses could save a lot of money, which they otherwise would pay as processing fees in a regular financial transaction.

CabinCoin guarantees 100% private and anonymous transactions and enables customers to buy things discreetly online. For each transaction, the customer mints a new coin, which has no ownership history. So, any coin minted cannot be tracked back to any particular person. This is an advantage over regular transactions and it appeals to customers who are averse to sharing their personal and financial information with third parties. CabinCoin allows online businesses to operate on a truly global scale since there are no geographical restrictions and the customer and the merchant could be located anywhere in the world. Online merchants can also develop a loyal customer base with the help of CabinCoin loyalty program, in which customers can get CabinPoints for purchases made and redeem them for CabinCoin. So, the adoption of CabinCoin could give merchants an edge over their competitors, who have not integrated digital currencies into their payment structure yet. As blockchain technology becomes more popular and accessible, more and more stores are starting to accept digital currencies. Since CabinCoin is still in its infancy, its value is likely to increase significantly in the coming years. So, merchants who adopt it now stand to gain enormously in the future.

15


Ecommerce Evolution

The world of ecommerce has evolved rapidly over the years. The explosive growth of online marketplaces has changed the way people shop to a great extent. Experts believe that the next step in the evolution of ecommerce would be the adoption of cryptocurrencies and the blockchain technology. The consensus at the recent Global Ecommerce Summit was that the combination of digital currency and blockchain technology could be the future of online payments. Many online businesses and entrepreneurs have already started working on strategies to make the adoption of cryptocurrency into the ecommerce marketplace as seamless as possible.

Traditional banking system is fraught with inherent flaws that affect online businesses adversely. With the introduction of a cryptocurrency like CabinCoin, such problems could be eliminated completely. In this paper, we discuss how CabinCoin can help online businesses and change the landscape of ecommerce as we know it.

Problems with Traditional Banking System

Fraudulent Transactions This is the single biggest problem that online merchants often battle against. Despite the advancements in Internet security measures, credit card fraud is still very common in online marketplaces. Every year, billions of dollars are lost to credit card fraud and ultimately you are the biggest victim.

16


Processing Fees Online transactions generally carry a processing fee, which is either absorbed by the business owner or passed on to the customer. This is due to the fact that a traditional financial transaction typically runs through a network of banks, credit card companies, and payment processors. Though the fee itself is a very small percentage of the value of the transaction, it adds up very quickly. This is particularly true for small businesses, as they often have a low profit margin and the money they spend on processing and transaction fees could really hurt their bottom line.

Delayed Settlements In most online transactions, the merchant does not get the money as soon as the transaction is made. The settlement process usually takes a day or two and it could be even longer due to weekends, banking holidays, or any unexpected glitches in the payment processing system. During the time when the funds are in transit, you are basically extending credit to your customers. The whole process is inherently skewed against the business owner.

Lack of Privacy There is absolutely no regard for privacy in regular online transactions, as all the parties involved have to enter the name, mobile number, credit card or debit card number, and other such information for every single transaction.

Now, let us find out how CabinCoin can eliminate the aforementioned problems

and benefit your online business.

17


Advantages of Accepting CabinCoin at Online Stores

Safe and Secure Transactions This is by far the biggest advantage of accepting CabinCoin at your store. A transaction can be initiated only by a person who actually owns CabinCoins. The person has to sign each transaction with a private key, which proves that he or she is the rightful owner of the currency. The transaction is verified by a public key, which checks the private key and ensures that the person who initiated the transaction is indeed the owner of the currency. The whole process is mathematically verifiable and there is absolutely no risk of any sort of fraud or malpractice.

Faster Transactions CabinCoin transactions are initiated and completed in a matter of minutes. There is no settlement process where the funds are in transit for a couple of days. The customer sends you the money, you receive it, and the transaction is verified and recorded in the blockchain network, which is a public ledger which records every transaction that takes place using CabinCoins.

No Chargebacks CabinCoin transactions are inherently genuine and secure. No one can steal the identity of a CabinCoin owner and initiate a fraudulent transaction. A transaction can be completed only if the customer has a digital signature which proves their ownership of the coin. It is finalized and added to the blockchain only after being verified. So, once completed, a payment cannot be reversed for any reason. As an ecommerce business owner, this should give you an immense sense of security, as you do not have to deal with chargebacks and disputes after the transaction is completed, which is often the case with traditional transactions.

18


Private Transactions Sometimes, customers might want to buy something anonymously, without revealing their personal or financial information. It is virtually impossible in a traditional transaction as it cannot be completed without giving credit card or bank account details. With CabinCoin, transactions can be 100% private and anonymous. The customer can mint a brand new coin for each new transaction and it is virtually impossible to trace the ownership of the coin back to them. It allows them to buy things online without worrying about revealing their identity.

Global Acceptance and Appeal With traditional banking, there are certain barriers that prevent you from going truly global. The payment processing system might not be active in certain countries due to various reasons like lack of security in the country’s banking system, insufficient financial regulations, international trade ban, and noncompliance with the tax laws of the country where the payment processer is located. With CabinCoin, there are no such problems as it is a digital currency which is not bound by any geographical limits. The merchant and the customer could be located anywhere in the world and still do business with each other. So, you can cater to the needs of a truly global customer base.

Loyalty Program Loyalty programs are one of the most effective ways to develop a sense of loyalty and appreciation among your core customer base. CabinCoin has a loyalty program wherein you can offer your customers CabinPoints on purchases made, which they can redeem for CabinCoins. They can then use the CabinCoins to buy things or convert them into regular currency and spend it any way they like. This is an excellent way to reward your customers and encourage them into spending more.

19


CabinWallet Adoption of Cryptocurrencies Made Easier Right within CabinWallet, you will also have the ability to exchange your digital assets without

the need to exit out to an external exchange platform. For example, you may exchange Bitcoin

for CabinCoin, exchange Bitcoin to Ethereum, etc.

Features:

▪ Multicurrency wallet & integrated exchange platform

▪ Create multiple wallets with multiple addresses per wallet

▪ Secured web application

▪ Two-Factor authentication with Google Authentication or PIN

▪ Secured asset & private key storage with 256-bit AES

encryption

▪ Send & receive cryptocurrencies

▪ Make online payments by scanning QR codes or sending to

wallet addresses

▪ Live update of transactions and wallet balances

▪ Viewing of transaction history with export function

▪ Simple wallet backup and recovery

▪ Multisignature contract edits and account management

▪ Manage multiple accounts and local address books

▪ Refer a friend affiliate system

▪ Receive notifications when new transactions occur in your

wallet.

20


The Role of Cryptocurrencies in the Future of Ecommerce One of the interesting facts about cryptocurrencies like CabinCoin is that they are protected against inflation. External factors like monetary policies of governments and political instability do not apply to digital currencies. Moreover, the creation and circulation of digital currencies is limited by design to make sure their value does not go down to staggeringly low levels at any point of time, as is occasionally the case with fiat currencies. The threat of identity theft and credit card fraud are two important reasons why many people are still hesitant to shop online, particularly when it comes to high value transactions. With CabinCoin, such a problem does not even arise in the first place as each and every transaction is protected against identity thefts and frauds. So, by adopting CabinCoin, you might be able to lure customers who are otherwise reluctant to shop online. Cryptocurrency is one of the most important factors that could reshape the future of ecommerce. Already, a number of businesses – online as well as brick and mortar – have started accepting digital currencies and the trend has begun. CabinCoin eliminates the problems of credit card fraud and identity theft, both of which are a major drain for any business. So, an increasing amount of ecommerce businesses are likely to make the transition to digital currency to save time and money. Cryptocurrency and blockchain technology are to ecommerce what the Internet was to traditional media. The change is imminent, inevitable, and for the better. So, ecommerce businesses that adopt CabinCoin now can stay a step ahead of their competitions and benefit immensely in the future.

Let us now take a look at CabinCoin’s loyalty program and what it has in

store for merchants and customers.

21


CabinCoin Loyalty Program A Mutually Beneficial System for Merchants and Customers

Loyalty programs are a salient way for merchants to acquire new customers and retain existing customers. CabinCoin has created a first-of-its-kind loyalty program for merchants. The program allows merchants to buy and issue CabinPoints for purchases made by their customers, who can then redeem the points for CabinCoin. Using the program, merchants can acquire and retain customers, expand their presence, and increase their revenue. The program also offers customers an opportunity to monetize their shopping

habits and enter the world of cryptocurrencies without actually having to buy them in the first place, since they can accumulate the points and then redeem them for CabinCoins. The program is easy to understand, easy to implement, and is designed to benefit all the parties involved. Each point has a specific value ($0.01 USD) and it stays constant at the time of issuing and at the time of redeeming. Each point issued and redeemed is also kept track of. So, the whole process is completely secure and transparent. The future of e-commerce is headed in the direction of cryptocurrencies. Merchants who can see the signs today and prepare themselves ahead of their competition stand to gain a lot in the coming years. Integrating CabinCoin into their payment structure and participating in the rewards program can be a huge advantage for e-commerce businesses, brick & mortar merchants, online marketers and help them stay a step ahead of their competitors who are yet to embrace the change.

22


The Need for Reward Programs

The success of any business depends on its loyal customers, who form the majority of its core customer base. This is why it is often said in the business world that 80% of the business is generated by 20% of the customers. There are a number of reasons for this phenomenon.

• Loyal customers are less likely to defect to another business. They identify with and relate to your brand and business and are not likely to jump ship easily.

• They are likely to buy more often and spend more money with each purchase than a new customer, since they use your products and services regularly and trust you implicitly.

• They are more likely to recommend your business to others than first-time customers.

• Consumers these days expect something more from merchants. It could be reward points, discounts, or early-bird offers. Statistics show that the average consumer in North America actively participates in loyalty programs and is constantly on the lookout for merchants who offer ‘more’.

23


How Reward Programs Can Increase Customer Loyalty

A reward program, by definition, is designed to develop a sense of loyalty among customers. As a merchant, you reward your customers every time they buy something by issuing points, which could be converted into cash or used to buy a product or service. Basically, you are rewarding customers for doing something they normally do. This gives them an incentive to do it more often, as they stand to gain more by doing so. Once customers start accumulating points, they tend to calculate the cost of future purchases in terms of reward points, rather than cash. They start thinking along the lines of buying something using x number of points, rather than with x amount of cash. Even

in programs where reward points can only be redeemed for cash and cannot be used to buy products directly, the thought process is very similar. They think more about accumulating enough points to make a purchase rather than saving up enough money. What this means is that they are likely to buy more from you in order to be able to achieve their target in terms of reward points. As a merchant, you cannot ask for anything more, as there is a very high possibility of increased spending and purchases from every single customer involved in the rewards program.

24


The Benefits of the CabinCoin Rewards Program for Merchants

The CabinCoin rewards program is designed for online merchants as well as those who run a brick and mortar businesses, both who stand to gain enormously by integrating CabinCoin into their payment structure. Online merchants or businesses that also have an online sales/business presence, in particular, can benefit enormously by making the transition from regular currency to CabinCoins. Let us now take a look at the many different ways in which the CabinCoin rewards program can benefit you.

Easy to Implement The program is designed in such a way that it is easy to understand and easier to implement. Each point has a specific value that stays constant at the time of purchase and at the time of redeeming. Plus, the CabinCoin rewards system keeps track of every single point issued and redeemed. So, there is absolutely no room for any confusion whatsoever.

Complete Control for Merchants As a merchant, you have complete control over the number points you issue for every purchase. This is a great feature, as you can increase or decrease the number of points you issue depending on various factors. For instance, if you introduce a new product or service, you could issue more points for each purchase than what you usually offer for your regular products. It will allow more people to buy the product, just so they could accumulate more points. Similarly, if your competitor has a product similar to yours and if you both are competing for the same market, you could sweeten the deal by issuing more points and persuade the customers into choosing your product over your competitor’s.

25


Customer Acquisition

Issuing CabinPoints is a fantastic way to acquire new customers, who otherwise might have been reluctant to buy from you.

Customer Retention

By issuing CabinPoints with each purchase, you are essentially subsidizing the future purchases of your customers. Customers can accumulate points, redeem them for CabinCoins, and use them for their future purchases. So, customers are likely to buy from you again and again – it results in more savings for them and more business for you. It is a perfect loop of business transaction where both you and the customer stand to gain a lot in the long run.

Global Appeal CabinCoin rewards program gives your business a global appeal. Customers from any country could collect CabinPoints by purchasing from you and redeem them whenever they want. The program helps you cater to the needs of an international customer base and create a global online presence.

Improve Employee Productivity and Efficiency You can incentivize the good behavior of your employees – completing tasks on time, being proactive, achieving goals, and so on – by offering CabinPoints. It could be a great way to increase productivity and efficiency in your business.

26


The Benefits of the CabinCoin Rewards Program for Customers

Cash Back on All Purchases As a customer, you stand to gain monetarily every time you make a purchase by receiving cash back paid in CabinPoints. You can accumulate your points and convert into CabinCoins any time you want. In other words, you are saving money on your future purchases.

Global Acceptance It is a global program. No matter where you live, you can accumulate and redeem points any time you want and spend it on anything you like.

Enter the Crypto World If you have never owned cryptocurrencies before, this could be your best opportunity to enter the world of decentralized digital economy. Without actually investing your money into digital currencies, you could simply accumulate CabinPoints, redeem them for CabinCoins, and then use them to make purchases.

Rise in Value Most importantly, CabinCoin is a new entrant into the world of cryptocurrencies. Its value may move in a favorable direction. You already have the example of Bitcoin; whose value was a few dollars at one point and is now worth thousands of dollars. So, having CabinCoin may be good for your future.

27


The Privacy Problem with Bitcoin Bitcoin maintains a public ledger known as blockchain, which records every single transaction and can be accessed by everyone on the network. The distributed public ledger was initially designed as a preventive measure to make sure people do not spend the same coin twice. The ledger also offers concrete proof of ownership of each Bitcoin generated to each and every one on the network. So, at any given point of time, users can calculate their available balance and confirm the veracity of transactions to make sure people only spend Bitcoins that they actually own. The problem with such a setup is that certain transactions can be traced back to the owners and spenders, partially or completely exposing their identities in the process. While it is incredibly hard to do it, cryptographic experts believe that the pattern analysis techniques used to analyze social network topology can be applied to Bitcoin network topology as well, which could make it possible for third parties to reveal the identities of the persons involved in transactions.

Blockchain Technology as the Solution to Data Breaches

The recent fiasco at Equifax led to an important question – just how safe is our data? As data breaches become more and more common, people are wondering if it is time we started looking for alternative security measures, rather than persisting with an inherently vulnerable system. Data breaches have happened before, but the Equifax breach took everyone by surprise because it is one of the largest credit reporting agencies in the world. It is also perhaps the largest data breach in American history, with the credit details of over a 140 million Americans being compromised.

28


The Problem with Centralized Databases Apparently, the enterprise platform used by Equifax was vulnerable to cyber attacks, a fact which was disclosed to Equifax a few months before the data breach took place. The company did not take it seriously and millions of Americans paid the price for it. This is not the first time it has happened, and it certainly will not be the last time, no matter how much companies try to ‘upgrade’ their security systems. There is a two-fold problem with credit reporting agencies and other such companies that have people’s personal and financial information. First, centralized databases and servers are inherently vulnerable to large-scale attacks. If hackers manage to crack into one large server, they have access to the data of millions of people. Secondly, the level of cryptography in the current technological situation is simply not sufficient.

The Blockchain Solution

Blockchain technology offers a solution to both these problems. First, there is no centralized server or database in a blockchain infrastructure. The data is stored in blocks across a decentralized, distributed, peer-to-peer network. There is no single point of entry that gives access to a large amount of data. Secondly, the blockchain infrastructure is protected by layers of cryptography, which are extremely hard to hackers to break into. By any measure, blockchain technology is better and safer than the current centralized system of data storage. So, many people

are advocating for the adoption of blockchain infrastructure to avoid or at the very least lower the risk of large scale data breaches in the future. With the arrival of new currencies like CabinCoin, the technology also evolves constantly, as the new currencies want to break out of the mold of Bitcoin and make their own mark. For instance, CabinCoin addresses the lack of privacy issue in Bitcoin blockchain by combining each transaction with a Monero transaction, which allows for 100% anonymous transactions between two entities. As the industry grows larger and more diverse, we are likely to see more such innovations and improvements, which will only make cryptocurrencies and blockchain technology more appealing to large companies and corporations.

29


Conclusion

The financial industry in its current state has a number of inherent flaws that could be addressed by the introduction of digital currencies and the blockchain technology. The adoption of blockchain could eliminate the need for payment processers in financial transactions and benefit both parties involved in the transaction immensely. It can also lower the risk of data breaches significantly and make data storage and financial transactions a lot safer. Particularly in case of ecommerce, cryptocurrencies like

CabinCoin could play a huge role in the coming years. Already, businesses have started accepting cryptocurrencies and the trend is certainly likely to continue in the future. Despite the explosive growth of ecommerce, there are still a large number of people in the world who are not yet sold on the idea, due to the inherent unreliability of traditional transaction methods and the volatility of fiat currencies. So, the industry as a whole could benefit greatly by adopting digital currencies like CabinCoin. CabinCoin is unlike other currencies in the sense that it has gone above and beyond what other digital currencies have done so far to be accepted by merchants and customers alike. Every single feature of the coin is designed to encourage people to adopt CabinCoin and use them in day-to-day transactions, just like they use fiat currencies. The best part of course is that CabinWallet is not restricted to storing CabinCoin alone. You can store and spend any digital currency you want. So, in a sense, the success of CabinWallet could not only benefit CabinCoin, but the cryptocurrency industry as a whole! CabinCoin also offers a solution to the privacy problem that Bitcoin and a number of other digital currencies are fraught with. The assurance of 100% anonymity is a huge relief for people who wish to remain anonymous online and want to safeguard their personal and financial data from the prying eyes of hackers, corporations, and government agencies. Despite minor setbacks in the short term – like the Chinese crackdown on cryptocurrency trading and the recent SEC rulings – cryptocurrencies are here to stay because blockchain, as a technology, could benefit the financial industry enormously in the coming decades. Moreover, by bringing cryptocurrencies under its scanner, the SEC has added a sense of legitimacy and authenticity to the industry as a whole, which is definitely a positive development. The Equifax fiasco and a number of other data breaches in the past few years have proved that there are massive holes in our current data storage system, which needs a complete overhaul. The introduction of blockchain technology could just be the solution to this problem, as a

30


decentralized system protected by layers of cryptography makes it incredibly hard for hackers to penetrate into the system and gain access to the data. On the whole, cryptocurrency, backed by the blockchain technology, is what the global financial industry needs today. It can make our transactions faster, more secure, and more private and keep our data safe. It can offer us a welcome relief from fiat currencies and the current financial system, which is rife with systemic problems and vulnerable to political manipulations. The widespread acceptance of digital currencies like CabinCoin could finally result in a free and fair financial market that we long for.

31


CabinCoin Website

▪ CabinCoin Website Release Date: July 14, 2017 ▪ CabinCoin Purchase Portal Release Date: October 27, 2017

Our CabinCoin adaptive and responsive website caters for any possible screen resolution by

seamlessly scaling to give you a perfect viewing experience on different media formats

including smartphones, tablets, netbooks, laptops, and desktop monitors.

The CabinCoin Purchase Portal allows you to securely purchase CabinTokens, view your

orders, and add top-up your asset allocation.

32


CabinWallet Portal Website

▪ CabinWallet Portal Website Release Date: Q4, 2017

The new CabinWallet makes using CabinCoin, Bitcoin and other cryptocurrencies easier

than ever before. CabinWallet will generate the decentralized application user interface

(“UI”) with a fast and responsive user experience. This web UI renders responsively on

desktop, tablets and smart phones.

33


Project Timeline

2017 2018 2019

CabinCoin Concept Meetings

CabinCoin Team Acquisition

CabinCoin Website Launched

CabinToken Sale Begins

CabinCoin Purchase Portal Released

.

CabinWallet Available

CabinCoin goes live on an exchange

CabinPoints Rewards become available

34


Budget Allocation of Token Sales

30% Development Core development team to deliver on the CabinCoin initiatives. CabinCoin Wallet, CabinCoin Ethereum tokens, smart contracts, and delivery to the blockchain

12% Operations Business operations include staff, support, hardware costs, office costs, hosting, infrastructure.

12% Marketing Content and digital marketing team to deliver sponsorships, partnerships, and social media ad purchases to scale the member base.

11% Legal Licencing Corporate structuring, licensing in various jurisdictions, and ongoing compliance costs with regulatory bodies.

25% Trading Reserve

The trading reserve will be used to support CabinCoin on the live markets. For CabinCoin to hold value when volatility is triggered by traders, the trading reserve can stabilize the trading price and ensure no loss of value.

10% Other Contingency fund set aside for unforeseen costs. Integration costs with possible 3rd party partnerships. Future development, expansion, upgrades.

Development Operations Marketing Legal & Licencing Trading Reserve Other

35


Implementation: Ethereum and ERC20 CabinCoin will be implemented on the public Ethereum blockchain as an ERC20 token.

The Ethereum blockchain is currently the industry standard for issuing custom digital assets and

smart contracts. The ERC20 token interface allows for the deployment of a standard token that

is compatible with the existing infrastructure of the Ethereum ecosystem, such as development

tools, wallets, and exchanges. Ethereum’s ability to deploy Turing-complete trustless smart

contracts enables complex issuance rules for cryptocurrencies, digital financial contracts, and

automated incentive structures. These advanced features and active ecosystem make Ethereum

a natural fit for CabinCoin.

36


Why Ethereum? (Excerpt from Ethereum whitepaper https://github.com/ethereum/wiki/wiki/White-Paper)

Ethereum has become the standard for decentralized distributed computing platforms. It’s digital

currency, Ether, has also become one of the most popular and fastest growing offerings. Many

innovative companies are quickly joining the development ecosystem to deliver value not

previously possible. The CabinCoin team believes that as more services come into existence on

the Ethereum network, our product will become more valuable to everyone. The momentum

behind Ethereum as a blockchain-based development platform is unrivaled at present.

In addition to its popularity, many large organizations have banded together to form the EEA, a

consortium whose purpose is to ensure Ethereum is a suitable platform for reliable, enterprise-

grade technologies backed on the blockchain. Major new projects are being increasingly demoed

by both startups and established mega-companies on Ethereum, thanks to the rich environment

it provides. Their contributions will help ensure future versions of Ethereum reach their potential.

Ethereum is also a constantly evolving ecosystem. The Ethereum Foundation has demonstrated

a clear commitment to continual innovation with planned milestone releases, going above and

well beyond in having core developers engage and solicit feedback from the larger community,

and in experimenting with new features. The Ethereum Foundation has spent their time and

effort wisely, and also have provided new tooling that is well planned and valuable. As evidence

of this, Ethereum’s experimental Viper language for smart contracts will provide significant

improvement in smart contract safety and security.

While we believe Ethereum currently provides the best and most robust platform for developing

impactful and secure smart contracts, we also recognize that smart contract technology is a

young and agile ecosystem, liable to rapid change both in future iterations of existing platforms,

and in the emergence of future blockchain systems. We at CabinCoin are committed to our core

philosophy of providing accessible smart contracts, and thus remain open to exploring additional

platforms.

37


CabinCoin Sample Code

This is an example of a sender and receiver token exchange.

// Abstract contract for the full ERC 20 Token standard

// https://github.com/*****************8

CabinCoin solidity ^0.4.6;

contract Token {

/* This is a slight change to the ERC20 base standard.

function totalSupply() constant returns (uint256 supply);

is replaced with:

uint256 public totalSupply;

This automatically creates a getter function for the totalSupply.

This is moved to the base contract since public getter functions are not

currently recognised as an implementation of the matching abstract

function by the compiler.

*/

/// total amount of tokens

uint256 public totalSupplytest;

/// @cc _owner The address from which the balance will be retrieved

/// @return The balance

function balanceOf(address _owner) public view returns (uint256 balance);

/// @notice send `_value` token to `_to` from `msg.sender`

/// @cc _to The address of the recipient

/// @cc _value The amount of token to be transferred

/// @return Whether the transfer was successful or not

function transfer(address _to, uint256 _value) public returns (bool success);

/// @notice send `_value` token to `_to` from `_from` on the condition it is

approved by `_from`

/// @cc_from The address of the sender

/// @cc_to The address of the recipient

/// @cc_value The amount of token to be transferred

/// @return Whether the transfer was successful or not

https://github.com/*****************8

38


function transferFrom(address _from, address _to, uint256 _value) public

returns (bool success);

/// @notice `msg.sender` approves `_spender` to spend `_value` tokens

/// @cc_spender The address of the account able to transfer the tokens

/// @cc_value The amount of tokens to be approved for transfer

/// @return Whether the approval was successful or not

function approve(address _spender, uint256 _value) public returns (bool

success);

/// @cc_owner The address of the account owning tokens

/// @cc_spender The address of the account able to transfer the tokens

/// @return Amount of remaining tokens allowed to spent

function allowance(address _owner, address _spender) public view returns

(uint256 remaining);

event Transfer(address indexed _from, address indexed _to, uint256 _value);

event Approval(address indexed _owner, address indexed _spender, uint256

_value);

}

CabinCoin solidity ^0.4.11;

import './BasicToken.sol';

import './ERC20.sol';

/**

* @title Standard ERC20 token

*

* @dev Implementation of the basic standard token.

* @dev https://github.com/ethereum/EIPs/issues/20

* @dev Based on code by db_squared: https://github.com/******************

*/

contract StandardToken is ERC20, BasicToken {

https://github.com/ethereum/EIPs/issues/20

https://github.com/******************

39


mapping (address => mapping (address => uint256)) internal allowed;

/**

* @dev Transfer tokens from one address to another

* @Cabincoin_from address The address which you want to send tokens from

* @Cabincoin_to address The address which you want to transfer to

* @Cabincoin_value uint256 the amount of tokens to be transferred

*/

function transferFrom(address _from, address _to, uint256 _value) public returns

(bool) {

require(_to != address(0));

require(_value <= balances[_from]);

require(_value <= allowed[_from][msg.sender]);

balances[_from] = balances[_from].sub(_value);

balances[_to] = balances[_to].add(_value);

allowed[_from][msg.sender] = allowed[_from][msg.sender].sub(_value);

Transfer(_from, _to, _value);

return true;

}

/**

* @dev Approve the passed address to spend the specified amount of tokens on

behalf of msg.sender.

*

* https://github.com/************************************

* @Cabincoin_spender The address which will spend the funds.

* @Cabincoin_value The amount of tokens to be spent.

*/

function approve(address _spender, uint256 _value) public returns (bool) {

allowed[msg.sender][_spender] = _value;

Approval(msg.sender, _spender, _value);

return true;

}

/**

* @dev Function to check the amount of tokens that an owner allowed to a

spender.

* @Cabincoin_owner address The address which owns the funds.

https://github.com/************************************

40


* @Cabincoin_spender address The address which will spend the funds.

* @return A uint256 specifying the amount of tokens still available for the

spender.

*/

function allowance(address _owner, address _spender) public constant returns

(uint256 remaining) {

return allowed[_owner][_spender];

}

/**

* approve should be called when allowed[_spender] == 0. To increment

* allowed value is better to use this function to avoid 2 calls (and wait until

* the first transaction is mined)

* From

*/

function increaseApproval (address _spender, uint _addedValue) public returns

(bool success) {

allowed[msg.sender][_spender] = allowed[msg.sender][_spender].add(_addedValue);

Approval(msg.sender, _spender, allowed[msg.sender][_spender]);

return true;

}

function decreaseApproval (address _spender, uint _subtractedValue) public

returns (bool success) {

uint oldValue = allowed[msg.sender][_spender];

if (_subtractedValue > oldValue) {

allowed[msg.sender][_spender] = 0;

} else {

allowed[msg.sender][_spender] = oldValue.sub(_subtractedValue);

}

Approval(msg.sender, _spender, allowed[msg.sender][_spender]);

return true;

}

}

41


Whitepaper v2€¦ · CabinCoin Whitepaper v2.1 Disclaimer CabinCoin and CabinTokens are not...

Documents

Transcript of Whitepaper v2€¦ · CabinCoin Whitepaper v2.1 Disclaimer CabinCoin and CabinTokens are not...