12.12.2018 extreme volatility cryptocurrencies’ are …...vision. the investors from this period...

(each BVA-C is pegged to $1USD) every quarter. The Pot contribution is generated from Bavala.com’s product offerings which includes the sale of BGT, BVA, BVA-C, exchange fees and other future prod-ucts. The amount of contribution in the BVA-C pot is tracked live on our Exchange.

• Users (Voting): Bavala.com will be releasing different cryptocurren-cies (BTC, ETH, BCH, XRP, NEO) and tokens continuously. In the near future, BVA holders may vote on which products are to be listed on bavala.com.

BGT• Investors: Tokenized-gold offers unsurpassed liquidity, transparen-cy and allows investors to quickly liquidate whenever, wherever. • Crypto Exchanges: compared to other stablecoins, BGT offers a solution for other exchanges to offer BGT as a main stablecoin pair-ing, the physical gold of which is quarterly audited and fully compli-ant with regulations.

• Traders & Crypto Businesses: May instantly swap between crypto-currency or fiat positions with BGT as a form of hedge until market condition improves.

BISX (Instant Swap Exchange)• Users: Instant swap to and from BVA, BGT, ETH, BTC, XRP, BCH, and NEO.

• BVA Holders: May claim the BVA-C Rewards Pot every quarter. The amount of contribution in the BVA-C pot is tracked live on our Exchange.

• BGT Holders: Buy, trade, and withdraw physical gold in one ecosys-tem. Inspect and review BGT gold reserve public audits every quar-ter.

• Referrerss: 3 BVA is paid out to each new sign up using the refer-rer’s code, qr code, or referral link Purchases through the referrer’s code, qr code, or link will also result in sales commission.

BVA-C• Users: May top-up and spend BVA-C (equivalent to $1 USD) to

12.12.2018John C. Zun L. Leo L. Adrian O. Nick Y. Justin C.

Abstract The cryptocurrency boom these past years, have revealed growing pains that the crypto market as a whole must face before we see the floodgates of adoption open once again. Fraudulent ICOs, overly tech-focused projects, and outdated regulations (or a lack regulation thereof) is halting cryptocurrencies from reaching mass-adoption.

Developing an instant swap exchange (BSIX), and 2 token (BVA,BGT) ecosystem, allows anyone with access to the internet to swap between cryptocurrencies instantly, claim monthly rewards based on bavala’s performance, and purchase instant physical gold.

BISX offers two unique solutions, an instant hot-swap without the need of an account, and rewards sharing in the form of a BVA-C Rewards Pot. By Q4 2019, BISX will support full trading of BVA, BGT, BVA-C, BTC, ETH, USDT, XRP, BCH. and Neo.

BGT is our gold backed token, built on Ethereum’s ERC-721 stan-dard. Each BGT is backed by precisely 0.1g of LBMA certified gold stored in secured vaults across strategic trading hubs around the world such as Hong Kong, Singapore, and Zug (Switzerland). Physical gold reserves are held by a Not For Profit (“NFP”) foundation that is audited publicly every quarter.

BVA is our rewards token, built on Ethereum’s ERC-20 standard.BVA holders will be able to Stake BVA to claim the BVA-C pot every quar-ter (first pot releases 30.6.2019) . BVAC Pot contribution is derived from all product offerings on Bavala.com. In 2020, we aim to launch the Bavala Debit Card that allows our users to spend BGT, BVA, BVAC, BTC, ETH, USDT directly, without needing go through the banking system.

1. Value Proposition & Use CaseBVA, BGT, BISX, BVA-C.

BVA• Users (BVAC POT): Users may stake BVA to claim the BVA-C Pot

Extreme Volatility

Since the emergence of this new asset class - cryptocurrency trad-ers and investors have seen a ridiculous returns of 197,832,100%[1], but this double-edged sword means that when Bitcoin does crash, it does so quite gnawingly, whereby a 80% market crash is entirely within the realms of possibility. It is evidenced in 2018 when the cryptocurrency market as a whole tanked by more than 95% and bitcoin at 80% respectively.

The safest way to shelter from volatility is by converting cryptocur-rencies into Digital US Dollars (e.g Tether, True USD etc) which are cryptocurrencies by itself but pegged to the US Dollar 1:1. With reports of not having sufficient assets in \Tether’s bank reserves, coupled with the fact that Tether has missed multiple deadlines, many are weary of stablecoin alternatives.

redeem Cryptocurrencies and Services on BISX or spend BVA-C with the Bavala Debit Card.

• BVA holders: Rewards may be redeemed every quarterly in the form of BVA-C which derive from Bavala.com’s product offerings. Balava’s revenue comes from the sale of BGT, BVA, BVA-C, exchange fees and other future products.

• Merchants: May utilise BVA-C as a payment option for their customers.

Overview of BVA, BGT, BVA-C, and Bavala Exchange (BISX)

2. Introduction to the Cryptocurrency Market in 2018

Taking into account of the active addresses from both Bitcoin and Ethereum, we only see a little over a million active users per day. Half a million on-chain active users does indicate that cryptocurren-cies are still very small despite the significant amount of attention received particularly during December 2017.

We believe that in order for cryptocurrency to reach out to critical masses, it needs to be easily understood and operable by the public without the need of hours or days poured into studying about cryp-tocurrencies.

ICOs’ Evolution & Problems to be solved

ICO Beta - the Inception Stage (Q2 2016)This stage of establishment for alt-coins that were not just copies of Bitcoins. Tokens from this period were usually representing plat-forms such as Ethereum[3] and Lisk[4]. They also represented some of the services which offered the distributed alternative to cen-tralised systems on the Internet such as Maidsafe [5] and Sia [6]. The most significant project that came into play from this phase was the DAO. During its short lifespan, The DAO gained $421 million of investment [7], indicating investor money was available for worthy blockchain projects.

After the fall of the DAO, we had a period of Bitcoin’s domination which lasted until the end of 2016.

ICO 1.0 — the Wild West (Q3 2016)This period was described as the Wild West mostly by American critics (for example Nick Tomaino[8] and Travis Scher[9]). Looking back, it is evident this era was dominated by projects that had origins outside the US such as 1stblood (Singapore)[10], ICONOMI (Slovenia) [11],Decent (Slovakia)[12], Golem (Poland)[13], SingularDTV (Switzerland)[14]. These pioneers realized the potential of a democ-ratized-decentralised economy.

From this era, we find companies with strong crypto credentials and vision.

The investors from this period were different from those in later periods. The majority of them were members from the cryptocur-rency community. Initial crowdsale mechanics were built around

Cryptocurrencies’ Are Backed by Nothing

The cryptocurrency market as a whole has seen tremendous growth, rising from a mere $1 to over an eye dropping $800 billion dollar market capitalization in less than a decade[2]. However, many still question the underlying value of cryptocurrencies. Where does it derive its value from? Do cryptocurrencies’ value derives solely from a speculative perspective, or is there something more to it from a fundamental perspective?

As a result, the masses are still undecided on the sustainability and viability of currencies not backed by a Central Bank.

AdoptionCryptocurrency adoption has grew significantly over the years. For example, since Ethereum’s inception in 2016, the total number of Ethereum addresses stands at 48,000,000 and is still growing at a rate of 80,000 new addresses per day.

mostly based in the US.)

Tokenisation is playing a central role here, without the utility “token” becomes defined as a security and therefore the key benefit, liquidi-ty, disappears.

In the Golden Period anything was sellable. At the beginning, ICOs were still a scarcity and therefore multiplication of investments immediately after tokens hit the exchanges was almost a rule. This of course, brought a lot of speculators.

This period is also characterised by different kinds of experimenta-tion and initiatives. Some of them were good, and some controver-sial by opening up a lot of questions.

Reverse auctions used by Gnosis led to huge investments for a small share of tokens. Projects raised investments in the first hour, min-utes, and even unbelievably seconds (examples are iex.ec [18] and Aragon [19]). The faster the last ICO completed, the bigger the FOMO was for the next one. Unintentionally, the result was that smaller, less technically savvy supporters (not investors) were unable to invest.

These early supporters are crucial because they would often become the first involved users of a platform kicking-off the network effect.

Regulation was also showing its power and effect on the ecosystem. There was the closing of Chinese exchanges, followed by the SEC’s opinion on the DAO [20] case clarifying the “security” issue we had all known about from the beginning. ICOs were banned in numerous countries.

This period ended with projects like Tezos and Bancor raising ridicu-lously huge amounts of money and by the end of this period it had became extremely hard to list new tokens on exchanges.

ICO 3.0—What is it about? (2018-beyond)No one knows for sure, but one thing is certain- that asset and/or shares-backed tokens is the natural evolution for ICOs, provided that these projects can solve the regulatory issues surrounding their proj-ect.

them using bounty mechanisms which have almost completely disappeared in the later ICO eras.

It is hard to single out one project to represent this period. Instead, we believe that the period ended with the start of the altcoin cycle, dominated by the rise of Ethereum. There were two great events: Ethereum’s Edcon in Paris [15], where it became evident that ICO (ERC20) was the first killer app for Ethereum, and the establishment of Ethereum Enterprise, bringing wider acceptance among the busi-ness community.

ICO 2.0 — the Golden Age (Q4 2016~Q3 2017)The projects that started to appear in this era were mostly platforms, the “missing dapps” relevant for higher levels of the ecosystem start-ed to emerge. Another key element was the addition of a business model section in the project whitepapers instead of just a tech focused as in the ICO 1.0 model.

The new concept that was introduced in this period was the utility value of the token coupled with the importance of the network effect.

According to VC logic, tokenisation made sense if it led to a network effect (a phenomenon whereby a product or service gains additional value as more people use it) thus enabling completely new types of tokenised business models. We could actually call this era the age of the tokenised business model.

One of the key thought leaders for this period is William Mougayar [16].

It was a period of general awareness that utility tokens had their intrinsic value stored in their rights of participating in micro-econo-mies. The established consensus was that even though such tokens are not backed by any assets, they still carry value due to their scar-city and their limited rights associated with each token of using certain services.

The underlying theory behind this relies on valuation principles of currencies velocity of tokens [17]. The other reason is legal. It became clear the key benefit of token crowdsale for investors is (instant) liquidity. (But that required being listed on exchanges that are still

Cryptocurrency MarketThis market encompasses 3 main segments:

Commodities MarketFocusing specifically on Gold, Silver, and Oil alone we can have a better grasp of the size of the market.

THE WORLD’S GOLDThe World’s Total Above-ground Gold Reserves Are Estimated At 187,200 Tonnes By The World Gold Council.

Using A $1,275/oz Spot Price, The World’s Gold Is Worth $7.7 Trillion

THE WORLD’S SILVERThe Value Of All Above-ground Silver Stocks (Est. By Some At 1

It is evident this version calls for a serious rethink, maybe a com-pletely new concept of “ICO” is needed. In such moments, beside these “historical” facts with a short “time-series” we should also take into the accounts projects that were not suitable for the current ICO concept.

In any case, we should stick to a vision — that this is a new asset class, a completely new species that is hard to put into the old regulation. We — the new economy did our best — developing non-security busi-ness concepts, using foundations etc., but it seems these are not long term solutions.

3. Our Vision & GoalsOverviewThe volatility of the crypto market, lack of quality instant-exchanges and malicious ICO projects led us to the creation of Bavala as a means not to only put the existing market back on track but also be at the very forefront of market adoption by developing commercially viable ecosystems that caters to both B2C and B2B markets.

Bavala takes a practical, industry-proven approach in our undertak-ing of this project by creating an active sustainable ecosystem while maintaining and offering commercially-viable products to both crypto and conventional markets.

The MarketBavala is in an unique position - an Instant-Exchange offering asset-backed and reward tokens, a payment gateway, and liquidity provider. This affords us the opportunity to target three key market segments - the Cryptocurrency, Commodities, and Payment Gate-way markets.

Billion Oz) Is $17 Billion Using A $17/oz Spot Price.

Gold: $7 trillion (187,200 ton x $1275) Silver: $17 billion ( $17/oz)

in this Whitepaper or such part thereof (as the case may be),

you represent and warrant to Bavala and/or the Distributor as

follows:

(a) you agree and acknowledge that the BVA tokens do not constitute

securities in any form in any jurisdiction;

(b) you agree and acknowledge that this Whitepaper does not constitute

a prospectus or offer document of any sort and is not intended to

constitute an offer of securities in any jurisdiction or a solicitation for

investment in securities and you are not bound to enter into any

contract or binding legal commitment and no cryptocurrency or other

form of payment is to be accepted on the basis of this Whitepaper;

(c) you agree and acknowledge that no regulatory authority has exam

ined or approved of the information set out in this Whitepaper, no

action has been or will be taken under the laws, regulatory require

ments or rules of any jurisdiction and the publication, distribution or

dissemination of this Whitepaper to you does not imply that the appli

cable laws, regulatory requirements or rules have been complied with;

(d) you agree and acknowledge that this Whitepaper, the undertaking

and/or the completion of the Bavala Initial Token Sale, or future

trading of the BVA tokens on any cryptocurrency exchange, shall not

be construed, interpreted or deemed by you as an indication of the

merits of the Bavala and/or the Distributor, the BVA tokens, the

Bavala Initial Token Sale and the Bavala Wallet (each as referred to in

this Whitepaper);

(e) the distribution or dissemination of this Whitepaper, any part thereof

or any copy thereof, or acceptance of the same by you, is not prohibit

ed or restricted by the applicable laws, regulations or rules in your

jurisdiction, and where any restrictions in relation to possession are

applicable, you have observed and complied with all such restrictions

at your own expense and without liability to Bavala and/or the

Distributor;

(f) you agree and acknowledge that in the case where you wish to

purchase any BVA tokens, the BVA tokens are not to be construed,

not be taken or transmitted to any country where distribution

or dissemination of this Whitepaper is prohibited or restricted.

No part of this Whitepaper is to be reproduced, distributed or

disseminated without including this section and the following

sections entitled “Disclaimer of Liability”, “No Representations

and Warranties”, “Representations and Warranties By You”,

“Cautionary Note On Forward-Looking Statements”, “Market

and Industry Information and No Consent of Other Persons”,

“Terms Used”, “No Advice”, “No Further Information or

Update”, “Restrictions On Distribution and Dissemination”, “No

Offer of Securities Or Registration” and “Risks and Uncertain-

ties”.

DISCLAIMER OF LIABILITYTo the maximum extent permitted by the applicable laws, reg-

ulations and rules, Bavala and/or the Distributor shall not be

liable for any indirect, special, incidental, consequential or

other losses of any kind, in tort, contract or otherwise (includ-

ing but not limited to loss of revenue, income or profits, and

loss of use or data), arising out of or in connection with any

acceptance of or reliance on this Whitepaper or any part

thereof by you.

NO REPRESENTATIONS AND WARRANTIESBavala and/or the Distributor does not make or purport to

make, and hereby disclaims, any representation, warranty or

undertaking in any form whatsoever to any entity or person,

including any representation, warranty or undertaking in rela-

tion to the truth, accuracy and completeness of any of the

information set out in this Whitepaper.

REPRESENTATIONS AND WARRANTIES BY YOUBy accessing and/or accepting possession of any information

accurate and non-misleading from the time of your access to and/or

acceptance of possession this Whitepaper or such part thereof (as the

case may be).

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTSAll statements contained in this Whitepaper, statements made

in press releases or in any place accessible by the public and

oral statements that may be made by Bavala and/or the Dis-

tributor or their respective directors, executive officers or em-

ployees acting on behalf of Bavala or the Distributor (as the

case may be), that are not statements of historical fact, consti-

tute “forward-looking statements”. Some of these statements

can be identified by forward-looking terms such as “aim”,

“target”, “anticipate”, “believe”, “could”, “estimate”, “expect”,

“if”, “intend”, “may”, “plan”, “possible”, “probable”, “project”,

“should”, “would”, “will” or other similar terms. However, these

terms are not the exclusive means of identifying forward-look-

ing statements. All statements regarding Bavala’s and/or the

Distributor’s financial position, business strategies, plans and

prospects and the future prospects of the industry which

Bavala and/or the Distributor is in are forward-looking state-

ments. These forward-looking statements, including but not

limited to statements as to Bavala’s and/or the Distributor’s

revenue and profitability, prospects, future plans, other

expected industry trends and other matters discussed in this

Whitepaper regarding Bavala and/or the Distributor are mat-

ters that are not historic facts, but only predictions.

These forward-looking statements involve known and

unknown risks, uncertainties and other factors that may cause

the actual future results, performance or achievements of

Bavala and/or the Distributor to be materially different from

any future results, performance or achievements expected,

interpreted, classified or treated as:

(i) any kind of currency other than cryptocurrency;

(ii) debentures, stocks or shares issued by any person or entity

(whether Bavala and/or the Distributor)

(iii) rights, options or derivatives in respect of such debentures,

stocks or shares;

(iv) rights under a contract for differences or under any other

contract the purpose or pretended purpose of which is to

secure a profit or avoid a loss;

(v) units in a collective investment scheme;

(vi) units in a business trust;

(vii) derivatives of units in a business trust; or

(viii) any other security or class of securities.

(g) you are fully aware of and understand that you are not eligible to

purchase any BVA tokens if you are a citizen, resident (tax or other

wise) or green card holder of the United States of America or a citizen

or resident of the Republic of Singapore;

(h) you have a basic degree of understanding of the operation, function

ality, usage, storage, transmission mechanisms and other material

characteristics of cryptocurrencies, blockchain-based software

systems, cryptocurrency wallets or other related token storage mech

anisms, blockchain technology and smart contract technology;

(i) you are fully aware and understand that in the case where you wish to

purchase any BVA tokens, there are risks associated with Bavala and

the Distributor and their respective business and operations, the BVA

tokens, the Bavala Initial Token Sale and the Bavala Wallet (each as

referred to in the Whitepaper);

( j) you agree and acknowledge that neither Bavala nor the Distributor is

liable for any indirect, special, incidental, consequential or other

losses of any kind, in tort, contract or otherwise (including but not

limited to loss of revenue, income or profits, and loss of use or data),

arising out of or in connection with any acceptance of or reliance on

this Whitepaper or any part thereof by you; and

(k) all of the above representations and warranties are true, complete,

Bavala and/or the Distributor or persons acting on behalf of

Bavala and/or the Distributor are expressly qualified in their

entirety by such factors. Given that risks and uncertainties that

may cause the actual future results, performance or achieve-

ments of Bavala and/or the Distributor to be materially differ-

ent from that expected, expressed or implied by the

forward-looking statements in this Whitepaper, undue reli-

ance must not be placed on these statements. These

forward-looking statements are applicable only as of the date

of this Whitepaper.

Neither Bavala, the Distributor nor any other person rep-

resents, warrants and/or undertakes that the actual future

results, performance or achievements of Bavala and/or the

Distributor will be as discussed in those forward-looking

statements. The actual results, performance or achievements

of Bavala and/or the Distributor may differ materially from

those anticipated in these forward-looking statements.

Nothing contained in this Whitepaper is or may be relied upon

as a promise, representation or undertaking as to the future

performance or policies of Bavala and/or the Distributor.

Further, Bavala and/or the Distributor disclaim any responsi-

bility to update any of those forward-looking statements or

publicly announce any revisions to those forward-looking

statements to reflect future developments, events or circum-

stances, even if new information becomes available or other

events occur in the future.

MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONSThis Whitepaper includes market and industry information and

forecasts that have been obtained from internal surveys,

expressed or implied by such forward-looking statements.

These factors include, amongst others:

(a) changes in political, social, economic and stock or cryptocurrency

market conditions, and the regulatory environment in the countries in

which Bavala and/or the Distributor conducts its respective business

es and operations;

(b) the risk that Bavala and/or the Distributor may be unable or execute

or implement their respective business strategies and future plans;

(c) changes in interest rates and exchange rates of fiat currencies and

cryptocurrencies;

(d) changes in the anticipated growth strategies and expected internal

growth of Bavala and/or the Distributor;

(e) changes in the availability and fees payable to Bavala and/or the

Distributor in connection with their respective businesses and

operations;

(f) changes in the availability and salaries of employees who are required

by Bavala and/or the Distributor to operate their respective business

es and operations;

(g) changes in preferences of customers of Bavala and/or the Distributor;

(h) changes in competitive conditions under which Bavala and/or the

Distributor operate, and the ability of Bavala and/or the Distributor to

compete under such conditions;

(i) changes in the future capital needs of Bavala and/or the Distributor

and the availability of financing and capital to fund such needs;

( j) war or acts of international or domestic terrorism;

(k) occurrences of catastrophic events, natural disasters and acts of God

that affect the businesses and/or operations of Bavala and/

or the Distributor;

(l) other factors beyond the control of Bavala and/or the Distributor; and

(m) any risk and uncertainties associated with Bavala and/or the Distribu

tor and their businesses and operations, the BVA tokens, the Bavala

Initial Token Sale and the Bavala Wallet (each as referred to in

the Whitepaper).

All forward-looking statements made by or attributable to

and operations of Bavala and/or the Distributor, certain tech-

nical terms and abbreviations, as well as, in certain instances,

their descriptions, have been used in this Whitepaper. These

descriptions and assigned meanings should not be treated as

being definitive of their meanings and may not correspond to

standard industry meanings or usage.

Words importing the singular shall, where applicable, include

the plural and vice versa and words importing the masculine

gender shall, where applicable, include the feminine and

neuter genders and vice versa. References to persons shall

include corporations.

NO ADVICENo information in this Whitepaper should be considered to be

business, legal, financial or tax advice regarding Bavala, the

Distributor, the BVA tokens, the Bavala Initial Token Sale and

the Bavala Wallet (each as referred to in the Whitepaper). You

should consult your own legal, financial, tax or other profes-

sional adviser regarding Bavala and/or the Distributor and

their respective businesses and operations, the BVA tokens,

the Bavala Initial Token Sale and the Bavala Wallet (each as

referred to in the Whitepaper). You should be aware that you

may be required to bear the financial risk of any purchase of

BVA tokens for an indefinite period of time.

NO FURTHER INFORMATION OR UPDATENo person has been or is authorised to give any information or

representation not contained in this Whitepaper in connection

with Bavala and/or the Distributor and their respective busi-

nesses and operations, the BVA tokens, the Bavala Initial Token

Sale and the Bavala Wallet (each as referred to in the Whitepa-

per) and, if given, such information or representation must not

be relied upon as having been authorised by or on behalf of

reports and studies, where appropriate, as well as market

research, publicly available information and industry publica-

tions. Such surveys, reports, studies, market research, publicly

available information and publications generally state that the

information that they contain has been obtained from sources

believed to be reliable, but there can be no assurance as to the

accuracy or completeness of such included information.

Save for Bavala, the Distributor and their respective directors,

executive officers and employees, no person has provided his

or her consent to the inclusion of his or her name and/or other

information attributed or perceived to be attributed to such

person in connection therewith in this Whitepaper and no rep-

resentation, warranty or undertaking is or purported to be pro-

vided as to the accuracy or completeness of such information

by such person and such persons shall not be obliged to pro-

vide any updates on the same.

While Bavala and/or the Distributor have taken reasonable

actions to ensure that the information is extracted accurately

and in its proper context, Bavala and/or the Distributor have

not conducted any independent review of the information

extracted from third party sources, verified the accuracy or

completeness of such information or ascertained the underly-

ing economic assumptions relied upon therein. Consequently,

neither Bavala, the Distributor, nor their respective directors,

executive officers and employees acting on their behalf makes

any representation or warranty as to the accuracy or com-

pleteness of such information and shall not be obliged to pro-


TERMS USEDTo facilitate a better understanding of the BVA tokens being

offered for purchase by the Distributor, and the businesses

paper. Any agreement in relation to any sale and purchase of

BVA tokens (as referred to in this Whitepaper) is to be gov-

erned by only the T&Cs of such agreement and no other docu-

ment. In the event of any inconsistencies between the T&Cs

and this Whitepaper, the former shall prevail.

You are not eligible to purchase any BVA tokens in the Bavala

Initial Token Sale (as referred to in this Whitepaper) if you are

a citizen, resident (tax or otherwise) or green card holder of

the United States of America or a citizen or resident of the

Republic of Singapore.

No regulatory authority has examined or approved of any of

the information set out in this Whitepaper. No such action has

been or will be taken under the laws, regulatory requirements

or rules of any jurisdiction. The publication, distribution or

dissemination of this Whitepaper does not imply that the

applicable laws, regulatory requirements or rules have been

complied with.

RISKS AND UNCERTAINTIESProspective purchasers of BVA tokens (as referred to in this

Whitepaper) should carefully consider and evaluate all risks

and uncertainties associated with Bavala, the Distributor and



referred to in the Whitepaper), all information set out in this

Whitepaper and the T&Cs prior to any purchase of BVA tokens.

If any of such risks and uncertainties develops into actual

events, the business, financial condition, results of operations

and prospects of Bavala and/or the Distributor could be mate-

rially and adversely affected. In such cases, you may lose all or

part of the value of the BVA tokens.

Bavala and/or the Distributor. The Bavala Initial Token Sale (as

referred to in the Whitepaper) shall not, under any circum-

stances, constitute a continuing representation or create any

suggestion or implication that there has been no change, or

development reasonably likely to involve a material change in

the affairs, conditions and prospects of Bavala and/or the Dis-

tributor or in any statement of fact or information contained in

this Whitepaper since the date hereof.

RESTRICTIONS ON DISTRIBUTION AND DISSEMINATIONThe distribution or dissemination of this Whitepaper or any

part thereof may be prohibited or restricted by the laws, regu-

latory requirements and rules of any jurisdiction. In the case

where any restriction applies, you are to inform yourself about,

and to observe, any restrictions which are applicable to your

possession of this Whitepaper or such part thereof (as the case

may be) at your own expense and without liability to Bavala

and/or the Distributor.

Persons to whom a copy of this Whitepaper has been distrib-

uted or disseminated, provided access to or who otherwise

have the Whitepaper in their possession shall not circulate it to

any other persons, reproduce or otherwise distribute this

Whitepaper or any information contained herein for any pur-

pose whatsoever nor permit or cause the same to occur.

NO OFFER OF SECURITIES OR REGISTRATIONThis Whitepaper does not constitute a prospectus or offer

document of any sort and is not intended to constitute an offer

of securities or a solicitation for investment in securities in any

jurisdiction. No person is bound to enter into any contract or

binding legal commitment and no cryptocurrency or other

form of payment is to be accepted on the basis of this White-

No person is bound to enter into any contract or binding legal

commitment in relation to the sale and purchase of the BVA

tokens and no cryptocurrency or other form of payment is to

be accepted on the basis of this Whitepaper.

Any agreement as between the Distributor and you as a pur-

chaser, and in relation to any sale and purchase, of BVA tokens

(as referred to in this Whitepaper) is to be governed by only a

separate document setting out the terms and conditions (the

“T&Cs”) of such agreement. In the event of any inconsistencies

between the T&Cs and this Whitepaper, the former shall pre-

vail.

You are not eligible and you are not to purchase any BVA

tokens in the Bavala Initial Token Sale (as referred to in this

Whitepaper) if you are a citizen, resident (tax or otherwise) or

green card holder of the United States of America or a citizen

or resident of Malaysia.







complied with.

There are risks and uncertainties associated with Bavala

and/or the Distributor and their respective businesses and

operations, the BVA tokens, the Bavala Initial Token Sale and

the Bavala Wallet (each as referred to in this Whitepaper).

This Whitepaper, any part thereof and any copy thereof must

IMPORTANT NOTICE

PLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS

ENTITLED “DISCLAIMER OF LIABILITY”, “NO REPRESENTA-

TIONS AND WARRANTIES”, “REPRESENTATIONS AND WAR-

RANTIES BY YOU”, “CAUTIONARY NOTE ON

FORWARD-LOOKING STATEMENTS”, “MARKET AND INDUSTRY

INFORMATION AND NO CONSENT OF OTHER PERSONS”, “NO

ADVICE”, “NO FURTHER INFORMATION OR UPDATE”, “RE-

STRICTIONS ON DISTRIBUTION AND DISSEMINATION”, “NO

OFFER OF SECURITIES OR REGISTRATION” AND “RISKS AND

UNCERTAINTIES” CAREFULLY.

IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD

TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX

OR OTHER PROFESSIONAL ADVISOR(S).

The BVA tokens are not intended to constitute securities in any

jurisdiction. This Whitepaper does not constitute a prospectus

or offer document of any sort and is not intended to constitute

an offer of securities or a solicitation for investment in securi-

ties in any jurisdiction.

This Whitepaper does not constitute or form part of any opin-

ion on any advice to sell, or any solicitation of any offer by the

distributor/vendor of the BVA tokens (the “Distributor”) to pur-

chase any BVA tokens nor shall it or any part of it nor the fact

of its presentation form the basis of, or be relied upon in con-

nection with, any contract or investment decision.

The Distributor will be an affiliate of Bavala Pte. Ltd. (“Bavala”),

and will deploy all proceeds of sale of the BVA tokens to fund

Bavala’s cryptocurrency project, businesses and operations.

TABLE OF CONTENT

ABSTRACT

1 VALUE PROPOSITION & USE CASE 02-03

2 INTRODUCTION TO THE CRYPTOCURRENCY MARKET IN 2018 03-06 3 OUR VISION & GOALS 06-07 4 BAVALA ICO & TOKEN LAUNCH 07-11

5 TEAM & ADVISORS 12-14

6 REFERENCES 15

7 IMPORTANT NOTICE OVERLEAF 16-21

01


















Extreme Volatility

















































02


















Extreme Volatility

















































03


















Extreme Volatility

















































04


















Extreme Volatility

















































Marketing (30%)The second focus is on Marketing, as we know that building a solid brand requires significant and consistent marketing campaigns throughout a product’s life cycle.

Bavala’s marketing campaigns will be focused on Online adverts, News releases, KOL or Crypto Influencer promotions, and hosting conferences or roadshows.

Additionally a small portion of funding allocated to Marketing will be spent on strategic partnerships to enhance revenue stream for BVA token holders. This could be, for example, in the form of co-branding and co-marketing initiatives with other companies.

Legal & Contingencies (15%)Having a solid legal foundation in the world of blockchain is essential to Bavala’s survival as a project given the rapid development or change of regulations regulating ICOs, Exchanges, and Crypto Issu-ance entities..

A solid legal foundation would entail Bavala having a regulatory compliance team, jurisdictional legal research team, as well as regu-latory dialogues.

The main purpose is to ensure Bavala and Bavala’s products can con-tinue operations unhindered by regulatory changes and risks.

Operational Reserve (10%)This operational reserve is a last resort, to be utilised by Bavala only in a case where the continued operations of Bavala is not possible without tapping into the operational reserve.

The remaining 10% of funding will be reserved for bavala’s operation-al reserve which covers: staffing, rental, and other operational costs.

The pie chart above illustrates the allocation of funding received by Bavala through-out the Private Sale, Pre Sale, and ICO. This includes but is not limited to: USDT, ETH, BTC, XRP, BCH, and NEO.

Product Development (45%)From an operational standpoint, Bavala practices a lean cut-down operational structure that allows our operations to be maintained at cheaper costs while maintaining the quality of our work and prod-ucts.

Covers the tech development, business structuring, and operational expenses of all products on bavala.com such as BISX, BVA, BGT, and other future products or digital assets voted in by BVA holders.

Pre-Sale commences on March 1st 2019, during this stage contribu-tors may purchase BVA with Cryptocurrencies or BVA-C at a discount.

Pre-Sale contributors may withdraw their BVA & BGT in Q4 2019.

ICO commences July 1st 2019, during this stage contributors may purchase BVA & BGT with Cryptocurrencies or BVA-C.

ICO contributors may withdraw their BVA & BGT immediately during the ICO stage.

All unsold tokens will be burnt by way of a ‘black hole’ smart con-tract, which is transparent, irreversible, and enforced by the smart contract’s programming. . This ensures all unsold tokens cannot be injected into the circulation of BVA.

05


















Extreme Volatility

































































BITCOIN $100BTHE REST $45BETHEREUM $28B

HOW THIS VISUALIZATION WORKS EACH SQUARE THIS SIZE IS WORTH $100 BILLION

JEWELRY

OTHER

CENTRALBANKS & IMF

PRIVATEINVESTMENT

06


















Extreme Volatility

















































Bavala ICO & Token Launch

Upon commencement of the Private Sale, BVA (followed by BGT in Q2 2019) is offered to our contributors to raise funds for Bavala’s development. We require these contributions not only as exchange reserves for operating BISX, but for future product developments such as the Bavala Debit Card & Bavala Financial Network that will create a sustainable crypto ecosystem and rewarding BVA holders with the BVAC Rewards Pot every quarter.

ICO & Private Presale Summary

















07


















Extreme Volatility

































































PRODUCT DEVELOPMENT (45%)

MARKETING (30%)

LEGAL & CONTINGENCIES (15%)

OPERATIONAL RESERVE (10%)

08

















ICO TIMELINE

*Price will continuously fluctuate based on data from the live LBMA gold market.

09

















10

















USER CRYPTO EXCHANGES& COMPANIES

BAVALA EXCHANGEACCOUNT?

CONVERT TOAND FROM

BVA-C POT(QUARTERLY)

BVA-C LEADERBOARD(QUARTERLY)

BAVALA.COMUSERS

INSTANT-EXCHANGE BVA-CUSERS

GROSS REVENUE BVA HOLDERS

BAVALA PAYMENTGATEWAY?

BTC, ETH,BCH, NEO,

XRP, etcBVA BGT

11

















END.

ZUN L.(Business Development)

ADRIAN O.（Strategic Partnerships)

DR. ANDY(Lead Tech Development )

JUSTIN C.(Strategic Communications)

LEO LEOPOLD(Brand Development)

JOHN C.(Project Lead)

ADVISORS & TEAMCORE TEAM

12



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























END.JAY

(Back-end Development）DARREN C.

(Assistant Lead Tech Development)

JEN WEI L.（Front-end Development）

CHIN HONG Y.(Back-end Development)

ADVISORS & TEAMCORE TEAM

13



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























ADVISORS & TEAMADVISORS

DR JACKIE W.Corporate Advisor

Sun City Group, Ex Executive

MR KIN S.Corporate Advisor

IRC Group, CEO

MR YAPCorporate Advisor

Edufly, University Executive Chairman

MR VINCENT L.Corporate Advisor

MR MARK T.Technical Advisor

Wanchain, BD Director (SEA)

14



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























References

[1] https://charts.bitcoin.com/btc/chart/price[2] https://coinmarketcap.com/charts/[3] https://www.ethereum.org/[4] https://lisk. io/[5] https://maidsafe.net/[6] https://sia.tech/[7] https://www.coindesk.com/dao-attacked-code-issue-leads-60-mill ion-ether-theft[8] https://medium.com/@ntmoney/irrational-appcoin-exuberance-b6ea86d58b8a[9] https://insights.dcg.co/a-blockchain-vcs-perspective-on-icos-and-appcoins-3b2683f30683[10] https://firstblood.io/#/home[11] https://www.iconomi.net/about[12] https://decent.ch/[13] https://golem.network/[14] https://singulardtv.com/[15] https://edcon.io/2017/index.html[16] http://startupmanagement.org/author/wmougayar/[17] https://medium.com/@primoz.kordez/network-output-and-velocity-of-tokens-da7e800ca4c0[18] https://iex.ec/[19] https://aragon.one/[20] https://www.sec.gov/news/press-release/2017-131[21] https://www.gold.org/goldhub/data/trading-volumeshttps://www.coindesk.com/bitfinex-tether-break-silence-go-media-offensive

15

END.



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























16



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























17



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























18



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























19



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























20



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























21



follows:





















this Whitepaper);







Distributor;














ties”.








thereof by you.










case may be).

































stocks or shares;






































of this Whitepaper.
























es and operations;




cryptocurrencies;





operations;



es and operations;










or the Distributor;





the Whitepaper).













































































complied with.



















































vail.












complied with.






IMPORTANT NOTICE




























01

WWW.BAVALA.COM

12.12.2018 extreme volatility cryptocurrencies’ are …...vision. the investors from this period...

Documents