forest1 coin litepaper · forest1 coin litepaper 7 ambassador. upon the successful sponsorship of...

Forest1 Coin Litepaper

1


July 2019

(Updated on 31st July 2019)

https://youtu.be/4LU0x8t19DY


2

Contents

A. VISION AND MISSION ................................................................................................................... 3

B. EXECUTIVE SUMMARY ................................................................................................................. 4

C. INTRODUCTION ............................................................................................................................ 5

D. FORESTONE DIGITAL TRANSACTION PLATFORM ....................................................................... 19

E. INTRODUCTION TO BLOCKCHAIN............................................................................................... 27

F. TYPE OF BLOCKCHAIN USED ....................................................................................................... 30

G. INTEGRATION OF BLOCKCHAIN TECHNOLOGY ONTO THE FORESTONE PLATFORM ................. 31

H. TOKENOMICS .............................................................................................................................. 37

I. PROJECT ADVISORS .................................................................................................................... 42

J. DISCLAIMER ................................................................................................................................ 47

K. FOLLOW US................................................................................................................................. 48


3

A. VISION AND MISSION Our Vision

ForestONE aims to be the next generation cashless Digital Transaction Platform (DTP),

empowered through a community natural spending recycling loyalty reward program, where

natural spending is mainly around essential items that are consumed daily or every other day

to keep life going (e.g. F&B, groceries, petrol, utilities bills, etc.).

Our Mission

Our mission is to:

● Promote the adoption of cashless natural spending on the ForestONE platform through convenience and lucrative financial incentives

● Further build ‘Trust’ through natural spending on the ForestONE platform with the adoption of Blockchain Technology

● Expand the ForestONE platform to accept various types of digital currencies


4

B. EXECUTIVE SUMMARY

ForestONE is a next generation cashless Digital Transaction Platform (DTP) that enables both

merchants and consumers to complete transactions swiftly and securely while earning rewards via the

natural spending of their communities. This Litepaper elucidates the current business model and

application of the ForestONE DTP in terms of the potential and future expansion plans. ForestONE has

already partnered with a myriad of reputable merchants which will be shown further in the Litepaper.

Having already been in many successful businesses and public listed companies, the founding team of

ForestONE has stellar track records of being exceptionally innovative in FinTech applications. This

Litepaper will include information on how ForestONE was founded, the management team of

ForestONE and the Tokenomics of this ICO project. Case studies and statistical data from South East

Asia have been used to strengthen the ForestONE stance on this ICO project.

Moreover, this Litepaper will further elaborate on how and why blockchain will be implemented on

the ForestONE DTP and how it complements the current ForestONE business structure. This includes

how merchants and users of Forest1 Coin (FOC) can reap the benefits of this amazing and lucrative

ForestONE business structure. By implementing Stellar Blockchain Technology and integrating it with

the current ForestONE business, there are numerous strengths and benefits of this blockchain

structure and how it will aid in further user and merchant acquisition within the region. Milestones

have been set in place along with the projected future growth for the ForestONE business as it aims to

expand its already growing eco-system. Other key elements listed in this Litepaper includes a

demonstration of the acquired merchants in the current ecosystem and planned future potential

collaborations.

A brief overview of the token details for Forest1 Coin is detailed below:

Type Description

Token Name Forest1 Coin (FOC)

Token Price USD0.25

Token Sale Period 6 to 8 months

Token Sale Countries Singapore, Vietnam, Thailand, Philippines, Indonesia

Blockchain Solution Stellar

Project Gist Digital Loyalty Rewards Program

Soft Cap USD5 Million

Mid Cap USD63 Million

Hard Cap USD175 Million

Existing Business Yes

Existing Customer Application Yes


5

C. INTRODUCTION What is ForestONE?

ForestONE is a cashless Digital Transaction Platform (DTP) empowered by a community

natural spending recycling loyalty program that utilizes a mobile phone application to allow

both merchants and consumers to transact in a fast, efficient and secure manner. It is also a

Virtual Entrepreneurship Franchise Business Model to all participating members allowing

them to “fuel” their business revenue income via the recycling of their ForestONE

Community’s monthly natural spending. In short, everyone can be an “entrepreneur” by

joining ForestONE.

After years of research and development in the appropriate field of virtual technology and

digital transactions, along with adapting towards the demanding consumer climate,

ForestONE was launched in September 2018. With MasterCard and Visa dominating majority

share of the world’s digital payment platform service and charging merchants between 2 to

3% transaction fee, the founders of ForestONE now see an opportunity to seize a portion of

the global market share. By offering more attractive transaction fees to merchants and

rewarding consumers through their community’s natural spending, this provides ForestONE

with a competitive advantage. ForestONE already has a myriad of reputable merchants and

some of them include KFC, PETRONAS (over 1400 petrol kiosks), PETRON (over 600 petrol kiosks),

Starbucks, Giant, llaollao, Watsons, Cold Storage, Marks & Spencer’s, Parkson, Uniqlo, KK Mart (a

local 7-Eleven like convenient store with over 350 outlets), and 99 Speedmart (popular

neighbourhood grocery store with over 1,500 outlets). This list has grown and will continue to

grow on a daily basis. With merchants of this calibre pouring in, it is inevitable that ForestONE

will start to gain both regional and global credibility and be a head turner in the near future.

With over 70,000 users to date, merchants on the ForestONE DTP will be able to capture the

increasing monthly natural spending of ForestONE members. ForestONE has a systematic

Community Growth Program (CGP) and a Many-To-One (M2O) rewards program that

encourages consumers to refer more members to join their communities as well as consuming

their natural spending with the ForestONE Merchants so that every member can reap the

benefits of their own community’s monthly total natural spending.

ForestONE DTP also provides the necessary business tools to all their merchants, be it online

or physical, that do not have sophisticated POS or IT systems. Some of the benefits include:

1. Digital Transformation – The ForestONE Merchant Apps allows merchants to capture all

sales transactions and also reflects real-time sales reports and settlements.

2. Marketing Channel – Free advertisement and sales promotion programmes via the

ForestONE App and ForestONE Social Media channels to the growing users of ForestONE.


6

3. Data Planning – Sharing of big data information to merchants by predicting future

forecasts on member’s spending behaviour, thus being able to strategically maximize

business opportunities.

4. Customer Base Growth – With the CGP and M2O programs of ForestONE, members will

be conditioned to patronize and switch their loyalty only to the ForestONE merchants.

History of ForestONE

Coming from a humble background, the Chairman of ForestONE, Mr JP Chin, has 36 years of

experience in the IT industry, particularly in the Banking & Finance and Telecommunications

Industry. He founded Silverlake Innovation Partners (SIP) Sdn Bhd together with Mr. Goh Peng

Ooi, who is currently also the Chairman of Silverlake-Axis Ltd (a Public Listed Company on the

Singapore Exchange Limited (SGX)).

Timeline Description

2007 Conceptualization of ForestONE as a future platform for virtual digital transactions. This was done by implementing a loyalty rewards program through the recycling of natural spending by the ForestONE community on a monthly basis.

2008 – 2010 Fuelled by the rise in Internet and smart phones, cashless spending and customer loyalty were identified to be the next “big” thing. Appropriate branding and strategic marketing strategies were planned for the execution of ForestONE.

2011 – 2013 Pilot Program agenda of “going cashless” was executed at an International Motorsports Event (Super GT) which was held at the Sepang International Circuit (SIC) in Malaysia. The event turned out to be a huge success with over 100,000 attendees and they were provided with a ForestONE/Touch & Go payment card which had a viable option of a ticket and all purchase payments during the event. It was the first ever Motorsport Event in Malaysia that went cashless.

2014 ForestONE improved their marketing strategies to better cater towards their customers and achieve mass adoption based of the increasing public acceptance towards a cashless society (e.g. AliPay, WeChat Pay in China) and the increasing popularity of e-Commerce.

2015 – 2016 ForestONE partnered with SEND (an ultimate last mile and on-demand delivery service platform) which sponsored a JPM Malaysia Moto2 Racing Team for 2 seasons in the MotoGP Motorcycle World Championship Series. The JPM Moto2 team did well by scoring some key championship points in the 1st year and gained worldwide recognition through TV and Public Media. This helped to introduce the ForestONE brand to neighbouring nations which are passionate about MotoGP, namely Thailand and Indonesia. Jorge Lorenzo, a 5-time World Champion, was also signed to be a SEND Global Brand


7

Ambassador. Upon the successful sponsorship of Moto2 Racing Team, SEND gained instant stardom and became a hit in Malaysia with more than 10,000 thousand vehicle owners singing up as SENDers. SEND has been the centre for thousands of last mile deliveries within Malaysia since then.

2015 – 2016 Since the successful launch of SEND, ForestONE intended to innovate and implement the complete service for all types of consumers in their entire ecosystem. This resulted in the launch of SENDingDong, an on-demand high value and/or time sensitive e-Commerce market. SENDingDong was also designed to further compliment SEND, providing a wider range and needs for on-demand and last mile delivery. Examples of these products are valentine gifts and hampers.

Q1 – Q2 2018 ForestONE finalized the entire business structure and integration for its entire ecosystem with enhanced technological development. The ForestONE ecosystem covers logistics (SEND), online marketplace (SENDingDong) and a digital transaction platform (ForestONE). The aim is to create a unique lifestyle and rewards application that would in turn help create a holistic and simplistic Fintech ecosystem for both merchants and consumers. Pre-operational planning included appropriate merchant sourcing and onboarding.

Q3 2018 Merchant onboarding process was a massive success with many well-known and nationwide brands like Petronas, Giant, Starbucks, Lazada and Zalora joining ForestONE. To date, the list of merchants coming on board has grown on a daily basis.

Q4 2018 ForestONE initiated its first Pilot Program with the launch of the ForestONE Application. The aim was to understand and research on the acceptance rate and total feedback collated from the users. With this, it was easier for ForestONE to start community building and to handle transactions with merchants. ForestONE has an 80% conversion rate for new members joining the ecosystem after introduction and appropriate elaboration of the program.

Q1 – Q2 2019 ForestONE focused on the acquisition of more merchants and memberships to grow the ForestONE community and increase natural spending. Roadshows were carried out for the promotion of products and services which gained positive feedback for the ForestONE Application.

Q4 2019 ForestONE aims to achieve 500,000 users and merchants. Whilst growing the total amount of users, ForestONE is also planning to execute their expansion roll-out plans in various markets within South East Asia.

Q1 2020 ForestONE aims to have strategic partners within the ASEAN region. To help expand the ForestONE Application domestically in every country in ASEAN, ForestONE aims to acquire more merchants and focus on increased user awareness to gain mass adoption.


8

Q3 – Q4 2020 ForestONE platform and app aims to be the leading cashless ecosystem within Asia, while looking to expanding towards other parts globally.

Figure 1: SuperGT Malaysia 2011 to 2013, going cashless with ForestONE

(https://www.facebook.com/pg/SuperGT.my/photos/?tab=albums&ref=page_internal)

https://www.facebook.com/pg/SuperGT.my/photos/?tab=albums&ref=page_internal


9

Figure 2: SEND Delivery Official Launch with 5-Time MotoGP World Champion, Jorge Lorenzo (https://www.facebook.com/SENDMalaysia/photos/a.533135170214792/533135506881425/?type=3&theater)

Figure 3: JP Moto Racing Team in Moto2 Motorcycle World Championship Series, from 2015 to 2016. Sponsored by ForestONE (https://www.facebook.com/JPMoto-Malaysia-Racing-Team-1533944616887855/)

https://www.facebook.com/SENDMalaysia/photos/a.533135170214792/533135506881425/?type=3&theater

https://www.facebook.com/JPMoto-Malaysia-Racing-Team-1533944616887855/


10

Figure 4: Nationwide brands such as Starbucks, KFC, Giant, Zalora, Petronas and Cold Storage joined ForestONE

Figure 5: ForestONE marketing roadshows to bring consumers to merchants whilst empowering students to earn by growing their communities


11

Aim of ForestONE

One of ForestONE’s aim is to promote and encourage both merchants and consumers to go

digital and cashless. By adopting the ForestONE Application, consumers will also be

incentivized financially through the recycling of their community’s monthly total natural

spending while merchants get the benefits of a bigger ForestONE members’ wallet share and

loyalty. By changing consumers’ natural spending habits from physical cash to cashless

transactions via the ForestONE app, consumers can reap the benefits provided by ForestONE

both in convenience, discounts and rewards.

By implementing blockchain with ForestONE in the near future, it instils trusts to the entire

ecosystem and potential users because data collected on the blockchain is immutable. With

this, consumers and merchants do not have to worry about potential hacks or leaks which

might jeopardize their business. As ForestONE grows, it plans to accept various kinds of

cryptocurrencies which will be beneficial to the entire ecosystem as a whole in the long run.


12

Management Team of ForestONE

MR. JP CHIN - Chairman of ForestONE

• 36 Years of IT experience in Banking & Finance, Insurance and Telecommunication

Industry

• Founded Silverlake Innovation Partners (SIP) Sdn Bhd in 1996 with Mr. Goh Peng Ooi,

currently Chairman of Silverlake-Axis Ltd (listed on Singapore SGX in 2003)

• SIP is the main distributor/system Integrator for Silverlake Integrated Banking system

(SIBS) and business partner to IBM for the past 22 years, dominating more than 50% of

the finance services industry in Malaysia

• Currently a Director in Symphony Life Berhad (listed on KLSE), with principal business in

Property Development and Management

• Vice Chairman of PanGlobal Berhad, a company previously listed on KLSE, involved in the

business of General Insurance, Hotel and Coal Mining

• Mr Chin was with IBM from 1983-1996. During his thirteen years career, he headed in

both the Banking & Finance and Telecommunication Industry where he was responsible

for a number of strategic IT implementations, including projects for the national

telecommunication company (Telekom Malaysia) as well as the biggest commercial bank

in Malaysia (Maybank Berhad & Bank Bumiputra-now known as CIMB)

• Graduated with Honours Degree in Computer Studies from Brighton University, United

Kingdom

• A renowned car/bike collector in the region with collection in excess of 100 cars (classic

sports, American Muscle cars, Supercars and Hypercars), motorcycles and bicycles

• An amateur racing enthusiast from 1990-2010, both in JetSki and Saloon car races.

Achieved many podiums in his 20 years of racing career. Now advisor to several car and

motorcycle clubs in Malaysia. Brand Ambassador for Bugatti in Malaysia


13

DATO TJ CHIN - Technology Director of ForestONE

• CEO of Silverlake Innovation Partner Sdn Bhd

• Managing Director for JPM Group since 2007, in charge of all Motorsport events locally

and international including JPM Integra Cup Malaysia (2006 – 2008), JPM Time Challenge

Hill Climb (2009 – 2010), JPM Kota Bharu Supercar Drive (2010), SUPER GT Malaysia

Round (2011 – 2013)

• Acquiring knowledge, skill and experience of event management, sponsorship acquisition

and mass communication over the years in JPM Group

• Went to University of Manchester with a degree in Accounting and Finance (2006)

• Adopted the required knowledge and skills required for banking and banking technologies

through role of key account manager, strategic business development and solution

architect

• Has been spearheading the implementation team for Silverlake core banking system

implementations for organizations including KWSP, AffinBank, Alliance Bank, Hong Leong

Bank, Bank Islam, MBSB Bank and Bank Rakyat Kerjasama Malaysia

• Currently exploring Fintech alternatives for banking and Digital Initiative drive for SMEs in

SIP

• Avid racing drivers, with racing experience in Formula BMW Asia, Merdeka Millennium

Endurance Race (2002 to 2010, Youngest overall class winner in 2003 and multiple

podium finish since), Asia Touring Car Championship (2009 with 3 wins and multiple

podium finish)


14

DATO TP CHIN - Chief Executive Officer of ForestONE

• Founder & CEO of ForestONE and SEND. SEND is an on-demand, last-mile logistics solution

platform (www.send.com.my) established since 2016. With sheer determination to take

the business to the next level, he then spearheaded SEND into the e-Commerce space

through the creation of the SENDingDong brand (www.sendingdong.com) which then

became the first and only e-Commerce platform in Malaysia which could fulfil the delivery

requirement of products sold via the platform to reach consumers within 1-4 hours

• To complement the logistics and e-Commerce ecosystem, he engineered the launch of

ForestONE to tap on the growing need for a comprehensive Customer Loyalty Reward

Program platform

• He is also an Advisor to a Singapore-based paper manufacturer which exports to regional

countries within ASEAN, advising them in areas of business strategy and logistics

• Previously while attached with a Malaysian investment bank, he took part in advising

public listed companies in Malaysia on various corporate exercises, which ranges from

IPO to Private Placement, including Mergers & Acquisitions

• He holds a Bachelor of Commerce (Business Law & Economics) from Monash University

(Clayton) in Melbourne, Australia

• He is an avid racing driver, having driven in the Merdeka Millennium Endurance Race

Series from year 2004 to 2010 in a Porsche


15

RICHARD KHOO - Chief Strategy Officer of ForestONE

• Has been in the Financial Services industry for over 25 years covering Insurance, Mutual

Funds, Stockbroking, Investment Banking, Fund Management and Precious Metals.

• Through his career in Investment Banking, he assisted taking companies for IPO listings,

M&A and fundraising activities, through his network of corporate and private clients in

Malaysia and Singapore

• Served as the Managing Director of a Fund Management company in the Singapore office

of a Swiss Banking Group

• Executive Vice President of Singapore Precious Metals Exchange Pte. Ltd.

• Served as CEO of a Public Listed stockbroking group with 8 branches throughout Malaysia,

where he spearheaded the non-rated firm to be eventually voted #9 of the Top 10

Stockbroking firm in Malaysia within 18 months of taking office

• Prior to that he was with three other Malaysian investment banks, with responsibilities

such as Head of Institutional Dealing, Head of Premium Broking and Head of Group

Corporate Affairs respectively

• He started his career in the capital markets when he was first attached to the International

Private Client Group of Merrill Lynch Malaysia for five years

• He holds a Bachelor of Business in Business Administration majoring in Management from

RMIT University, Melbourne, Australia

• A petrol head with unwavering passion for Classic Mini Coopers for over 30 years.

Currently an active member of the Mini Enthusiasts Club of Singapore.


16

ALICIA LO - Chief Operation Officer of ForestONE

• She began her career as an Accounts Analyst in IBM Malaysia, thereafter as a Marketing

Manager at Silverlake Innovation Partners Sdn Bhd, managing key banking customers

such as MBSB and Bank Islam, deploying key projects such as the GST system for banks,

core banking system and internet banking

• In the year 2011 to 2013, as Head of Operations for JPM motorsports, she was responsible

for hosting the Super GT event, which saw more than 100,000 attendance (yearly), signing

on more than 50 automotive and lifestyle brands to be exhibitors and sponsors (such as

Honda Malaysia, Nissan, Toyota, Denso, Mercedes Benz, Redbull Malaysia, Porsche,

Petronas, Subaru, Motul etc.), including securing the sponsorship from Malaysia Major

event (Tourism Malaysia), and Touch n Go as the official cashless partner

• Spearheaded the implementation of a Pilot Program of Going Cashless during the Super

GT event held at the Sepang ForestONE Circuit in Malaysia for two years running in 2011

and 2012. Over 100,000 of the spectators who attended were given a Touch n Go

payment card which doubles up as a ticket and the mode of payment for all purchase

during event (F&B and merchandise)

• Organized biggest supercar and performance car gathering in 2011 and 2012, managed

to break the Malaysia Book of Records with more than 650 Super Cars gathered at the

Sepang International Circuit

• Organised the first Summernats event in Malaysia in 2014 and 2015, which attracted a

crowd of more than 50,000 and participation of 100 brands. The event generated more

than USD 5 million in media and PR value Involved in JP Moto Malaysia Racing Team -

participation in Moto2 Motorcycle World Championship Series. With the over-

achievement of points scoring season, it garnered worldwide TV exposure to the sponsors

livery on motorcycles which also introduced ForestONE to its home audience in Malaysia

and other neighbouring countries such as Indonesia and Thailand

• With the role as COO of SEND Network (for both SENDelivery and SENDingDong), she

meticulously provides guidance to both the Operations and Merchant Acquisition teams,

which saw the successful delivery of more than 3,000 items on a single day

• She holds a Bachelor’s Degree in Accounting


17

MOHD KAMIL HADSRIM BIN IBRAHIM - Chief Financial Officer of ForestONE

• A knowledgeable, skilful and competent finance professional with extensive

experience in banking, business development, audit and administration

• Excels at interfacing with others at all levels to ensure organizational goals are

attained

• Excellent interpersonal, analytical and organizational skills

• Excels within highly competitive environments where leadership skills are the keys

to success

• An effective motivational person with the skills necessary to direct, train, and

motivate staff to its fullest potential

• Former Financial Associate at Royal Bank of Scotland Regional CFO Office in

Singapore

• Former Internal Auditor Manager at Am Investment Berhad in Malaysia

• Former Financial Manager at OCBC Bank (M) Berhad in Malaysia

• Former Business Development Head at BSNC Corporation Berhad in Malaysia

• Former Auditor at BDO Simpson Xavier in Ireland Qualification

• Chartered Accountant of Ireland – Dublin, Ireland

• Bachelor of Arts in Accounting & Finance – Manchester Metropolitan University,

United Kingdom

• Diploma in Accounting – London Chamber of Commerce, United Kingdom

• Islamic Law Certificate – International Islamic University Malaysia, Malaysia


18

TM CHIN - Chief Marketing Officer of ForestONE and CEO of MV Asia Sdn Bhd

• As Director of Business Engagement of SEND Network Sdn Bhd, he successfully grew

the customer base to hit 40,000 and the SENDer pool of delivery partners to reach

12,000 within 18 short months

• He comes with a wealth of experience, having taken on the role as Head of

Marketing for JPM Motorsports, which successfully hosted the Super GT event

attended by over 100,000 spectators

• Subsequently as Operations Director of JP Motorsports Sdn Bhd (JPM) and JP Moto

Malaysia Sdn Bhd (JP Moto), and having an eye for detail and ensuring operational

clockwork, it resulted in the team’s successful participation in the Moto2

Motorcycle World Championship Series

• Holds a Bachelor of Commerce Major in Marketing from Monash University

(Clayton), Australia

• Began his career in Project Management at Silverlake Innovation Partner Sdn Bhd

• He is an avid racing driver, having driven in the Renault Megane Race Series

• A Muay Thai Kickboxing enthusiast and participated in local boxing bouts


19

D. FORESTONE DIGITAL TRANSACTION PLATFORM (DTP) ForestONE Sales Reward and Discounts Program

Like most traditional Discount Cards and Payment Apps, the first key element to the

ForestONE Digital Transaction Platform (DTP) lies in the Sales Rewards and Discount

Programs. This is a simple program where ForestONE wants to reward its members,

through the use of discounts on selected items. These discounts are either given by the

merchants or sponsored fully by ForestONE to show its gratitude for those who have

supported the company along the way in this journey. The ForestONE application is also

convenient and can be transacted at high speeds, besides also providing improved

branding for merchants through the exposure of their brands on the ForestONE

platform.

ForestONE Loyalty Reward Programs: Many-To-One (M2O) and

Community Growth Program (CGP)

As described earlier, ForestONE Digital Transaction Platform (DTP) is unique as it also

serves as an Entrepreneurship Franchise Business Model to all its participating

members. To differentiate ForestONE from other payment apps or e-Wallets, ForestONE

is empowered by 2 loyalty reward engines to “fuel” the success and sustainability of its

business model.

Figure 6: Two Loyalty Reward Programs of ForestONE

To be part of ForestONE DTP Ecosystem, one can join as ForestONE member either as a Premium

Partner for RM88 or joining for free as an Ordinary Member.


20

a) M2O – Natural Spending Recycling Rewards

In the M2O, every Partner (Premium) or Member (Free) will be assigned to a ForestONE

Community Business Structure Model that can host up to 21,844 of members (using a 4

to the power of 7 formula).

Assuming in a matured ForestONE Community of 21,844 members and all of its

Community members spends an average of RM 1,000 every month (21,844 x RM1,000

= RM21,844,000), ForestONE will recycle 0.1% of the Community’s monthly total natural

spending back to the founding Partner/Member as a reward. Hence, RM21,844,000 x

0.1% = RM21,844 will be recycled back as a reward every month. Regardless of the size

of the community (i.e. from a minimum 4 to 21,844), the founding Partner/Member will

always enjoy a flat 0.1% of his ForestONE Community’s monthly total natural spending

provided that:

1. He/she also spent minimum RM1,000/month; and

2. Recruited a minimum of 4 direct partners/members.

These two requirements set by ForestONE are to ensure self-sustenance. As a

Community performs its monthly natural spending and rewards are generated from it,

a member would have no choice but to spend, to refer and to grow its community.

Hence, the cycle of ForestONE Natural Spending Recycling program will continue

perpetually.

The picture below sheds light on how this program works:

Figure 7: M2O of ForestONE


21

b) CGP – Applicable to paid Premium Partners ONLY

The Community Growth Program is a program that is designed to incentivize the Premium

Partners to grow their community rapidly and exponentially.

In ForestONE, as everyone is encouraged to join as Premium Partner by paying a one-time fee

of RM398 (Approx. USD100) as a life time Partner. Partners are then encouraged to recommend

a minimum of 4 direct premium partners to start his/her own ForestONE Community. With the

Community Growth Program, the founding Partner will be able to earn RM100 for every direct

premium partner joined, hence, to start a ForestONE Community with minimum 4 direct

partners, a founding Partner will receive a bonus of equivalent to RM100 x 4 = RM400. However,

the founding Partner is also encouraged to recruit more than 4 direct partners as any additional

direct partner joined (up to unlimited numbers) will earn him an additional RM100/partner

which at the same time also help in growing his M2O Community in parallel.

On top of the RM100 for every direct partner joined, a total bonus of RM218,480 can be earned

for every new partner joined in a founding Partner’s direct partner community (maximum

21,844 members in a matured community). Hence, for every founding Partner’s Community,

assuming with a minimum of 4 direct partners, the founding Partner will potentially have a

bonus of (RM100x4) + (RM218,480 x4) = RM874,320 to be earned in an unlimited time frame.

ForestONE Community Growth Program

With that in mind, all premium Partners are encouraged to recruit more than 4 direct partners.

The more direct partners they have, the more bonus they will earn through Community Growth

Program. Hence, with this powerful program, it will push ForestONE membership to grow

exponentially.

As a Partner refers and grows its community via the Community Growth Program, all partners

who have joined, whether direct or indirect, will be contributed into the founding Partner’s

Many-to-One Community structure to enjoy the 0.1% recycling rewards program.

Note: All rewards and rebates are given out as F1Points which is equivalent to 1 F1Voucher or

RM1.00.


22

A diagram of how Community Growth Program works:

Forest1Coin as the next upcoming cryptocurrency with Community Growth Program

As ForestONE members play an important part in supporting the business, ForestONE positions

Forest1Coin as a part of the rewards into CGP as an education on blockchain and allowing them

to be a part in the ICO exercise. Not only that, this would also allow ForestONE Premium

Members to have their own (maybe their first) private Interstellar wallet as the first step of

education into the blockchain world, making Interstellar the next upcoming private wallet.

Pre-ICO Promotion (Before End of December)

New Premium Members will be given 10 free Forest1Coin (FOC) upon joining. Similar to CGP

reward, 1 FOC will be rewarded for every new Partner recommended and joined its community.

Hence, a total of 21,844 FOC can be earned per Partner joined (maximum 21,844 members in a

matured community).

With the minimum requirement of 4 Partners in its community, a Partner will earn 21,844 FOC

X 4 = 87,376 FOC


23

As stated, Premium Partners are allowed to find more than 4 direct Partners, whereby the more

direct Partners they have, the more FOC can be earned. This would allow the adaptation of

Forest1Coin as a cryptocurrency for global mass adoption.

ForestONE Rewards Cash-Back Opportunity

When a Partner/Member has accumulated more rewards points (F1Point) than he

needs to sustain future months’ natural spending, he can sell back his excess F1Points

for cash, less administration charges. All cashback payments shall be paid digitally to

ForestONE Partners/Members’ Bank Accounts or Credit/Debit Cards Companies.

Merchants Signed Thus Far

As a young platform, ForestONE is proud to announce that it has secured collaborations

with some of the biggest merchants in town. To gain their collaboration, ForestONE as

a platform had to come under their operational and financial scrutiny. Despite this, it

has successfully secured a collaboration with some household brands which many will

know. There are over 200,000 SKUs on board the ForestONE platform. Some of our

participating merchants include:


24

a) Scan and Redeem

Figure 8: Examples of merchants that accept payment through ForestONE’s Scan and Redeem function


25

b) Digital Vouchers

Figure 9: Examples of merchants that accepts the Digital Vouchers of ForestONE


26

c) Physical Vouchers

Figure 10: Examples of merchants that accepts Physical Vouchers of ForestONE


27

E. INTRODUCTION TO BLOCKCHAIN What is Blockchain?

Blockchain technology underlines Bitcoin and many other cryptocurrencies. It relies on

a public ledger that is continuously updating to record all transactions that occur.

Blockchain is ground-breaking as it allows transactions to be processed without a central

authority— such as a bank, the government or a payment company. The buyer and seller

interact directly, removing the need for verification by a trusted third-party

intermediary. Hence, cutting out costly middlemen and allowing businesses and services

to be decentralized. Another distinguishing feature of blockchain technology is the

accessibility for involved parties. It’s akin to Google Docs, where multiple parties can

access the ledger concurrently. Today, if person A issue a cheque to person B, A and B

balance their respective check books when the cheque is deposited. However, things

start to go awry if B forgets to update their check book ledger, or if A does not have

enough in his bank account to cover the check (which the bank has knowledge

beforehand). With blockchain, A and B would view the same ledger of transactions. The

ledger is not controlled by either of A or B. Instead, it operates on consensus, where

both A and B will need to approve and verify the transaction for it to be added to the

chain. The chain is also secured with cryptography, whereby no individual is able to

change or alter any data on the blockchain after the distributed ledger is updated.

Figure 11: How does a Blockchain work: A step-by-step view


28

In other words, blockchain technology is extremely useful in terms of three aspects:

Aspects Description

Transparency All transactions on the ledger can be clearly seen and viewed by anyone and everyone.

Immutability All transactions once recorded cannot be changed and stays permanently on the Blockchain.

Decentralization This provides a security layer as data nodes can no longer be a single point of failure. In a Blockchain system, there can never be a single point of failure.

Why is ForestONE Utilizing Blockchain to Enhance and Strengthen its

Existing Ecosystem?

Blockchain technology makes it virtually impossible to counterfeit online transactions.

This is the most important feature which ForestONE, as a platform, wishes to utilize.

Forest1 Coin’s main utility will eventually act as a form of payment for the merchants of

ForestONE and the integrity of the currency can only be protected through

implementation of blockchain technology. This ability is to prevent counterfeit currency

and double spending, which makes blockchain technology the perfect medium for

ForestONE to adopt.

Benefits to Consumer

ForestONE constantly seeks to innovate and improve their abilities. This could come in

the form of more merchants or even more rewards and incentives when members use

the ForestONE platform. Hence, the ambition to move to a payment token also stems

from the desire to make the lives of the consumers efficient and convenient. The most

important element of using a digital token as payment instead of fiat lies in safety.

Carrying cash around in certain countries can be a dangerous endeavour. Transacting

via cashless forms is much safer as a consumer. Another advantage of using digital

tokens lies in lowering foreign exchange costs. When consumers travel, they tend to

bear the bulk of the foreign exchange costs. Transacting in digital currencies enables

consumers to suffer less risk as the foreign exchange spreads and risks are borne largely

by the merchants and the ForestONE platform. The last advantage which a consumer

benefits by using a digital currency instead of a fiat currency relates to how a consumer

can now save time and effort in looking for a moneychanger before they travel overseas,

especially if they are sure that the destination country has many merchants using or

accepting digital payments.


29

Benefits to Merchants

The first benefit to merchants comes in the form of enhanced security. A traditional

drawback to mobile payments has always been the lack of security. With the advent of

blockchain technology, transactions are immutable and the security layer is now more

secure.

The second benefit comes in the form of loyalty points. Having blockchain technology

means merchants can monitor the loyalty points in a secure manner to calculate accrual

of loyalty points, followed by redemption of these points. These capabilities will be

demonstrated later on in the Whitepaper.

The third benefit lies in supply chain management. Blockchain can be utilized to follow

the voyage of every item in the inventory network from the producer to the wholesaler,

and even to a retailer's stockroom. The item is tracked closely to avoid any hidden and

deliberate tampering of goods and furthermore to raise caution when there is a medical

problem (e.g. an E. coli breakout for sustenance items).

The fourth benefit which merchants get to benefit from embracing blockchain

technology is the authenticity of goods and products. Blockchain is able to catch each

touch point in the life of an item, making it easier to decipher the legitimacy of the

product.

The last benefit which this Whitepaper will highlight is the fact that embracing

blockchain technology also means better margins for both the consumer and the

merchant as the intermediaries, which provides no value to the marketplace, will be

abolished. Blockchain technology can eradicate these third parties by structuring a

commercial centre that bolsters distributed sharing instead of centralized sharing.


30

F. TYPE OF BLOCKCHAIN USED Protocol Comparison

Before scrutinising the details of what the ForestONE platform chose for a blockchain

protocol, it is important to understand the different available protocols and which one

in particular suits the ForestONE platform best. A summary of the following Blockchain

protocols that are available to issue a transaction coin is detailed in the table below:

Field of Comparison

Bitcoin Ethereum Stellar Ripple Mastercard

Average Transaction

Confirmation time

1 hour 15 minutes 3 to 5 seconds 3 to 5 seconds 1 to 3 seconds

Average Transaction

fees

$0.61 per transaction

$0.02 per transaction

$0.01 for 300,000

transactions

$0.01 for 3 transactions

0.2% to 1%

Transactions per second

2 transactions per second

7 transactions per second

3,000 transactions per second



Consensus Mechanism

Proof of Work Proof of Work Federated Byzantine

Agreement

Ripple Consensus Algorithm

Private Server

Validator Control

Distributed Distributed Decentralized Centralized Highly

Centralized

Collaborating Companies

No official partner due

to anonymity of creator

Cisco, JP Morgan,

Intel, AION Foundation

Stripe, IBM, Deloitte, ICICI

Bank

Mercury FX, IDT, SBI

Holdings, MoneyGram

All major banks across

the world

Note: Hyperledger and Corda has not been detailed as these two protocols are mainly used for enterprise transactions. More importantly, they sacrifice the immutability function as there is a master access, called a “master node”, which can be used to alter transactions if needed. This description seeks to only consider protocols pertaining to public chains because only a full public chain will be able to enjoy the immutable features of Blockchain technology.

Based on the various factors considered above, Stellar is the preferred choice in terms

of transaction speed and throughput rate. As a community and transaction platform,

ForestONE believes that widespread adoption is key to the success of the platform.

Hence, Stellar has officially been endorsed as the official blockchain protocol that

ForestONE will use to issue its digital tokens.


31

G. INTEGRATION OF BLOCKCHAIN TECHNOLOGY ONTO THE FORESTONE PLATFORM Forest1 Coin Utility

ForestONE aims to ensure that consumers who purchase Forest1 Coins are not used for

speculation. Proper utility is tied to the coin because this coin is in turn tied to an existing

platform with existing merchants on-board. A utility roadmap for the Forest1 Coin has

been carefully designed as this utility will highly influence the rate of regional expansion

that ForestONE can expect to achieve in the next 2 to 3 years. These expansion efforts

and the funds needed will not only come from the utility token offering but will also

come from our independent revenue streams and other funding sources, such as private

and/or corporate equity.

Term Description

Short Term Exchanging Forest1 coins for FOC Vouchers and Participating in the Forest1 Coin weekly grand draw. Participating in the Forest1 Coin weekly grand draw may also aid coin holders in gaining F1Points.

Mid Term Being able to use Forest1 Coins directly at stores which accepts Forest1 Coins without needing to exchange Forest1 Coins for F1Vouchers via the fiat on ramp mechanism and participating in the Forest1 Coin weekly grand draw. Participating in the Forest1 Coin weekly grand draw also provides them potential additional gains in terms of F1Points.

Long Term Being able to use Forest1 Coins directly at stores via the fiat on ramp mechanism across several countries within Southeast Asia. For travellers and tourists, this makes it safer for them as they do not need to carry cash. It also enables these travellers and tourists to save costs on foreign exchange as they no longer need to exchange for local currency to spend on local stores and services. At this stage, the Forest1 Coin weekly grand draw will still be ongoing. Participating in the Forest1 Coin weekly grand draw also stands to gain them F1Points.

Grand Term Once Forest1 Coins become widely adopted, Forest1 Coin may become a regional transaction currency. Forest1 Coin may not just be a transaction coin but may also be a medium of exchange between transactional currencies, in accordance with local regulations. With our respective offices strategically located worldwide, users may expect to cash out their F1Points earned from using the Forest1 Coins directly via the ForestONE platform in local currency. Users may also sell their Forest1 Coins across borders as a way of exercising remittance functions as the ForestONE platform may by then be prepared to purchase these coins back in local currencies, if required. At this stage, the elements mentioned in the mid and long-term views will still apply.


32

Infusing Forest1 Coin into the ForestONE Ecosystem

Within the ForestONE ecosystem, an element of rejuvenation and regeneration is

present. Through the M2O Natural Spending Recycling Program, users can expect to be

rewarded when communities spend and further grow their community. However, the

current ForestONE ecosystem has not integrated the use of Forest1 Coins and this

section seeks to explain how it will be integrated into the ecosystem and what benefits

members stand to gain when purchasing Forest1 Coins.

The current ecosystem consists of Fiat Cash, F1Points and F1Vouchers. F1Vouchers are

further broken down into “Scan and Redeem” merchants and normal purchase

merchants. No matter the type of merchant that the user purchases the goods or

services from, the process is straightforward. Users use fiat cash to purchase F1Vouchers

and then use these F1Vouchers at the stores of the merchants. Normal users are then

rewarded through the M2O Program, the recycling of their community’s natural

spending in the form of F1Points. The rewards are generated by recycling the entire

ForestONE Community’s Natural Spending, recycling 0.1% of the total spending and

reward it back to the Members. This cycle of rejuvenation and rewards is what allows

the ForestONE community to grow endlessly and to keep their user acquisition costs

low, by making each user an active stakeholder in the business. It is a powerful model

which enhances the longevity of the business and makes providence for lower costing

expansions into overseas markets and market hype generation. These F1Points also

carry with them a buy-back function where the platform itself can purchase these points

back from the user, using cash. However, this will be transacted at a discount of 10% for

Premium Membership Partners and 20% for Free Membership Members.

A summary video of how Forest1 Coin works can be found below:

Figure 12: YouTube video on how Forest1 Coin works (https://www.youtube.com/watch?v=4LU0x8t19DY&feature=youtu.be)

https://www.youtube.com/watch?v=4LU0x8t19DY&feature=youtu.be

https://www.youtube.com/watch?v=4LU0x8t19DY&feature=youtu.be


33

So, how does this coin strengthen the ecosystem and allow for greater rewards as a

holder or user of the Forest1 Coin? Through the Forest1 Coin weekly grand draw.

How does the Forest1 Coin Weekly Grand Draw Work?

Before explaining the mechanisms of the Forest1 Coin weekly grand draw, it is important

to note that even without the Forest1 Coin weekly grand draw, holders of the Forest1

Coins can directly convert their Forest1 Coins into F1Vouchers to use at any of the

registered merchants. ForestONE will be working towards full acceptance of the Forest1

Coin as a form of payment by the merchants in their mid to long term plans. Besides the

obvious utility of payment for goods and services, the ForestONE platform also wishes

to reward the coin holders through the Supporter’s Rewards Program (SRP). This

program is a way for token holders to earn additional loyalty rewards via holding onto

Forest1 Coins. To understand the SRP, it is vital to understand the Forest1 Coin weekly

grand draw. In order to participate in the Forest1 Coin weekly grand draw, coin

subscribers need to sustain a fixed specific balance in terms of Forest1 Coins. This means

that coin buyers may potentially be disincentivized to sell the coins, thus holding onto

the coins to participate in the Forest1 Coin weekly grand draw.

The draw ticket mechanism is described below:

Forest1 Coin Balance

Ticket Level Probability of Winning

Ratio of Forest1 Coins to F1Points

Rewards

1,000 Bronze 70% Pro-Rated

1,001 – 9,999 Silver 75% Pro-Rated

10,000 – 99,999 Gold 85% Pro-Rated

100,000 and above Diamond 99.9% Pro-Rated

As detailed above, different Forest1 Coin balances will entitle users to different ticket

levels. This in turn entitles coin buyers and users to different winning probabilities in the

Forest1 Coin weekly grand draw.


34

Where does this prize comes from?

As seen in the previous paragraphs, the ForestONE platform is a natural ecosystem

where users acquire other potential users using the M2O and CGP structures. The

rewards for Forest1 Coin holders from the Forest1 Coin weekly grand draw will directly

be dependent on the size of these communities.

So, how does it work?

Basically, when users receive the 0.1% of their entire community’s natural spending,

they receive it in the form of F1Points. The ratio of the F1Points to Cash (RM) ratio here

is 1:1. This means that if their community size has 21,844 people (which is the maximum

number of people a community can go up to) and they spend a total of RM21 million

(approximately USD5 million), this particular user will receive 0.1% of RM21 million, in

the form of F1Points as a reward. This equates to approximately RM21,000, which in

turn equates to 21,000 F1Points. This is based on the M2O Natural Spending Recycling

Program. The Forest1 Coin weekly grand draw taps on a separate mechanism. The

Forest1 Coin weekly grand draw is ForestONE’s way of retaining and rewarding the coin

buyers. Therefore, it can also be seen that the ForestONE platform will be devoting up

to 10% of the total margins gained from the average Merchant Discount Rate (MDR) to

the Forest1 Coin weekly grand draw, covering up to a maximum of 1% MDR. From a

commercial perspective, this margin can be seen as ForestONE’s marketing budget.

What is the MDR?

For example, in a scenario where ForestONE implements a 1% MDR.

A ForestONE member who uses 100 F1Vouchers (RM 1 = 1 F1Voucher, so a total of

RM100 was paid to ForestONE as a platform to purchase the F1Vouchers) to redeem at

a merchant's shop. Eventually ForestONE will pay the merchant RM99 (keeping 1% as

MDR).

For further illustration, assume the margin gained from the average Merchant Discount

Rate for that week is USD375,000. 10% of this will go into the Forest1 Coin weekly grand

draw, which equates to USD37,500. This USD37,500 will be converted into equivalent

F1Points and will be inserted into the Forest1 Coin weekly grand draw as a way to reward

the supporting coin buyers. Please take note that all rewards are in F1Points, not in cash.


35

Supporter’s Rewards Program (SRP)

How does the pool determine what is the amount of F1Points that each coin holder

stands to win in the Forest1 Coin weekly grand draw?

A numerical example is provided below:

Assume that the total amount of F1Points accrued from the SRP program is 37,500

F1Points, where USD 1 is 1 F1Point equivalent and the total amount of coin balance

registered within the ForestONE main application comes up to 1,000,000 coins.

ForestONE will take 37,500/1,000,000 = 0.0375 F1Points/Forest1 Coin.

As a coin holder, if you are currently holding onto 10,000 coins, the Forest1 Coin weekly

grand draw prize for that week will amount to:

10,000 x 0.0375 = 375 F1Points

Do note that a time limit for entry will be imposed each week for the Forest1 Coin weekly

grand draw. However, if users miss one week of the Forest1 Coin weekly grand draw,

the prizes for that week will accumulate to the next week and continue accumulating so

forth, up to a maximum of one month. In a new month, all prizes and rewards are reset

to ensure systemic consistency and fairness.

For all Forest1 Coin holders, it is essential to remember to log in onto the main

application to spin the wheel once a week. There will be many attractive prices to be

won.

Difference between F1Vouchers and FOC Vouchers

The FOC Vouchers available for purchase are tailored specially for the Forest1 Coin

buyers. This feature will be made available on the main application where there will be

a special store for members to use their Forest1 Coins to exchange for FOC Vouchers.

This is most likely a temporary arrangement as development moves towards a full-scale

implementation of the fiat on ramp payment mechanism. An important point to note is

that FOC Vouchers and F1Vouchers are not the same set of vouchers. FOC Vouchers are

meant specially only for Forest1 Coin buyers.


36

Benefits for Token Introducers

ForestONE appreciates support of all kind, even if users are not a direct supporter by

buying large quantities of Forest1 Coins. Thus, ForestONE has a referral program for all

token introducers. To obtain more details, do speak to one of our key management

personnel.

Figure 13: Overall flow of incentives, rewards and interaction between the existing application and the Blockchain ecosystem

Attached above is the complete ecosystem of how ForestONE users and Forest1 Coin

holders will both thrive in a common ecosystem. This ecosystem allows for better

integration and better market coherence as both ForestONE users and Forest1 Coin

supporters will get a constant source of membership rewards. This is how ForestONE

rewards its supporters, be it a traditional ForestONE user or a Forest1 Coin holder.

Finally, only Token Buyers of the Forest1 Coin before the Forest1 Coin listing will be

entitled to the Forest1 Coin weekly grand draw. This program is purely for supporters of

the coin and in the ForestONE platform, not to serve as an incentive or basis of

investment for speculators.


37

H. TOKENOMICS Overview

The following table describes the data points captured and assumptions used to

estimate the token price of ForestONE.

Description Malaysia Singapore Vietnam Philippines Indonesia Thailand

Population (Million) 32,454,455 5,868,104 97,429,061 108,106,310 269,536,482 69,306,160

% Population Captured by ForestONE

20% 20.0% 20.0% 15.0% 15.0% 15.0%

Population Captured by ForestONE

6,490,891 1,173,621 19,485,812 16,215,947 40,430,472 10,395,924

Average Natural Spending (USD/Person/Month)

267.88 1,285.08 119.81 26.46 7.13 20.22

Distribution of Average Expenses Captured

65.2% 41.60% 62.53% 57.97% 59.21% 53.14%

Captured Natural Spending (USD/Person/Month)

174.66 534.59 74.91 15.34 4.22 10.75

% Natural Spending through ForestONE

35.0% 30.0% 30.0% 25.0% 25.0% 25.0%

Natural Spending through ForestONE (USD/Person/Month)

61.13 160.38 22.47 3.84 1.06 2.69

Total Natural Spending through ForestONE (USD/Month)

396,790,498 188,222,637 437,930,957 62,188,680 42,673,078 27,930,644

Total Natural Spending through ForestONE (USD/Year)

4,761,485,976 2,258,671,644 5,255,171,489 746,264,159 512,076,940 335,167,731

13,868,837,940

Allocation to Token Holder Pool

0.1%

Value of Token Holder Pool 13,868,838

Total Tokens 1,000,000,000

PE Ratio 18

Earnings per Token (USD) 0.013868838

Price per Token (USD) 0.25

Soft Cap (USD) 5,000,000

Middle Cap (USD) 63,000,000

Hard Cap (USD) 175,000,000

Market Cap (USD) 250,000,000

The total estimated natural spending through ForestONE in the six targeted countries

of Malaysia, Singapore, Vietnam, Philippines, Indonesia and Thailand is

USD13,868,837,940.

A total of 1,000,000,000 Forest1 Coins will be created. A proportion of total natural

spending through ForestONE, which ForestONE sets aside as their platform marketing


38

budget will be redistributed back to token holders in the form of F1 Points but only for

Coin Holders who log in to check out the latest happenings and events at ForestONE.

This proportion will be set at 0.1% of total natural spending through ForestONE, which

will provide a token holder pool estimated at a value of:

USD13,868,837,940 x 0.1% = USD13,868,838

Earnings per Token

The earnings per token is estimated at:

USD13,868,838 / 1,000,000,000 = USD0.013868838

Valuing Forest1 Coins

The valuation of Forest1 Coins will be based off a Price/Earnings (PE) ratio of 18. This

represents a conservative estimate of half of MasterCard’s latest PE ratio of 41.3143 in

May 2019. Based on an earnings per token of USD0.013868838 and a PE ratio of 18, the

estimated price per token will be valued at:

USD0.0013868838 x 18 = USD0.25

Hence, the Forest1 Coin price will be set at USD0.25 per FOC.

Soft Cap, Mid Cap and Hard Cap Analysis

The ForestONE roadmap has not only introduced a soft and hard cap, but has also

included a mid cap that is intended to show ForestONE’s commitment towards their

token subscribers. The presence of the mid cap is to mark ForestONEs’ beta launch and

expansion into the first 3 countries. These countries are namely Malaysia, Vietnam and

Singapore. The hard cap, which is the maximum funds to be raised, will represent the

initiation of the beta expansion efforts into the latter 3 countries, which are Thailand,

Philippines and Indonesia.

A summary is detailed below:

Type Value (USD Million)

Soft Cap 5

Mid Cap 63

Hard Cap 175


39

Token Sale Allocation

ForestONE intends to offer 80% of their total tokens for sale, which are targeted towards

3 main groups:

1. Private investors 2. Buyers who come in the seed rounds 3. Buyers who come and buy at the official ICO stage

A breakdown of the token sale allocation is described below:

Figure 14: Breakdown of Token Sale Allocation

Fund Allocation

The funds raised will be allocated into 6 main categories. These include:

Figure 15: Breakdown of fund allocation

30%

40%

20%

10%Pre-ICO

ICO

Management Team

Private Investors

48%

5%

20%

10%

5% 12%

Business Development

Bounty Programs

Liquidity Reserve

Legal Expertise on Local Regulations

Market Research

Engagement with Local Communities


40

Further details on these 6 main categories are described below:

Categories Description

Business Development (48%)

The funds raised allocated for business development will be used for creating marketing materials pertaining to local culture, experimental advertising, liaising with key contact points for merchants, securing key collaborations and running of promotions for merchants whom want such promotions in return for their collaboration. The funds here will also be used as a buffer against merchants who do not want to provide a merchant discount rates in the short term, which may force ForestONE into incurring initial opportunity costs.

Bounty Programs (5%)

The funds allocated here are to be used for buying other tokens if necessary, to perform air drops, organize hackathons to solve problems which may arise in the project and offer bug bounties for experienced programmers.

Liquidity Reserve (20%)

The funds raised which are allocated here are used as a price support mechanism when the coin is officially listed. A reasonable portion is allocated here because at ForestONE, the target is for users to be able to purchase goods and services with the Forest1 Coin and hence the price of the coin will need to be sustained at a reasonable level.

Legal Expertise on Local Regulations (10%)

The funds raised for this portion will be invested into hiring local legal counsels whom will help to conduct marketing campaigns, draft contracts, advise on work flow and user experience in terms of legality. Every country has slightly different legal expectations and hence funds must be allocated here as a buffer.

Market Research (5%)

The funds allocated here will be used as a start-up fund to conduct market research for best-selling products, popular merchants and tech savvy communities, etc. The research done here serves as the bedrock on which ForestONE will tailor their marketing and strategies moving forward.

Engagement with Local Communities (12%)

This takes up the largest portion for a simple reason. This is the primary reason for raising funds, to engage with the main user base and the retail consumers. The funds here will be used for liaising with community leaders, running roadshows, conducting seminars and all kinds of user acquisition maneuverers.


41

Token Milestones

Below are a set of dates which we have set for key Forest1 ICO milestones. Please take

note that all dates showcased here are tentative dates, these are meant to serve as

guidelines for objectives, not served and displayed with finality. Further timelines will

be released as the project progresses.

Timeline Description

8 May 2019 Setup of Vietnam Community

11 May 2019 Facebook for Forest1 Coin ICO setup

13 May 2019 Twitter for Forest1 Coin ICO setup

14 May 2019 LinkedIn for Forest1 ICO setup

1 June 2019 Setup of Singapore Community

20 July 2019 Forest1 Coin member dashboard is ready

July 2019 Private sale begins

July 2019 Programming of Forest1 Coin on the Stellar Blockchain completed

July 2019 1st batch of Forest1 Coins sent out

July 2019 Aiming to onboard 99 Speedmart as a ForestONE merchant

21 July 2019 First roadshow in Vietnam

31 July 2019 First roadshow in Singapore

1 August 2019 Aiming to integrate payment capabilities into the ForestONE Application for Telecommunication companies (e.g. Maxis, Digi and Celcom)

20 August 2019 Integration of Forest1 Coin balance to main application to be completed

24 August 2019 2nd batch of Forest1 Coins sent out

10 September 2019 Total targeted member count on ForestONE main application is 200,000

25 September 2019 Testing of fiat on ramp payment structures (subjected to regulatory controls)


42

I. PROJECT ADVISORS

NICHOLAS SOONG – Co-Founder and Director of Jigsaw Capital

• 6 years of experience in investments, market research and economic advisory for

policy, planning and decision making within government and the private sector

• Currently leads the community building, events and public relations practice at

Jigsaw Capital

• Formerly an Economics Consultant with a Big 4 Company

• Formerly part of the Investments team in the sovereign wealth fund of Malaysia

• Geographical project experiences include South East Asia, East Asia, South America

and the Middle East

IAN CHEW – Co-Founder and Director of Jigsaw Capital

• 5 years of experience specializing in market penetration and strategic investments

for the Oil and Gas industry

• Currently leads the business development, strategic partnerships and fund-raising

practice at Jigsaw Capital

• Early adopter of Bitcoin and began cryptocurrency trading before entering market

arbitration within Asia


43

JAPHET LIM – Head of Blockchain Development at Jigsaw Capital

• Certified Blockchain Expert, which was an honour provided by the World Blockchain

Council

• Author of “The Guidebook for the Crypto Beginner”

• Completed the London School of Economics’ certification course on

“Cryptocurrency and Disruption”, graduating with a score of 93%

• Invited as guest speaker for the Singapore delegation in the China and Singapore

Belt and Road Economic Cooperation Summit Forum, where students included

entrepreneurs, tertiary students, office workers and stay-home housewives

• Invited as guest speaker at Singapore Management University, Nanyang Technology

University and National University of Singapore

• Interviewed by Youku, the dominant social video platform on the topic of

Cryptocurrencies

• Interviewed at the Showfx exhibition in Singapore

DUNSTAN TEO – CEO of Interstellar Innovations Pte Ltd

• Founder and CEO of Interstellar, the only official DEX on the apps store and the only

official DEX and wallet for Stellar Lumens

• Venture Partner of Alpha Omega Capital Partners


44

• President of Sanctum Pte Ltd

• Polymath that was self-taught and later mentored in Economics, business

strategies, game theories, sociology, behavioural psychology and social

conditioning

• Started mining Bitcoin 9 years ago as it as an interesting project to gamers and it

became a game trading token

• Started to be involved in ICOs 4 years ago

• Mentored crypto influencers and was involved in sovereign level blockchain

projects as a CTO

SIMEON ANG – Director and Principal Consultant at BLCK Technology

• Staunch believer in investor education through community engagement

• Formerly with cryptocurrency exchanges at Huobi and NOBOS, Simeon understands

the need to engage communities to drive business growth, credibility, customer

loyalty

• At Huobi and NOBOS, Simeon spearheaded community engagement through

investor education initiatives both through the web and through face-to-face

engagements

• Prior to that, Simeon spent seven years in the equity research industry at a regional

broker as well as a local financial media house

• Currently Director and Principal Consultant at BLCK Technology, a consultancy firm

that helps SMEs embark on their blockchain technology through advisory and

training services.


45

ROY KEK – Founder and Managing Director of DIFY Singapore

• Founder of DIFY, a PR and Marketing firm specialising in Blockchain, e-Commerce,

Gaming and Tech companies

• DIFY has established a strong presence in Asia with Managing Partners in 5 countries

across Asia, which are Singapore, Malaysia, Thailand, Vietnam and China

• Singapore representative for Faster Capital, Singapore Ambassador for Blockchain

Conference and Binance Angel for Singapore

• Roy specializes in creative communications and enjoys crafting out of the box

marketing campaigns for projects

• He has spoken at Asean Digital Asset Summit, Huobi’s Blockchain Innovation Tour,

Genesis Capital Vietnam CAT Event, LD Capital Thailand CAT Event, Block Live Asia

and Institute of Blockchain’s Skills Future Festival.

PAULUS PHAM HUU PHAT – Founder of Clover Solutions Limited

• Founder of Clover Solutions Limited and Vita Ricco Group. Founded in 2018, his

vision was to uplift tech-innovation and the entrepreneurship ecosystem by

empowering Blockchain-based start-ups and helping them accelerate their success

• Vita Ricco successfully cooperated with over 30 global and local partners within

their first 6 months

• Paulus is an Advisor and Community Influencer in the Blockchain-space in Vietnam


46

• He was previously the Vietnam Community Director of TrueChain and has extensive

experience developing the Vietnam market, working alongside venture capital and

token funds

• Paulus is currently playing an important role in some well-known institutions such

as Head of Business at Nami Corporation, Business Advisor at Coineal Vietnam and

Board Advisor at TenTech


47

J. DISCLAIMER This Litepaper is created to serve the informative purposes only, therefore, the

representations herein should not be relied on. ForestONE makes no representations or

warranties (whether express or implied), and disclaims all liability arising from any

information stated in the Litepaper. This Litepaper shall not and cannot be considered

as an invitation to enter into an investment. It does not constitute or relate in any way

nor should it be considered as an offering of securities in any jurisdiction. This Litepaper

does not include or contain any information or indication that might be considered as a

recommendation or that might be used as a basis for any investment decision. Forest1

Coins are just utility tokens which can be used on the Forest1 platform and are not

intended to be used as an investment. The offering of Forest1 Coins on a trading

platform is done in order to allow the use of the ForestONE platform and not for

speculative purposes. The offering of Forest1 Coins on a trading platform does not

change the legal qualification of the tokens, which remain a simple means for the use of

the ForestONE platform and are not a security. Acquiring Forest1 Coins shall not grant

any right or influence over ForestONE organization and governance to the users.

Regulatory authorities are carefully scrutinizing businesses and operations associated to

cryptocurrencies in the world. Any person undertaking to acquire Forest1 Coins must be

aware of the ForestONE business model, the Litepaper or terms and conditions may

change or need to be modified because of new regulatory and compliance requirements

from any applicable laws in any jurisdictions. In such a case, contributors, users and

anyone undertaking to acquire Forest1 Coins acknowledge and understand that neither

ForestONE nor any of its affiliates shall not be held liable for any direct or indirect loss

or damage caused by such changes. Anyone undertaking to acquire Forest1 Coins

acknowledges and understands that ForestONE does not provide any guarantee that it

will manage to achieve it. They acknowledge and understand therefore that ForestONE

(incl. its bodies and employees) assumes no liability or responsibility for any loss or

damage that would result from or relate to the incapacity to use Forest1 Coins, except

in case of intentional misconduct or gross negligence.


48

K. FOLLOW US

www.facebook.com/Forest1Coin

t.me/Forest1Coin_VietNam

t.me/Forest1Coin_Singapore

[email protected]

linkedin.com/company/Forest1Coin

https://twitter.com/Forest1Coin

http://bit.ly/forest1coin

forest1 coin litepaper · forest1 coin litepaper 7 ambassador. upon the successful sponsorship of...

Documents