WHITE PAPER VHCoin An Ethereum-based decentralized platform, an electronic encryption currency build to lead the fourth industrial revolution. 2017 2018 Built on an enormously powerful shared global infrastructure that move value around and represent the ownership of property.
01 TABLE OF CONTENTS IN THE BEGINNING Problem Identification Proposed Solution VHCoin Background Vision Mission OBJECTIFICATION Remittance: The Global Demand A Billion Dollar Business Impact On A Global Scale National Level Community Level Household Level A Worldwide Projection VSPARK The Technology Of Tomorrow An Introduction To Cryptocurrency The Power Of Decentralized Currency The Origins Of Cryptocurrency Boundless Growth The Unparalleled Comparison The Immeasurable Potential The Effortless Transaction The Strengths Of VSPARK The Ever-expending Service The Platform Sending Remittance Receive Remittance Transaction History Transfer Status Remittance On The Go THE TECHNOLOGY Ethereum The Power of Ethereum Proof-of-Cooperation (PoC) Benefits 03 04 04 05 05 05 06 06 06 07 07 08 08 09 10 10 10 11 11 12 13 14 14 15 16 17 17 19 19 20 21 22 22 22 23 23
02 PROJECT TIMELINE 2014 2015 2016 2017 2018 2019 24 24 24 25 25 26 26
03 IN THE BEGINNING Our story begins with the creation of our project in 2014. The ideology was simple, to create a better tomorrow. A vision and sentiment that was passionately shared with the rest of our team. Their passion for ever innovative science and technology has led to the advancement and success of our project, our proud contribution towards creating a better future.
04 IN THE BEGINNING IDENTIFYING THE PROBLEM While the future may be promising, it is still full of potential problems that require a smart or superior solution. Humanity is making excellent breakthroughs in scientific research, medical advancements, technological innovation, and artificial intelligence, all of which will inevitably improve our daily lives and dramatically alter our lifestyles. However, each technological breakthrough comes with a cost. It is the cost of financial remittance that we see as one of the key problems we can solve through our project. Millions of financial transactions take place on a global scale, yet the secure methods for processing that have been the staple of security are also the same barriers that are preventing global remittance from evolving beyond its current flawed form. We seek to remedy the problem of long processing times, high fees and monetary bureaucracies and bring forth a modern digital solution. The benefits of our solution should not only improve the lives of everyone transferring money across the globe but save society billions of dollars in discounted fees! This is the heart of our motivation. We believe a solution that works on a global scale is truly something worth working towards. PROPOSED SOLUTION We will be creating a global remittance service platform that will offer lower transfer fees for all. This is done by simply cutting out the middleman, reducing the exorbitant fees and slow transfer times currently required. As our platform is digital, the very nature of our service is near instantaneous and secured through the advanced cryptography and security of blockchain technology. This revolution in global remittance can only be made possible through our backers. As such we vouch to reward all our backers with dividend returns for supporting our efforts to make the world a better place.
05 IN THE BEGINNING VHCoin BACKGROUND The initial seed for the idea germinated in the middle of 2014, when we realised that there was a significant percentage cost in transferring money. It was during this time that potential solutions were being explored by multiple start-ups, some with similar goals while others went for different applications and usage of the blockchain technology. At that time, the technology was still being tested and developed for a wider range of applications but by early 2015, we'd begun to understand the implications of the technology and what it could do to further help solve the problem and provide cheaper global remittance. We have since conducted a number of feasibility and market studies to determine the viability of VHCoin as a platform and service before fully committing to the development of the project. It was in the middle of 2016 that we successfully developed our own working model of VHCoin. With VHCoin, our users were able to perform money transfers across the world at a minimal cost as there are no intermediary s charges to worry about. After our initial success, our project caught the eye of Vitaxel Group Limited (USA), an influential company specialised in various travel, entertainment and lifestyle offerings. Together with their support, we've managed to expand our services to their members and significantly improve their lives. This partnership was then further strengthened through the introduction and subsequent partnership with Ho Wah Genting Group (USA) Limited, a US-listed company specialising in promoting travel and entertainment, property and resort developments. The collaboration with these 2 groups has pushed the development of VHCoin to the next level and we are proud to announce that we are now working towards VHCoin's first ICO! VISION Our vision is to bring forth a better tomorrow by continually developing projects that greatly contribute to helping the world. MISSION Our mission is to create a single secure ecosystem with VHCoin as its base and provide a cheaper solution to global remittance.
06 OBJECTIFICATION REMITTANCE: THE GLOBAL DEMAND An ever growing and always in demand service, one that is especially popular amongst foreign worker and families, one that many small and large business greatly rely upon; the remittance service. Remittance service enabled everyone to be able to perform money transfer globally, regardless where you are from and what profession you hold, remittance service always a need. Remittance is not a new concept to the world, in fact it is more common for people to be involve in remittance service than not to be and remittance have always been part of human history. Especially in the European region, remittance have been heavily relied upon since the 19th centuries, thus in resulting most countries creating policies on remittances as after a detail research, remittance have place a major role in their economy, one so huge that it can even potentially affect the country s economy. In 1901, Italy was the first country in the world to enact a law to protect remittance, where several countries even have signed international treaty just to lower the cost of the remittance received. A BILLION DOLLAR BUSINESS As humanity advance, so did our population, in the last 10 years our population have increased by about a billion, about 100 years ago it was estimated to have less than 2billion people and today we are 7.5 billion strong. This resulting in people urbanizing once place to another, moving from one country to the next, regardless if it for work, study, business opportunity or family. With that said, according to World Bank, it was estimated that over 585 billion of remittance service was done on 2016 alone. The remittance was playing such a major role in the economy that back in September 2008, the World Bank established the first international database for remittance prices, a worldwide remittance prices database that covers over 200 counties worldwide, containing data details on both sending and receiving remittance. The primary reason for this is that the World Bank is enforcing a bench mark by putting the pressure on the remittance service provide while simultaneously supporting and improving the consumer s choices. Since 2008, many counties government have come together in an attempt to lower the cost of remittance services, even if it by a mere 5% over a long period of 5 years. Though it may seem like a feeble attempt but with a mere reduction of 10% to an average of 5% remittance service cost, it could potential give back the user billions of dollar a year and thus in return giving back the consumer what was rightfully theirs.
07 OBJECTIFICATION IMPACT ON A GLOBAL SCALE Remittance are also commonly known as person-to-person payment at relatively low value. Assuming an average migrant would typically but not always perform a USD200 remittance on a monthly basis, which this amount may not look like much, it is often cover more than 50% of the family s income back home. Despite it sounding like a relatively small amount, the same amount can potentially be a critical lifeline for millions of individuals households, the amount is sufficient to help the family raise their living standard, provide for the day to day needs, making their life more sustainable and simultaneously improving the health and giving their an educational opportunity. Although these services are highly in demand especially to the financially excluded populations, but they have to actively make use of unregulated financial services, primary due to the financial institutions either unwilling or unable to provide them access to services that suit their needs, thus in resulting the, to rely upon remittance services. The given example was just one of the many problematic scenario being faced now, to truly understand just how important remittance services are, it can essentially be broken down into three levels, national, community and household. NATIONAL LEVEL An estimated number of 25 countries received more than 10% of their GDP from remittance, and for some country such as Somalia, it is estimated that remittance cover close to 50% of it s GDP. White remittance act as a safety net, making live more sustainable, potentially lifting them out of poverty and greatly reducing the need to rely on social programmes. Providing help in time of needs, ensuring that family members are able to remits money back to their loved one when it is necessary, and contributing greatly to their country s economy, especially during times of political instability, economic strife or even unexpected natural disaster. 10% 10% 10% 10% 50% 10% 10%
08 COMMUNITY LEVEL Some of the most underappreciated contribution made possible by remittance is it s contribution in making the growth of community possible. By remitting money back home, they are able to provide an infusion of cash back into their local commerce, by supporting their local businesses or markets, it can help to expend the financial infrastructure and provide access to services that are often deem unavailable. These funds can further help create local jobs, creating social services, building schools, community centres, medical facilities and many other infrastructure, thus improving the quality life of the locals. HOUSEHOLD LEVEL There is a reason hat remittance was once call the world s largest poverty reduction programme. Over 40% of a general family household income are spend on the basic necessities such as food, clothing, day to day need, shelter, for the more fortunate one, they would invest into health, education, housing and many others, these funds are vital in providing millions of families around the world a better quality of life. Furthermore by having these fund, it can help the household on time of need, to solve unpredictable problems, or in time of crisis. And sometimes up to 20 to 30 percent of these remittance can be used as saving or even investment. $ $ $ $ $
09 OBJECTIFICATION A WORLDWIDE PROJECTION Based on the estimation from World Bank, the worldwide remittance has been consistently growing, and with the advancement of technology and growth of popular, it is definite that the demand of remittance would grow. According to World Bank reports, In the year 2016 alone, a total of 585 billion of remittance was performed. Where the top 10 countries in term of receiving are India at 71 Billion, China at 60.2 Billion, Philippines at 26.1 Billion, Mexico at 22 Billion, Nigeria at 21 Billion, Egypt at 20 Billion, Pakistan at 14.9 Billion, Vietnam at 10.7 Billion, Ukraine at 9,3 Billion and finally Indonesia at 7.9 Billion. Based on the figure above it is shown that the top 10 receiving counties alone cover over 45% of the total remittance thus providing the list of popular receiving counties. India China Philippines Mexico Nigeria Egypt Pakistan Vietnam Ukraine Indonesia And based on the estimated report from World Bank, it is estimated that on the year 2013, a total of 574 Billion of remittance was performed, follow by 596 Billion on 2014, 580 Billion on 2015 and 585 Billion on 2016, based on these figure and behaviours it is estimated that on the year 2017 the remittance will grow to estimate of 606 Billion and 628 Billion for the year 2018. These shows the potential growth of the remittance service as more and more people begin to rely on these services and its demand will only grow further over time. Remittance in Billion 628 606 596 574 580 585 2013 2014 2015 2016 2017 2018
10 VSPARK THE TECHNOLOGY OF TOMORROW VSPARK is an innovative modern remittance service that utilizes blockchain and fintech to revolutionized traditional money transfer method. By combining the power of fintech and cryptocurrency, this modern money transaction method would drastically reduce the cost of performing money remittance. AN INTRODUCTION TO CRYPTOCURRENCY Similar to other normal currencies such as MYR, USD, cryptocurrency is designed for the sole purpose of exchanging digital information via a process known as cryptography. In other terms; cryptocurrency is a digital currency that have monetary values. But unlike traditional currencies, one of the key perk of cryptocurrency is that it is decentralized.
11 VSPARK THE POWER OF DECENTRALIZED CURRENCY The key different between normal currencies and cryptocurrency is that normal currencies uses centralized banking, whereby the value of it is controlled by a single entity through the process of printing fiat money. Where else cryptocurrency is fully decentralized whereby the responsibilities is held by the public function instead of being controlled by a single central entity. Centralized Decentralized THE ORIGINS OF CRYPTOCURRENCY Introduced back in 2009, the first cryptocurrency also known as Bitcoin was created by a group of developer under the pseudonymous of Satoshi Nakamoto. By the year 2015, over 100,000 merchants and vendors worldwide has begun accepting bitcoin as payment. And by the year 2017, the value of Bitcoin has sky rocketed to an impressive value. Reference http://www.coindesk.com/price/ dated January 1st 2015 to May 28th 2017 $2500 $2000 $1500 $1000 $500 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17
12 While Bitcoin is known to be the primary cryptocurrency, there are hundreds of alternative coins also known as altcoins, available in the market. One of the largest altcoin is known as Ether by Ethereum initialled on mid-2015. By the year 2017, the value of Ethereum have greatly increase. Reference http://www.coindesk.com/ethereum-price/ dated September 1st 2015 to May 27th 2017 $150 $125 $100 $75 $50 $25 $0 Jan 16 Jul 16 Jan 17 BOUNDLESS GROWTH Based on the evidence above, it is conclusive that the digital world is moving towards the direction of cryptocurrency and as time goes by the value will grow bigger as more individual begin accepting cryptocurrency, furthermore due to it being decentralized, the value of the currency is control but the public thus making it a fair and just currency.
13 VSPARK THE UNPARALLELED COMPARISON Traditionally money remittance services are commonly performed via Money Transfer Operator, sometimes going from one Money Transfer Operator to another, which in result in an increase of the transaction cost and delay. With the innovative technology of VSPARK, user can easily by pass the Money Transfer Operator and transfer the money directly. Traditional Method VSPARK Method John Malaysia John Malaysia Correspondent Bank John s Bank VSPARK Central Bank Jane Thailand Local s Clearing Institution Jane s Bank Jane Thailand
14 VSPARK THE IMMEASURABLE POTENTIAL All remittance service done via Vspark are completed using an advance cryptocurrency platform known as VHCoin. A technology build based off Ethereum, one of the world largest cryptocurrency platform. One of the biggest perks of being decentralization digital currency is that, it is not being controlled by a single entity, thus making the potential growth of the currency immeasurable. As our system grow more and more user will be doing remittance trade via VSPARK, thus giving VHCoin an huge growth potential. THE EFFORTLESS TRANSACTION Completing a transaction have never been this easy and convenient, all you need are just 3 simple steps! Furthermore, this service is made available anywhere, anytime. TOP-UPS & REWARDS Top-up and to start transferring. VSPARK offers additional rewards for our VIP customer or referring our service to your friends. RECEIPTS Gone are the days of paper receipts for transactions. Both you and your recipient are notified of the transaction with full details records of every transaction. SEND VSPARK makes it easy to send VHCoin to several VSPARK connected location. Just 3 simple clicks to complete your desire transaction.
15 VSPARK THE STRENGTHS OF VSPARK Trust One of the main features of VSPARK is trust & transparency. The receiver will get the exact amount, we promise! Compliance automation All KYC/AML details are stored securely on our cloud and your customers can pre-approve KYC details for faster transaction times. Speed Speed of service is just as important as price. VSPARK offers same day or next day payments. Multi-currency We operate in several of the world's national and digital currencies and are always adding more. Stay tuned for more. Earn VSPARK's competitive fee structure is often 2.5x better for our MTOs than the market average. You earn what you made. Secure Our cloud based platform ensures your private data stays private with all communications encrypted by default, PCI compliant data centres and continuous security auditing.
16 VSPARK THE EVER-EXPENDING SERVICE The aim of VSPARK is to provide remittance service for all its user across the globe. In order to achieve that goal, VSPARK is constantly expending its services and availability to users around the world, making it the most convenient remittance service in the world. VSPARK is current available at Malaysia, Hong Kong, Indonesia, Vietnam, Philippines, Pakistan and Nigeria. More location to come! NIGERIA PAKISTAN VIETNAM HONG KONG PHILIPPINES MALAYSIA INDONESIA
17 VSPARK THE PLATFORM Performing a remittance service have never been this easy! VSPARK is a platform aim to make remittance services to be completed in the easiest possible ways. Everything from Sending, receiving, managing transaction, viewing transaction history can be easily done via the navigation panel. Sending Remittance To send remittance, simply click on the Send Money found on the navigation bar. An estimated costs will be givin upon filling up the necessary details and upon completing the remittance, a receipt will be recorded in your account. Create Transfer Calculate Calculate Create Transfer
18 Calculate Create Transfer
19 Receive Remittances The VSPARK platform will have receiving capabilities coming soon. This will connect you with other money transfer operators worldwide and enable your business to send and receive remittances in the available destination countries. This is currently in experimental testing phase and can be enabled upon request. Stay tuned! Transaction History The purpose of Transaction History page is to have one point of reference for all your transactional information so that searching or filtering through transactions is easy. With Transaction History MTOs can view chronologically every transfer made and search transactions quickly through the filtering search bar. Reports: Users are able to create an Excel document report of transactions between a specified time period. At the bottom of the Transaction History page the user can select a date range to download a history of transactions from. Generate report 1 Request Refund
20 Transfer Status There are two points of reference which can be used to view the status of a transfer. For quick references to your most current transfers can be found at the bottom of the Dashboard page. This table includes the status of the transfers and the release codes (if any) when available. For an in depth overview of all remittances made and their status, users can click on Transaction History to view the progress of each transfer made. 13416.91 MYR ACCOUNT BALANCE 6 TOTAL # MONTHLY TRANSACTIONS Request Refund 1
21 VSPARK REMITTANCE ON THE GO In order to improve the conveniences of our user, a remittance app is a must. VSPARK will be release an Android and ios version of the app, to allow all our user to perform remittance on the go, tracking their transaction status, and history anytime, anywhere. 0.00000000 BTC Home oney johndoe@example.com Send Money Send money CLEAR ALL 0.00000000 BTC 05:24 Jan 05, 2017 HP 54947.32 Just now From BTC PHP Select delivery method 11 km 155 km CONTINUE All rates are indicative of the prevailing Bitcoin exchange prices.
22 THE TECHNOLOGY VHCoin is based on the flexible and independent Blockchain technology created by the Ethereum team, allowing VHCoin to function effectively and securely. The VHCoin Wallet is the perfect gateway to decentralized applications. It allows the user to hold and secure VHCoin and other crypto-assets built on Ethereum. At the same time, VHCoin s Blockchain meets the market standards with a clear development perspective, making it a very secure and reliable Cryptocurrency. ETHEREUM Ethereum is a decentralized platform that runs smart contacts: an application that is capable of running exactly as programmed without any possibility of downtime, censorship fraud or third party interference. Run on a custom built blockchain technology which allows all transaction based state machine concepts may be built. Ehereum is an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. THE POWER OF ETHEREUM Ethereum was chosen as a base protocol for VHCoin for many reasons, one being, out of all the available blockchain in the world, Ethereum has the biggest and the most active develop community, therefore the consensus protocol is the most stable and in the event that somethings goes wrong, it is the most likely to recover the fastest. Furthermore it is being endorsed by some of the world s largest financial software such as IBM, Microsoft, Deloitte and many more. Furthermore, Ethereum is a production-ready blockchain that supports smart contacts. Turing complete programming languages that allows next level of freedom in regards to features and security models that can be implemented. Ethereum Virtual Machine (EVM), the virtual machine that executes smart contracts is independent of Ethereum public blockchain. All smart contract software that is develop, is built using Solidity and EVM, which can be decoupled from Ethereum public network and plugged into any other consensus mechanism. It's a merge of Tindermint, EVM and public blockchain. If successful, it will be able to execute 10,000 of smart contract transactions per second in a public blockchain. Transaction confirmation time will also be addressed in Ethereum network by a switch to PoS that is coming in 2017.
23 THE TECHNOLOGY PROOF-OF-COOPERATION (PoC) PoC is a consensus algorithm that is required in the Peer to Peer network of a cryptocurrency. Every node in the network must obey the same set of rules in order to maintain the network s integrity. All connected clients have the same available data and is required to verify the state of the network. BENEFITS One of the biggest benefit as compared to traditional server architectures is that, every application is required to set up its own servers in order to run their own code in isolated silos, making sharing of data difficult. In the event that a single app is compromised or went offline, many users and other apps maybe affected. On the other hand, a blockchain technology allows anyone to set up a node that replicates the necessary data for all nodes to reach an agreement and be compensated by users and app developers. Thus, allowing user data to remain private and apps to be decentralised.
24 PROJECT TIMELINE 2014 2015 Q1 The first problem that the team aim to solve is the problem of remittance, seeing it immeasurable contribution to society on a national scale. We began a concept development, and further refine our idea of using Cryptocurrency as the medium of transaction. Q1 Q2 Once we have a firm grasp of the potential of cryptocurrency and it s potential, we begin applying it to practical uses. We begin introducing our theory to the public, finding out what the public really wants and need and how precising can our solution solve their problem. We have a better understanding of what the market like and wants. So, we begin conceptualizing the project, putting the theory into scenario and weight it s practicality, detail study and research if our proposed solution is really a practical one. Q3 A firm concept of our idea have been finalized, it is time to move on to development documentation. Planning each and every step, following a detail methodology and guideline provided by ISO to further guide our documentation. Q4 We now have a clean picture on the entire project, a precise guideline of what is needed to be done and the development process. Using cryptocurrency as the base of remittance in order to greatly reduce remittance cost will be our core focus.
25 PROJECT TIMELINE 2016 2017 Q1 While the development team is finalizing their data flow diagrams and development standards of procedures, the marketing team have begun planning it s marketing activities. Being a cryptocurrency based project an ICO is a must. Q1 Based on the schedule, VHCoin and VSPARK project is schedule to be release to public by Q2 of 2017, the pre ICO date have been schedule to begin on 1st of June 2017 and ends on 20th August 2017 while the official ICO date is schedule to begins on 21st of August 2017 and ends on 21st October 2017. Q2 By now the development team have completed the system design and development plan. Each steps and process have been drafted down and documented as a process and based on the estimation of the project leader, the ecosystem of VHCoin can be completed by Q2 2017. Q2 The launch of VHCoin ICO and the release of VSPARK system. The marketing team is also working on introducing the potential of VHCoin to the public, key focusing on travel and entertainment industry. A road show even has also been schedule to educate the public of the potential of Cryptocurrency. Q3 Concurrently, while one of the development was focusing on developing our cryptocurrency (VHCoin) a secondary team is in the process of initializing the VSPARK Project. The project that enable everyone to perform remittance service using a cryptocurrency as its base. Q3 The official ICO begins from 21st August 2017 to 21st October 2017, enabling public to purchase VHCoin and also performing remittance via the VSPARK platform, and concurrently the marketing team will be out educating the public on the potential of cryptocurrency. Q4 Overall progress check, most of the development and necessary functions are working and going as per scheduled. We have successfully tested VSPARK platform and have completed several remittance test, so far the system seem promising and should be ready for release alongside the VHCoin. Q4 Initialization of VHCoin App, an app aim to create an ecosystem using VHCoin as it s base. The initial idea is to merge App into a single platform, allowing user to make in app purchases using VHCoin as well as be rewarded with VHCoin just by being active with the app.
26 PROJECT TIMELINE 2018 2019 Q1 VSPARK App Development plan, in order to make the app more convenience and live up to it s maximum potential an app to perform remittance is absolutely necessary. The developer will cover both Android and IOS platform. Concurrently to make VHCoin more viable, we will also planning the development of the Coin exchange platform. Q1 Q2 Release of VHCoin Android App to the public, and concurrently perform a public study to further understand if there are any additional function necessary. Release of VHCoin IOS app to the Public. A complete study of the entire progress thus far and the potential of the ecosystem will be done at this stage to allow further understanding and better planning of 2020 and future plan. Q2 Initialization of Coin Exchange platform development will begins by early Q2 of 2018. Concurrently the development of VHCoin IOS and Android app interface and system design, methodology will be completed by now in order to begin the development soonest possible. Q3 Begin planning 2020 and future activities. Concurrently we will begin the listing plan for the company. Q3 The release of VHCoin Coin exchange platform and introducing it to the public. Online advertisement and digital awareness marketing activities will begin as soon as the platform releases. The further create awareness of VHCoin, a roaming marketing team will be in place to introduce the coin to the public. Q4 Finalizations of 2020 Marketing Plan and listing of the company. Q4 The completion of VSPARK App for both IOS and Android, the development will move on to begin the VHCoin IOS and Android App development. While the Marketing team will begin on introducing the Vspark App to the public, special focus on educating it s potential.
CONTACT US www.vhcoin.info support@vhcoin.info