white paper – version 0.2 octowill · 2019-11-11 · (i.e. exchange, e-wallet). after the death...

Confidential – 2018 Octowill Pte Ltd

White Paper – Version 0.2

Octowill


Disclaimer This whitepaper document is for information purposes only, and it is subject to change. Octowill cannot guarantee the accuracy of the statements made or conclusions reached in this whitepaper. As far as Octowill is aware, the information reproduced in this Whitepaper is accurate and its assumptions are reasonable. Though, there is no assurance to the accuracy of data. All information and data reproduced in this Whitepaper document are received from reliable sources; we have not independently verified any of the information that received from third party sources.


Table of Contents

1. Crypto Investments 2. Critical points of Crypto Industry

2.1. Regulatory 2.2. No Geographical Borders 2.3. Death Rate 2.4. Lack of Crypto Inheritance and settlement services

3. Essentials in crypto investments 4. Our Solution

4.1. Octowill 4.2. Willtoken

5. Who we are? 5.1. Vision Statement 5.2. Mission Statement

6. Octowill Service 6.1 Significant Keywords 6.2 Step by step process as described below to write your Crypto WILL 6.3 Managing your Profile (Octowill system) 6.4 Manage your Beneficiaries List (on Octowill system) 6.5 Manage Trusted Person 6.6 Manage Trigger Protocols 6.7 Validity and enforcement of the Crypto WILL 6.8 Writing your Crypto WILL with Octowill 6.9 Execution of the Will

7. Types of services 7.1. Inheritance and Taxation 7.2. Traditional WILL Online 7.3. WILL for Crypto Assets 7.4. Escrow & Trustee Services 7.5. Legal Services

8. How to subscribe to our service? 9. Rollout plans and future services 10. Why Blockchain is needed? 11. Introducing the Key Personnel


1. Crypto Investments

Crypto Investment is one of the most significant storms that hit the investment market in 2017. The first-ever crypto investment report released July 18 by the digital asset management fund Grayscale Investments reveals that the majority of capital inflow this year is coming from institutional investors. Grayscale has been overseeing investments into crypto for five years, launching a Bitcoin (BTC) Investment Trust back in September 2013 and then expanding to other single-asset funds — including Ethereum Classic (ETC), Zcash (ZEC) and Litecoin (LTC) — as well as diversified offerings, notably its Digital Large Cap Fund. According to the report, institutional capital accounted for 56% of all new investments into Grayscale products during the first half of 2018. Despite the undeniably bearish picture for crypto markets during this time, Grayscale remarks that “counterintuitively,” the pace of investment has “accelerated to a level that we have not seen before.”


2. Critical points of Crypto Industry

2.1 Regulatory Many regulatory agencies yet to approve investments in crypto investments, even after developed countries like the United States of America, Singapore, Switzerland etc., are involved in putting strong regulations to these Crypto investments. Such pressures over Crypto investments from regulatory bodies will slow down its development curve but make them develop a strong foundation for this environment.

2.2 No Geographical Borders Crypto investments are not restricted to any geographical borders. Consequently, the safest investment route to take is to invest in startups/companies that conduct their business operations in coordination with legal firms and regulatory bodies.

2.3 Death Rate The United Kingdom has detailed statistics on mortality rates. Also, the United Kingdom’s statistical figures are very similar to other western developed economies. Similarly, the mortality rates of South East Asia and Singapore are the same.

• The mortality rate of the United Kingdom is one percent per year. • The mortality rate of South East Asia and Singapore is one percent per year.

Regarding the total number of crypto investors, their estimated count would be around 24 million on combining the users of Ethereum and Bitcoin wallets. Further cracking it down shows, three million active crypto investors. Manipulating the above data through standard deviation will help us to figure out the average death count of crypto investors. As per the calculation, 41,000 crypto investors’ death expected every year.


2.4 Lack of Crypto Inheritance and settlement services There are many Unanswered Questions in Crypto Investment market, and they are, What happens to the purchased stored or traded currencies when the rightful Crypto Investor passes away? Who inherits the Cryptocurrencies when the Crypto Investor is no longer alive? How can the Crypto Investor ensure his wealth transferred to his beloved or chosen Ones upon his death? How does one officially pass on his/her Crypto wealth to his/her nominee without any hassle to the assignee or assignor and without unlawful interference? How does the receiver who has no idea about the crypto knowledge would receive store, convert and use the Crypt currency? How will the beneficiary (the receiver) handle necessary legal and taxation issues or convert the inheritance into a legal tender? How can this whole process be executed with complete confidence, trust and faith in a third party? Who can be trusted to manage the process on behalf of the Crypto investor?


3. Essentials in crypto investments Everyone understands that death is unavoidable in life. You will also understand the importance of ensuring the well being of your loved ones. One of your investment goals is to provide a financial haven for yourself and your loved ones. You need someone to ensure that the wealth you have built reaches your family in the event of your sudden death. Our Integrated Service allows you to put particular process and procedures to ensure that the transfer of your crypto-wealth takes place seamlessly, automatically and without interference from a third party. You also want this process to complete without an unreasonable loss of time and value to your intended recipient. Current Industry practice: What happens to your crypto asset if you pass away without assigning a beneficiary?


As per our study, 41,000 crypto investors death is expected every year. Current Crypto investment industry multiplies, where the number of crypto investments accumulates through many entities (i.e. exchange, e-wallet). After the death of investors, their investments will be left out with these entities. Hence the Crypto settlement services are utmost essential in this industry. Crypto Investors invest in benefits, to enhance wealth for themselves and to their loved ones. Our system will give complete access to the Crypto Investors to determine the settlement procedures of their investments, even without sharing their valuable data to any third party including our system. Crypto Investors need someone to ensure that his or her wealth reaches to their family in the event of death. Our integrated service allows investors to put in place a particular process and procedures to ensure that the transfer of their crypto-wealth takes place seamlessly and without interference from an unknown party. Investors also want this process to complete without an unreasonable loss of time and value of their intended recipient.


4. Our Solution

After carefully studying the critical points of the Crypto investment industry, we came with a better solution for these Crypto investor problems with our product called Octowill. We use cutting-edge technologies like blockchain, public cryptography with asymmetric decryption, smart contracts and multi-signature etc., The ultimate goal of our product Octowill is to secure the crypto wealth and enable inheritance service to all crypto investors across the globe. Crypto Investors can ensure a safe beneficiary nomination, transfer of crypto assets to the beneficiary via a seamless process of technology without sharing their Pins and Private keys with third parties including Octowill.

– A Utility token Willtoken is a utility token issued by Octowill. Willtoken can be purchased and utilized like any other crypto currency on the market today. People who purchased Willtoken will get additional benefits to the service of crypto wealth inheritance and assignment, from Octowill. While the Non-Willtoken users may avail the same service at a slightly higher price rate.


5. Who we are? We are a corporate firm involved in distressed asset administration protocols and estate management services in Malaysia. Our global presence is extending. Also, we are strategically positioned in software development and blockchain application capability. The geographical location of our head office is in Singapore. Singapore is a developed country in Asia, which has a precise definition of Crypto investments. Singapore’s central bank is ‘assessing’ additional rules to its Cryptocurrency framework to protect investors. As we stated, we have clear solutions to the critical points of the crypto investment Industry. We always work closely with our legal advisors, technical team, and data scientists to crack down all the difficulties in the crypto world and to secure high position in the crypto investment industry.

5.1 Vision Statement

The Ultimate goal of Octowill is to provide a non-complicated, fully automated, simple to apply and non-invasive crypto wealth assignment as well as inheritance service to all Crypto investors Community. We foresee a future where the appointment of beneficiary becomes a regulated and mandated feature for every crypto investor. It allows for the protection of investments and holdings. It provides the ability to pass it on to their loved ones effortlessly.

5.2 Mission Statement

Our mission is to provide a safe blockchain environment for crypto investors to build wealth and empower their beneficiaries to inherit their wealth when the investor is no longer around. Future rollouts of Octowill will see the introduction of Will writing services, the appointment of trustees and executors, management of wealth and assets as well as inheritance and settlement services onto the blockchain platform.


6. Octowill Service Octowill allows seamless integration with crypto exchanges and wallets. It utilizes various investigative and suggestive tools to ascertain the death of investors. Octowill verifies the validity of claims and helps the beneficiaries of the deceased person, to presume control of the crypto-wealth in accordance with Crypto-Investor’s instruction. This service is a fully automated process. Octowill helps to remove the element of fraud, false claim and unauthorized access to crypto asset claims thus providing Investor and their beneficiary the most secure transfer protocol available to date. There are many ways to achieve this. The fundamental feature is customer’s preference for a safety net to protect his or her investment and meeting legislative requirements.

6.1 Significant Keywords "Trustee" means any person or company is appointed to manage your Will and the Estate. “Executor” means any person or company appointed to act to execute your wishes after your demise. “Custody” means safekeeping of your Will. "Customer" means the individual person who subscribes for the Service(s) associated with Will Writing. "Charges" means such fees payable by the Customer in respect of the Service. "Service" means the Crypto Will writing service and any other services that is associated with Crypto Will writing and that is offered by Octowill to the Customer. "Will" means the document generated by the Customer subscription to the service provided by Octowill.


"Website" means Octowill’s website in respect of the Service. "Terms" means these terms and conditions, terms of use, terms of subscription and access to the service and products associated with the service. “Octowill” refers to the company Octowill Pte. Ltd. Singapore and any associated company, its employees, agents and associates. Henceforth, we refer Customer who subscribes for crypto will service as “You” in upcoming sections.

6.2 Step by step process as described below to write your Crypto WILL

• Step 1 - Create your Profile (under My Profile) • Step 2 - Create your beneficiary Listings (under Manage Beneficiary) • Step 3 - Assign a minimum 3 or more Trusted Person (under Manage Trusted Person) • Step 4 - Create and Assign the Trigger Protocols (under Manage Trigger) • Step 5 - Now you can Write your Crypto WILL – (under Create my Crypto WILL) • Step 6 - View all details or make necessary changes before confirming and Making

Payment

• Step 7 - Print and Store your Crypto WILL Note 1: Your Crypto WILL is Cryptographically Encrypted and Digitally Signed. It DOES NOT require any other form of signature. However, some primitive state laws require physical presentation of the WILL. If you desire, you may PRINT the WILL after making the necessary payments. In this case, you will be required to place your signature and witnessed by a minimum of 2 qualified persons on the last page as provided. Note 2: There is an additional form included for your convenience to make records of your wallets and store them at your own discretion. This additional form is not a part of the WILL and it is for your record and safekeeping ONLY.


6.3 Managing your Profile (Octowill system) In this section, you are required to provide all information regarding their particulars as accurately as possible and keep it current and updated as often as possible. The process of your KYC is absolutely necessary and critical as this information will be used to identify, verify, validate and authenticate your information. This will assist expeditious handling and administration of your WILL. The nominated person(s) of interest or beneficiaries rely on this information for future references. You are required to keep the information updated and current as often as possible. Failure to provide adequate and accurate information may result in your Crypto WILL into non-executable or invalid. You may make amendments to your profile and KYC as often as you deem necessary. You may do so anytime during your lifetime by logging onto the Octowill system. All changes will be updated automatically, and the information will appear on your latest WILL. You may print the latest and updated version of your WILL anytime you need it. Please include clear and current images when uploading KYC information. This will ensure your WILL remain executable and Valid

6.4 Manage your Beneficiaries List (on Octowill system) Here, you build a list of all your intended beneficiaries. Your beneficiaries are any leaving person whom you intend to pass your Crypto wealth upon your demise. You may add or remove beneficiaries, change or amend their information as often as you like even after writing the WILL. You as the Testator, may make amendments to the your personal details or details of your beneficiaries or any other information as updating the trusted persons or assigning new trigger protocols. You may add any number of beneficiaries to “Manage my Beneficiary listing”. You may make amendments to beneficiary details and do so anytime during your lifetime by logging onto the Octowill system. All changes will be updated automatically onto the Octowill System and will be edged on your Crypto WILL once the relevant payments have been made. Updating beneficiary information does not change contents of your WILL. However, adding a beneficiary or removing a beneficiary to the WILL invalidates the old WILL and requires generating a new WILL. You may print and sign the new WILL as the old one will no longer be relevant. There may be a fee for adding or deleting a beneficiary to your existing WILL.


You as the testator are recommended to submit a full KYC of your beneficiary and upload clear copies of documents. This will enable smooth processing of their Claims after your demise. You can choose to inform your beneficiaries of their nomination upon writing the WILL or you can choose Octowill to inform them after your demise. You may select the option whereby you want to keep their appointment secret. You are recommended to keep their information up to date as it will be an essential part of the claim and execution process and to assist your beneficiary(s) to file an expedient claim.

6.5 Manage Trusted Person You are required to appoint a minimum of 3 (three) trusted person. These people must be well known to you and trusted by you. Trusted people are critical in establishing your wellbeing and whereabouts, to establish proof of death and to verify other critical information. This process is a must for completing the Crypto WILL writing process. The more accurate the information you provide will determine how easy it is for your beneficiaries to receive your Crypto Wealth. You may build a list of all your trusted people on the Manage Trusted Person page, and you can select a minimum of 3 of them from time to time as the trusted people on each WILL you write. You can nominate different Trusted people to different wallet and beneficiary assignment. The trusted person may be contacted by Octowill or the Executor to verify required information when necessary. The service for adding the trusted person as well as changing and updating their information is simple, and you may do so as many times during your lifetime. It is highly recommended that the appointed trusted person be informed regarding their appointment as soon as possible however you may select the option whereby you want to keep their appointment secret. You can choose either Octowill system to inform them now (via email) or contact them in future when verification is required. You are recommended to keep their information up to date as it will be an essential part of the claim and execution process and to assist your beneficiary(s) to file an expedient claim. You may update their information as often as you prefer by logging in into the Octowill system. There are minimal charges for adding or removing the trusted person.


6.6 Manage Trigger Protocols

Triggers, as they are explained are signals used for tracking and how the Octowill system automatically communicates with you. Trigger protocols are designed to allow the Octowill system to contact you from time to time to establish communications and to enquire of your wellbeing. The more triggers you create means it is easier for you to administer your assets while you are alive and allow the system to kick into action when you are demised. In this protocol, you set a time and method on when and how often you want the system to send you a message requiring you to enter a response with a “pre-defined” question and response only known by you. The common methods of establishing contact will be via telephone, SMS messages, WhatsApp, Facebook ETC. Octowill team will explore and add future options as they become available. The triggers will also be used in the process of “Pulse Tracking” and activation process of secondary protocols for establishing proof of death. It is highly critical that you set phrases you can recall and use for validating your existence and assist during pulse search. When you respond to a trigger protocol, you are confirming both of these facts:

1- You validate your existence to the Octowill system. 2- You acknowledge that the current Crypto WILL remains as your latest and last Will and

Testament.

6.7 Validity and enforcement of the Crypto WILL

Your Crypto WILL is a document of instruction given to your executor for handling your Crypto Estate distribution accordingly. Once the Crypto WILL has been drawn up, it becomes effective after it has been Electronically signed in the Octowill system. Octowill and you acknowledge that the instructions on the Crypto WILL were given by you, having a clear presence of mind and confirm that the Crypto WILL is completed by you and without any undue influence by any parties. The Crypto WILL you write carries a series of codes that will verify the version of the Will. The latest and the most recent Will written on the Octowill system and signed electronically supersedes any other previous Will and all instruction on the latest Will shall become enforceable. Your Crypto WILL is constantly updated and will remain as your latest and most recent WILL. By constantly updating information via Octowill system you are agreeing that the WILL is your latest and final instruction and testament and that it supersedes any other instruction or testaments placed by you to any party or parties in any verbal or written form.


6.8 Writing your Crypto WILL with Octowill After receiving the information required, Octowill prepares your last WILL according to your instruction. Octowill system is designed to assists you in preparing your Crypto WILL. The service is offered to you at your convenience and in a very cost-effective manner. By submitting all required information, signing the Crypto WILL and making the payment you agree and accept all clauses and contents that are inscribed on your Crypto WILL and agree that they shall become enforceable upon your demise.

6.9 Execution of the Will As a Testator, you must nominate someone to administer and ensure the instructions given in the WILL are executed accordingly upon your demise; the appointed party will need to ensure the legal procedures are followed until complete transfer of your assets to the beneficiaries. Unique to Octowill Will writing service, the execution process is automated and requires very limited human interference. Therefore, Octowill handles the process for you and acts as your executor. A small fee is charged for this service. (refer to the table for “fee & charges”). The process becomes more complicated when contents or instructions on your Will is challenged by your beneficiaries or next of kin. Though your Crypto WILL specifically include clauses that can evert such an action by any party, contestation when faced, can become a costly affair. In this case, cost of administering the Will may vary according to the estate and the legal process involved. In that case, it will be up to your beneficiaries to handle the process and pay the necessary fee. If Octowill has to handle the process, any ensuing charges may be chargeable to your estate. As a guiding principle, please refer to schedule 1 for cost charged by Octowill to execute/administer a standard Will according to the automated execution process. (refer to the table for “fee & charges”).


7. Types of services Octowill is made available to all Crypto and Non-Crypto community (Will writing for Traditional assets). Soon, we foresee the appointment of beneficiaries to become a regulated and mandated feature for every crypto investor and as well as to crypto investment. Our service is divided into several segments and may be classified as following:

• Inheritance and Taxation

• Traditional WILL Online

• WILL for Crypto Assets

• WILL for Digital Assets

• WILL for Conventional Assets

• Escrow, Custodial & Trustee Services

• Legal Services & Inheritance Management

• Asset Management and Estate Administration

7.1 Inheritance and Taxation Octowill helps to understand the inheritance and taxation. Tax rules are subject to change and depend on each state and country; expert assistance is always required if you inherit assets from own or other jurisdiction. The value of tax reliefs depends on your own circumstances; Obviously, tax values will increase as your inherited assets increase.

7.2 Traditional WILL Online A Will is a legal document designating the transfer of your property and assets after your death, and any person can write it over the age of 18 who is of sound mind and memory. Do your own WILL online, writing a Will doesn't have to be complicated or expensive. Octowill provides a simple way to compose your own legal Will online.


7.3 WILL for Crypto Assets Similar to traditional Will concept, Octowill provides an option to integrate your crypto wallets with our system. Crypto Investor can write a crypto Will and submit your private keys with encryption in Octowill System. Once the proof of death of Investor is verified, all the encrypted confidential information including private keys will be shared with your heirs.

7.4 WILL for traditional Assets Traditional WILL writing is trillion-dollar industry. There are many parties to writing a WILL including Banks, Law Firms, Insurance Companies and Independent Consultants. We intend to bring Will Writing onto blockchain and make the process seamless, cost effective, accessible and visible to everyone. Similar to Crypto Will concept, Octowill provides an option to integrate the services onto a single blockchain platform. 7.5 WILL for Digital Assets One of the forgotten cousins in Will Writing is inclusion of Digital Assets such as intellectual property, ideas and innovations, a text or media that is formatted into a binary source, digital files. These assets when properly documented and legally assigned, forms part of anyone’s estate. Currently, there are very limited option for these asset owners to intergrade them as part of an estate and inheritance. Octowill platform will be expanded to cover inclusion of these assets and proper execution protocols that may be put in place on Blockchain platform.


7.6 Escrow & Trustee Services An escrow arrangement is a business solution that manages risk and provides peace of mind to all parties. With today's complex business transactions, individuals and companies need an experienced corporate trustee. For decades, businesses have relied on our experience and client-focused approach. When completing a business transaction that requires a third-party agent, we are here to assist you by offering a prompt review process and account-opening using standardized agreements.

7.7 Legal Services We do paperwork, document submission, certificate collections, and everything in-between. Our efficient and timely services help you let go of the legal bug. While establishing a new deal for a new corporation, we will deliver you lots of advice and guidance.


8. How to subscribe to our service? Our Crypto Inheritance, Traditional Will and Testament Management services are available to all investors in stages. Anyone can subscribe to this service by becoming an active user of Octowill or can use their purchased Willtokens to avail these services.

8.1 Where to find more information? All relevant information regarding Octowill, terms and policies and support services can be found on our website https://octowill.io Our support staff are always on standby to answer your queries and concerns. We also have a call center that will handle all your queries during working hours. There is also an FAQ on our website. You may also email to us at the emails provided on our website.


9. Rollout plans and future services Our service is achieved through an integrated and evolving system. The current rollout plan targets the various stages of development. During the first phase of the rollout, we will be creating integration with existing platforms, exchanges and e-wallets. Upon successful interactions with exchanges and e-wallets allows the crypto investor to appoint beneficiaries from our system. The Further process will enhance the owner’s ability to direct, redirect and control their crypto wealth assignment from our system. The investor can manage, assign, transfer and execute his/her wish using the proven and reliable Blockchain technology. All these will be done in complete secrecy without interference or divulgence or even assignment of any access codes and passwords. The system uses Hyperledger Private Blockchain & multi-signature authorization method, and the cryptocurrency investors will have full control of the process.

• Beneficiary assignment, edition, deletion and amendments

• Pulse search protocol (To identify, verify and confirm pulse presence)

• Alert, Activate and Execute

• Transfer Protocol

• Legal and Support module (Legal, Trustees and Guardians)


10. Why Blockchain is needed? Blockchain technology enables greater transparency, enhanced security and improved traceability. Cryptography is also known as asymmetric decryption methodology, where Public and Private keys are used to authorize transactions. Smart Contracts are similar to real life contract documents, where the rules and conditions are embedded in it. These sets of rules and conditions will be authorized through Public cryptography and executed by Blockchain technology.

The blockchain is a decentralized technology. It uses state-of-the-art cryptography, so if we have a global, distributed database that can record all the transactions into a decentralized ledger. The idea of a distributed database established through mass collaboration and smart code rather than through a powerful institution that does the authentication and the settlement. Blockchain technology is like the Internet, and it has built-in robustness. By storing blocks of information that are identical across its network. The Blockchain technology cannot control by any single entity and has no single point of failure. For example, Bitcoin created in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (Till date, any of problems associated with Bitcoin have been due to mismanagement. In other words, these problems come from lousy intention and human error, not flaws in the underlying concepts.) The Internet itself has proven to be durable for 30 years. It’s a track record that bodes well for blockchain technology as it continues to be developed.


11. Introducing the Key Personnel

Capt. Selva Ramasamy Founder & CEO Founder & CEO of Octowill Pte Ltd Singapore and Willtoken, is a Licensed Airline Pilot, having flown for some of the Major Airlines in the World, is Qualified in Economics & Finance, Involved in various Ventures & Business Development projects. CEO of Caravan Trustees Berhad (A will writing, Trust & Estate management Public Company located in Malaysia) Currently representing as Trustee for some significant clients. CEO & Director of Zinfoway Technologies, an IT company involved in Blockchain technology and product development with offices in Malaysia, Singapore & India. Possess extensive knowledge in Distressed Asset Management and its related protocols.

Allan Graham Fiddler COO Chemical Engineer by education: businessman and entrepreneur by evolution. Allan has a 35 years background in technology-based services and hardware and has held various key management roles, including full operational responsibility, project implementation, and sales and marketing. As COO, Allan will head our Operational and Marketing Team and will play a key implementation role in establishing global presence and listings of Willtoken at significant exchanges and trading platforms globally.

Sasidharan Thiruvengadam Co-Founder & CTO The Co-Founder & CTO of Octowill & Willtoken, is armed with a Degree in Instrumentation and Control Engineering, with a tremendous passion for Information Technology worked in various projects and with 8 Years of experience in IT Domain. With knowledge & understanding of Blockchain technology got involved deeply in it. He is the Director of Zinfoway Technologies an IT company focused in Application Development, Blockchain technology and product development with offices in Singapore, India & Malaysia. Sasi will be heading the development & execution team of the Willtoken and related Blockchain development.


Legal Team

For More Details: Access our Websites, Willtoken @ https://willtoken.io Octowill @ https://octowill.io Join our Telegram Community: https://t.me/WilltokenOfficial

white paper – version 0.2 octowill · 2019-11-11 · (i.e. exchange, e-wallet). after the death...

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