ADHERENCE TO ALL LEGAL AND REGULATORY STANDARDS
The purchase of any tokens involves a high degree of risk, including but not limited to the risks described below. Before purchasing INDT Tokens, it is recommended that each participant carefully weighs all the information and risks detailed in this White Paper, and, speci cally, the following risk factors:
Dependence on computer infrastructure
INDT dependence on the operation of software applications, computer hardware, and the internet means that INDT cannot o er any guarantees that a system failure will not a ect the use of its INDT tokens. Despite the implementation of all reasonable network security measures by INDT, the servers of the processing centre are susceptible to computer viruses, physical, or electronic intruders or other interruptions of a similar nature that would restrict the use of INDT tokens.
Regulatory risks
Blockchain technology, including but not limited to the issue of tokens, may be a new concept in some jurisdictions, which may then apply existing regulations or introduce new regulations regarding Blockchain technology-based applications, and such regulations may con ict with the INDT Token concept. This may result in substantial modi cations but is not limited to its termination and the loss of INDT Tokens as well as a suspension or termination of all INDT Token functions.
Taxes
Token holders may be required to pay taxes related to INDT token transactions. It is the sole responsibility of the token holder to comply with the tax laws of the respective jurisdictions and to pay any taxes required.
Force Majeure
INDT performance may be interrupted, suspended, or delayed due to force majeure circumstances. For the purposes of this White Paper, force majeure shall mean extraordinary events and circumstances which could not be prevented by INDT and shall include: acts of nature, wars, armed con icts, mass civil disorders, industrial actions, epidemics, lockouts, slowdowns, prolonged shortage or other failures of energy supplies or communication service, acts of municipal, state or federal governmental agencies, other circumstances beyond INDT control, which were not in existence at the time of Token sale.
EXECUTIVE SUMMARY
In the last ten years, the demand for digital and cashless payments has exploded. Due to COVID 19, social distancing rules were put in place to help reduce the spread of the coronavirus, and people were more inclined to pay online or contactless than cash. The growth of cashless payments was supported by the introduction of mobile contactless payment solutions such as Apple Pay, Google Pay, Alipay, and a host of other innovative solutions.
The crypto economy leads to the development of an alternative nancial and technological infrastructure that is global, open-source, and accessible to all who have access to the Internet.
In 2021, the global cryptocurrency market has zoomed past €1.87 ($2.22) trillion in market capitalization amid a surge in institutional demand. Bitcoin alone has contributed more than €0.84 ($1) trillion after its price more than doubled in 2021 and is currently hovering around €48,068 ($57,000) per digital coin. The cryptocurrency industry is expected to grow signi cantly due to increased investment in companies working on blockchain and cryptocurrencies. The companies are considering cryptocurrencies and other similar digital assets as investments. As per the estimates by Triple-A in 2021, there are now more than 300 million cryptocurrency users across the world.
Abstract
INDT is the rst crypto asset whose price is intended to mimic the value of Indian Rupees. As a BSC-20 token built on Binance, INDT inherits the speed, security, transparency, and other desirable characteristics of the Binance Blockchain. This combination of the Binance Blockchain and price stability relative to Indian Rupees resulted in a digital asset that provides consumers with a stable store of value.
The main target customers of INDT are Indian cryptocurrency traders who want to access global crypto exchanges. INDT Token might collaborate with third-party market makers or independent traders in cryptocurrency exchanges to help ensure INDT price mimics Indian Rupees. Branding and market education will also help in establishing market consensus among traders that the value of INDT tracks Indian Rupees. However, the ultimate price of INDT Token in each cryptocurrency exchange will depend solely on the market forces of supply and demand.
The purchase of any tokens involves a high degree of risk, including but not limited to the risks described below. Before purchasing INDT Tokens, it is recommended that each participant carefully weighs all the information and risks detailed in this White Paper, and, speci cally, the following risk factors:
Disclosure of information
Personal information received from INDT token holders, the information about the number of tokens owned, the wallet addresses used, and any other relevant information may be disclosed to law enforcement, government o cials, and other third parties when INDT is required to disclose such information by law, subpoena, or court order. INDT shall at no time be held responsible for such information disclosure.
Value of INDT Token
Once purchased, the value of INDT Token may signi cantly uctuate due to various reasons. INDT does not guarantee any speci c value of the INDT Token over any speci c period. INDT shall not be held responsible for any change in the value of INDT Token. Assumptions with respect to the foregoing involve, among other things, judgments about the future economic, competitive, and market conditions and business decisions, most of which are beyond the control of the INDT team and therefore di cult or impossible to accurately predict. Although the INDT team believes that the assumptions underlying its forward-looking statements are reasonable, any of these may prove to be inaccurate. As a result, the INDT team can o er no assurances that the forward-looking statements contained in this White Paper will prove to be accurate. Considering the signi cant uncertainties inherent in the forward-looking statements contained herein, the inclusion of such information may not be interpreted as a warranty on the part of INDT or any other entity that the objectives and plans of the INDT project will be successfully achieved.
DISCLAIMER OF LIABILITY
The purpose of this White Paper is to present INDT and INDT Token (INDT) to potential token holders in connection with the proposed Token sale. The information set forth below may not be exhaustive and does not imply any elements of a contractual relationship. Its sole purpose is to provide relevant and reasonable information to potential token holders for them to determine whether to undertake a thorough analysis of the company with the intent of purchasing INDT Tokens.
Nothing in this White Paper shall be deemed to constitute a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an o ering or a solicitation of an o er to buy any securities in any jurisdiction. This document is not composed in accordance with and is not subject to, laws or regulations of any jurisdiction, which are designed to protect investors.
INDT Tokens is a utility token. This product is not a digital currency, security, commodity, or any other kind of nancial instrument and has not been registered under the Securities Act, the securities laws of any state of the United States or the securities laws of any other country, including the securities laws of any jurisdiction in which a potential token holder is a resident. INDT Tokens cannot be used for any purposes other than those provided in the White Paper, including but not limited to, any investment, speculative or other nancial purposes. INDT Tokens are not intended for sale or use in any jurisdiction where the sale or use of digital tokens may be prohibited.
INDT Tokens confers no other rights in any form, including but not limited to any ownership, distribution (including but not limited to pro t), redemption, liquidation, proprietary (including all forms of intellectual property), or other nancial or legal rights, other than those speci cally described in the White Paper. Certain statements, estimates and nancial information contained in this White Paper . constitute forward-looking statements or information. Such forward-looking statements or information involve known and unknown risks and uncertainties, which may cause actual events or results to di er materially from the estimates or the results implied or expressed in such forward-looking statements. White Paper can be modi ed to provide more detailed information.
This English language White Paper is the primary o cial source of information about the INDT Tokens. The information contained herein may from time to time be translated into other languages. During such translation or communication, some of the information contained herein may be lost, corrupted, or misrepresented.
The accuracy of such alternative communications cannot be guaranteed. In the event of any con icts or inconsistencies between such translations and communications and this o cial English language White Paper, the provisions of this English language original document shall prevail.
Background and Historical Context
A Brief History of Money
Over the vast history of mankind, money has been a key invention that enables humans to e ectively cooperate in producing goods and services, which in turn propels the economy and civilization forward. Before the existence of money, the people of early civilizations would barter goods (such as livestock and agricultural produce) they had in surplus for the ones they lacked. This proved to be cumbersome and ine cient, as the goods are perishable and there is no standard ‘unit of value’. To solve this issue, civilizations around the globe invented various forms of physical money. As civilization and the global economic system advanced, mankind invented even more convenient forms of money: paper money, credit/debit card, contactless payment card, and even various digital forms of money.
Money in the 4.0 World Blockchain as the future medium
Today, we live in a world of unprecedented change and innovation. For the last 20 years, the rise of distributed computing networks called the internet has enabled billions of humans to connect and share information instantly and securely, with zero consumer cost. The bene t is immense and immeasurable. For example, the internet has enabled people from developing countries, such as India, to access high-quality educational materials such as Software Engineering Videos on YouTube and Free online courses from Stanford University.
In the last 2 - 3 years, we have seen the rising adoption of QR Code-based payment systems in India. These payment systems are operated by digital wallet providers such as Google Pay and PhonePe. While these services bring tremendous convenience for Indians to transact locally, there are two weaknesses of this approach. First, all the balance records and nancial transactions that ever happened on these platforms are stored in a centralized entity, meaning that a sophisticated, malicious attacker could potentially in ltrate and manipulate those balances and transactions. Secondly, as closed platforms, the money stored at any service provider can only be used by users within the system, which prevents important use cases such as cross-application settlement, cross-border remittances, and international transactions.
We believe that distributed ledger technology, or blockchain, will bring the next step in the evolution of money. Just as the internet allowed for borderless and instantaneous movement of information, blockchain technology will allow us to exchange value and transact with one another in the same way: instantly, globally, securely and at low cost.
Digital assets such as Bitcoin are too volatile
We have seen that throughout history; money can take various forms and shapes. Every asset class that can act as money needs to ful l main functions:
as a means of exchange as a standard unit of account as a stable store of value
The Bitcoin boom and bust in the 2017 - 2018 period have shown us that the prices of non collateralized crypto assets are notoriously volatile. Even today, we believe that for the foreseeable future, Bitcoin and similar crypto assets are likely to remain more volatile than well-managed national currencies or gold. Such volatility might be interesting for speculative investors and day traders, but it makes the asset unable to be a stable store of value. For money to exist in the blockchain, we need an alternative class of assets that can maintain a relatively stable value.
Designing Crypto that is suitable for Indians Basics
INDT is the rst crypto asset whose price is intended to mimic the value of Indian Rupees. As BSC-20 token, INDT combines the speed, security, transparency, and other desirable characteristics of the Binance Blockchain.
INDT Token might collaborate with third-party market makers or independent traders in cryptocurrency exchanges to help ensure INDT trades at a value close to Indian Rupees. Branding and market education will also help in establishing market consensus among traders that the value of INDT tracks Indian Rupees. However, the ultimate price of INDT in each cryptocurrency exchange will depend solely on the market forces of supply and demand.
Bene ts and Strengths of INDT
INDT is built on the Binance blockchain, which gives it the inherent security and transaction immutability of Binance.
INDT follows the BSC-20 token standard, which means it is very easy to integrate and inherently compatible with many existing Binance-based applications.
All transactions are executed according to the rules of smart contracts, which eliminates human error.
Tradeo s of INDT
As with all BSC-20 tokens, transaction con rmation follows the speed of Binance network (about 13 minutes). This is much faster than Bitcoin but still slower than the ideal user experience.
As part of the Binance blockchain protocol, all transactions in the Binance network require the transaction initiator to pay “gas” fees in the form of Binance (BNB), the native crypto
asset of the Binance blockchain. This “gas” cannot be paid in INDT or any other BSC-20 tokens. However, this trade-o may one day be resolved with side chain/sharding technology, such as Plasma and Raiden Network.
The gas fees required by the Binance blockchain network vary depending on the load/congestion of the network. As a rough estimate, typical transfer costs around 0.0005 BNB, which is $1.5 USD or 120 Indian Rupees at the time of writing.
Use-case: Crypto-currency Trading
As with all BSC-20 tokens, INDT usage requires at least a basic familiarity with using Binance. Users need to at least know how to use a BSC-20 compatible Binance wallet and hold at least a very small amount of BNB to transact INDT. Because of that knowledge barrier, the ideal adopters of INDT would be existing players in the crypto asset industry.
The main purpose of INDT is to facilitate crypto-asset trading. Indian crypto traders need to exchange their volatile digital assets for crypto with better price stability. With INDT, Indian traders now have the option to convert their volatile crypto into a more stable token (INDT) with respect to Indian Rupees. Not only that, but if INDT is accepted or listed on multiple exchanges, Indian traders can trade between exchanges
Beyond cryptocurrency trading, there is a chance that INDT will enable a new class of exciting applications from the developer community. We open-source our code to allow
developers to create new and exciting projects that can integrate easily with INDT. Developing a common standard in an open way will spur developers to work with code that is not controlled by any one party, and in the process raise the standard of security and diversity of developers/ applications being built with it. While we may not know what kind of application may emerge, we believe INDT can be used in future Binance-based applications that want to target the Indian market as users.
Transparency and trust remain the core o ering of the blockchain from day one.
We believe a future where existing nancial players, blockchain native projects, and government agencies can coexist to foster an open nancial system that supports the frictionless and safe transfer of value, both for consumers and businesses.
Detailed Technology and Operations
Binance and BSC-20 Token Standard Binance is a decentralized blockchain that allows software programs, called Smart Contracts, to be written and executed on the blockchain. BSC-20 is a standard on the Binance blockchain that de nes a common list of rules that all Binance tokens must adhere to
Token valuation
This section will outline the valuation methodology used to determine our token’s current and future price and apply it to a series of assumptions in order to produce an estimate of the fair token price (should those assumptions hold).
The quantity theory of money
The most widely used valuation methodology for utility tokens is the quantity theory of money and, more precisely, the equation of exchange. Several models based on those principles have been developed and widely accepted by the cryptocurrency community.
In a nutshell, the equation of exchange is:
I. M - is the amount of money in circulation within a speci c system
II. V - is the velocity of money, or in other words: how often does money change hands within a prede ned period (most commonly - annually)?
III. P - is the price at which transactions are happening within the system?
IV. T - is the number of transactions for a prede ned period (same period, as the velocity)
V. P - in this regard is essentially the total economic output of the system for the selected period, sometimes referred to as GDP of the system.
Where:
The above formula is not directly applicable to cryptocurrencies (and a commonly encountered error). In a token/cryptocurrency economy, the two sides of the above equation are denominated in di erent units. When talking about the system's GDP, the expected Revenue is generally used; on the other hand, the equation’s left-hand side is still denominated in the native token. We can solve this by introducing an additional parameter representing the exchange rate between the token and USD (or any other FIAT currency based on the denomination of the system’s GDP). The equation then becomes:
his enables us to solve for and get the expected token exchange rate (or token value), provided we can come up with adequate estimations for the other variables. We can now solve for the token value as:
Here, we can represent the staked amount as a temporary reduction in the token supply, denominated in USD (SUSD), converted to tokens, based on token price ( ET / USD ). Then we can subtract this amount from the total supply, as follows:
Following the same transformations, we did previously; we can simplify this equation to:
In other terms - the USD equivalent of any staked token amount can be represented as an increase in the GDP (or demand) for the token. This extra “demand” is not a ected by velocity.
Security of INDT Tokens and Smart Contract Binance Blockchain is tamper-proof
Similar to Bitcoin, past transactions in Binance are nal and can never be altered. As of this writing, there are currently more than 10,000 Binance nodes running worldwide. To “hack” and alter data/state in the Binance network, a malicious actor needs to have more than 51% of the computing power of those nodes, which is highly improbable.
Ownership of INDT Tokens is directly in users’ hands
Unlike traditional e-wallet applications where the issuer holds the balance of each user inside the issuer’s centralized system, we do not hold custody of users’ INDT tokens. INDT tokens are owned by users in their own wallets because users will control their own private keys (the ‘password’ that signi es ownership of assets on blockchain).
Multi-signature design reduces single point of failure
We only hire the best, trustworthy people, and we believe there are no malicious actor(s) inside our company. However, we believe we still need to mitigate risk and ensure the security of our internal operations by not allowing a single point of failure to exist. This is achieved using multi-sig smart contract design. During INDT smart contract deployment to Binance blockchain, we established one address as the Owner and three addresses as Administrators. These addresses are each controlled by separate hardware wallets. Any critical operations require at least two signatures, as follows:
Two signatures are required for minting up to 100 million INDT
Two signatures are required to burn INDT tokens at a pre-de ned burn address (i.e., we cannot burn tokens located outside of that speci c address)
Two of three admins PLUS owner signatures are required for:
Minting above 100 million INDT in a single transaction. Transferring the token management of the INDT BSC20. Replace, add, or remove an admin.
Signature of transactions happen in an o ine, air-gapped computer
To enhance the security of INDT operations even further, all transactions that interact with INDT smart contract (such as minting, burning, etc.) are done in an o ine, air-gapped computer. We then use a separate device to broadcast/transmit the signed transaction to the Binance blockchain. As such, the computer used to compose the signed transactions are safe from external attacks.
Conclusion
We have presented and built the rst crypto asset that mimics the Indian Rupees. By leveraging the Binance network and advanced Smart Contract designs (such as multi signature requirements and o ine signing), INDT can act as a stable store of value for Indians to be used in the exciting new era of the blockchain-based economy.