WHITEPAPER - Fx empire · physical store, e-commerce or m-commerce. Additionally, the process includes 8 additional steps to settle the transaction. This lengthy process calls for

WHITEPAPER

WHY | WHO | TOC | HOW | WHEN

Table of Contents INTRODUCTION ....................................................................................................................... 3

CRYPTOCURRENCY & CRYPTO TOKEN ISSUES ........................................................ 4

LACK OF ACCEPTABILITY ............................................................................................... 4

MARKET FRAGMENTATION AND LACK OF COMMONALITY ..................................... 4

NO COMMERCIAL OR FINANCIAL USAGE ................................................................. 5

LACK OF AUTHENTICITY ................................................................................................. 5

E-COMMERCE ISSUES .......................................................................................................... 6

LENGTHY & COSTLY PAYMENT PROCESS .................................................................... 6

Time Consuming Payment System ...................................................................................... 6

High & Inflexible Merchant Fees .......................................................................................... 6

Tedious Fund Transfer Duration............................................................................................ 7

Lack of a Unified Mobile Payment System ........................................................................ 7

AUTHENTICITY AND TRUST ISSUES .................................................................................. 8

Inability to Transfer Trust/Rating ........................................................................................... 8

Individual Relationship Management ................................................................................ 8

Fraud and Theft ..................................................................................................................... 9

MARKET OVERVIEW .............................................................................................................. 9

NOBAR, THE FULL FLEDGED SOLUTION ..................................................................... 13

CRYPTO COMMERCE .................................................................................................. 13

Global Trading ..................................................................................................................... 13

Local Trading ....................................................................................................................... 14

Tokenizing Used Products ................................................................................................... 14

Sharing and Selling Assets .................................................................................................. 15

Facilitating Services ............................................................................................................. 15

Advertisements .................................................................................................................... 16

PAYMENT FUNCTIONALITY ........................................................................................... 16

Multi-signature Agreement & Payment ........................................................................... 16

Recurring Transaction ......................................................................................................... 17

Flexible Transaction Fee ..................................................................................................... 17


SHOP-APP ...................................................................................................................... 17

WHY CHOOSE NOBAR? ................................................................................................... 19

PURCHASING POWER, RETURNED TO YOU ............................................................... 19

MANY OPTIONS UNDER ONE UMBRELLA ................................................................... 20

CONSIDERABLE GROWTH POTENTIAL ........................................................................ 21

CONVENIENCE MATTERS ............................................................................................. 22

INCREASING ACCEPTABILITY ...................................................................................... 23

USER PROTECTION ........................................................................................................ 23

MINIMAL TRANSACTIONAL FEES ................................................................................. 24

REGULATION COMPLIANT ........................................................................................... 24

TWO DECIMAL CRYPTO TOKEN .................................................................................. 24

LOYALTY PROGRAM .................................................................................................... 25

TOKEN ........................................................................................................................................ 26

PROJECT SYMBOL ........................................................................................................ 26

BLOCKCHAIN TECHNOLOGY ..................................................................................... 26

SMART CONTRACT CODES ......................................................................................... 27

TOKEN SALE ................................................................................................................... 31

ROADMAP ............................................................................................................................... 37

COMPANY INFORMATION ............................................................................................. 38

NOBAR TEAM ......................................................................................................................... 39

TEAM .............................................................................................................................. 39

Advisors ......................................................................................................................... 40

APPENDIX ................................................................................................................................ 41

REGULATION ANALYSIS OF NOBAR ........................................................................... 41

Utility vs. Security .................................................................................................................. 41

Payment Alternative Regulation ....................................................................................... 46

Restrictions ............................................................................................................................ 47


Blockchain, cryptocurrency, crypto token and Bitcoin, these are the ultimate buzz-words

which are changing the way how we perceive and understand economy and banking.

Since the inception of Bitcoin, multitudes of disruptive ideas revolving around

cryptocurrency are emerging as we, the consumers and users, are beginning to unlearn

the way we have perceived our past payment systems. Innovators are coming up with

new and fresh solutions every day in which blockchain and cryptocurrency can be used

to provide users more control with less uncertainty.

But has cryptocurrency been able to achieve what it was designed to do yet? Has it

become the universal medium of exchange for all kind of commercial activities?

The answer is a disappointing NO. Although there have been some promising projects

from a few cryptocurrency visionaries and entrepreneurs, these have surfaced as only

partial solutions to the problem. As a result, we users have to resort to using different

cryptocurrencies and different platforms for conducting different activities in our everyday

lives. This dependence on fragmented marketplaces for the application of cryptocurrency

makes it much harder to realize one of the key goals of this innovation, which was to

replace traditional fiat currencies in all the aspects of modern human civilization.

So, what do we need to solve this? We are in need of a single cryptocurrency or crypto

token operating on a single platform which will unify all kind of commercial activities (B2B,

B2C, C2C, C2B, POS, job, ads) revolving around payment or transaction so that any user,

ranging from an international business magnate to grocery shoppers can use it as a

universal medium of exchange to create a complete and holistic facility of crypto

commerce. NOBAR is here to provide this solution.


The combined worth of cryptocurrency and crypto token sector has skyrocketed so much

that it is now comparable to any established industry in the world. As of March 2018, the

total crypto market was worth a staggering 600 billion USD (according to coinmarketcap).

Yet, the only major activity related to cryptocurrency or crypto token is exchanging it with

other cryptocurrency or fiat currency. If the true vision of cryptocurrency was to be a

payment alternative, then this will not suffice to fulfill that goal. What are the problems

and issues that are hindering the advancement of cryptocurrency? Let’s take a look.

Bitcoin and cryptocurrency have come a long way from being considered a useless trinket

to a steamy hot-cake in the eyes of the investors. Every day, major investments are made

with an aim to obtaining a slice of this booming market. Even though countries such as

Japan are accepting Bitcoin in various types of transactions ranging from point of sale

payments to large transactions, only a handful of merchants, retailers and businesses are

really using cryptocurrency for the trading of traditional goods and services. The reason

is cryptocurrency is still not accepted as a medium of payment for any kind of financial

activities that happens in our day to day life.

Whenever the topic of cryptocurrency is initiated, the first name that comes to everyone’s

mind is Bitcoin. However, the cryptocurrency industry has come a long way from confining

itself to only Bitcoin. There are many altcoins and crypto tokens now which are trying to

solve existing problems in our current world. As a result, there is now a cryptocurrency

for almost every activity imaginable. There are tokens for B2B (business to business)

activities, tokens for B2C (Business to consumers), one for sharing activity, one for selling

your assets and the list goes on. Although these projects are providing great solutions to

various problems and catering to some needs, they are creating fragmented markets by


introducing different cryptocurrencies and crypto tokens for each activity. Therefore, there

is less commonality among the token holders. Any token holder would have to exchange

his/her token with other tokens to engage in any other activity which is not supported by

his/her token, which results in hassles for the token holder.

The combined market capitalization of cryptocurrency has increased more than

twelvefold since January 2016, surpassing $600 billion by January 2018. According to

the latest data, the current number of unique active users of cryptocurrency wallet is

estimated to be more than 6 million. And yet there is no real commercial or financial usage

of cryptocurrency. They are being used more as “Crypto-assets” rather than

cryptocurrency because they are not really being used as a currency. The reason behind

this is that there is no unified platform which connects all the fragments of markets

available. Therefore, for a certain token, the acceptability is very low compared to that of

USD or EUR. If cryptocurrency is not used as a currency, then no commercial of financial

usage can be obtained from it.

Most of the platforms that allow any kind of transactions have reviews provided by other

people who are available on a certain platform nowadays. Consumers rely heavily on

these reviews to trust a vendor, merchant or a service provider. This is of serious concern

as creating fake profiles and posting fake reviews have become commonplace, which

does not inspire confidence in users. Through research has become a necessity even for

simple financial transactions. This requires a significant amount of time and there is no

certainty that the independent research will prove to be useful or not. The developers and

moderators of these platforms do not create enough facility to monitor every profile and

their related activities on the platform to provide platform side review. So even if a

consumer is interested in a certain product or service he/she may not perform the final

transaction due to lack of trust.


E-commerce sector and its associated industry has expanded at an unmatched rate over

the course of last decade and is expected to grow further at an even faster rate. The retail

e0commerce sale has more doubled in only the last 4 years and is likely show similar

level of growth in the next 2 years. But despite this high growth and reach, the sector is

facing a few major problems. Even behemoths of the industry, such as Amazon and eBay

are not completely free of these hindrances and drawbacks.

There are a number of payment gateways and transaction processing corporations

available for the buyers and sellers in the e-commerce sectors. Yet the whole process is

riddled with various problems, such as:

Currently implemented transaction process has a complex transaction settlement that can

include up to 16 steps to accept and settle transactions. The payment confirmation and

rejection are carried out in 8 steps at the time of the payment regardless of it being in a

physical store, e-commerce or m-commerce. Additionally, the process includes 8

additional steps to settle the transaction. This lengthy process calls for a significant

amount of time and resource.

There are up to 10 different types of fees that are borne by the merchant in order to accept

payment from the customers. It includes:

Transactional fees which can range anywhere between 2% and 6% per transaction

plus a fixed fee which ranges from $ 0.1 to $ 0.7. This fee is paid for banks, credit

card associations, processors and payment gateways.


Chargeback fee and retrieval request fee are implemented when there is a request

for a chargeback. Various payment gateways, such as PayPal charge merchants

a $ 15 chargeback fee.

Flat fees which can include PCI fees, terminal fees, IRs reporting fees, monthly

fees, annual fees, network fees etc.

Cross-border fess which can go up as high as 4.4% + fixed fee (in the case of

PayPal).

Incidental fees such as batch fee, VAF, AVS and NFS fee.

No matter what the amount is being transacted, these activities always incur a certain

fixed amount/percentage of charges along with variable fees, on which the user has no

flexibility. And frustratingly, sometimes the payment gateways and processing

organizations opt to keep their overall fee structure hidden from a seller which can lead

to confusions.

Moving the money in different bank accounts can often take a long time which can range

from 2 days to a few weeks to receive the payment. Moreover, often the merchants’

payments are held for a week due to a higher probability of chargebacks.

The solutions currently available are fragmented and not very user-friendly across the

whole populace of the global market. October 2016 was the first ever month in the history

of the internet when more users around the world accessed the internet from mobile

devices than from desktop computers. According to Statista, it is estimated that

approximately 80% of internet usage will be from mobile by the year 2018. At the same

time, mobile payments are projected to increase from USD 8.6bn in 2015 to USD 274bn

in 2021.


The problem is that most e-commerce and retail payments gateways and/or terminal were

developed to accept and process payments using physical credit cards, and at their core,

cards are not mobile-friendly. Payment gateways rarely offer a simple solution for a

merchant to accept mobile payments on their website or point of sale (POS) terminals.

Trust and reputation are extremely important for participants in today's global commerce.

People are more likely to buy from trusted merchants; therefore, merchants are striving

to maximize their trust rating/reputation and build a loyal customer base. On the flip side,

building trust can be quite difficult. To achieve this, a lot of time is required in addition to

resources hence a costly affair. In fact, this becomes even more difficult for new or small

merchants as compared to large and established merchants.

Consumer reviews are significantly more trusted (nearly 12 times more) than descriptions

that come from manufacturers, this is according to a survey of US internet users by the

online video review site EXPO. Below are some of the problems of trust faced by

merchants in today's global e-commerce:

Sellers of e-commerce space currently have no ability to transfer their trust rate from one

marketplace to other. For example, once you become trusted on eBay, you still must

build your trust on Amazon or any other marketplace platform.

Buyers need to establish a relationship with each merchant separately. Moreover, a

buyer’s history is not available for merchants to make decisions. This is due to the fact

that trust is not inter-transferable between merchants.


In 2015, card fraud reached $21.84 billion – a figure that is expected to rise to $31.67

billion by 2020. According to Advanced Payment Report 2016 conducted with the help of

Wirecard.de, 92% of merchants say fraud will remain a prime concern for online

payments. Large e-commerce and m-commerce merchants lose 1.4% and 1.7% of

revenues respectively to fraud according to the 2015 True Cost of Fraud Study.

With rapid and continuous global economic growth, the e-commerce sector is growing

steadily. The number of daily users is growing every day, and a lot of businesses all over

the globe are generating a major portion of their sales through e-commerce platforms.

This growth is apparent when we take a look at the annual turnover from e-commerce on

a worldwide scale.

The global turnover from e-commerce is expected to be $2.2 trillion by the end of the year

2018, with a growth rate of around 20%.

1100

1490

1850

2000 2

24

0

2014 2015 2016 2017 2018*

GLOBAL E-COMMERCE TURNOVER ($BILLION)


Each year the number of people who regularly shop online keeps growing. According to

the Global E-commerce Report marketing study by Nielsen (a company focused on the

FMCG industry marketing measurements), the number of online shoppers’ increases

annually by an average of 16% and now it amounts to 1.66 billion worldwide.

There are more than 1.5 billion customers of online marketplaces around the world.

The volume of the global e-commerce amounts to trillions of dollars annually. The leaders

in total expenditure are China, Great Britain, USA and Japan.

Now, how does having a marketplace offer benefits for sellers and buyers? It-

Provides access to a virtually limitless global market

Provides an opportunity to meet a large client base

Facilitates selling various goods

Makes payment easier

Reduces promotional and marketing cost

1.3

1.4

7 1.6

2

1.7

3 1.8

6

1.9

5 2.1

2014 2015 2016 2017 2018* 2019* 2020*

NUMBER OF CUSTOMERS BY YEARS (BILLIONS)


The market share of e-commerce ventures in global retail trade is expected to increase

and will most likely reach 15% by 2021. Thus, e-commerce is exhibiting considerable

influence on the development of global trade.

There are some key facts that are apparent from various data obtained from the market.

They are:

70% of the total customers rated price as the main factor in selecting items from

online stores

71% customers factor in sales and promotional offers while purchasing

80% of the customers consider Delivery cost and speed is an important factor

In 2016, 58.3% of global internet users had purchased products online. In 2019, this figure

is expected to grow to 63%. With digital buyer penetration expected to surpass 65% of

internet users worldwide in 2021, the e-commerce industry is set to evolve and expand.

0

2

4

6

8

10

12

14

16

18

2015 2016 2017 2018 2019* 2020*

MARKET SHARE OF E-COMMERCE IN RETAIL TRADES (%)


The following figure shows the global markets with the highest online shopping

penetration rate as of the second quarter of 2017. As of the second quarter of 2017, the

average value of online shopping orders worldwide via desktop was 136.77 U.S. dollars.

Smartphone and tablet purchases lagged behind with an average order value of 100.75

and 108.18 U.S. dollars respectively.

58.3

60.2

61.6

63

64.6 65.2

2 016 2017 2018* 2019* 2020* 2021*

DIGITAL BUYER PENETRATION(%)

83

83

82

81

79

77

77

76

75

74

China

South Korea

UK

Germany

Indonesia

India

United States

Taiwan

Poland

Thailand

ONLINE SHOPPING PENTRATION RATE (%)


NOBAR aims to offer a three-sixty-degree holistic solution to both the buyer and seller

group by focusing on different specific needs. To streamline and increase efficiency, our

solutions will be presented through a singular platform combining two major functionalities

simultaneously, “Crypto Commerce” and “Shop-App”. We believe in facilitating in any

eligible and interested buyer and seller, no matter the size or scale of their businesses.

This dream has encouraged us to offer these solutions for our users:

Imagine that you have been out on a holiday in the beautiful islands of the Maldives from

your home country. Upon your return to your home, you feel very nostalgic and now you

want a souvenir from your visit, in the form a traditional wear. You look for it online for a

couple of hours and finally find a lead on eBay where a local resident of Maldives is selling

those attires. But to your dismay, when you go to place an order you find out that the bank

you use for your transactions does not offer a payment gateway to the Maldives. And the

alternate processors are charging so much that the extra charges are even more than the

cost of the attire. You feel dejected with a dampened mood.

This is just a fictional scenario which illustrates how across the border trading has become

lengthy, time-consuming and expensive over the period of time. Moreover, this whole

process requires significant paperwork along with the need of an intermediary (banks,

processors, payment gateways) which charges a significant amount for each transaction

made. NOBAR will enable you to take part in global trades without the need of any kind

of intermediary.

Our platform offers any of our users to communicate with other users without any hassle

or need for a third party. All the trading is done electronically and the system will ensure

the authenticity of the users while registering to negate any possibility of fraudulent


activities. The platform will offer tools with easy to use interface so that the products are

available internationally if a seller wishes so.

NOBAR will allow local businesses to showcase and sell their products to local buyers.

We strive to focus on fairness which will allow all the sellers, no matter the size of their

businesses, to showcase their goods and services on our platform.

With the growing amount of orders, it often becomes nigh impossible for a small scale

local producer to expand and scale up as it is very time consuming and expensive.

NOBAR will assist local vendors in expanding and maintenance by offering supports on

the fronts of sales, communication, PR management and marketing. By assisting the

sellers in these activities, NOBAR aims to help the vendor in focusing on their core

activities, namely production of the goods and services.

NOBAR aims to dispatch dedicated tool for marketing and measuring customer

feedbacks by maintaining a transparent purchasing behavior and trend history of the

platform. We have the goal of building dedicated fractions of communities which will

correspond to local needs of both the sellers and buyers.

One of the interesting features offered by our platform is the ability to buy or sell used

products. This trade will operate much like eBay, but with the added convenience of using

a unified medium of exchange, namely NBR Token to perform the trade. This negates all

the possibilities of undue price fluctuations and transactional complexity that is faced by

fiat currencies. The price of the product will be at the complete discretion of the buyer and

sellers with no influence from the authority which will ensure fairness.


NOBAR will make it very easy not only to buy and sell your produced goods and services

but also to share or rent anything that you want. Facilitating the needs of both the

traditional hoteliers and Airbnb users, you can rent your hotels or share your house with

any interested user. Want to rent your car? Our platform will support dedicated sharing

and renting of automobiles. With no service/processing fees incurred, you can quickly

connect to other users on the platform if you wish to share your assets.

The platform also aims to provide its users support for selling assets such as automobiles,

houses and equipment. Users can directly communicate with each other via the dedicated

chat service on our platform and adjust the terms of the transactions.

Just like sharing assets, it will be enormously easy to share human resources across our

platform. Any user can showcase their skill sets and experience while attracting one –to

one contract with other users for providing services. These services will open doors for

remote job opportunity by conducting projects bypassing global barriers.

We wish to make our platform a haven for freelancers across the globe. If you wish to

avail a service, you can post job notices against which other users can make bids.

A user can also opt to list his/her employees in our platform and opt to automate the

payment. Our platform will provide the service of employee payroll management on behalf

of the employer.

A user can also operate a virtual workplace or office through our platform. This can

significantly bring down the operating cost while making it possible to obtain and maintain

a diversified workforce around the globe.


One exciting feature that our platform aims to offer is a versatile advertising tool. Any user

of our platform can enjoy the benefit of targeted advertising on the basis of demographics

and interests while selling various goods and services. It will allow for a precise

deployment of advertisement, therefore resources, to reach the most potential buyers,

renters or any interested party.

Let’s take an example to illustrate the point better. Suppose, you run a small business in

Lyon that specializes in crafting handmade, customized wedding gowns. You want to

showcase your products in our platform, and are aiming to sell your products to the

dwellers of your city as that will allow you to provide a better logistical support.

To successfully run an advertisement campaign that will fit your business need properly,

you will be aiming to target an audience that is female, falls in a certain age group, has

interests in bridal wears and resides in your town. Our advertising tool will allow you to

precisely select a customized target audience like this, and that too in a simple, easy-to-

understand user interface.

In our platform, a buyer and a seller can come to an agreement with different payment

and other clauses in action. There will be provision for partial payment before the delivery,

while the other portion can be paid after successful delivery. Additionally, the whole

payment can be made in advance or after delivery. Once the payment procedure and

other terms and conditions are settled, both parties will digitally sign a contract with all the

necessary parameters and clauses. During the whole duration of the transaction,

payment and delivery process track and trace service will be integrated into the system

to let the parties involved know about the package position.


As soon as the agreement is digitally signed by both the parties, the agreed amount from

the buyer’s account will be frozen and after successful delivery of the product that amount

will be released to the seller as per agreement.

A special feature of our platform is the recurring transaction system, where anyone can

automate the payment for anyone at a given time. A user can set a certain time and a

certain amount which will enable the user to send out payment without manual

involvement. A notification will be sent to the user to his/her account to facilitate a

successful automated transaction.

Any user will be able to use this feature to pay bills, to send out salaries to employees, to

pay house rent and many other purposes.

A sizeable benefit that NOBAR will provide over conventional transactions is the flexibility

offered to users in terms of transaction fees. Being based on Ethereum blockchain

technology, NOBAR will allow its users to choose any amount of transaction fee (as low

as $ 0.05 per transaction), depending on the preferred transaction time. This feature will

ensure greater control to the most important entity to us, our users.

NOBAR aims to provide a dedicated shop-app functionality right in the dedicated mobile

app across major mobile operating ecosystems. Users of the app can potentially perform

all the activities from any browsers or our mobile app which will feature additional benefit

of acting as a dedicated payment device.

Any Point of Sales that integrates our platform will allow our users to expand the

functionality of the app. With growing users and POS, users can potentially do any kind


of shopping from physical stores and pay for services using NOBAR’s signature app.

Imagine paying for your grocery, or the delicious dinner you just had at your favorite

restaurant with the help of our app with just a swipe. We strive to make the lives of our

users smooth and easy in the most convenient way possible.

Our shop-app functionality aims to make the process of payment thoroughly easy by

integrating a simple “scan and pay” system. By scanning the crypto address or the QR

code, any user can send the payment easily from any of our POS. The integration for the

retailers who want to accept payment in this method will be equally as easy, as they will

be able to take benefit from the same POS.

By scanning the QR code of the receiver’s address, any user will be able to send payment

in NBR token or in any other cryptocurrency of their choice to any retailer who has

integrated the NOBAR Shop-App into their devices. Transferring NBR tokens or any other

currency to any friend or family will be equally as easy. Just copy and paste the desired

address into the address bar or scan the QR code and press send to transfer.


NOBAR will deploy the shop-app functionality in two versions. They are the basic shop-

app and the advanced shop-app.

Upon reaching the soft cap target, a basic shop app feature will be deployed with

support for ETH and NBR.

Upon reaching the advanced level of the token sale, the advanced shop-app

feature will be made available to all users, which will support ETH, NBR, BTC, LTC

and BCH.

NOBAR team will integrate the fast lightning network upon reaching the hard cap.

With the promise of harnessing the power of Ethereum blockchain and smart contract,

NOBAR aims to completely revolutionize the way we view and use e-commerce

platforms. But what do we promise to offer in this platform? Let’s find out.

One of the biggest niggles that we, the NOBAR team had during the meteoric rise of

Bitcoin and consequently other cyrptocurrencies and crypto tokens is that due to the wide

fluctuations of the values, users have started treating cryptocurrencies and crypto tokens

as assets. The dominating tendency is to “short sell” to make a short-term profit. This

defeats the main purpose of a currency, which is to work as a medium for transactions.

Most of the cryptocurrencies and crypto tokens currently present in the world are currently

used for only speculative trading. Imagine US Dollar as a currency which is only used to

be traded against other currencies of the world, for the hope of making profits out of the

trading. This hypothetical situation is being realized in the crypto world which will

ultimately lead to a collapse of the market.


NOBAR promises to give the power back to the users. By engaging our token as a mean

to purchase and sell products, we want to establish NBR token as an appropriate

replacement for traditional currencies.

A few cryptocurrency providers have started providing solutions for various activities

regarding online trading such as marketplace based blockchain or online hiring contracts.

But these organizations are focusing on disparate goals with no aim of unifying various

activities to be made available to users. This leads to fragmentations and hassles for

users as they have to use different platforms for different but co-existing activities.

NOBAR will accommodate different types of activities under a unified platform to provide

a holistic solution for our users. These activities will range from, but not limited to:

Managing local trades and businesses

Conducting global trades

Selling used goods

POS payments

Providing personalized and generalized services

Selling assets

Sharing or renting assets

Hiring workforce

Customizing activities by setting parameters

There are currently no other entity in the crypto world who are offering so many options

in a single platform. When NOBAR is pitted against other competitors working in the same

segment, it becomes even more apparent.


The number of users and beneficiaries from the global e-commerce sector has increased

at an exponential rate of over the last few years. Each year more and more people are

moving from traditional buying habits to online purchases. Here we can see how far the

digital commerce and mobile POS payment trends have grown in the last years and how

they can be even more widespread potentially.

0

1000

2000

3000

4000

5000

6000

2016 2017 2018 2019 2020 2021 2022

DIGITAL PAYMENT GROWTH POTENTIAL ($ BILLION)

MOBILE POS PAYMENT DIGITAL COMMERCE


For some markets, the lion’s share of the buyers is opting out of going to traditional brick

and mortar shops to using e-commerce spaces. This figure can reach up to 60 percent of

the people eschewing traditional shops in favor of online market space. Let us take a look

at an illustration of how buying behavior for a lot of items has changed.

In light of these data, it can be reasonably assumed that the e-commerce sector all over

the world should grow steadily in the coming years. NOBAR is inviting you to take part in

a market that has the potential for sustainable and steady growth. With the addition of

more and more users, the platform will be sustainable and viable.

One of the biggest problems of transacting with traditional currency is the lack of

convenience. Carrying money in person is cumbersome and risky while paying through

various payment gateways and banks currently incur a considerable fee and long

processing time. With NOBAR, we want to get rid of these hassles and design an easy to

use, convenient shopping experience for our users. And the biggest point of this

convenience stems from our promise to introduce a single crypto token that can be used

60%

43%

39%

36%

37%

28%

51%

37%

44%

47%

BOOKS, MUSIC, MOVIES, VIDEO

GAMES

CONSUMER ELECTRONICS

TOYS

SPORTING GOODS

HEALTH AND BEAUTY

GLOBAL ONLINE VS IN-STORE SHOPPING PREFERENCES IN 2017

IN-STORE

ONLINE


for every kind of commercial activities imaginable, rather than holding different

cryptocurrency and crypto token for various activities.

The usage and public interest on cryptocurrencies have skyrocketed in the last couple of

years and big corporations have started to notice that. To keep up with the consumer

demands, a lot of organizations, businesses and shops have started accepting

cryptocurrencies as a payment method. These include Expedia, Shopify, Newegg,

Roadway, Gyft, Overstock, PayPal, Subway and even Microsoft. These show the

potential that many more organizations will integrate their businesses with the demand,

which works as a huge boost for NOBAR and its promises to deliver a unified e-commerce

platform all over the globe.

A big headache for the users of cryptocurrencies is the fear of being scammed. Taking

advantages of the boom, some fake cryptocurrency ventures have participated in

fraudulent behaviors and scammed unsuspecting users by selling false promises.

To reduce the uncertainty regarding the experience and contributions of our potential

users, NOBAR has adopted a fully transparent modus operandi. Any potential user will

be vetted by our operations team so that the trading of illegal or dangerous items do not

take place. Any potential user can contact our core team members regarding any issues

over various social media platforms. Additionally, our advisory panels constitute various

personnel who are well versed in the marketing, regulations, security and operations of

cryptocurrency and e-commerce.

Moreover, individualized KYC and AML requirements will be carried out for each user to

diminish the chance of any fake profile or fraudulent activity. This step will ensure the

legality of NOBAR’s operations, as well as will diminish the chance of our users getting

cheated or scammed.


Due to the inclusion of various types of fees on different steps of the processing of a

typical credit card transaction, the fee can vary between at least $2 to up to more than 5$

for every $100 of transactions. On the other hand, NOBAR, on the virtue of being based

Ethereum’s blockchain algorithm will incur as low as only $0.05 fee per transaction,

depending on the preferred transaction time. Thus NOBAR users will have much higher

flexibility in reducing these fees greatly.

Nowadays the only debate from the concerned regulators is “utility or security” regarding

how an ICO is structured. During an ICO, the purchaser of the tokens has to make sure

if there is any regulatory risk associated with the project which might halt or lessen the

development of the associated project. Generally, the main point for all of the jurisdiction

around the world is that tokens which give investors certain rights in the issuer company

or whose value is tied to the future profits or success of a business are likely to be

considered securities. The straightforward answer for this matter would be that NBR token

holders will only have rights to access and to use NOBAR platform’s functionalities

(Crypto Commerce & Shop-App) and the right to use NBR token to purchase goods and

services only through NOBAR platform. For a thorough analysis of the nature of NBR

token, please refer to our appendix section.

After careful deliberation, the NOBAR team has chosen the value of NBR token to be

divisible to up to two decimal point. The reason behind this is to help the users to easily

transition into using cryptocurrency or crypto token from the usual fiat currency due to the

similarity and ease of calculation.

For example, when you walk into a conventional shop, you might buy a gallon of milk for

$ 3.75. You can find this ease of usage in NBR, where you can expect a transaction

amount to be rounded to a value of 4.01, instead of 4.08465816 in case of other tokens.


The question might arise, why is NOBAR refraining from using eight decimal crypto

tokens which is the preferred way of operation for Bitcoin and other cryptocurrencies?

Even though the decision of using eight decimal points offers more precision, we feel that

it forces users to adapt to a sudden and huge paradigm shift of using two decimal point

fiat currencies for their entire lives.

Imagine a day in your life. No matter your profession, you are very likely to partake in

various activities that use currency, sometimes multiple times a day. These can range

from paying a small bill to buying a grocery to hiring a service staff. Using eight decimal

point cryptocurrency repeatedly in quick succession for these small tasks might make the

users weary of keeping track of their finances while rounding to two decimal points will be

a continuation of their lifelong habit.

Scientist and researcher Stanislas Dehaene notes that prices with precise numbers tend

to make consumers uneasy. Prices are rounded to calm consumers and increase

perceived value. Dehaene also notes that Rounded numbers convey value more

effectively. All of these observations have culminated in our decision to develop NBR

token as a two decimal point crypto token.

NOBAR believes in giving back to its most ardent supporters, to those loyal users who

are the heart of soul of the platform. To make it worthwhile for our frequent users, a

specially crafted loyalty program will be deployed along with our platform. Through a

collaborating with the interested merchants and sellers of the NOBAR platform, we wish

to launch a loyalty program for our users that can work cross-brands so that the whole

process is streamlined and easy.

In addition to providing supreme value for the buyers, this program will also drive sales

for the sellers, merchants and service providers of NOBAR platform. While traditional

loyalty points have no monetary value to the merchants after it’s been spent, the loyalty

points in NOBAR can be traded which will help the sellers recoup a portion of the sales

made through this program.


The name NOBAR was chosen for the platform to signify how we plan to facilitate no “bar”

or no restriction on our platform across both the functionalities (Crypto Commerce &

Shop-App).

The vibrant colors symbolize multitudes of activities that can be performed with our token,

henceforth known as NBR token.

We have chosen NBR Token to operate as an Ethereum based token for the platform.

There are some distinct reasons behind these decisions, such as:

The block time for Ethereum is 14/15 seconds compared to almost 10 minutes of

other leading cryptocurrencies. This translates into a much faster transaction time

which is one of the aims of our platform.

Ethereum has its own Turing complete internal code, which means that when

provided ample time and computational power, anything can be calculated.

Ethereum discourages centralized pool mining through its Ghost protocol

rewarding stale blocks. There is no advantage to being in a pool in terms of block

propagation.

Ethereum has a high “immune” system where a third party can’t make changes to

any data.

Apps connected to Ethereum rarely, almost never go down and cannot be shut

down.


Ethereum’s smart contracts use blockchain stored applications for contract negotiation

and facilitation. The benefit of these contracts is that the blockchain provides a

decentralized way to verify and enforce them. The decentralized aspect makes it

incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide

greater security than traditional contracts and bring down the associated costs.

Deploying the smart contract to create the desired token is the most important part of any

Token sale from the technical point of view. Recent reports and a thorough search in

etherscan show us that most of the contract codes developed have solidity compiler bugs.

These bugs have low and medium severity issues which can harm a token holder’s

activity at any time. NOBAR team wants to make sure that there is no existence of such

bugs which can create any problem for our token holders and our platform. Some of the

compiler bugs make the contract susceptible to the following issues:

Zero Function Selector

Delegate Call Return Value

EC Recover Malformed Input

Skip Empty String Literal

Constant Optimizer Subtraction

Identity Precompile Return Ignored

High Order Byte Clean Storage

Optimizer Stale Knowledge About SHA3

Send Fails for zero Ether

Dynamic Allocation of Infinite Loop

Optimizer Clear State on Code Path Join


These issues may create mass confusion among the users which will result in distrust

and operational difficulties in the associated token and ecosystem. Therefore, our expert

team of smart contract developers has deployed a perfect and bug-free contract for

confirming the precise operations associated. The following is the description of our smart

contract specifications and codes:

0x267398927B5886df921B235AFe9dBbe47Fbcc37d

NobarToken

NBR

v0.4.18+commit.9cf6e910

Yes

https://etherscan.io/address/0x267398927b5886df921b235afe9dbbe47fbcc37d#

https://etherscan.io/address/0x267398927b5886df921b235afe9dbbe47fbcc37d


pragma solidity ^0.4.18;

interface tokenRecipient { function receiveApproval(address _from, uint256

_value, address _token, bytes _extraData) public; }

contract NobarToken {

string public name;

string public symbol;

uint8 public decimals = 2;

uint256 public totalSupply;

mapping (address => uint256) public balanceOf;

mapping (address => mapping (address => uint256)) public allowance;

event Transfer(address indexed from, address indexed to, uint256 value);

event Burn(address indexed from, uint256 value);

function NobarToken(

uint256 initialSupply,

string tokenName,

string tokenSymbol

) public {

totalSupply = initialSupply * 10 ** uint256(decimals);

balanceOf[msg.sender] = totalSupply;

name = tokenName;

symbol = tokenSymbol;

}

function _transfer(address _from, address _to, uint _value) internal {

require(_to != 0x0);

require(balanceOf[_from] >= _value);

require(balanceOf[_to] + _value > balanceOf[_to]);

uint previousBalances = balanceOf[_from] + balanceOf[_to];

balanceOf[_from] -= _value;

balanceOf[_to] += _value;

Transfer(_from, _to, _value);

assert(balanceOf[_from] + balanceOf[_to] == previousBalances);

}

function transfer(address _to, uint256 _value) public {

_transfer(msg.sender, _to, _value);

}

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

returns (bool success) {

require(_value <= allowance[_from][msg.sender]); // Check

allowance

allowance[_from][msg.sender] -= _value;

_transfer(_from, _to, _value);


return true;

}

function approve(address _spender, uint256 _value) public


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

return true;

}

function approveAndCall(address _spender, uint256 _value, bytes

_extraData)

public


tokenRecipient spender = tokenRecipient(_spender);

if (approve(_spender, _value)) {

spender.receiveApproval(msg.sender, _value, this, _extraData);

return true;

}

}

function burn(uint256 _value) public returns (bool success) {

require(balanceOf[msg.sender] >= _value);

balanceOf[msg.sender] -= _value;

totalSupply -= _value;

Burn(msg.sender, _value);

return true;

}

function burnFrom(address _from, uint256 _value) public returns (bool

success) {

require(balanceOf[_from] >= _value); // Check if the

targeted balance is enough

require(_value <= allowance[_from][msg.sender]); // Check

allowance

balanceOf[_from] -= _value; // Subtract from

the targeted balance

allowance[_from][msg.sender] -= _value; // Subtract from

the sender's allowance

totalSupply -= _value; // Update

totalSupply

Burn(_from, _value);

return true;

}

}


The tokens available in the NOBAR platform will be the primary form of transaction among

the users. The usage of smart contract will ensure the layer of security while using the

tokens. Here is some key information:

Our token sale will be carried out in 5 stages, with 400 million (400,000,000) token being

offered at each stage. Each stage will have different bonus amounts, facilitating early bird

adopters greatly.

The currencies which will be accepted for the token sale are BTC, ETH, LTC and BCH.


The bonus during stage 1 will be a whopping 30% which will eventually slide down to 10%

during the last stage.

This translates to a total of 2,400,000,000 NBR tokens offered during the token sale,

including the bonus.

30%

25%

20%

15%

10%

BONUS ALLOCATION

0 400M 800M 1200M 1600M 2000M


The tokens will be distributed in 4 main segments. They are:

PUBLIC: 2,700,000,000 NBR will be distributed among users in the form of token

sale, bonus, referral and verification during 5 token sale stages.

NOBAR TEAM MEMBERS: 600,000,000 NBR will be reserved for the NOBAR

Team (founders and advisors).

PARTNERS: 300,000,000 NBR will be distributed to the partners (advertisers,

agency, and PR personnel).

BOUNTY PROGRAM: 400,000,000 NBR will be channeled to our bounty program.

TOKEN DISTRIBUTION


The fund raised from the token sale will be distributed into 5 major activities. They are:

Product Development (50%)

Marketing & Promotion (15%)

Holistic Research (15%)

Legal (10%)

Team & Advisors’ equity (10%)

FUND ALLOCATION


To ensure proper usage of the fund raised and to create various modules of functionality

from the platform, the whole token sale event has been divided into 4 milestones. These

milestones will offer varyingly increasing degrees of benefits depending on the stage.

Basic Shop-App functionality for Android and iOS with ETH and NBR support

Integrable merchant dashboard

Basic Crypto Commerce web platform, android and iOS app functionality with ETH

& NBR support

Advanced Shop-app functionality for android and iOS with NBR, ETH, BTC, LTC,

BCH support

Advanced Crypto Commerce platform with consumer analytics and reporting along

with ETH, NBR, BTC, BCH & LTC support

Integration of basic accounting tools for businesses

Multi-signature integration

Advanced Crypto Commerce functionality in web platform, android and iOS app

API and documentation available for 3rd party payments processing integration

Integration of local logistics for internal deliveries of products

24/7 call center and live chat support for users of the platform

Integration of advanced accounting tools for businesses

Merchant Analytics support

Complete Integration with logistics to support cross-border business from the

platform

Integration of lightning network

Support for hardware wallets

Cryptocurrency and token exchange support and integrable dashboard

Track and trace support for the flow of materials


Token burning is an innovative solution in the crypto world that ensures transparency and

maximum value for the users of that token. Though it may seem counterintuitive or a

perplexing idea, these events have been occurring on a frequent basis.

Any amount of token which remains unsold during the token sale or is not used for bonus,

referral, promotion, partners or any other cause will be considered as excess tokens at

the end of token sale. NOBAR team wishes to burn all excess tokens at the end of token

sale.

These excess tokens will be burnt in a way that they become non-spendable &

inaccessible to anyone permanently. The NOBAR team will do this by sending the excess

tokens to an address whose private key is inaccessible to anyone or destroyed.

0x0000000000000000000000000000000000000000 is the most common burning or

eater address. There are many cases you can find on Etherscan that people have

accidentally sent their tokens or ethers to this address and cannot get it back. This

happens when users do not put an address in the address bar at the time of sending and

accidentally click the send button. However, the good news is the smart contract for NBR

token prevents any token to be sent to this address. This will provide relief to the NBR

token holders that their token cannot be accidentally sent to this address for their mistake.

Thus, NBR token provides a “Poka-Yoke” or mistake proof system for the token holders

to protect their tokens. The NOBAR team will create a different address whose private

key is destroyed and the burnt tokens remain in the address forever.

It is the common understanding of economics that when the supply goes down the

demand goes up or in this case when a certain amount of token is inaccessible to anyone

from the total supply of NBR tokens the value of the remaining accessible and usable

tokens go up.



NOBAR OÜ

Harju maakond, Tallinn. Kesklinna linnaosa, Parda tn 4, 10151, Estonia

14447353

Legal form is osaühing (private limited company)

Management board member is Joyjit Bhowmick, personal identification code is

39311010100.


Mehedi Hasan Sonnet

Back-End Developer

Anindya Chowdhury

UX/UI Designer

Carla Celisa

Finance and Accounting

Joyjit Bhowmick

Founder and CEO

Md. Ariful Haque

Chief Technology Officer

Likhon Amin

Marketing and promotion

Meriam Belghali

Business Development

Sharath Kumar

Business Development

Malek Romdhane

Community Manager


Eduarda Shintaku

PR and Communication

Saloni Jain

Content Marketing

Faith Obafemi

Content Marketing

Fernando Galdino

20 years of experience in

IT, Software Development,

Database & application

support and certified

blockchain professional

Miriam Iwaik

Blockchain & cryptocurrency

researcher at IDEA, experienced

in IT and services industry, highly

skilled in CRM, SLA & business

process

Bogdan Fieudur

Smart contract developer,

entrepreneur and President of

Blockchainexperts.io. Over 20 years

of IT experience in e-commerce

websites and 3 years of experience

in blockchain development

Haris Rana

Experienced blockchain

professional, advised several

successful ICOs, worked as

Finance & Operations Manager

at bitcoin exchange Cubits

Ismail Malik

Able to provide leadership and

strategic direction to support service-

focused and cost effective activities

related to sourcing, contracting, and

acquisition of eMoney, Mobile

services, and Alternative Finance.

Anil Kumar

Director of Strategic

Partnership at World

Blockchain Summit


For the better understanding of how our token sale and token is structured according to

security regulation, the detailed legal analysis is provided below:

The following analysis is done with the latest acts in force related to Initial Coin Offerings

(ICO) associated with each section. Every single point has been analyzed with caution to

create a steady pathway of development of the NOBAR project.

1) Is it a share or other similar tradable right?

Shares are units of ownership interest in a company. NBR token does not provide such

ownership interest in the issuer company. This token is simply to be used as a medium

of exchange in the NOBAR platform.

2) Is it a bond, convertible security or other tradable debt obligation?

a. A bond is a fixed income investment in which an investor loans money to an entity

(typically corporate or governmental) which borrows the funds for a defined period

of time at a variable or fixed interest rate. NBR Token has no such function or

quality.

b. A convertible security is:

a convertible bond

a convertible bond which may be exchanged only for a share of a subsidiary of

the issuer – exchangeable debt security;


a debt security with warrants consisting of a redeemable bond and the right to

acquire a share to be issued (warrant).

NBR tokens do not provide any such opportunity.

c. A debt is money owed to another person or business, and obligation refers to your

practical and legal responsibilities to repay the debt. A debt obligation, therefore,

includes any money an individual or business owes to another entity. NOBAR team

does not have any monetary obligation to the contributors.

3) Is it a subscription right or other tradable right granting the right to acquire

securities?

a. Subscription right is a clause in an option, security, or merger agreement that gives

the investor the right to maintain his or her percentage ownership of a company by

buying a proportionate number of shares of any future issue of the security.

Contributors to this project who will receive NBR tokens in exchange do not have

any rights in the ownership of this company.

b. Tradable Rights are tradable securities that entitle right holders to subscribe to new

shares offered during a capital increase. All shareholders registered in the

company’s records at the end of the Extraordinary General Meeting (EGM) are

entitled to tradable rights. The EGM is convened for voting on the decision of the

capital increase (‘Registered Shareholders’). Each Right grants its holder the

eligibility to subscribe to a new share at the offering price. In case of NBR token,

they are neither securities nor share as explained before. Anyone with appropriate

KYC completion is eligible to contribute to the project during the Token Sale.

According to the roadmap, there will be no offering of new tokens after the Token

Sale is over.

4) Is it an investment fund unit?

An investment fund unit is a unit in the supply of capital belonging to numerous investors

used to collectively purchase securities while each investor retains ownership and control

of his own shares. An investment fund provides a broader selection of investment

opportunities, greater management expertise and lower investment fees than investors


might be able to obtain on their own. For NBR token everyone can contribute and receive

NBR tokens individually rather than a collective effort.

5) Is it a money market instrument?

A money market instrument is a low credit, unsecured, transferable and marketable debt

obligation issued by an issuer for a term of up to one year which is traded on the money

market, including a treasury bond, commercial paper, certificate of deposit and bill of

exchange secured by a credit institution complying with the aforementioned

characteristics. NBR token does not hold any of these functions or characteristics.

6) Is it a derivative security or a derivative contract?

Derivative securities and derivative contracts are derivative instruments. A derivative

instrument is a tradable security expressing a right or obligation to acquire, exchange or

transfer, the underlying assets.

NBR token is independent and it is not dependent on any asset. It is a medium of

exchange in the NOBAR platform.

7) Is it a tradable depositary receipt?

A depositary receipt (DR) represents an ownership interest in securities of a foreign issuer

typically trading outside its home market. A DR is a tradable instrument.

NBR token is simply a payment medium in the NOBAR platform. It does not represent an

ownership interest in securities of a foreign issuer.

If NBR token would fall into any one of the characteristics of a security mentioned above,

it would be considered as a security. However, the analysis suggests there is no real

possibility of NBR token being a security.


According to ESMA, “Depending on how they are structured, ICOs may fall outside of the

scope of the existing rules and hence outside of the regulated space. However, where

the coins or tokens qualify as financial instruments it is likely that the firms involved in

ICOs conduct regulated investment activities, such as placing, dealing in or advising on

financial instruments or managing or marketing collective investment schemes.

Moreover, they may be involved in offering transferable securities to the public.”

The key takeaway from this is that we have to analyze if NBR token is a financial

instrument by the definition of MiFID (Markets in Financial Instruments Directive) or not.

By the definition of MiFID, a financial instrument is an asset or evidence of the ownership

of an asset or a contractual agreement between two parties to receive or deliver another

financial instrument.

According to MiFID directive, financial instruments are:

(1) Transferable securities;

Transferable securities are those classes of investments which are negotiable on the

capital market such as shares in companies and other investments equivalent to shares

in companies, partnerships or other entities or capital return and interest investments

known as bonds.

As explained before NBR tokens do not provide any ownership interest or any other

characteristics stated above.

(2) Money-market instruments;

NBR token is not a money market instrument as stated before.

(3) Units in collective investment undertakings;

A Collective Investment, as its name suggests, is an investment scheme wherein several

individuals come together to pool their money for investing in a particular asset(s) and for


sharing the returns arising from that investment as per the agreement reached between

them prior to pooling in the money.

It is clear from the structure of the project that each contributor is free to purchase,

exchange or use their NBR tokens individually. Also, here is no agreement among the

contributors themselves.

(4) Options, futures, swaps, forward rate agreements and any other derivative

contracts?

Options are a form of derivatives, which gives holders the right, but not the

obligation to buy or sell an underlying asset at a predetermined price, somewhere

in the future. NBR tokens have no such functions or characteristics.

Futures are exchange organized contracts which determine the size, delivery time

and price of a commodity. Although NBR tokens can be exchanged for other

cryptocurrencies in listed exchanges, it is not at all an exchange organized contract

nor is its value determined by the exchange itself. Rather it is a token to be used

in the NOBAR ecosystem and the value depends on the usage and subjective

understandings of the token.

A swap is an agreement between two parties to exchange cash flows on a

determined date or in many cases multiple dates. Therefore, NBR token is not a

swap.

Forwards and futures are very similar as they are contracts which give access to

a commodity at a determined price and time somewhere in the future. NBR tokens

are no such contract and cannot be sold at a determined price at some point in the

future.

(5) Derivative instruments for the transfer of credit risk;

NBR token is neither derived from any other financial instrument nor does it have any

relation with credit issues.


(6) Financial contracts for differences;

NBR token is the medium of exchange in the NOBAR platform. There, it does not qualify

as a financial contract.

Other common characteristics that most of the jurisdictions attach to a token that is a

security are -

1. Is it a debenture?

A debenture is an indebtedness of the issuer of the digital token in respect of any money

that has been lent to the issuer by a token holder.

NBR token provides the access to use the crypto commerce and shop app platform. As

a result, it does not qualify as indebtedness of the issuer in respect of money.

2. Is there any dividend?

No, there is no dividend associated with the NBR token.

To conclude, a holder of NBR token will only have the rights to access and use the

NOBAR platform and the right to purchase and sell goods, services, assets etc. through

the platform. NBR token has no other rights attached to it. Therefore, it is not a security;

it is a utility token for the NOBAR platform.

As NBR token is a payment alternative to purchase goods and services, most of the

jurisdiction need KYC from the token holders to prevent illegal activities and terrorist

financing. This part includes precisely identifying an individual with all the valid information

and documents. To comply with this regulation, we have integrated a minimum required

KYC at the Sign Up portal.


The above analysis covers all the declared regulations for ICOs all over the world. NBR

token sale is open and complaint with all the jurisdictions except for those who have strict

ICO barriers, cryptocurrency bans and unclear or unannounced regulation. Therefore,

this token is not available to the people whose rights are associated with the following

jurisdictions –

United States of America

Bangladesh

China

Japan

WHITEPAPER - Fx empire · physical store, e-commerce or m-commerce. Additionally, the process includes 8 additional steps to settle the transaction. This lengthy process calls for

Documents