ForestONE Whitepaper 1 Forest1 Coin Whitepaper July 2019 Whitepaper (Updated on 12 th July 2019) Blockchain Powered by:
ForestONE Whitepaper
1
Forest1 Coin Whitepaper
July 2019 Whitepaper
(Updated on 12th July 2019)
Blockchain Powered by:
ForestONE Whitepaper
2
TABLE OF CONTENTS
A. VISION AND MISSION 3
B. EXECUTIVE SUMMARY 4
C. INTRODUCTION 5
D. FORESTONE DIGITAL TRANSACTION PLATFORM 27
E. MARKET AND COMPETITOR ANALYSIS 39
F. INTRODUCTION TO BLOCKCHAIN 50
G. TYPE OF BLOCKCHAIN USED 53
H. INTEGRATION OF BLOCKCHAIN TECHNOLOGY ONTO THE FORESTONE PLATFORM 61
I. TOKENOMICS 68
J. PROJECT ADVISORS 92
K. DISCLAIMER 96
L. FOLLOW US 97
ForestONE Whitepaper
3
A. VISION AND MISSION
Our Vision ForestONE aims to be the next generation cashless Digital Transaction Platform (DTP), empowered through a community natural spending recycling loyalty reward program, where natural spending is mainly around essential items that are consumed daily or every other day to keep life going (e.g. F&B, groceries, petrol, utilities bills, etc.).
Our Mission Our mission is to: ● Promote the adoption of cashless natural spending on the ForestONE platform through
convenience and lucrative financial incentives ● Further build ‘Trust’ through natural spending on the ForestONE platform with the
adoption of Blockchain Technology ● Expand the ForestONE platform to accept various types of digital currencies
ForestONE Whitepaper
4
B. EXECUTIVE SUMMARY
ForestONE is a next generation cashless Digital Transaction Platform (DTP) that enables both merchants and consumers to complete transactions swiftly and securely while earning rewards via the natural spending of their communities. This whitepaper elucidates the current business model and application of the ForestONE DTP in terms of the potential and future expansion plans. ForestONE has already partnered with a myriad of reputable merchants which will be shown further in the whitepaper. Having already been in many successful businesses and public listed companies, the founding team of ForestONE has stellar track records of being exceptionally innovative in FinTech applications. This Whitepaper will include information on how ForestONE was founded, the management team of ForestONE and the Tokenomics of this ICO project. Case studies and statistical data from South East Asia have been used to strengthen the ForestONE stance on this ICO project.
Moreover, this whitepaper will further elaborate on how and why blockchain will be implemented on the ForestONE DTP and how it complements the current ForestONE business structure. This includes how merchants and users of Forest1 Coin (FOC) can reap the benefits of this amazing and lucrative ForestONE business structure. By implementing Stellar Blockchain Technology and integrating it with the current ForestONE business, there are numerous strengths and benefits of this blockchain structure and how it will aid in further user and merchant acquisition within the region. Milestones have been set in place along with the projected future growth for the ForestONE business as it aims to expand its already growing eco-system. Other key elements listed in this Whitepaper includes a demonstration of the acquired merchants in the current ecosystem and planned future potential collaborations. Token Details: • Token Name: Forest1 Coin (FOC)
• Token Price: USD 0.25
• Token Sale Period: 6 to 8 months
• Token Sale Countries: Singapore, Vietnam, Thailand, Philippines and Indonesia
• Blockchain Solution Chosen: Stellar
• Project Gist: Digital Loyalty Rewards Program
• Soft Cap: USD 5 Million
• Mid Cap: USD 63 Million
• Hard Cap: USD 175 Million
• Existing Business: Yes
• Existing Customer Application: Yes
ForestONE Whitepaper
5
C. INTRODUCTION
What is ForestONE?
ForestONE is a cashless Digital Transaction Platform (DTP) empowered by a community
natural spending recycling loyalty program that utilizes a mobile phone application to allow
both merchants and consumers to transact in a fast, efficient and secure manner. It is also a
Virtual Entrepreneurship Franchise Business Model to all participating members allowing
them to “fuel” their business revenue income via the recycling of their ForestONE
Community’s monthly natural spending. In short, everyone can be an “entrepreneur” by
joining ForestONE.
After years of research and development in the appropriate field of virtual technology and
digital transactions, along with adapting towards the demanding consumer climate,
ForestONE was launched in September 2018. With MasterCard and Visa dominating majority
share of the world’s digital payment platform service and charging merchants between 2 to
3% transaction fee, the founders of ForestONE now see an opportunity to seize a portion of
the global market share. By offering more attractive transaction fees to merchants and
rewarding consumers through their community’s natural spending, this provides ForestONE
with a competitive advantage. ForestONE already has a myriad of reputable merchants and
some of them include KFC, PETRONAS (over 1200 petrol kiosks), PETRON (over 650 petrol
kiosks), Starbucks, Giant, llaollao, Watsons, Cold Storage, Marks & Spencer’s, Parkson,
Uniqlo, KK Mart (a local 7-Eleven like convenient store with over 350 outlets), and 99
Speedmart (popular neighbourhood grocery store with over 1,500 outlets). This list has
grown and will continue to grow on a daily basis. With merchants of this calibre pouring in, it
is inevitable that ForestONE will start to gain both regional and global credibility and be a head
turner in the near future.
With over 70,000 users to date, merchants on the ForestONE DTP will be able to capture the
increasing monthly natural spending of ForestONE members. ForestONE has a systematic
Community Growth Program (CGP) and a Many-To-One (M2O) rewards program that
encourages consumers to refer more members to join their communities as well as consuming
their natural spending with the ForestONE Merchants so that every member can reap the
benefits of their own community’s monthly total natural spending.
ForestONE DTP also provides the necessary business tools to all their merchants, be it online
or physical, that do not have sophisticated POS or IT systems. Some of the benefits include:
1. Digital Transformation – The ForestONE Merchant Apps allows merchants to capture all
sales transactions and also reflects real-time sales reports and settlements.
ForestONE Whitepaper
6
2. Marketing Channel – Free advertisement and sales promotion programmes via the
ForestONE App and ForestONE Social Media channels to the growing users of ForestONE.
3. Data Planning – Sharing of big data information to merchants by predicting future
forecasts on member’s spending behaviour, thus being able to strategically maximize
business opportunities.
4. Customer Base Growth - With the CGP and M2O programs of ForestONE, members will
be conditioned to patronize and switch their loyalty only to the ForestONE merchants.
History of ForestONE
Coming from a humble background, the Chairman of ForestONE, Mr JP Chin, has 36 years of
experience in the IT industry, particularly in the Banking & Finance and Telecommunications
Industry. He founded Silverlake Innovation Partners (SIP) Sdn Bhd together with Mr. Goh Peng
Ooi, who is currently also the Chairman of Silverlake-Axis Ltd (a Public Listed Company on the
Singapore Exchange Limited (SGX)).
• In 2007, even before the first iPhone was launched, ForestONE was already being conceptualized
as the future platform of virtual digital transactions. This was done by implementing a loyalty
rewards program through the recycling of natural spending by the ForestONE community on a
monthly basis.
• From 2008 to 2010, in-depth market readiness assessment and SWOT analysis were done to
identify the needs and ever-changing demands of both merchants and consumers in this growing
space, fuelled mainly by the rise in Internet and smart phones. Cashless spending and customer
loyalty were identified to be the next “big” thing in the ever challenging and demanding consumer
environment. From here, appropriate branding and strategic marketing strategies were planned
for the execution of ForestONE.
• From 2011 to 2013, the Pilot Program agenda of “going cashless” was executed at an International
Motorsports Event (Super GT) which was held at the Sepang International Circuit (SIC) in Malaysia.
The event turned out to be a huge success with over 100,000 attendees and they were provided
with a ForestONE/Touch & Go payment card which had a viable option of a ticket and all purchase
payments during the event. It was the first ever Motorsport Event in Malaysia that went cashless.
ForestONE Whitepaper
7
Figure: JPM Berjaya Hills Time Challenge 2009 to 2010, going cashless with ForestONE.
Figure: SuperGT Malaysia 2012 (https://www.youtube.com/watch?v=wpngfJRg6eM)
Figure: SuperGT Malaysia 2013 (https://www.youtube.com/watch?v=oKYl8sn-SBs)
ForestONE Whitepaper
8
Figure: SuperGT Malaysia 2011 to 2013, going cashless with ForestONE
(https://www.facebook.com/pg/SuperGT.my/photos/?tab=albums&ref=page_internal)
ForestONE Whitepaper
9
Figure: Summernats Malaysia 2016, going cashless with ForestONE
• From 2014, with the success and popularity of Ali Pay, WeChat Pay in China and other e-Wallet
ForestONE Whitepaper
10
applications, the public acceptance towards a cashless society grew exponentially and the e-
Commerce space started to explode with mass adoption. ForestONE used this to their advantage
to tweak their marketing strategy to better cater towards their customers and have a refined
service with a designated angle to achieve mass adoption.
• From 2015-2016, ForestONE partnered with SEND (which is an ultimate last mile and on-demand
delivery service platform) which sponsored a JPM Malaysia Moto2 Racing Team for 2 seasons in
the MotoGP Motorcycle World Championship Series. The JPM Moto2 team did well by scoring
some key championship points in the 1st year and gained worldwide recognition through TV and
Public Media. This helped to introduce the ForestONE brand to neighbouring nations which are
passionate about MotoGP, namely Thailand and Indonesia. Moreover, another branding
promotion of SEND was executed with the signing of Jorge Lorenzo, a 5-time World Champion, to
be a SEND Global Brand Ambassador. Upon the successful sponsorship of Moto2 Racing Team,
SEND, the revolutionary last mile and on demand delivery platform was launched. SEND gained
instant stardom and became a hit in Malaysia with more than 10,000 thousand vehicle owners
singing up as SENDers. SEND has been the centre for thousands of last mile deliveries within
Malaysia since then.
Figure: SEND has officially launched the on-demand delivery platform together with their Global Ambassador, Jorge Lorenzo
ForestONE Whitepaper
11
Figure: SEND Delivery Official Launch with 5- time MotoGP World Champion, Jorge Lorenzo
https://www.facebook.com/SENDMalaysia/photos/a.533135170214792/533135506881425/?type=3&theater
Figure: SEND Delivery, a platform that provides last mile deliveries
ForestONE Whitepaper
12
Figure: SEND, your online on-demand delivery platform. https://www.facebook.com/SENDMalaysia/
ForestONE Whitepaper
13
Figure: JP Moto Racing Team in Moto2 Motorcycle World Championship Series, from 2015-2016. Sponsored by
ForestONE (https://www.facebook.com/JPMoto-Malaysia-Racing-Team-1533944616887855/)
• Since the successful launch of SEND, ForestONE intended to innovate and implement the
complete service for all types of consumers in their entire ecosystem. This resulted in the launch
of SENDingDong, an on-demand high value and/or time sensitive e-Commerce market.
SENDingDong was also designed to further compliment SEND, providing a wider range and needs
for on-demand and last mile delivery. Examples of these products are valentine gifts and hampers.
Figure: SENDingDong, 1-4 Hours Delivery e-Commerce (https://www.sendingdong.com/)
ForestONE Whitepaper
14
• In Q1 to Q2 2018, ForestONE has finalized the entire business structure and integration for its
entire ecosystem with enhanced technological development. The ForestONE ecosystem now
covers logistics (SEND), online marketplace (SENDingDong) as well as a digital transaction platform
(ForestONE). The aim is to create a unique lifestyle and rewards application that would in turn
help create a holistic and simplistic Fintech ecosystem for both merchants and consumers. Pre-
operational planning included appropriate merchant sourcing and onboarding.
Figure: Introduction to ForestONE (https://www.youtube.com/watch?v=AYeGvMvdNfc)
ForestONE Whitepaper
15
• In Q3 2018, the merchant onboarding process was a massive success with many well-known and
nationwide brands like Petronas, Giant, Starbucks, Lazada and Zalora joining ForestONE. To date,
the list of merchants coming on board has grown on a daily basis.
ForestONE Whitepaper
16
• In Q4 2018, ForestONE initiated its first Pilot Program with the launch of the ForestONE
Application. The aim was to understand and research on the acceptance rate and total feedback
collated from the users. With this, it made it easier for ForestONE to start community building and
to handle the transactions with merchants. ForestONE has an 80% conversion rate for new
members joining the ecosystem after introduction and appropriate elaboration of the program.
ForestONE Whitepaper
17
Figure: ForestONE members who believed and became our pioneer users, now enjoy the rewards of the ForestONE program
• In Q1-Q2 2019, ForestONE was focusing on the acquisition of more merchants and membership
drive to grow the ForestONE community and increase natural spending. Roadshows were carried
out for the promotion of products and services which gained positive feedback for the ForestONE
Application.
ForestONE Whitepaper
18
Figure: ForestONE marketing roadshows with ForestONE merchants, focus on growing communities and bringing customers to merchants
ForestONE Whitepaper
19
Figure: A presentation with Seri Stamford College, empowering students to earn by growing their community.
Figure: ForestONE mobile app sales promotion, encouraging members to spend via ForestONE
• In Q4 2019, ForestONE aims to achieve 500,000 users and merchants. Whilst growing the total
amount of users, ForestONE is also planning to execute their expansion roll-out plans in various
markets within South East Asia.
• In Q1 2020 ForestONE aims to have strategic partners within the ASEAN region. To help expand
ForestONE Whitepaper
20
the ForestONE Application domestically in every country in ASEAN, ForestONE aims to acquire
more merchants and focus on increased user awareness to gain mass adoption.
• In Q3-Q4 2020, ForestONE platform and app aims to be the leading cashless ecosystem within
ASIA, while looking to expanding towards other parts globally.
Aim of ForestONE
One of ForestONE’s aim is to promote and encourage both merchants and consumers to go
digital and cashless. By adopting the ForestONE Application, consumers will also be
incentivized financially through the recycling of their community’s monthly total natural
spending while merchants get the benefits of a bigger ForestONE members’ wallet share and
loyalty. By changing consumers’ natural spending habits from physical cash to cashless
transactions via the ForestONE app, consumers can reap the benefits provided by ForestONE
both in convenience, discounts and rewards.
By implementing blockchain with ForestONE in the near future, it instils trusts to the entire
ecosystem and potential users because data collected on the blockchain is immutable. With
this, consumers and merchants do not have to worry about potential hacks or leaks which
might jeopardize their business. As ForestONE grows, it plans to accept various kinds of
cryptocurrencies which will be beneficial to the entire ecosystem as a whole in the long run.
ForestONE Whitepaper
21
Management Team of ForestONE
MR. JP CHIN - Chairman of ForestONE
• 36 Years of IT experience in Banking & Finance, Insurance and Telecommunication Industry
• Founded Silverlake Innovation Partners (SIP) Sdn Bhd in 1996 with Mr. Goh Peng Ooi, currently
Chairman of Silverlake-Axis Ltd (listed on Singapore SGX in 2003)
• SIP is the main distributor/system Integrator for Silverlake Integrated Banking system (SIBS)
and business partner to IBM for the past 22 years, dominating more than 50% of the finance
services industry in Malaysia
• Currently a Director in Symphony Life Berhad (listed on KLSE), with principal business in
Property Development and Management
• Vice Chairman of PanGlobal Berhad, a company previously listed on KLSE, involved in the
business of General Insurance, Hotel and Coal Mining
• Mr Chin was with IBM from 1983-1996. During his thirteen years career, he headed in both
the Banking & Finance and Telecommunication Industry where he was responsible for a
number of strategic IT implementations, including projects for the national telecommunication
company (Telekom Malaysia) as well as the biggest commercial bank in Malaysia (Maybank
Berhad & Bank Bumiputra-now known as CIMB)
• Graduated with Honours Degree in Computer Studies from Brighton University, United
Kingdom
• A renowned car/bike collector in the region with collection in excess of 100 cars (classic sports,
American Muscle cars, Supercars and Hypercars), motorcycles and bicycles
• An amateur racing enthusiast from 1990-2010, both in JetSki and Saloon car races. Achieved
many podiums in his 20 years of racing career. Now advisor to several car and motorcycle clubs
in Malaysia. Brand Ambassador for Bugatti in Malaysia
ForestONE Whitepaper
22
DATO TJ CHIN - Technology Director of ForestONE
• CEO of Silverlake Innovation Partner Sdn Bhd
• Managing Director for JPM Group since 2007, in charge of all Motorsport events locally and
international including JPM Integra Cup Malaysia (2006 – 2008), JPM Time Challenge Hill Climb
(2009 – 2010), JPM Kota Bharu Supercar Drive (2010), SUPER GT Malaysia Round (2011 – 2013)
• Acquiring knowledge, skill and experience of event management, sponsorship acquisition and
mass communication over the years in JPM Group
• Went to University of Manchester with a degree in Accounting and Finance (2006)
• Adopted the required knowledge and skills required for banking and banking technologies
through role of key account manager, strategic business development and solution architect
• Has been spearheading the implementation team for Silverlake core banking system
implementations for organizations including KWSP, AffinBank, Alliance Bank, Hong Leong
Bank, Bank Islam, MBSB Bank and Bank Rakyat Kerjasama Malaysia
• Currently exploring Fintech alternatives for banking and Digital Initiative drive for SMEs in SIP
• Avid racing drivers, with racing experience in Formula BMW Asia, Merdeka Millennium
Endurance Race (2002 to 2010, Youngest overall class winner in 2003 and multiple podium
finish since), Asia Touring Car Championship (2009 with 3 wins and multiple podium finish)
DATO TP CHIN - Chief Executive Officer of ForestONE
• Founder & CEO of ForestONE and SEND. SEND is an on-demand, last-mile logistics solution
platform (www.send.com.my) established since 2016. With sheer determination to take the
business to the next level, he then spearheaded SEND into the e-Commerce space through the
ForestONE Whitepaper
23
creation of the SENDingDong brand (www.sendingdong.com) which then became the first and
only e-Commerce platform in Malaysia which could fulfil the delivery requirement of products
sold via the platform to reach consumers within 1-4 hours
• To complement the logistics and e-Commerce ecosystem, he engineered the launch of
ForestONE to tap on the growing need for a comprehensive Customer Loyalty Reward Program
platform
• He is also an Advisor to a Singapore-based paper manufacturer which exports to regional
countries within ASEAN, advising them in areas of business strategy and logistics
• Previously while attached with a Malaysian investment bank, he took part in advising public
listed companies in Malaysia on various corporate exercises, which ranges from IPO to Private
Placement, including Mergers & Acquisitions
• He holds a Bachelor of Commerce (Business Law & Economics) from Monash University
(Clayton) in Melbourne, Australia
• He is an avid racing driver, having driven in the Merdeka Millennium Endurance Race Series
from year 2004 to 2010 in a Porsche
RICHARD KHOO - Chief Strategy Officer of ForestONE
• Has been in the Financial Services industry for over 25 years covering Insurance, Mutual Funds,
Stockbroking, Investment Banking, Fund Management and Precious Metals.
• Through his career in Investment Banking, he assisted taking companies for IPO listings, M&A
and fundraising activities, through his network of corporate and private clients in Malaysia and
Singapore
• Served as the Managing Director of a Fund Management company in the Singapore office of a
Swiss Banking Group
• Executive Vice President of Singapore Precious Metals Exchange Pte. Ltd.
• Served as CEO of a Public Listed stockbroking group with 8 branches throughout Malaysia,
where he spearheaded the non-rated firm to be eventually voted #9 of the Top 10
Stockbroking firm in Malaysia within 18 months of taking office
• Prior to that he was with three other Malaysian investment banks, with responsibilities such
ForestONE Whitepaper
24
as Head of Institutional Dealing, Head of Premium Broking and Head of Group Corporate
Affairs respectively
• He started his career in the capital markets when he was first attached to the International
Private Client Group of Merrill Lynch Malaysia for five years
• He holds a Bachelor of Business in Business Administration majoring in Management from
RMIT University, Melbourne, Australia
• A petrol head with unwavering passion for Classic Mini Coopers for over 30 years. Currently an
active member of the Mini Enthusiasts Club of Singapore.
ALICIA LO - Chief Operation Officer of ForestONE
• She began her career as an Accounts Analyst in IBM Malaysia, thereafter as a Marketing
Manager at Silverlake Innovation Partners Sdn Bhd, managing key banking customers such as
MBSB and Bank Islam, deploying key projects such as the GST system for banks, core banking
system and internet banking
• In the year 2011 to 2013, as Head of Operations for JPM motorsports, she was responsible for
hosting the Super GT event, which saw more than 100,000 attendance (yearly), signing on
more than 50 automotive and lifestyle brands to be exhibitors and sponsors (such as Honda
Malaysia, Nissan, Toyota, Denso, Mercedes Benz, Redbull Malaysia, Porsche, Petronas, Subaru,
Motul etc.), including securing the sponsorship from Malaysia Major event (Tourism Malaysia),
and Touch n Go as the official cashless partner
• Spearheaded the implementation of a Pilot Program of Going Cashless during the Super GT
event held at the Sepang ForestONE Circuit in Malaysia for two years running in 2011 and 2012.
Over 100,000 of the spectators who attended were given a Touch n Go payment card which
doubles up as a ticket and the mode of payment for all purchase during event (F&B and
merchandise)
• Organized biggest supercar and performance car gathering in 2011 and 2012, managed to
break the Malaysia Book of Records with more than 650 Super Cars gathered at the Sepang
International Circuit
• Organised the first Summernats event in Malaysia in 2014 and 2015, which attracted a crowd
of more than 50,000 and participation of 100 brands. The event generated more than USD 5
ForestONE Whitepaper
25
million in media and PR value Involved in JP Moto Malaysia Racing Team - participation in
Moto2 Motorcycle World Championship Series. With the over- achievement of points scoring
season, it garnered worldwide TV exposure to the sponsors livery on motorcycles which also
introduced ForestONE to its home audience in Malaysia and other neighbouring countries such
as Indonesia and Thailand
• With the role as COO of SEND Network (for both SENDelivery and SENDingDong), she
meticulously provides guidance to both the Operations and Merchant Acquisition teams,
which saw the successful delivery of more than 3,000 items on a single day
• She holds a Bachelor’s Degree in Accounting
MOHD KAMIL HADSRIM BIN IBRAHIM - Chief Financial Officer of ForestONE
• A knowledgeable, skilful and competent finance professional with extensive experience in
banking, business development, audit and administration
• Excels at interfacing with others at all levels to ensure organizational goals are attained
• Excellent interpersonal, analytical and organizational skills
• Excels within highly competitive environments where leadership skills are the keys to success
• An effective motivational person with the skills necessary to direct, train, and motivate staff
to its fullest potential
• Former Financial Associate at Royal Bank of Scotland Regional CFO Office in Singapore
• Former Internal Auditor Manager at Am Investment Berhad in Malaysia
• Former Financial Manager at OCBC Bank (M) Berhad in Malaysia
• Former Business Development Head at BSNC Corporation Berhad in Malaysia
• Former Auditor at BDO Simpson Xavier in Ireland Qualification
• Chartered Accountant of Ireland – Dublin, Ireland
• Bachelor of Arts in Accounting & Finance – Manchester Metropolitan University, United
Kingdom
ForestONE Whitepaper
26
• Diploma in Accounting – London Chamber of Commerce, United Kingdom
• Islamic Law Certificate – International Islamic University Malaysia, Malaysia
TM CHIN - Chief Marketing Officer of ForestONE and CEO of MV Asia Sdn Bhd
• As Director of Business Engagement of SEND Network Sdn Bhd, he successfully grew the
customer base to hit 40,000 and the SENDer pool of delivery partners to reach 12,000 within
18 short months
• He comes with a wealth of experience, having taken on the role as Head of Marketing for JPM
Motorsports, which successfully hosted the Super GT event attended by over 100,000
spectators
• Subsequently as Operations Director of JP Motorsports Sdn Bhd (JPM) and JP Moto Malaysia
Sdn Bhd (JP Moto), and having an eye for detail and ensuring operational clockwork, it resulted
in the team’s successful participation in the Moto2 Motorcycle World Championship Series
• Holds a Bachelor of Commerce Major in Marketing from Monash University (Clayton), Australia
• Began his career in Project Management at Silverlake Innovation Partner Sdn Bhd
• He is an avid racing driver, having driven in the Renault Megane Race Series
• A Muay Thai Kickboxing enthusiast and participated in local boxing bouts
ForestONE Whitepaper
27
D. FORESTONE DIGITAL TRANSACTION PLATFORM (DTP)
ForestONE Sales Reward and Discounts Program
Like most traditional Discount Cards and Payment Apps etc, the first key element to the
ForestONE Digital Transaction Platform (DTP) lies in the Sales Rewards and Discount
Programs. This is a simple program where ForestONE wants to reward its members, through
the use of discounts on selected items. These discounts are either given by the merchants or
sponsored fully by ForestONE to show its gratitude for those who have supported the
company along the way in this journey. The ForestONE application is also convenient and can
be transacted at high speeds, besides also providing improved branding for merchants
through the exposure of their brands on the ForestONE platform.
ForestONE Whitepaper
28
Figure: ForestONE application provides the exposure of promotions from merchants to all ForestONE community
members. Acting as a platform to provide networking and marketing values for ForestONE merchants towards
ForestONE members
ForestONE Loyalty Reward Programs: Many-To-One (M2O) and Community Growth Program (CGP)
As described earlier, ForestONE Digital Transaction Platform (DTP) is unique as it also serves
as an Entrepreneurship Franchise Business Model to all its participating members. To
differentiate ForestONE from other payment apps or e-Wallets, ForestONE is empowered by
2 loyalty reward engines to “fuel” the success and sustainability of its business model. To be
part of ForestONE DTP Ecosystem, one can join as ForestONE member either as a Premium
Partner for RM88 or joining for free as an Ordinary Member.
a) Many-to-One Program (M2O)– Natural Spending Recycling Rewards
In the Many-to-One Program, every Partner (Premium) or Member (Free) will be assigned to
a ForestONE Community Business Structure Model that can host up to 21,844 of members
(using a 4 to the power of 7 formula).
Assuming in a matured ForestONE Community of 21,844 members and all of its Community
members spends an average of RM 1,000 every month (21,844 x RM1,000 = RM21,844,000),
ForestONE will recycle 0.1% of the Community’s monthly total natural spending back to the
founding Partner/Member as a reward. Hence, RM21,844,000 x 0.1% = RM21,844 will
be recycled back as a reward every month. Regardless of the size of the community (i.e. from
a minimum 4 to 21,844), the founding Partner/Member will always enjoy a flat 0.1% of his
ForestONE Community’s monthly total natural spending provided that:
1. He/she also spent minimum RM1,000/month; and
2. Recruited a minimum of 4 direct partners/members.
These two requirements set by ForestONE are to ensure self-sustenance. As a Community
performs its monthly natural spending and rewards are generated from it, a member would
have no choice but to spend, to refer and to grow its community. Hence, the cycle of
ForestONE Natural Spending Recycling program will continue perpetually.
The picture below sheds light on how this program works:
ForestONE Whitepaper
29
Figure: M2O program from the ForestONE website
b) Community Growth Program (CGP) – Applicable to paid Premium Partners
ONLY
The Community Growth Program is a program that is designed to incentivize the Premium
Partners to grow their community rapidly and exponentially.
In ForestONE, as everyone is encouraged to join as Premium Partner by paying a one-time fee
of RM88 as a life time Partner. Partners are then encouraged to recommend a minimum of 4
direct premium partners to start his/her own ForestONE Community. With the Community
Growth Program, the founding Partner will be able to earn RM25 for every direct premium
partner joined, hence, to start a ForestONE Community with minimum 4 direct partners, a
founding Partner will receive a bonus of equivalent to RM25 x 4 = RM100. However, the
founding Partner is also encouraged to recruit more than 4 direct partners as any additional
direct partner joined (up to unlimited numbers) will earn him an additional RM25/partner
which at the same time also help in growing his M2O Community in parallel.
On top of the RM25 for every direct partner joined, a bonus of RM1 will be rewarded for every
new partner joined in a founding Partner’s direct partner community (maximum 21,844
members if matured). Hence, for every founding Partner’s Community, assuming with a
minimum of 4 direct partners, the founding Partner will potentially have a bonus of (RM25x4)
+ (RM21,844x4) = RM87,476 to be earned in an unlimited time frame.
ForestONE Whitepaper
30
For example, if a founding Partner has 4 direct partners which have grown their own
community to 5,601, 2,301, 3,214 and 4,010 partners respectively as of 30th June 2019, then
1st July 2019 YTD CGP reward earned is:
(RM25x4) + RM5,601+ RM2,301+ RM3,214+ RM4,010 = RM15,226
With that in mind, all premium Partners are encouraged to recruit more than 4 direct partners.
The more direct partners they have, the more bonus they will earn through Community
Growth Program. Hence, with this powerful program, it will push ForestONE membership to
grow exponentially.
As a Partner refers and grows its community via the Community Growth Program, all partners
who have joined, whether direct or indirect, will be contributed into the founding Partner’s
Many-to-One Community structure to enjoy the 0.1% recycling rewards program.
Note: All rewards and rebates are given out as F1Points which is equivalent to 1 F1Voucher or
RM1.00.
A diagram of how Community Growth Program works:
ForestONE Rewards Cash-Back Opportunity
When a Partner/Member has accumulated more rewards points (F1Point) than he needs to
sustain future months’ natural spending, he can sell back his excess F1Points for cash, less
administration charges. All CashBack payments shall be paid digitally to ForestONE
Partners/Members’ Bank Accounts or Credit/Debit Cards Companies.
ForestONE Whitepaper
31
Merchants Signed Thus Far
As a young platform, ForestONE is proud to announce that it has secured collaborations with
some of the biggest merchants in town. To gain their collaboration, ForestONE as a platform
had to come under their operational and financial scrutiny. Despite this, it has successfully
secured a collaboration with some household brands which many will know. There are over
200,000 SKUs on board the ForestONE platform. Some of our participating merchants include:
Scan & Redeem
ForestONE Whitepaper
32
Digital Vouchers
ForestONE Whitepaper
33
Physical Vouchers
ForestONE Whitepaper
34
Merchant Testimonials
ForestONE Whitepaper
35
Video:
Figure: KK Mart, more than 300 outlets in Selangor and Kuala Lumpur, Malaysia accepting ForestONE
(https://youtu.be/XZOtlP7OWTA)
ForestONE Whitepaper
36
Figure: Constant Pharmacy, one of ForestONE’s pioneer merchant, with over 30 outlets
ForestONE Constant Pharmacy Video Link
ForestONE accepts a variety of merchants, from Enterprising Hawkers to merchants with outlets located Nationwide
(https://www.youtube.com/watch?v=ZDLp3MBYaJ4)
ForestONE Whitepaper
37
Figure: One of ForestONE’s biggest merchant, 99 Speedmart, has more than 1500 outlets nationwide
https://www.youtube.com/watch?v=kPolDiRatIw
Figure: Giant Hypermarket, one of the largest chain of hypermarkets in Malaysia with more than 80 outlets, is a ForestONE
Merchant (https://www.facebook.com/watch/?v=1168934956596622)
ForestONE Whitepaper
38
Figure: Uncle Don, one of ForestONE’s earliest merchant, has 6 outlets in Kuala Lumpur
(https://www.facebook.com/watch/?v=624025561368657)
Figure: Petronas, a ForestONE merchant, has more than 1200+ petrol stations nationwide.
(https://www.youtube.com/watch?v=eDH4cnTH8V4)
ForestONE Whitepaper
39
E. MARKET AND COMPETITOR ANALYSIS
Market and Competitor Analysis E-commerce Overview of E-commerce in South East Asia
With a steady population density growth within the ASEAN region of about 1.03% annually
and with the influx of foreign DFI, the foundations for the infrastructure of cell-com towers
has made internet and wireless connectivity readily available.
Year Population Population Density
(per sqkm) Growth Rate
2019 662,375,294 152.6 persons 1.03%
2015 634,609,846 146.2 persons 1.17%
2010 597,327,771 137.61 persons 1.23%
Table: Overview of E-commerce in Southeast Asia1
With increased internet connectivity, South East Asia has become an upcoming market of
interest for e-Commerce giants to penetrate, thus presenting many growth opportunities for
businesses that are ready to face its challenges and competitors.
The 2017 Temasek report foresaw a $200 billion economy in the region by year 2025. South
East Asia’s internet economy hit an inflection point in 2018. E-Commerce grew at an
unprecedented rate, turning the heads of many investors, which influenced the sudden influx
of capital injection into the region.
1 http://worldpopulationreview.com/continents/south-eastern-asia-population/
ForestONE Whitepaper
40
Figure: Spending in Southeast Asia
As a result of this, the regions’ internet economy will hit $72 billion this year alone, meaning
it would have more than doubled since 2015. This has reinstated investor confidence in the
region, contributing towards a total of $9.1 billion raised in 20182.
2 https://www.thinkwithgoogle.com/intl/en-apac/tools-resources/research-studies/e-conomy-sea-2018- southeast-asias-internet-economy-hits-inflection-point/?_ga=2.68780049.1801409552.1543419960- 1799759620.1542638499
ForestONE Whitepaper
41
Figure: Highlights of funds raised to Unicorns
South East Asia is an emerging market and is currently a very attractive market for companies
that are involved globally in the e-Commerce sector and for smaller local players, all vying for
a piece of the market share. Below is a macro look at internet availability and mobile
penetration for the countries that ForestONE are aiming to enter and how quickly the users
of South East Asia are adapting to the competition and growing emergence of e-Commerce.
Country Population Internet Users Social Media
Users Mobile Users
Indonesia 269,536,482 132,700,000 130,000,000 177,900,000
Thailand 69,306,160 57,000,000 51,000,000 55,560,000
Malaysia 32,454,455 25,080,000 24,000,000 21,620,000
Philippines 108,106,310 67,000,000 67,000,000 61,000,000
Vietnam 97,429,061 64,000,000 55,000,000 70,030,000
Singapore 5,868,104 4,830,000 4,8000,000 4,710,000
Table: User density for each country3
3 https://aseanup.com/overview-of-e-commerce-in-southeast-asia/
ForestONE Whitepaper
42
The total number of internet users in South East Asia as a whole adds up to create a huge
untapped market. Although the Singapore e-Commerce scene is more mature and the
Malaysian market is more dynamic and more competitive, the remainder of Indonesia,
Thailand, Philippines and Vietnam presents itself at an infant stage for e-Commerce and also
acts as a reservoir of growth for e-Commerce players.
As demographics across the world and Malaysia continue to evolve, consumers are becoming
more demanding as they continuously seek for faster, safer and more efficient methods to
pay for their goods and services. In Malaysia, 67% of consumers have utilised at least some
form of cashless payment, with debit cards and credit cards becoming the more preferred
medium4.
A recent study published depicting the landscape of Malaysia’s payment mediums show that
although a majority of Malaysians make payments using cash and debit card transactions, only
27% have ever utilised a credit card to pay for their expenses and only 8% have used mobile
wallets.
Figure: Table highlighting usage ratios of non-cash payment methods
Hence, ForestONE aims to capture the crowds who use debit and credit card more through
the sale of digital and printed vouchers, making it easy to pay exact amounts. This puts the
4 https://www.nielsen.com/apac/en/insights/news/2019/cash-or-cashless-malaysias-shifting-payment-
landscape.html
ForestONE Whitepaper
43
company in a good position to tap on the crowds generated from all 4 segments. There is no
segment missed in terms of user experience.
Key Factors that Empower Consumers to Fuel the e-Commerce Scene in South East Asia
1. Rise of the middle class
• With an increase in the middle class, it allows a larger market segment to have bigger
disposable income, hence with this the increased Natural Spending on e- commerce.
2. Greater Mobile penetration
• With greater availability of mobile connections, e-commerce platforms are more easily
accessible to the public as a whole
3. Influx of new e-commerce players
• With more players entering the market, it presents greater choices to consumers who
eventually hold the upper hand
4. Increasing logistic options
• Making deliveries more efficient and effective to the consumers
5. Alternative payment methods
• Making payment for online goods and services faster and easier, consumers are always
looking for the most cost-efficient manner to pay for their service
Challenges of E-commerce in South East Asia
1. Lack of a robust ecosystem
2. Management of consumer expectations and demands
• High level of personal customer service needed for minimal purchases
• Level of trust in online payments
• Securing supply of products
3. Inter-country commerce
• Inconsistent duties
• Corruption
ForestONE Whitepaper
44
• Logistics and customs
4. Lack of low cost and efficient infrastructure
• Localized contracts and deals
• Structurally flawed due to the limitations of not being able to serve the scale of e-
commerce
Solutions to solve these challenges
1. Increase of connectivity
• Increase of broadband speed and wireless data access to rural areas
• Making connectivity more robust (having a stronger signal)
2. Local support
• Supporting local industry players
• Partnering with local SME’s and manufacturers
3. Reinforcing online security
• Payment gateway protection
• Anti-phishing
4. Promoting e-payment
• Making payments faster and efficient
• Tracking of payments and payment history
• Less hassle and reducing online transaction fees
5. Improve logistics
• Making deliveries faster
• Shorter lead time for consumers which will in turn promote another online purchase
ForestONE Whitepaper
45
A Further Look at the Malaysian Context
To understand the potential of ForestONE in the context of a transactional platform, it is first
important to understand the overall environment of cashless transactions. Do note that the
focus of the discussion is on cashless payments and does not make any kind of representation
towards what ForestONE is. ForestONE purports cashless transactions through the utility
vouchers which can be stored anywhere and carried in any form.
The usage of cashless virtual transactions and its proliferation will give us a good indication of
how rampant cashless natural spending will be in the future. In an interview by The Edge
Malaysia, it has been shown that online banking recorded a total of RM6.5 trillion dollars in
transactions, followed by credit card transactions amounting to RM125.6 billion and mobile
banking at RM50.7 billion. Debit card transactions recorded RM29.8 billion and e-Money
recorded a total transaction volume of RM9.1 billion5.
The portrayed statistics depicts a clear understanding towards the goal of ForestONE, which
is to promote natural spending and integrating the element of blockchain inside ForestONE’s
ecosystem. Based on the above information, ForestONE has projected that the trend of
natural spending will not be solely within Malaysia. Instead there is space for growth within
the South East Asian markets.
By examining cashless payments further, statistics have shown that cashless payment
methods such as debit cards and credit cards still overshadow e-Wallet payments, with the
latter representing only 8% of the total cashless transaction volume6.
Moreover, the average transaction value per capita of credit card and debit cards increased
from 21.54% to approximately RM4,175 per capita and 158.42% to RM1,243 respectively from
2014 to 2018. There is a clear upward trend here in terms of cashless payments through credit
and debit cards7.
However, e-Wallet payments are extremely popular for small ticket items like food and drinks.
Malaysians generally prefer credit and debit cards for big ticket items in terms of cashless
payments. ForestONE as a platform is well prepared to cater to the many types of users by
offering instant purchases of shopping vouchers for big ticket items.
Challenges Ahead for Forest1 Coin
5 Interview by The Edge May 2019 Issue 6 https://www.nielsen.com/my/en/insights/reports/2019/cash-or-cashless-malaysias-shifting-payment- landscape.html 7 The Edge May 2019 Issue
ForestONE Whitepaper
46
Although the majority would be celebrating the birth of blockchain technology with the
fairness and transparency it brings, the general market and retailers have not truly adopted
it. While ForestONE has plans to eventually get merchants to accept the Forest1 Coin as
payment through a Fiat on Ramp mechanism, this is still very much subjected to merchants’
approval and the support of the local authorities. The usage of digital currencies is also
subjected to the improvement of security features of wallets which hold such digital
currencies. In addition, the current knowledge of blockchain technology and digital currencies
is at an infant stage for the mass majority. Concurrently, blockchain and digital currencies
could prove very useful in terms of cross-border payments, which further substantiates why
there is a strong need to expand into foreign markets.
Projecting Ahead for Malaysia
ForestONE is targeting a customer acquisition rate of 20% in Malaysia. While it remains to be
seen whether ForestONE is able to achieve such a goal, it is nonetheless heartening to know
that it is a goal that has already been reached by platforms such as Boost, the likes of which
has a user base of approximately 3.9 million people and 75,000 online/offline merchant
touchpoints for consumers8. Referring to the case study of Boost is important as Boost
officially entered the App Store only in July 2018. The case study of Boost makes it apparent
that the Malaysian population is highly adaptable towards cashless payment methods.
Expanding into Other Markets A Brief on the Vietnamese Context
In Vietnam, cashless payment is similarly becoming a common practice. Moreover, it is
projected that cashless payments will make up 50% of all transactions in Vietnam within the
next 3 years. This projection was made by the CEO of M-service, and the operator of the e-
Wallet known as Momo9.
The Vietnamese context differs slightly from the Malaysian context due to the degree of
unbanked-ness, which is much greater in Vietnam than Malaysia. This has resulted in the
government becoming more pro-active in pushing for cashless payments and developments
of e-Wallet systems. This is further supported by the State Bank of Vietnam, whose governor
has openly supported devising initiatives to promote cashless payment10.
8 https://www.nst.com.my/business/2018/10/424140/boost-named-digital-disruptor-year-malaysia
9 http://www.hanoitimes.vn/economy/2019/03/81e0d489/cashless-payment-to-make-up-50-of-total- transactions-in-vietnam-in-3-years-exper/ 10http://www.hanoitimes.vn/economy/banking-and-finance/2018/11/81E0CEA6/vietnam-c-bank-to-further-push-cashless-payment-c-bank-governor/
ForestONE Whitepaper
47
Vietnam has seen a solid development of transactions by means of new payment methods,
wherein e-Payment in the January to August 2018 period ascended by 48% in amount and
27.7% in cash value against a similar period in 2017. Moreover, the Finance Industry will come
together with the SBV to advocate non-money exchanges, online duty affirmation and
payments to decrease invoicing cheats.
As a platform, ForestONE is capable of macroeconomic functions as well. The ability of the
ForestONE platform to recycle natural spending back into the economy via its signature Many-
to-One Program will contribute significantly towards boosting the Vietnamese economy.
As per an arrangement on non-cash payments in Vietnam in the 2016 to 2020 period, before
the end of 2020, the proportion of cash transactions will be decreased to below 10%.
Looking at the above statistics, it appears that Vietnam is a ripe market for ForestONE to
explore due to three primary circumstances:
● “Un-bankedness”
● Ease of client acquisition due to pre-existing culture
● Government support
A Brief on the Indonesian Context
While the central government is doing their best to encourage cashless natural spending,
there are still many obstacles due to political, social and geographical reasons.
Indonesia is advancing towards a cashless future as consumers are progressively certain about
utilizing computerized payment frameworks and going cashless. A Visa's Consumer Payment
Attitudes study in 2017 has found that around 8 out of 10 Indonesians (76%) state they can
abandon money for a whole day. As indicated by the investigation, less Indonesians are
conveying large amounts of money since they are utilizing electronic instalments more
frequently (57%) and feel that utilizing cards is more secure than money (61%). 60% of
respondents state they would support to eradicate the physical procedure of paying.
Several key trends indicate Indonesians’ readiness to embrace the country as a digital nation
in the future. One of the trends is the growth of seamless digital payment methods. Visa has
collaborated with Cashlez in circulating 5,000 versatile POS gadgets to extend contactless
instalment acknowledgments in vacationer goals nationwide. This new POS offers a spot for
checkouts and fabricated connections, whilst also rewarding customer loyalty.
As payments become more digital and threats to payment confidentiality escalates, challenges
in payment securities are becoming increasingly acute. However, technologies such as EMV
ForestONE Whitepaper
48
chips, point-to-point encryption, tokenization and stronger biometric authentication are being
widely developed to strengthen payment security.
However, World Bank reports that only 27% of 2017’s transactions comprised of digital
payments. Meanwhile, debit card ownership has only reached 31% of the population in 2017.
Credit cards do not fare any better either11.
Indonesia’s large land mass makes it highly difficult to implement an across the board solution
for encouraging cashless payments. There are still many Indonesians that prefer to use cash
to meet their daily transaction needs rather than using credit cards. However, the central bank
has recorded an increase of more than 50% in the past year of debit and credit card use as
well as e-Money transactions. This increase proves that the country is adapting to electronic
payments. The value of e-Money across Indonesia reached nearly USD 80 million in 201712.
A Brief on the Singapore Context
Despite being a small country, ForestONE has identified Singapore as the second market to
expand to, primarily due to high natural spending power per capita and the general readiness
of the market.
With an average household natural spending of close to USD 3,455 per month, Singapore
stands at the top of the food chain when it comes to natural spending power. Moreover,
Singapore is a natural progression for marketing and expansion due to the similarities in
culture, natural spending habits and most importantly retail brands. In addition, the Singapore
government is the friendliest government among the countries that have identified for
expansion towards digital currencies and a huge advocator of cashless payments.
More than 8 in 10 Singapore consumers have adopted e-Payments while almost 3 in 5
Singapore merchants are accepting e-Payments. This bodes well with Singapore’s aim of being
a cashless society13.
ATM withdrawals have declined by more than $300 million a year, falling by 40% compared
with the previous year. The decline in ATM withdrawal figures have provided an insight into
the wider shift towards a cashless society and it shows that consumers are shying away from
bricks-and- mortar bank branches14.
11 http://fintechnews.sg/22095/indonesia/cashless-indonesia-e-money-card/
12 https://news.cgtn.com/news/3d3d414e7755544d79457a6333566d54/share_p.html
13 https://www.3ecpa.com.sg/blog/singapore-is-going-cashless/ 14 https://www.bloomberg.com/news/articles/2018-06-20/singapore-set-to-cut-cash-cheques-on-path-to- digital-economy
ForestONE Whitepaper
49
Following the rising adoption of e-Payments by Singaporeans in line with the Government’s
cashless economy policy, the cheque transaction volume has hit a low figure by 28% last year,
falling from 37% in 2015. The decline in cheque transaction volume shows that Singapore is
on the right track to becoming a cheque-free country by 202515.
Even with the government throwing its full weight in support of Singapore’s cashless
ambitions, a number of sectors and demographics remain hesitant to adopt mobile payment
alternatives as they still find comfort in hard, cold cash.
15 https://www.3ecpa.com.sg/blog/singapore-is-going-cashless/
ForestONE Whitepaper
50
F. INTRODUCTION TO BLOCKCHAIN
What is Blockchain?
Blockchain technology underlines Bitcoin and many other cryptocurrencies. It relies on a
public ledger that is continuously updating to record all transactions that occur. Blockchain is
ground-breaking as it allows transactions to be processed without a central authority— such
as a bank, the government or a payment company. The buyer and seller interact directly,
removing the need for verification by a trusted third-party intermediary. Hence, cutting out
costly middlemen and allowing businesses and services to be decentralized. Another
distinguishing feature of blockchain technology is the accessibility for involved parties. It’s akin
to Google Docs, where multiple parties can access the ledger concurrently. Today, if you issue
a cheque to your friend, you and your friend balance your respective check books when it’s
deposited. However, things start to go awry if your friend forgets to update their check book
ledger, or if you do not have enough in your bank account to cover the check (which the bank
has knowledge beforehand). With blockchain, you and your friend would view the same ledger
of transactions. The ledger is not controlled by either of you, but it operates on consensus, so
both of you need to approve and verify the transaction for it to be added to the chain. The
chain is also secured with cryptography, whereby no individual is able to change or alter any
data on the blockchain after the distributed ledger is updated.
Figure: How blockchain technology works
ForestONE Whitepaper
51
In other words, blockchain technology is extremely useful in terms of three aspects:
● Transparency (All transactions on the ledger can be clearly seen and viewed by anyone
and everyone)
● Immutability (All transactions once recorded cannot be changed and stays permanently
on the blockchain)
● Decentralization (This provides a security layer as data nodes can no longer be a single
point of failure, in a blockchain system, there can never be a single point of failure)
So why exactly is ForestONE utilizing blockchain to enhance and strengthen its existing
ecosystems?
The answer: Blockchain technology makes it virtually impossible to counterfeit online
transactions. This is the most important feature which ForestONE, as a platform, wishes to
utilize. Forest1 Coin’s main utility will eventually act as a form of payment for the merchants
of ForestONE and the integrity of the currency can only be protected through implementation
of blockchain technology. This ability is to prevent counterfeit currency and double spending,
which makes blockchain technology the perfect medium for ForestONE to adopt.
Benefits to Consumer
ForestONE constantly seeks to innovate and improve their abilities. This could come in the
form of more merchants or even more rewards and incentives when members use the
ForestONE platform. Hence, the ambition to move to a payment token also stems from the
desire to make the lives of the consumers efficient and convenient. The most important
element of using a digital token as payment instead of fiat lies in safety. Carrying cash around
in certain countries can be a dangerous endeavour. Transacting via cashless forms is much
safer as a consumer. Another advantage of using digital tokens lies in lowering foreign
exchange costs. When consumers travel, they tend to bear the bulk of the foreign exchange
costs. Transacting in digital currencies enables consumers to suffer less risk as the foreign
exchange spreads and risks are borne largely by the merchants and the ForestONE platform.
The last advantage which a consumer benefits by using a digital currency instead of a fiat
currency relates to how a consumer can now save time and effort in looking for a
moneychanger before they travel overseas, especially if they are sure that the destination
country has many merchants using or accepting digital payments.
ForestONE Whitepaper
52
Benefits to Merchants
The first benefit to merchants comes in the form of enhanced security. A traditional drawback
to mobile payments has always been the lack of security. With the advent of blockchain
technology, transactions are immutable and the security layer is now more secure.
The second benefit comes in the form of loyalty points. Having blockchain technology means
merchants can monitor the loyalty points in a secure manner to calculate accrual of loyalty
points, followed by redemption of these points. These capabilities will be demonstrated later
on in the Whitepaper.
The third benefit lies in supply chain management. Blockchain can be utilized to follow the
voyage of every item in the inventory network from the producer to the wholesaler, and even
to a retailer's stockroom. The item is tracked closely to avoid any hidden and deliberate
tampering of goods and furthermore to raise caution when there is a medical problem (e.g.
an E. coli breakout for sustenance items).
The fourth benefit which merchants get to benefit from embracing blockchain technology is
the authenticity of goods and products. Blockchain is able to catch each touch point in the life
of an item, making it easier to decipher the legitimacy of the product.
The last benefit which this Whitepaper will highlight is the fact that embracing blockchain
technology also means better margins for both the consumer and the merchant as the
intermediaries, which provides no value to the marketplace, will be abolished. Blockchain
technology can eradicate these third parties by structuring a commercial centre that bolsters
distributed sharing instead of centralized sharing.
ForestONE Whitepaper
53
G. TYPE OF BLOCKCHAIN USED
Protocol Comparison
Before scrutinising the details of what the ForestONE platform chose for a blockchain
protocol, it is important to understand the different available protocols and which one in
particular suits the ForestONE platform best. The following blockchain protocols are available
to issue a transaction coin:
• Ethereum
• Bitcoin
• Ripple
• Stellar
• Hyperledger
• Corda
For the sake of this Whitepaper, we will leave out Hyperledger and Corda, as these two
protocols are mainly used for enterprise transactions. More importantly, they sacrifice the
immutability function as there is a master access, called a “master node”, which can be used
to alter transactions if needed. This Whitepaper seeks to only discuss protocols pertaining to
public chains because a full public chain will be able to enjoy the immutable features of
blockchain technology.
Below provides a brief description of each protocol and their uses:
a) Bitcoin
The protocol on which the cryptocurrency Bitcoin is transacted, this was the earliest of the
blockchain protocols. The following are the key features of the Bitcoin protocol: public
blockchain, i.e. permission-less, where any party can join. The underlying technological
components are cryptographic hash function, digital signature, private-and-public key
encryption, peer-to-peer (P2P) network and proof of work (POW) consensus algorithm. The
protocol allows users to conduct non-reversible transactions without having to explicitly trust
a third-party. Every node has the complete information on the blockchain, making the
network a decentralized one. Transactions contain unique transaction ID, input Bitcoin
address, the number of Bitcoins to be transferred and the output Bitcoin address of the
recipient.
ForestONE Whitepaper
54
The transaction making process involves the initiator of the transaction and ‘miner’, i.e.
combination of special-purpose software, powerful hardware and their user. The transaction
initiator pays transaction fees to the miner, who tries to include the transaction in the next
block. A block is processed in every 10 minutes and the transactions included in that are then
recorded in the blockchain. Creating a new block requires not only the transaction information
of the current transaction, but also a reference to the last recorded block. The last recorded
block is not known, and the miner needs to solve a complex cryptographic puzzle to find it,
and this essentially involves a large number-crunching operation done at a high-speed. Hence,
the miner needs to try one number after another, which requires high computing power.
Majority of the participating nodes must approve the transaction. Since this is a decentralized
network, it is impossible for anyone to capture the majority of the computing power on the
network, thus making the network very secure. While POW mining ensures high security of
blockchain, it it also computing-power-intensive resulting requirements for high amounts of
energy16.
b) Ethereum
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some
significant technical differences between the two, the most important distinction to note is
that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one
particular application of blockchain technology, a peer to peer electronic cash system that
enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of
digital currency (Bitcoins), the Ethereum blockchain focuses on running the programming
code of any decentralized application.
In the Ethereum blockchain, instead of mining for Bitcoin, miners work to earn Ether, a type
of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used
by application developers to pay for transaction fees and services on the Ethereum network.
There is a second type of token that is used to pay miners fees for including transactions in
their block, called gas, and every smart contract execution requires a certain amount of gas to
be sent along with it to entice miners to put it in the blockchain17.
c) Ripple
Ripple Net is a network of institutional payment-providers such as banks and money services
businesses that use solutions developed by Ripple to provide a frictionless experience to send
money globally. For example, Mr. Jones lives in New York and has a chocolate box he doesn’t
need. He is very interested to watch a baseball game but does not have a ticket. Secondly, Ms.
16 https://medium.com/edchain/a-comparison-between-5-major-blockchain-protocols-b8a6a46f8b1f 17 https://blockgeeks.com/guides/ethereum/
ForestONE Whitepaper
55
Smith lives in Los Angeles and has a rare stamp she would like to give away for a chocolate
box. Lastly, we have Mr. Brown who lives in Alaska and is looking for a rare stamp, and he has
a ticket for a baseball game in New York. In our current system, these people would probably
never find each other and remain with their ‘not valuable’ valuables. However, in the Ripple
world they could say: “Hey, I have chocolate, I want baseball” and the system will look for the
shortest and cheapest combination to make this transaction happen. Moreover, the platform
allows for payments to be made in any currency including Bitcoin and have a minimal internal
transaction commission of $0.00001. The only reason it is not free is to prevent DDos attacks.
What is XRP?
XRP is a token used for representing the transfer of value across the Ripple Network. The main
purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The
best way to describe XRP is a “Joker”, where “the card that can be any other card”. For
someone looking to exchange Dollars to Euros, it can be Dollars with Dollars and Euros with
Euros to minimize the commission. As highlighted above, the transaction cost on Ripple is
$0.0000118.
d) Stellar
The Stellar network is a blockchain-based distributed ledger network that connects banks,
payments systems and people to facilitate low-cost, cross-asset transfers of value, including
payments. Stellar has its native cryptocurrency called Lumens, which is denoted by the symbol
XLM. All three terms—Stellar, Lumens and XLM—are used interchangeably, although Stellar
is the blockchain network, Lumen is the cryptocurrency and XLM is its trading symbol. Stellar
is operated by a non-profit organization called Stellar.org and was founded by Jed McCaleb,
who also co-founded another popular cryptocurrency, Ripple. Similar to Ripple, Stellar is also
a cross-border transfer and payment system that connects financial entities with an aim to
significantly reduce the transaction costs and time lags. Each transaction has a standard
mining fee of 0.00001 Lumens19.
A brief description of each type of coin is provided above. This Whitepaper will simplify the
overall structure of the above stated coins and do a cross examination on the strengths and
weaknesses of each blockchain protocol.
18 https://cointelegraph.com/ripple-101/what-is-ripple#what-is-ripplenet 19 https://www.investopedia.com/terms/s/stellar-cryptocurrency.asp
ForestONE Whitepaper
56
Field of
Comparison Bitcoin Ethereum Stellar Ripple Mastercard
Average
Transaction
Confirmation time
1 hour 15 minutes 3 to 5 seconds 3 to 5 seconds 1 to 3 seconds
Average
Transaction fees
$0.61 per
transaction
$0.02 per
transaction
$0.01 for
300,000
transactions
$0.01 for 3
transactions 0.2% to 1%
Transactions
per second
2 transactions
per second
7 transactions
per second
3,000
transactions per
second
3,000
transactions per
second
5,000
transactions per
second
Consensus
Mechanism Proof of Work Proof of Work
Federated
Byzantine
Agreement
Ripple
Consensus
Algorithm
Private Server
Validator Control Distributed Distributed Decentralized Centralized Highly
Centralized
Collaborating
Companies
No official
partner due to
anonymity of
creator
Cisco, JP
Morgan, Intel,
AION
Foundation
Stripe, IBM,
Deloitte, ICICI
Bank
Mercury FX, IDT,
SBI Holdings,
MoneyGram
All major banks
across the world
Table: Comparison across the different blockchain protocols
Conclusion: From the table above, Stellar is the preferred choice in terms of transaction speed
and transaction throughput rate. As a community and transaction platform, ForestONE
believes that widespread adoption is key to the success of the platform. Hence, Stellar has
officially been endorsed as the official blockchain protocol that ForestONE will use to issue its
digital tokens.
ForestONE Whitepaper
57
Why Stellar?
To understand why ForestONE chose the Stellar protocol, further elaboration will be provided
on the:
1. Consensus Model
2. Stellar Consensus Protocol
3. Byzantine Agreement
Consensus Model
The way an agreement is achieved on what to record in the distributed ledger among the
nodes. Each node in the network holds a copy of the distributed ledger. To continuously record
new data, current data recorded needs to be finalized and every ledger has to be the same.
Every copy of the distributed ledger must contain the same data. Although the type of data
recorded will undoubtedly differ from the different blockchains, this is essentially how a
blockchain functions.
Stellar Consensus Protocol (SCP)
Defined as the underlying consensus algorithm of the Stellar Network that functions as a safe
construction of the Federated Byzantine Agreement (FBA). The Stellar network implements
many similar mechanisms for distributed fault tolerance across a financial network as other
cryptocurrencies with some distinct variations.
Byzantine Agreement (BA)
The SCP is derived from the concept of BAs and is tailored towards a decentralized and
permission-less network using quorums and quorum slices. Understanding the SCP requires a
brief history of BAs and how it compares to the FBAs followed by a description of quorums
and quorum slices, the federated voting model and the commit/abort ballot system of the SCP
protocol.
BA is the Byzantine fault tolerance of distributed computing systems that enables them to
come to consensus despite arbitrary behaviour from a fraction of the nodes in the network.
BA consensus makes no assumptions about the behaviour of nodes in the system. Practical
Byzantine Fault Tolerance (pBFT) is the prototypical model for BA, and it can reach consensus
fast and efficiently while concurrently decoupling consensus from the resources (i.e. financial
stake in POS or electricity in POW)
ForestONE Whitepaper
58
However, BA (pBFT) does not scale well and requires a large communication overhead
between all the participating nodes. The system needs a unanimous agreement on
membership of the network to mitigate Sybil attacks.
Federated Byzantine Agreement was introduced by the SCP Whitepaper and explicitly
addressed the limitations of BA by fostering a consensus protocol that guarantees the
following:
• Decentralized Control: ForestONE intends for their coins and their transactions to be as
spread out as possible. The ledger containing the transactions must be immutable, as
this prevents any double spending, a problem that is critical to avoid as ForestONE will
function primarily as a transaction utility coin.
• Flexible Trust: ForestONE chose the Stellar protocol due to the flexible trust system. This
means that while the protocol is flexible, there must be trustlines established before any
transaction can occur. This makes Stellar less susceptible to attacks. As compared to
Ethereum, the flexibility provided by Ethereum for developing complex smart contracts
attracted early adopters making Ethereum the most widely used portal. This popularity of the
portal resulted in congestion within the network and its own flexibility made the platform prone
to anonymous hackers which resulted in the code becoming vulnerable and exploitable. As per
a research conducted by the National University of Singapore on Ethereum smart contracts,
there were nearly a million active live smart contracts. When testing initiated, more than 34,000
smart contracts showed vulnerability with over 2,000 smart contracts showing high-risk
vulnerability, which meant that these contracts could be manipulated “easily” by a third party.
• Low Latency: Stellar was chosen because ForestONE wants their users and merchants
to enjoy a fast and seamless payment. Hence, ForestONE needs a protocol which will
ensure minimal lag and maximum speed. The average settlement time for Stellar
transactions is 5 seconds. For Ethereum, it is 3.5 minutes. This gives Stellar a tremendous
advantage over Ethereum. The transaction fee on the Stellar network is also
considerably smaller when compared to that on the Ethereum network. The fee for
100,000 transactions, would be approximately 1 XLM. There are no fees required to be
paid to third party exchanges for transactions. This is only a fraction of the fees we
usually pay on the Ethereum network, which is around 0.01%.
ForestONE Whitepaper
59
The Stellar Consensus Model
One of the primary consequences of FBA compared to BA is that the FBA system is open to
nodes joining in a permission-less setting rather than through a closed (permissioned)
membership list. In other words, the nodes within the Stellar consensus model and
memberships are not solely decided by a single party. This is how decentralization and
immutability are obtained.
FBA comes to agreement on state updates by using a unique slot where update dependencies
between nodes are inferred. Nodes must agree on the slot update in each round of consensus.
Since the system is open to nodes joining and leaving the network at will, a majority-based
quorum consensus mechanism will not work. Instead, the FBA in the SCP employs quorum
slices that are subsets of quorums which are capable of convincing particular nodes of an
agreement.
Quorums and Quorum Slices
A quorum is defined as a set of nodes needed to reach an agreement in a distributed system.
When nodes attempt to reach an agreement, they communicate with each other (under the
assumption no messages are forged (this is where cryptography comes in)) and concur that
an update on the state is valid once a specific threshold of nodes in agreement is met.
Quorum slices are the subsets of a quorum that are capable of convincing particular nodes for
an agreement, meaning that a node can rely on multiple sets of nodes asserting statements.
A node can depend on numerous slices for information, and this trust can be based on
information from outside of the system. Notably, trust is set up within the node’s config file,
allowing for the dynamic formation of quorum slices and subsequent decentralization20.
For example, Node A can determine that it does not trusts banks, resulting in the need for another quorum slice that Node A trusts to come to an agreement with banks. Once an agreement is reached, a quorum is formed. The graphical description below provides a better explanation for this example. Node 7 (and 8) would represent Node A that does not trust banks21.
21 https://blockgeeks.com/guides/what-is-stellar-blockchain/
ForestONE Whitepaper
60
Figure: Graphical highlight of how quorum slices work22
Traditional BA requires that all nodes accept the same slices, rather than discerning sources of trusted information for themselves. Therefore, there is no way to distinguish slices and quorums, requiring a closed and permissioned member access to the network.
The FBA model relies on individual nodes to choose their own sets of quorum slices, effectively
enabling the organic and more decentralized formation of quorums that rely on individual
decisions, hence the name “federated.”
According to the SCP white paper, “A protocol can guarantee an agreement only if the quorum slices represented by function Q satisfy a validity property, which is called a quorum intersection.”
Quorums intersect if a node is shared. Good quorums share nodes and lead to overlapping
quorums. Nodes are responsible for ensuring that the selection of quorum slices do not violate
quorum intersections and typically requires that nodes select slices that are conservative and
lead to larger quorums.
When quorums do not intersect, they are known as disjoint quorums. Disjoint quorums are
bad quorums that can lead to contradictory statements that undermine consensus. To ensure
a proper slice selection process, nodes need to balance safety and liveness.
22 https://blockgeeks.com/guides/what-is-stellar-blockchain/
ForestONE Whitepaper
61
H. INTEGRATION OF BLOCKCHAIN TECHNOLOGY ONTO THE FORESTONE PLATFORM
Forest1 Coin Utility
ForestONE aims to ensure that consumers who purchase Forest1 Coins are not used for
speculation. Proper utility is tied to the coin because this coin is in turn tied to an existing
platform with existing merchants on-board. As mentioned previously, these existing
merchants include brands such as KFC, PETRONAS (over 1200 petrol kiosks), PETRON (over
650 petrol kiosks), Starbucks, Giant, llaollao, Watsons, Cold Storage, Marks & Spencer’s,
Parkson, Uniqlo, KK Mart (a local 7-Eleven like convenient store with over 350 outlets), and
99 Speedmart (popular neighbourhood grocery store with over 1,500 outlets). Hence, a
utility roadmap for the Forest1 Coin has been carefully designed as this utility will highly
influence the rate of regional expansion that ForestONE can expect to achieve in the next 2 to
3 years. These expansion efforts and the funds needed will not only come from the utility
token offering but will also come from our independent revenue streams and other funding
sources, such as private and/or corporate equity.
• Short Term: Exchanging Forest1 coins for FOC Vouchers and Participating in the Forest1
Coin weekly grand draw. Participating in the Forest1 Coin weekly grand draw may also
aid coin holders in gaining F1Points.
• Mid Term: Being able to use Forest1 Coins directly at stores which accepts Forest1 Coins
without needing to exchange Forest1 Coins for F1Vouchers via the fiat on ramp
mechanism and participating in the Forest1 Coin weekly grand draw. Participating in the
Forest1 Coin weekly grand draw also provides them potential additional gains in terms
of F1Points.
• Long Term: Being able to use Forest1 Coins directly at stores via the fiat on ramp
mechanism across several countries within Southeast Asia. For travellers and tourists,
this makes it safer for them as they do not need to carry cash. It also enables these
travellers and tourists to save costs on foreign exchange as they no longer need to
exchange for local currency to spend on local stores and services. At this stage, the
Forest1 Coin weekly grand draw will still be ongoing. Participating in the Forest1 Coin
weekly grand draw also stands to gain them F1Points.
• Grand Term: Once Forest1 Coins become widely adopted, Forest1 Coin may become a
regional transaction currency. Forest1 Coin may not just be a transaction coin but may
also be a medium of exchange between transactional currencies, in accordance with
local regulations. With our respective offices strategically located worldwide, users may
ForestONE Whitepaper
62
expect to cash out their F1Points earned from using the Forest1 Coins directly via the
ForestONE platform in local currency. Users may also sell their Forest1 Coins across
borders as a way of exercising remittance functions as the ForestONE platform may by
then be prepared to purchase these coins back in local currencies, if required. At this
stage, the elements mentioned in the mid and long-term views will still apply.
Infusing Forest1 Coin into the ForestONE Ecosystem Before engaging in this segment, potential consumers may choose to watch this short video explaining how the Forest1 Coin works.
Link: https://www.youtube.com/watch?v=4LU0x8t19DY&feature=youtu.be
Within the ForestONE ecosystem, an element of rejuvenation and regeneration is present.
Through the M2O Natural Spending Recycling Program, users can expect to be rewarded when
communities spend and further grow their community. However, the current ForestONE
ecosystem has not integrated the use of Forest1 Coins and this section seeks to explain how
it will be integrated into the ecosystem and what benefits members stand to gain when
purchasing Forest1 Coins.
The current ecosystem consists of Fiat Cash, F1Points and F1Vouchers. F1Vouchers are further
broken down into “Scan and Redeem” merchants and normal purchase merchants. No matter
the type of merchant that the user purchases the goods or services from, the process is
straightforward. Users use fiat cash to purchase F1Vouchers and then use these F1Vouchers
ForestONE Whitepaper
63
at the stores of the merchants. Normal users are then rewarded through the M2O Program,
the recycling of their community’s natural spending in the form of F1Points. The rewards are
generated by recycling the entire ForestONE Community’s Natural Spending, recycling 0.1%
of the total spending and reward it back to the Members. This cycle of rejuvenation and
rewards is what allows the ForestONE community to grow endlessly and to keep their user
acquisition costs low, by making each user an active stakeholder in the business. It is a
powerful model which enhances the longevity of the business and makes providence for lower
costing expansions into overseas markets and market hype generation. These F1Points also
carry with them a buy-back function where the platform itself can purchase these points back
from the user, using cash. However, this will be transacted at a discount of 10% for Premium
Membership Partners and 20% for Free Membership Members.
So, how does this coin strengthen the ecosystem and allow for greater rewards as a holder or
user of the Forest1 Coin? Through the Forest1 Coin weekly grand draw.
How does the Forest1 Coin Weekly Grand Draw Work?
Before explaining the mechanisms of the Forest1 Coin weekly grand draw, it is important to
note that even without the Forest1 Coin weekly grand draw, holders of the Forest1 Coins can
directly convert their Forest1 Coins into F1Vouchers to use at any of the registered merchants.
ForestONE will be working towards full acceptance of the Forest1 Coin as a form of payment
by the merchants in their mid to long term plans. Besides the obvious utility of payment for
goods and services, The ForestONE platform also wishes to reward the coin holders through
the Supporter’s Rewards Program (SRP). This program is a way for token holders to earn
additional loyalty rewards via holding onto Forest1 Coins. To understand the SRP, it is vital to
understand the Forest1 Coin weekly grand draw. In order to participate in the Forest1 Coin
weekly grand draw, coin subscribers need to sustain a fixed specific balance in terms of
Forest1 Coins. This means that coin buyers may potentially be disincentivized to sell the coins,
thus holding onto the coins to participate in the Forest1 Coin weekly grand draw.
Forest1 Coin
Balance Ticket Level
Probability of
Winning
Ratio of Forest1
Coins to F1Points
Rewards
1000 Bronze 70% Pro-Rated
1000 – 9999 Silver 75% Pro-rated
10000 – 99999 Gold 85% Pro-rated
100000 and above Diamond 99.9% Pro-rated
Table: The Draw Ticket Mechanism
ForestONE Whitepaper
64
As described in the table above, different Forest1 Coin balances will entitle users to different
ticket levels which in turn entitles the coin buyers and users to different winning probabilities
in the Forest1 Coin weekly grand draw.
Where does this prize comes from?
As seen in the previous paragraphs, the ForestONE platform is a natural ecosystem where
users acquire other potential users using the M2O and CGP structures. The rewards for Forest1
Coin holders from the Forest1 Coin weekly grand draw will directly be dependent on the size
of these communities. So, how does it work?
Basically, when the users receive the 0.1% of their entire community’s natural spending, they
receive it in the form of F1Points. The ratio of the F1Points to Cash (RM) ratio here is 1:1. This
means that if their community size has 21,844 people (which is the maximum number of
people a community can go up to) and they spend a total of RM21 million (approximately
USD5 million), this particular user will receive 0.1% of RM21 million, in the form of F1Points
as a reward. This equates to approximately RM21,000, which in turn equates to 21,000
F1Points. This is based on the M2O Natural Spending Recycling Program. The Forest1 Coin
weekly grand draw taps on a separate mechanism. The Forest1 Coin weekly grand draw is
ForestONE’s way of retaining and rewarding the coin buyers. Therefore, it can also be seen
that the ForestONE platform will be devoting up to 10% of the total margins gained from the
average Merchant Discount Rate (MDR) to the Forest1 Coin weekly grand draw, covering up
to a maximum of 1% MDR. From a commercial perspective, this margin can be seen as
ForestONE’s marketing budget.
What is the MDR?
For example, in a scenario where ForestONE implements a 1% MDR.
A ForestONE member who uses 100 F1Vouchers (RM 1 = 1 F1Voucher, so a total of RM100
was paid to ForestONE as a platform to purchase the F1Vouchers) to redeem at a merchant's
shop. Eventually ForestONE will pay the merchant RM99 (keeping 1% as MDR).
For further illustration, assume the margin gained from the average Merchant Discount Rate
for that week is USD375,000. 10% of this will go into the Forest1 Coin weekly grand draw,
which equates to USD37,500. This USD37,500 will be converted into equivalent F1Points and
will be inserted into the Forest1 Coin weekly grand draw as a way to reward the supporting
coin buyers. Please take note that all rewards are in F1Points, not in cash.
ForestONE Whitepaper
65
Supporter’s Rewards Program (SRP)
How does the pool determine what is the amount of F1Points that each coin holder stands to
win in the Forest1 Coin weekly grand draw?
A numerical example is provided below:
Assume that the total amount of F1Points accrued from the SRP program is 37,500 F1Points,
where USD 1 is 1 F1Point equivalent and the total amount of coin balance registered within
the ForestONE main application comes up to 1,000,000 coins.
ForestONE will take 37,500/1,000,000 = 0.0375 F1Points/Forest1 Coin.
As a coin holder, if you are currently holding onto 10,000 coins, the Forest1 Coin weekly grand
draw prize for that week will amount to:
10,000 x 0.0375 = 375 F1Points
Do note that a time limit for entry will be imposed each week for the Forest1 Coin weekly
grand draw. However, if users miss one week of the Forest1 Coin weekly grand draw, the
prizes for that week will accumulate to the next week and continue accumulating so forth, up
to a maximum of one month. In a new month, all prizes and rewards are reset to ensure
systemic consistency and fairness.
For all Forest1 Coin holders, it is essential to remember to log in onto the main application to
spin the wheel once a week. There will be many attractive prices to be won.
ForestONE Whitepaper
66
Difference between F1Vouchers and FOC Vouchers
The FOC Vouchers available for purchase are tailored specially for the Forest1 Coin Buyers.
This feature will be made available on the main application where there will be a special store
for members to use their Forest1 Coins to exchange for FOC Vouchers. This is most likely a
temporary arrangement as we work towards full scale implementation of the fiat on ramp
payment mechanism. Please note here that FOC Vouchers and F1Vouchers are not the same
set of vouchers. FOC Vouchers are meant specially only for Forest1 Coin Buyers.
Benefits for Token Introducers
ForestONE appreciates support of all kind, even if users are not a direct supporter by buying
large quantities of Forest1 Coins. Thus, ForestONE has a referral program for all token
introducers. To obtain more details, do speak to one of our key management personnel.
Figure: Overall flow of incentives, rewards and interaction between the existing application and the blockchain ecosystem
Attached above is the complete ecosystem of how ForestONE Users and Forest1 Coin Holders
will both thrive in a common ecosystem. This ecosystem allows for better integration and
better market coherence as both ForestONE users and Forest1 Coin supporters will get a
constant source of membership rewards. This is how ForestONE rewards its supporters, be it
a traditional ForestONE user or a Forest1 Coin holder.
ForestONE Whitepaper
67
Finally, only Token Buyers of the Forest1 Coin before the Forest1 Coin listing will be entitled
to the Forest1 Coin weekly grand draw. This program is purely for supporters of the coin and
in the ForestONE platform, not to serve as an incentive or basis of investment for speculators.
ForestONE Whitepaper
68
I. TOKENOMICS
Overview The following table describes the data points captured and assumptions used to estimate the token price of ForestONE.
Description Malaysia Singapore Vietnam Philippines Indonesia Thailand
Population (Million) 32,454,455 5,868,104 97,429,061 108,106,310 269,536,482 69,306,160
% Population Captured by ForestONE
20% 20.0% 20.0% 15.0% 15.0% 15.0%
Population Captured by ForestONE
6,490,891 1,173,621 19,485,812 16,215,947 40,430,472 10,395,924
Average Natural Spending (USD/Person/Month)
267.88 1,285.08 119.81 26.46 7.13 20.22
Distribution of Average Expenses Captured
65.2% 41.60% 62.53% 57.97% 59.21% 53.14%
Captured Natural Spending (USD/Person/Month)
174.66 534.59 74.91 15.34 4.22 10.75
% Natural Spending through ForestONE
35.0% 30.0% 30.0% 25.0% 25.0% 25.0%
Natural Spending through ForestONE (USD/Person/Month)
61.13 160.38 22.47 3.84 1.06 2.69
Total Natural Spending through ForestONE (USD/Month)
396,790,498 188,222,637 437,930,957 62,188,680 42,673,078 27,930,644
Total Natural Spending through ForestONE (USD/Year)
4,761,485,976 2,258,671,644 5,255,171,489 746,264,159 512,076,940 335,167,731
13,868,837,940
Allocation to Token Holder Pool 0.1%
Value of Token Holder Pool 13,868,838
Total Tokens 1,000,000,000
PE Ratio 18
Earnings per Token (USD) 0.013868838
Price per Token (USD) 0.25
Soft Cap (USD) 5,000,000
Middle Cap (USD) 63,000,000
Hard Cap (USD) 175,000,000
Market Cap (USD) 250,000,000
Table: Overall Tokenomics of the Forest1 Coin
ForestONE Whitepaper
69
a) Malaysia Population in Malaysia Despite a dedicated roadmap towards expanding into various countries within the South East Asian region, ForestONE is currently only present in the Malaysian market. Ranked number 45 in terms of population worldwide and backed by a steady Y-o-Y growth of 1.29-1.84% over the past 10 years, Malaysia has grown to a population of 32,454,455 in 201921. The large population size coupled with a young median age of 28.1 years represents a suitable target market for ForestONE to establish and grow its business23.
Figure: Malaysia Population (2010 – 2019)
23 https://www.worldometers.info/world-population/malaysia-population/
25.0
26.0
27.0
28.0
29.0
30.0
31.0
32.0
33.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Mal
aysi
a P
op
ula
tio
n (
Mill
ion
s)
ForestONE Whitepaper
70
Average Household Natural Spending The mean monthly household consumption natural spending for Malaysia increased from RM3,578.00 (USD858.03) in 2014 to RM4,033.00 (USD967.15) in 2016, growing at 6.0 per cent per annum at nominal value24. Assuming the same per annum growth rate the mean monthly household consumption natural spending for Malaysia is estimated at RM4,803.37 (USD1,151.89) in 2019. The distribution of household natural spending in Malaysia is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Malaysia25
Average Household Size The average household size in Malaysia is 4.3 per household26.
24 https://www.dosm.gov.my/v1/index.php?r=column/ctwoByCat&parent_id=119&menu_id=amVoWU54UTl0a2 25 https://www.numbeo.com/cost-of-living/country_result.jsp?country=Malaysia 26 https://www.arcgis.com/home/item.html?id=dc14741c3548429eb6c2a5a1836c2c15
6.10% 4.30%
9.40%
4.30% 39.10%
20.10%
16.70%
Markets
Restaurants
Transportation
Sports and Leisure
Rent
Clothing and Shoes
Utilities
ForestONE Whitepaper
71
Average Natural Spending per Person Based on the assumption that the average household natural spending is RM4,803.37 per month (USD1,151.89 per month) and there is an average household size of 4.3 per household, it is assumed that the average natural spending per person in Malaysia is RM1,117.06 per month (USD267.88 per month).
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Markets (comprising of items such as milk, rice, eggs, local cheese, chicken breasts,
apples, oranges, bananas, tomatoes, water, cigarettes, etc.) (39.1%);
b. Restaurants (9.4%); and
c. Transportation (16.7%)
This equates to 65.2% of total natural spending. A natural spending capture factor of 35.0% is
assumed as not all of the natural spending from these areas are expected to be captured
through ForestONE. Based on these assumptions, the estimated natural spending captured
through ForestONE is:
USD267.88 per month x 65.2% x 35.0% = USD61.13 per person per month
The short-term aim is for ForestONE to capture 20% of population in Malaysia, which would
provide a reach of:
32,454,455 people x 20% = 6,490,891 people
The estimated total natural spending through ForestONE for Malaysia is estimated to be:
USD61.13 per person per month x 6,490,891 people x 12 months = USD4,761,485,976
ForestONE Whitepaper
72
b) Singapore Population in Singapore In addition to Malaysia, Singapore represents one of the five other countries in South East Asia that ForestONE will be looking to first expand into. Ranked number 114 in terms of population worldwide and backed by a steady Y-o-Y growth of 1.32-2.50% over the past 10 years, Malaysia has grown to a population of 5,868,104 in 2019. Despite a relatively low population coupled with a high median age of 40.5 years, Singapore still represents a suitable target market for ForestONE to establish and grow its business due to its reputation as the financial hub of South East Asia27.
Figure: Singapore Population (2010-2019)
27 https://www.worldometers.info/world-population/singapore-population/
4.6
4.8
5.0
5.2
5.4
5.6
5.8
6.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sin
gap
ore
Po
pu
lati
on
(M
illio
ns)
ForestONE Whitepaper
73
Average Household Natural Spending
The mean monthly household natural spending for Singapore was SGD4,699.00 (USD3,429.93) in 201327. Assuming household natural spending grows in line with GDP growth of Singapore at 3.6% per annum28, the mean monthly household natural spending in Singapore is estimated at in SGD5,809.84 (USD4,240.76) 2019. The distribution of household natural spending in Singapore is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Singapore29
Average Household Size The average household size in Singapore is 3.3 per household30.
28 World Bank
29 https://www.valuechampion.sg/average-household-budget-singapore 30 https://www.arcgis.com/home/item.html?id=d8f21bb3b39b401192e678c92edad325
20.60%2.70%
30.10%
4.40%
14.10%
3.80%
6.90%
5.40%12%
Fast and Food Serving Services Clothing and Footwear Housing and Related Expenditure
Health Transport Communication
Recreation and Culture Educational Services Others
ForestONE Whitepaper
74
Average Natural Spending per Person Based on the assumption that the average household natural spending is SGD 5,809.84 per month (USD 4,240.76 per month) and there is an average household size of 3.3 per household, it is assumed that the average natural spending per person in Singapore is SGD1,760.56 per month (USD1,285.08 per month).
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Recreation and Culture (6.9%),
b. Fast and Food Serving Services (20.6%); and
c. Transport (14.1%)
This equates to 41.6% of total natural spending. An natural spending capture factor of 30.0% is assumed as not all natural spending from these areas are expected to be captured through ForestONE. Based on these assumptions, the estimated natural spending captured through ForestONE is: USD1,285.08 per month x 41.6% x 30.0% = USD160.38 per person per month
The short-term aim is for ForestONE to capture 20.0% of population in Singapore, which would provide a reach of: 5,868,104 people x 20.0% = 1,173,621 people
The estimated total natural spending through ForestONE for Singapore is estimated to be: USD160.38 per person per month x 1,173,621 people x 12 months = USD2,258,671,644
ForestONE Whitepaper
75
c) Vietnam Population in Vietnam In addition to Malaysia, Vietnam represents one of the five other countries in South East Asia that ForestONE will be looking to first expand into. Ranked number 15 in terms of population worldwide and backed by a steady Y-o-Y growth of 0.97-1.06% over the past 10 years, Vietnam has grown to a population of 97,429,061 in 2019. With high population coupled with a medium median age of 30.9 years, Vietnam has big potential for high adoption of ForestONE with its combination of a large population and relatively young target market31.
Figure: Vietnam Population (2010-2019)
31 https://www.worldometers.info/world-population/vietnam-population/
82.0
84.0
86.0
88.0
90.0
92.0
94.0
96.0
98.0
100.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Vie
tnam
Po
pu
lati
on
(M
illio
ns)
ForestONE Whitepaper
76
Average Household Natural Spending per Person The mean monthly household natural spending per capita for Vietnam was USD98.35 in 2015. Assuming household natural spending grows in line with GDP growth of Vietnam at 6.8% per annum32, the mean monthly household natural spending per capita in Vietnam is estimated at USD119.81 in 2019. The distribution of household natural spending in Vietnam is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Vietnam33
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Food and Beverages (53.2%),
b. Transport (7.5%); and
c. Personal Care (1.8%)
This equates to 62.5% of total natural spending. A natural spending capture factor of 30.0% is assumed as not all natural spending from these areas are expected to be captured through ForestONE. Based on these assumptions, the estimated natural spending captured through ForestONE is: USD119.81 per month x 62.5% x 30.0% = USD22.47 per person per month The short-term aim is for ForestONE to capture 20.0% of population in Vietnam, which would provide a reach of: 97,429,061 people x 20.0% = 19,485,812 people
32 World Bank 33 https://www.ceicdata.com/en/indicator/vietnam/annual-household-Natural Spending-per-capita
53.24%
4.23%5.31%
6.16%
7.48%4.38%
3.09%1.81%
3.50%
0.70%
10.10%
Food & Beverages Clothing & Footwear Housing
Energy Transport Education
Health Personal Care ICT
Financial Services Others
ForestONE Whitepaper
77
The estimated total natural spending through ForestONE for Vietnam is estimated to be: USD22.47 per person per month x 19,485,812 people x 12 months = USD5,255,171,489
ForestONE Whitepaper
78
d) Philippines
Philippines Population In addition to Malaysia, Philippines represents one of the five other countries in South East Asia that ForestONE will be looking to first expand into. Ranked number 13 in terms of population worldwide and backed by a steady Y-o-Y growth of 1.5-1.67% over the past 10 years, Philippines has grown to a population of 108,106,310 in 2019. With very high population coupled with a young median age of 24.3 years34, Philippines has big potential for high adoption of ForestONE with its combination of a large population and young target market.
Figure: Philippines Population (2010-2019)
34 https://www.worldometers.info/world-population/philippines-population/
85.0
90.0
95.0
100.0
105.0
110.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Ph
ilip
pin
es P
op
ula
tio
n (
Mill
ion
s)
ForestONE Whitepaper
79
Average Household Natural Spending The mean monthly household natural spending for Philippines was PHP 4,699.00 (USD89.83) in 201535. Assuming household natural spending grows in line with GDP growth of Philippines at 6.7% per annum36, the mean monthly household natural spending in Philippines is estimated at in PHP6,090.64 (USD116.43) 2019. The distribution of household natural spending in Philippines is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Philippines
Average Household Size The average household size in Philippines is 4.4 per household37.
Average Natural Spending per Person Based on the assumption that the average household natural spending is PHP6,090.64 per month (USD116.43 per month) and there is an average household size of 4.4 per household, it is assumed that the average natural spending per person in Philippines is PHP1,384.24 per month (USD26.46 per month).
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Food and Beverages (47.1%),
b. Transport (7.7%); and
35 https://psa.gov.ph/content/average-family-income-2015-estimated-22-thousand-pesos-monthly-results-2015- family-
income 36 World Bank 37 https://psa.gov.ph/content/highlights-household-population-number-households-and-average-household- size-
Philippines
47.12%
2.50%
14.78%
7.34%
7.73%3.62%
1.67%
3.12% 2.75% 1.98% 7.39%
Food & Beverages Clothing & Footwear Housing
Energy Transport Education
Health Personal Care ICT
Financial Services Others
ForestONE Whitepaper
80
c. Personal Care (3.1%)
This equates to 57.9% of total natural spending. A natural spending capture factor of 25.0% is assumed as not all natural spending from these areas are expected to be captured through ForestONE. Based on these assumptions, the estimated natural spending captured through ForestONE is: USD26.46 per month x 57.9% x 25.0% = USD3.84 per person per month The short-term aim is for ForestONE to capture 15.0% of population in Philippines, which would provide a reach of: 108,106,310 people x 15.0% = 16,215,947 people The estimated total Natural Spending through ForestONE for Singapore is estimated to be: USD3.84 per person per month x 16,215,947 people x 12 months = USD746,264,159
ForestONE Whitepaper
81
e) Indonesia
Population in Indonesia In addition to Malaysia, Indonesia represents one of the five other countries in South East Asia that ForestONE will be looking to first expand into. Ranked number 4 in terms of population worldwide and backed by a steady Y-o-Y growth of 1.03 - 1.33% over the past 10 years, Indonesia has grown to a population of 269,536,482 in 201938. Backed by a very high population coupled with a low median population age of 28.3, Indonesia will represent a high potential market for ForestONE to tap into.
Figure: Indonesia Population (2010-2019)
38 https://www.worldometers.info/world-population/indonesia-population/
225.0
230.0
235.0
240.0
245.0
250.0
255.0
260.0
265.0
270.0
275.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Ind
on
esia
Po
pu
lati
on
(M
illio
ns)
ForestONE Whitepaper
82
Average Household Natural Spending per Person The mean monthly household natural spending per capita for Indonesia was USD6.46 in 201739. Assuming household natural spending grows in line with GDP growth of Indonesia at 5.1% per annum40, the mean monthly household natural spending per capita in Indonesia is estimated at USD7.13 in 2019. The distribution of household natural spending in Indonesia is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Indonesia
39 https://www.ceicdata.com/en/indicator/indonesia/annual-household-Natural Spending-per-capita 40 World Bank
48.55%
3.50%
11.60%
5.58%
8.90%2.90%
2.20%
1.76% 3%
0.31%
11.36%
Food & Beverages Clothing & Footwear Housing
Energy Transport Education
Health Personal Care ICT
Financial Services Others
ForestONE Whitepaper
83
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Food and Beverages (48.5%),
b. Transport (8.9%); and
c. Personal Care (1.8%)
This equates to 59.2% of total natural spending. A natural spending capture factor of 25.0% is assumed as not all natural spending from these areas are expected to be captured through ForestONE. Based on these assumptions, the estimated natural spending captured through ForestONE is: USD7.13 per month x 59.2% x 25.0% = USD1.06 per person per month The short-term aim is for ForestONE to capture 15.0% of population in Indonesia, which would provide a reach of: 269,536,482 people x 15.0% = 40,340,472 people The estimated total natural spending through ForestONE for Indonesia is estimated to be: USD1.06 per person per month x 40,340,472 people x 12 months = USD512,076,940
ForestONE Whitepaper
84
f) Thailand
Population in Thailand In addition to Malaysia, Thailand represents one of the five other countries in South East Asia that ForestONE will be looking to first expand into. Ranked number 20 in terms of population worldwide and backed by a steady Y-o-Y growth of 0.18-0.49% over the past 10 years, Thailand has grown to a population of 69,306,160 in 2019. Despite a high median age of 38.341, Thailand is backed by high population, which provides ForestONE with a big potential market to tap into.
Figure: Thailand Population (2010-2019)
41 https://www.worldometers.info/world-population/thailand-population/
66.0
66.5
67.0
67.5
68.0
68.5
69.0
69.5
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Thai
lan
d P
op
ula
tio
n (
Mill
ion
s)
ForestONE Whitepaper
85
Average Household Natural Spending per Person The mean monthly household natural spending per capita for Thailand was USD18.73 in 201742. Assuming household natural spending grows in line with GDP growth of Thailand at 3.9% per annum43, the mean monthly household natural spending per capita in Thailand is estimated at USD20.22 in 2019. The distribution of household natural spending in Thailand is broken down into several categories below:
Figure: Distribution of Household Natural Spending in Thailand
42 https://www.ceicdata.com/en/indicator/thailand/annual-household-Natural Spending-per-capita 43 World Bank
39.63%
2.82%
29.38%
3.85%
10.94%1.1%
1.31% 2.57% 4%0.31% 4.59%
Food & Beverages Clothing & Footwear Housing
Energy Transport Education
Health Personal Care ICT
Financial Services Others
ForestONE Whitepaper
86
Estimated Natural Spending through ForestONE For this estimate, it is assumed that only natural spending from the following categories are captured through ForestONE: a. Food and Beverages (39.6%);
b. Transport (10.9%); and
c. Personal Care (2.6%)
This equates to 53.1% of total natural spending. A discount factor of 25.0% is assumed as not all Natural Spending from these areas are expected to be captured through ForestONE. Based on these assumptions, the estimated natural spending captured through ForestONE is: USD20.22 per month x 53.1% x 25.0% = USD2.69 per person per month The short-term aim is for ForestONE to capture 15.0% of population in Thailand, which would provide a reach of: 69,306,160 people x 15.0% = 10,395,924 people The estimated total natural spending through ForestONE for Thailand is estimated to be: USD2.69 per person per month x 10,395,924 people x 12 months = USD335,167,731
ForestONE Whitepaper
87
ForestONE Tokens and Token Holder Pool Allocation
The total estimated natural spending through ForestONE in the six targeted countries of Malaysia, Singapore, Vietnam, Philippines, Indonesia and Thailand is USD11,051,146,765. This is summarized in the table below:
No. Country Total Natural Spending through
ForestONE (USD/Year)
1 Malaysia 4,761,485,976
2 Singapore 2,258,671,644
3 Vietnam 5,255,171,489
4 Philippines 746,264,159
5 Indonesia 512,076,940
6 Thailand 335,167,731
Total 13,868,837,940
Table: Total natural spending in each country
A total of 1,000,000,000 ForestONE tokens will be created. A proportion of total natural spending through ForestONE, which ForestONE sets aside as their platform marketing budget will be redistributed back to token holders in the form of F1 Points but only for Coin Holders who log in to check out the latest happenings and events at ForestONE. This proportion will be set at 0.1% of total natural spending through ForestONE, which will provide a token holder pool estimated at a value of: USD13,868,837,940 x 0.1% = USD13,868,838
Earnings per Token The earnings per token is estimated at: USD13,868,838 / 1,000,000,000 = USD0.013868838
Valuing ForestONE Tokens The valuation of ForestONE tokens will be based off a Price/Earnings (PE) ratio of 18. This represents a conservative estimate of half of MasterCard’s latest PE ratio of 41.3143 in May 2019. Based on an earnings per token of USD0.013868838 and a PE ratio of 18, the estimated price per token will be valued at: USD0.0013868838 x 18 = USD0.25 Hence, the ForestONE token price will be set at USD0.25 per FOC.
ForestONE Whitepaper
88
Soft Cap, Mid Cap and Hard Cap Analysis The ForestONE roadmap has not only introduced a soft and hard cap, but has also included a mid cap that is intended to show ForestONE’s commitment towards their token subscribers. The presence of the mid cap is to mark ForestONEs’ beta launch and expansion into the first 3 countries. These countries are namely Malaysia, Vietnam and Singapore. The hard cap, which is the maximum funds to be raised, will represent the initiation of the beta expansion efforts into the latter 3 countries, which are Thailand, Philippines and Indonesia.
Token Sale Allocation
Figure: Pie Chart explaining Token Sale Allocation
Based on the figure above, ForestONE intends to offer 80% of their total tokens for sale, which are targeted towards 3 main groups: private investors, buyers who come in the seeding rounds and buyers who come and buy at the official ICO stage. The management team will maintain 20% of the total tokens as a way of stabilizing market price if the coin price fluctuates too drastically. This is important as the Forest1 Coin is expected to be able to serve as a payment coin in the future. More coins will then be released to stabilize the coin price. In addition, the 20% which the management team is holding on to also serves as a buffer against excessive demand of the Forest1 Coin. If the demand for Forest1 Coin continues to surge even after the Pre-ICO and ICO phases, the management team may use this buffer as a way to extend the public sale by releasing more coins for sale. However, out of the 80% that is offered to the public, 10% of it has been subscribed by our private investors. In order to set an appropriate mid cap, ForestONE therefore defined the mid cap as 25.2% of the tokens being subscribed and the hard cap as all 70% of the tokens being subscribed. Putting this into numbers, this brings us to a hard cap of: 700,000,000 x 0.25 = USD175,000,000 (USD175 Million)
Pre-ICO (30%) ICO (40%) Management Team (20%) Private Investors (10%)
ForestONE Whitepaper
89
A corresponding mid cap of: 252,000,000 x 0.25 = USD63,000,000 (USD63 Million) In terms of soft cap, while ForestONE works on all markets concurrently in terms of expansion, Vietnam is the first market which has been targeted to do a beta launch on. The costs needed for beta launch is approximately USD 5 million. As such, the soft cap will be set at USD5,000,000 (USD5 Million USD)
Fund Allocation
Figure: Pie Chart explaining Fund Allocation
Business Development (48%): The funds raised allocated for business development will be used for creating marketing materials pertaining to local culture, experimental advertising, liaising with key contact points for merchants, securing key collaborations and running of promotions for merchants whom want such promotions in return for their collaboration. The funds here will also be used as a buffer against merchants who do not want to provide a merchant discount rates in the short term, which may force ForestONE into incurring initial opportunity costs. Legal Expertise on Local Regulations (10%): The funds raised for this portion will be invested into hiring local legal counsels whom will help to conduct marketing campaigns, draft contracts, advise on work flow and user experience in terms of legality. Every country has slightly different legal expectations and hence funds must be allocated here as a buffer.
Business Development (48%) Legal Expertise on Local Regulations (10%)
Bounty Programs (5%) Market Research (5%)
Liquidity Reserve (20%) Engagement with Local Communities (12%)
ForestONE Whitepaper
90
Bounty Programs (5%): The funds allocated here are to be used for buying other tokens if necessary, to perform air drops, organize hackathons to solve problems which may arise in the project and offer bug bounties for experienced programmers. Market Research (5%): The funds allocated here will be used as a start-up fund to conduct market research for best-selling products, popular merchants and tech savvy communities, etc. The research done here serves as the bedrock on which ForestONE will tailor their marketing and strategies moving forward. Liquidity Reserve (20%): The funds raised which are allocated here are used as a price support mechanism when the coin is officially listed. A reasonable portion is allocated here because at ForestONE, the target is for users to be able to purchase goods and services with the Forest1 Coin and hence the price of the coin will need to be sustained at a reasonable level. Engagement with Local Communities (12%): This takes up the largest portion for a simple reason. This is the primary reason for raising funds, to engage with the main user base and the retail consumers. The funds here will be used for liaising with community leaders, running roadshows, conducting seminars and all kinds of user acquisition maneuverers.
Token Milestones (Subjected to Changes)
Below are a set of dates which we have set for key Forest1 ICO milestones. Please take note that all dates showcased here are tentative dates, these are meant to serve as guidelines for objectives, not served and displayed with finality. Further Timelines will be released as the project progresses.
• Vietnam Community Setup (May 8th 2019)
• Facebook for Forest1 ICO setup and ready to go (May 11th 2019)
• Twitter for Forest1 ICO setup and ready to start (May 13th 2019)
• LinkedIn for Forest1 ICO setup and ready to start (May 14th 2019)
• Singapore Community Setup (June 1st 2019)
• Forest1 Coin Member Dashboard is Ready (July 20th 2019)
• Private Sales Begin (July 2019)
• Programming of Forest1 Coin on the Stellar Blockchain is completed (July 2019)
• 1st Batch of FOC is sent out (July 2019)
• Aiming to onboard 99 Speedmart as one of ForestONE Platform’s Merchants (July 2019)
ForestONE Whitepaper
91
• First Roadshow in Vietnam (July 21st 2019)
• First Roadshow in Singapore (July 31st 2019)
• Aiming to integrate payment capabilities into the ForestONE Application for Telecommunications Companies like Maxis, Digi and Celcom. (August 1st 2019)
• Integration of Forest1 Coin Balance to Main Application is completed (Initial Function would be to use Forest1 Coins to redeem FOC Vouchers, the Forest1 Coin weekly grand draw function starts only after Mid Cap is reached) (20th August 2019)
• 2nd Batch of Forest1 coins is sent out (24th August 2019)
• Total Targeted member count on ForestONE Main Application: 200,000 (10th September 2019)
• Testing of Fiat on Ramp payment structures (Subjected to Regulations Control) (25th September 2019)
ForestONE Whitepaper
92
J. PROJECT ADVISORS
NICHOLAS SOONG – Co-Founder and Director of Jigsaw Capital
• 6 years of experience in investments, market research and economic advisory for policy, planning and decision making within government and the private sector
• Currently leads the community building, events and public relations practice at Jigsaw Capital
• Formerly an Economics Consultant with a Big 4 Company
• Formerly part of the Investments team in the sovereign wealth fund of Malaysia
• Geographical project experiences include South East Asia, East Asia, South America and the Middle East
IAN CHEW – Co-Founder and Director of Jigsaw Capital
• 5 years of experience specializing in market penetration and strategic investments for the Oil and Gas industry
• Currently leads the business development, strategic partnerships and fund-raising practice at Jigsaw Capital
• Early adopter of Bitcoin and began cryptocurrency trading before entering market arbitration within Asia
ForestONE Whitepaper
93
JAPHET LIM – Head of Blockchain Development at Jigsaw Capital
• Certified Blockchain Expert, which was an honour provided by the World Blockchain Council
• Author of “The Guidebook for the Crypto Beginner”
• Completed the London School of Economics’ certification course on “Cryptocurrency and Disruption”, graduating with a score of 93%
• Invited as guest speaker for the Singapore delegation in the China and Singapore Belt and Road Economic Cooperation Summit Forum, where students included entrepreneurs, tertiary students, office workers and stay-home housewives
• Invited as guest speaker at Singapore Management University, Nanyang Technology University and National University of Singapore
• Interviewed by Youku, the dominant social video platform on the topic of Cryptocurrencies
• Interviewed at the Showfx exhibition in Singapore
DUNSTAN TEO – CEO of Interstellar Innovations Pte Ltd
• Founder and CEO of Interstellar, the only official DEX on the apps store and the only official DEX and wallet for Stellar Lumens
• Venture Partner of Alpha Omega Capital Partners
• President of Sanctum Pte Ltd
• Polymath that was self-taught and later mentored in Economics, business strategies, game theories, sociology, behavioural psychology and social conditioning
• Started mining Bitcoin 9 years ago as it as an interesting project to gamers and it became a game
ForestONE Whitepaper
94
trading token
• Started to be involved in ICOs 4 years ago
• Mentored crypto influencers and was involved in sovereign level blockchain projects as a CTO
SIMEON ANG – Director and Principal Consultant at BLCK Technology
• Staunch believer in investor education through community engagement
• Formerly with cryptocurrency exchanges at Huobi and NOBOS, Simeon understands the need to engage communities to drive business growth, credibility, customer loyalty
• At Huobi and NOBOS, Simeon spearheaded community engagement through investor education initiatives both through the web and through face-to-face engagements
• Prior to that, Simeon spent seven years in the equity research industry at a regional broker as well as a local financial media house
• Currently Director and Principal Consultant at BLCK Technology, a consultancy firm that helps SMEs embark on their blockchain technology through advisory and training services.
ROY KEK – Founder and Managing Director of DIFY Singapore
• Founder of DIFY, a PR and Marketing firm specialising in Blockchain, e-Commerce, Gaming and Tech companies
• DIFY has established a strong presence in Asia with Managing Partners in 5 countries across Asia, which are Singapore, Malaysia, Thailand, Vietnam and China
• Singapore representative for Faster Capital, Singapore Ambassador for Blockchain Conference and Binance Angel for Singapore
ForestONE Whitepaper
95
• Roy specializes in creative communications and enjoys crafting out of the box marketing campaigns for projects
• He has spoken at Asean Digital Asset Summit, Huobi’s Blockchain Innovation Tour, Genesis Capital Vietnam CAT Event, LD Capital Thailand CAT Event, Block Live Asia and Institute of Blockchain’s Skills Future Festival.
PAULUS PHAM HUU PHAT – Founder of Clover Solutions Limited
• Founder of Clover Solutions Limited and Vita Ricco Group. Founded in 2018, his vision was to uplift tech-innovation and the entrepreneurship ecosystem by empowering Blockchain-based start-ups and helping them accelerate their success
• Vita Ricco successfully cooperated with over 30 global and local partners within their first 6 months
• Paulus is an Advisor and Community Influencer in the Blockchain-space in Vietnam
• He was previously the Vietnam Community Director of TrueChain and has extensive experience developing the Vietnam market, working alongside venture capital and token funds
• Paulus is currently playing an important role in some well-known institutions such as Head of Business at Nami Corporation, Business Advisor at Coineal Vietnam and Board Advisor at TenTech
ForestONE Whitepaper
96
K. DISCLAIMER
This Whitepaper is created to serve the informative purposes only, therefore, the
representations herein should not be relied on. ForestONE makes no representations or
warranties (whether express or implied), and disclaims all liability arising from any
information stated in the white paper. This white paper shall not and cannot be considered
as an invitation to enter into an investment. It does not constitute or relate in any way nor
should it be considered as an offering of securities in any jurisdiction. This white paper does
not include or contain any information or indication that might be considered as a
recommendation or that might be used as a basis for any investment decision. ForestONE
tokens are just utility tokens which can be used on the Forest1 platform and are not intended
to be used as an investment. The offering of ForestONE tokens on a trading platform is done
in order to allow the use of the ForestONE platform and not for speculative purposes. The
offering of Forest1 tokens on a trading platform does not change the legal qualification of
the tokens, which remain a simple means for the use of the ForestONE platform and are not
a security. Acquiring ForestONE tokens shall not grant any right or influence over ForestONE
organization and governance to the users. Regulatory authorities are carefully scrutinizing
businesses and operations associated to cryptocurrencies in the world. Any person
undertaking to acquire ForestONE coins must be aware of the ForestONE business model,
the white paper or terms and conditions may change or need to be modified because of new
regulatory and compliance requirements from any applicable laws in any jurisdictions. In
such a case, contributors, users and anyone undertaking to acquire ForestONE coins
acknowledge and understand that neither ForestONE nor any of its affiliates shall not be
held liable for any direct or indirect loss or damage caused by such changes. Anyone
undertaking to acquire ForestONE coins acknowledges and understands that ForestONE
does not provide any guarantee that it will manage to achieve it. They acknowledge and
understand therefore that ForestONE (incl. its bodies and employees) assumes no liability
or responsibility for any loss or damage that would result from or relate to the incapacity to
use ForestONE coins, except in case of intentional misconduct or gross negligence.
ForestONE Whitepaper
97
L. FOLLOW US
linkedin.com/company/Forest1Coin
www.facebook.com/Forest1Coin
t.me/Forest1Coin_VietNam
t.me/Forest1Coin_Singapore
https://twitter.com/Forest1Coin
http://bit.ly/forest1coin