Current location: White Paper
Nearby pages: Coin and Token Production Services
Cryptocurrency Exchange
Initial Token Offering
Polybourse.com White Paper
(last edited August 11th, 2022)
When it comes to trading fiat currency for crypto currency (and vice-versa), the transaction costs are too high. Why can’t we trade for free? Well, TANSTAAFL applies: “There Ain’t No Such Thing As A Free Lunch”. Somebody has to pay for the infrastructure. We think that we can emplace the infrastructure for a currency exchange that will let Traders trade fiat-for-fiat, fiat-for-crypto, crypto-for-fiat and crypto-for-crypto; we also believe that the infrastructure for this can be maintained by advertising revenue instead of per-trade fees.
Towards this end, we need to raise capital to let us establish the company, recruit the staff and implement the infrastructure for the exchange. We want to sell a proprietary token that can be redeemed in the future by exchanging it for the ability to place limited-term advertisements on our trading platform; our registered user base of cryptocurrency Traders would be the demographic that is targeted by those advertisements. We want to sell “Future Electronic Advertising Rights”: we want to sell FEAR!
Despite the negative connotations associated with the acronym, we believe that a little FEAR can be a good thing – purchasing the right to advertise in the future could provide a considerable savings for your future promotion costs. Of course, we cannot guarantee that, but it is possible and we are hoping that’s how things will happen.
We realize that someone is already using a cryptocurrency called “FEAR”. In order to differentiate between theirs and ours, we will include the name of our trading platform, which will be “PolyBourse”. “Poly”, to indicate that we will be trading a variety of things, both fiat and crypto, and “Bourse”, which is a place where money is exchanged for securities, commodities, options and other investments. Our ITO token will be the “PolyBourse Future Electronic Advertising Right”, or “PBFEAR”.
Once the system is in place, when someone wants to advertise on PolyBourse, they will submit their advertisement for consideration and offer to pay for the advertisement with PBFEAR tokens. When an advertisement is accepted, the PBFEAR tokens that are offered with it are returned to the PolyBourse wallet, possibly to be reused when others want to advertise on the system.
The domain name polybourse.com has been registered; we are in this for the long haul, so we registered it for twenty years. The web site will not be an operational trading platform for about two years. It’s going to take us a while to design, build, test and audit the infrastructure. The interoperating procedures are currently being designed. We expect that the project will be made operational in phases. Anyone that wants to buy PBFEAR tokens will need to be a Registered User on polybourse.com. Registered Users will be notified about when the PBFEAR tokens will be available for sale.
PolyBourse ultimately plans to launch a family of proprietary crypto currencies. Because of this, we feel that establishing our own proprietary distributed ledger is justified. That blockchain ledger will likely be based on the ARK Ecosystem, and should be readable with existing block inspection tools (which should save a lot of hassles). The “proprietary” aspects will not involve changing how the blockchain works, they will involve how our tokens present their identifications and they will include a different Genesis Block. Our tokens may act like Bitcoin, but they will not try to impersonate Bitcoin; it will be blatantly obvious that our tokens are different.
We intend to have the ledger maintained by a centralized network at inception; maintenance of the ledger will be opened to a larger, decentralized network of many other validation nodes once the Genesis Block has a sufficiently-large depth of additional blocks to adequately and permanently anchor it. To help establish this “anchor”, we intend to “pre-mine” a large quantity of PBFEAR tokens (we haven’t decided exactly how many yet, it will probably be about 21 million). Establishment of validation nodes on that open network should not require proprietary validation software; where possible, we wish to use “off-the-shelf”, open source (and probably based on the ARK Ecosystem), software to do that job for us.
It is our intent to operate openly within the laws of the State of California and of the United States of America. As a result, we will need to remain compliant with a wide variety of regulations, including those that are required to thwart money laundering. The Securities and Exchange Commission will require that we comply with “Know Your Customer” regulations, but (at the same time) provide a shroud of secrecy over our Customers’ trades. It seems like things would be far simpler if they’d just stick to one of those or the other, but at this point, we can still design both of those into the infrastructure. All trades will occur in compliance with the California regulations regarding Escrow and the SEC requirements regarding Securities (although we may operate under exemptions if they apply). All trades that fit the requirements will be reported to the Internal Revenue Service as needed. We will not attempt to provide a platform that allows anonymous trading; recent forensic analysis has shown us that criminal transactions can be traced through the blockchain; we aren’t even going to try and fight that. Our staff will be required to maintain whatever professional licenses are implicit in their professions (including, where warranted, Ongoing Education requirements) and we will have a board of arbiters available if there is any conflict that arises from a trade. We also expect to obtain “more than adequate” insurance and security bonds to protect us as well as our Customers.
In order to initially operate under an SEC exemption, our first ICO will be limited to US$10,000,000.00. If we are able to raise US$2,000,000.00 or more, we will begin this project; if we are unable to meet that initial goal, we will return the funds to those Registered Users that have provided them to us. Unfortunately, we will not be able to accept cryptocurrency transactions until after the trading platform is operational.
Our team includes an experienced crypto miner, a database guru, a mobile app developer and a visionary procedural analyst that believes “the sky is not a limit”. We know what our limitations are and we will be filling those in with the appropriate staff to help us cope in the areas where we are weak. We are optimistic and committed to the success of this project.