For Issuers
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What to include in your Whitepaper?
A. Company Info
- Description of the corporate structure of the company, including any parent companies, subsidiaries and sister companies. The presentation should clearly identify the company that conducting the TCF campaign (“Issuer”), and the beneficiary owners of the Issuer (Individuals that directly or indirectly own 25% or more shares)
- Discussion about the company’s business. This should include the company’s core product, business model, revenue sources and any other relevant points to help investors understand about the company.
- Profiles of the company’s directors, senior management, key personnel and advisers (if any). The profile should describe the role of the person within the company, and the relevant experience and qualification the person brings to the company.
B. Digital Token / Project Info
- Description of the Project relating to the Digital Token, including details about the project/ecosystem relating to the digital token, how the project relates to the company’s business, the role of the digital token within the project, and the company’s motivation to pursue this project. You should ONLY focus on parts of the business that relates to the digital token being launched. (e.g., products & services that may be consumed with the token, app/website products where the token may be used etc.)
- Technical Discussion of the Project. The level of details will depend on the type of project. For example, a L1 blockchain will need to provide more technical discussion compared to a loyalty program. At the minimum, the discussion should explain how users may use and hold the digital token issued by the company.
- Discussion around progress and roadmap of the project; Your discussion should identify areas relating to the project that are readily available at the point of fundraising, and areas that have yet to be launched / developed. For those the areas that have yet to be launched, you should include a discussion on the relevant plans and timeline. For example, a F&B company issuing loyalty tokens may already be selling its F&B products but have not launched its token payment function.
C. Token Economics
- Token Name, Token Ticker, Token Standard, and Blockchain Network. If the token smart contract has been deployed and/or audited, please include (where relevant) the smart contract address, GitHub repository, and Smart Contract Audit Link.
- Valuation of the Digital Token for the current and previous fundraising rounds (if any). You should discuss how the token valuation for this current round is derived, including any methodologies applied, as well as any assumptions or comparisons made. The expected valuation of the digital token for future fundraising rounds or listing should be excluded.
- Discussion on Token Utilities, Rights and/or Benefits. You should provide detailed and clear description of each token utility that is promised to investors. If there are any conditions required to these utilities, rights and/or benefits, please highlight them as well. Given that the whitepaper is a binding document, you should only include utility, rights and/or benefits that your company is comfortable committing to investors.
- Discussion on Token Supply and Token Allocation. You should provide description of each category of Token Allocation (i.e., Unminted, Treasury, Prior or Future Fundraising rounds, etc.). This includes details about what the token will be used for and whether the tokens are subjected to any locking/vesting requirements.
- Discussion on the Token Demand. This should address the long-term demand drivers for the digital tokens, and discussion/illustration of how different stakeholders is expected to interact with the digital token within the project.
- Discussion on Mechanisms to Regulate Token Supply and Demand, if any. For example, this could include any vesting, locking, token buy-back, token burning mechanism. The discussion should explain how these mechanisms will be implemented, and their expected impact on token supply and demand.
- Discussion on any other key features of the token economics, as required.
D. Governance
- Discussion on Project Governance. (i.e., how material project decisions are made and communicated). At the minimum, the discussion should cover (i) who will be consulted when making material decisions relating to the project; (ii) how material changes to the project roadmap will be managed and communicated (iii) how/where will the company provide updates regarding the project, (iv) how can token holders reach out to the company
- Discussion on Treasury Governance, if any. If the company maintains a reserve of tokens, you should discuss, at the minimum, (i) what treasury tokens may be used for, (ii) how/where treasury tokens are held, (iii) who has access to mint/transfer/use the treasury tokens, and (iv) how treasury activities will be communicated to investors.
- Discussion Around Community Governance, if any. If the project implements community governance, you should address, at the minimum (i) what areas of the project are covered within the governance rights, (ii) how/where token holders may exercise their governance rights, and (iii) a brief explanation of the voting principles/process.
E. Risks and Disclaimers
- Discussion on Project Risks. You should list down material risk that may significantly impact the delivery of the project stated in the whitepaper, and discuss about the company’s plan to mitigate or manage such risk.
- Disclaimers. Click here to download a disclaimer template for the Whitepaper.