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LODE Association

White Paper Version 5.0

Digital Silver for Everyone


LODE White Paper V5.0

“The LODE Association’s mission is to restore silver to the monetary system by introducing digital silver to everyone.”

Contributing Authors: David Olsson, Michael Harris, Dan Wasyluk, Jag Sidhu


DISCLAIMER 1. No investment recommendations The published product-related information by the Lode Association Establishment (“Lode”) are exclusively for information and marketing purposes and Lode does not provide any kind of investment recommendations tailored to the personal circumstances of the client, especially not in the form of individual investment advice. Lode does not give any investment recommendations in particular. 2. Risks The lode token bond is a perpetual bond without a maturity date and a repayment is not intended and therefore the price of the lode token bond is only subject to the secondary market trading. The value of the lode token bonds may therefore fluctuate and is not guaranteed. Investors are notified that the price of the bonds may be volatile and that it may be difficult to sell the bonds. The lode token bond is not listed at any exchange or other secondary market venue at this time. Planed or past performance is no guarantee of future earnings. A detailed description of the additional other risks associated with the lode token bonds is contained in the securities prospectus, which is available on the lode website once the securities prospectus is approved. 3. Warranty and Liability Lode offers these services in a commercially reasonable way and hopes you can enjoy using them. Nonetheless, some of them are not part of our service offering. Except as expressly stated in these Terms of Use or the Additional Terms, neither Lode nor any of its affiliates or suppliers or distributors make any specific guarantees or warranties with respect to the Services. For example, we do not guarantee the Services ' content, the specific functionality of the Services, or the Services ' reliability, availability, or suitability for your purposes. We provide the Services in their current form. Lode and the Client shall be liable in accordance with the statutory provisions in the event of intent and gross negligence, including on the part of legal representatives and agents. The same applies to damage caused by harm to life, body or health, damage caused by lack of a guaranteed value, and in the case of defects that are fraudulently hidden. In the case of material damage and financial loss caused by the client or lode, its legal representatives or agents by slight negligence, liability shall be limited to cases of infringement of a material contractual obligation, but limited to the predictable and typical damage at the time of conclusion of the contract. Essential contractual obligations are those whose fulfillment makes the proper execution of a contract possible in the first place and on whose observance the contracting parties may regularly rely. The Product Liability Act is not affected. Otherwise the liability of Lode and the Client is excluded. 4. Public offering jurisdictions The offer of the lode token bond is made exclusively in accordance with Liechtenstein and European supervisory law in Liechtenstein. This offering and its prospectus may not be distributed or transmitted, directly or indirectly, in the United States of America, Canada, Iran or Australia. In addition, only investors are permitted to invest who are neither (i) US citizens or (ii) holders of a permanent residence and work permit for the USA (Green Card), nor (iii) have a residence or registered office in the USA or its territories, nor (iv) are corporations or other assets organized in accordance with US law whose income is subject to US tax law and (v) are not listed on one of the sanction lists of the European Union or the USA. The same applies to citizens etc. of Canada, Iran and Australia. If foreign investors are used for investors with a foreign nationality, residence or habitual residence abroad or for other reasons, these investors must examine these regulations on their own responsibility. The token-based bonds referred to in this prospectus have not been and will not be registered under the United States Securities Law of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless they are registered or exempted under the Securities Act. The Issuer does not intend to offer, to sell or to deliver any securities, in particular not the token-based bonds which are the subject of this offering and the prospectus, outside the European Economic Area (EEA) or to otherwise register there or to apply for any kind of authorization. The placement of token-based bonds and the distribution of this offering or the prospectus or other information in connection with this public offering of token-based bonds may be restricted by law. Any failure to comply may constitute a breach of the securities laws of the relevant jurisdictions. Persons wishing to accept the offer outside the EEA are therefore invited to inform themselves independently of the restrictions existing outside the EEA and any other legal or tax consequences and to comply with those rules. Investors cannot rely on being able to invoke provisions to protect investors under a different legal system from that of the Principality of Liechtenstein. The Issuer has not authorized the publication, dispatch, distribution or dissemination of the offer document or other documents relating to the offer of securities by third parties outside the EEA. The Issuer is not responsible for the compatibility of the publication, dispatch, distribution or dissemination of the Securities prospectus outside the EEA with the legislation of jurisdictions other than the EEA. 5. Concluding Provisions Lode may reasonably adapt these Terms of Use or any additional terms for a particular Service to reflect, for example, changes in the legal framework or changes to our Services. You should therefore periodically review these Terms of Use. We will post notes on this page for modifications to these Terms of Use. We will post notices of changes to additional terms within that service. Changes will not be retroactive and will take effect no earlier than 14 days after they are posted. However, changes to a new feature for a Service or changes for legal reasons will be effective immediately. If you do not agree to the modified Terms of Use of a Service, you must discontinue the use of that Service. In the event of any conflict between these Terms of Use and any Additional Terms, the Additional Terms shall prevail on a case-by-case basis. These Terms of Use and any disputes arising out of or in connection with these Terms of Use shall be governed by Liechtenstein law to the exclusion of the UN Convention on Contracts for the International Sale of Goods. If you are a consumer, all disputes arising out of or in connection with these Terms of Use shall be settled in accordance with the applicable law in your jurisdiction. If you are not a consumer, the exclusive place of jurisdiction for all disputes arising out of or in connection with these Terms of Use shall be Liechtenstein.

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Table of Contents The LODE Project

3

Overview

4

LODE System The Two-token System Community Member Applications Vault Master LODE and AGX Lifecycle Flows BackOffice LODE Token Issuance Blockchain Technologies Pricing Oracle AGXPay Wallet Exchanges & Liquidity ATMs

4 5 6 6 7 8 8 8 9 9 9 10

LODE Token LODE Freeze

10

AGX Coin AGX Fee Schedule

11

Financial Modeling Retail Model LODE Algorithmic Pricing Curve Financial Model

12

Interoperability Multichain Ecosystem Design Hyperledger Fabric + BATONTM Syscoin Syscoin - Gas Station

17

10

12

13 13 15

17 17 22 27

2


Enabling the Ecosystem AGXRails

27

Asset Storage AGXPAY Mobile Wallet Paper Wallet Coinpayments Hardware Cold Storage Wallets Custody Storage Solutions

28

Governance Explained Governance Phases

31

Appendix A - Key Players The LODE Association Interfix Key Service Providers The LODE Bullion Dealers Alliance The LODE Vault Master Council

32

Appendix B - Project Roadmap

35

27

29 29 29 30 30

31

32 32 32 34 34

3


The LODE Project has constructed a novel two-token economic system comprised of the LODE Token and the AGX Coin.

The LODE Project This document outlines the technical framework for a unique blockchain network comprised of a two-token, asset-backed monetary system that together aim to create a new opportunity for wealth preservation and trusted commerce. Whether you are a finance professional, silver enthusiast, crypto trader, merchant, miner, entrepreneur, or someone looking to safeguard your wealth, you are invited to consider the information presented in this document and learn about this blockchain system that brings the sound properties of investment-grade silver bullion to an exciting new form of asset-backed digital money.

Overview The LODE Association tokenizes idle silver, putting it to work on the blockchain as a store of value for wealth management, and as a medium of exchange for global commerce. The future of money will be a balance between technology and trust. The technology provides freedom, speed, innovation and access to experiences. The trust ensures stability, legacy and a prosperous community. The advent of blockchain technology has inspired a new line of thinking, one where it is possible to create sound, modern money through the resilient, inflation-resistant asset known as silver. By issuing physical silver onto the blockchain, a valuable asset regains its status as a vital unit of account and commerce. Digital silver establishes itself as a sound medium of exchange to settle trade and commerce for current and emerging economic systems. Together, the LODE Token and AGX Coin form part of a global, digital, and silver-backed money system. LODE Community Members will be able to send, spend, and build wealth using digital silver-money, enabling a more accessible global financial system.

4


LODE System

The Two-token System The LODE Project has constructed a novel two-token economic system comprised of the LODE Token and the AGX Coin. The LODE Token is a perpetual bond and works as venture capital to enable the LODE Ecosystem. As the monetary mass grows, LODE Token Holders will receive payments of 5.25% of all newly minted AGX Coins. As the sale of new AGX Coins grows, the size of these micro-payouts increases proportional to the number of new coins minted. The second community asset, the AGX Coin, is a digital representation of a weight and measure of 99.999% silver in grams. AGX is designed to be utilized for daily trade and commerce. The LODE Project will ensure that a supply of investment-grade silver bullion is made transparent and verifiable to all LODE Users at all times by utilizing distributed ledger technology.

5


The LODE System utilizes distributed ledger and blockchain technologies for the creation and distribution of two tokenized assets that uniquely represent the interests of the LODE Stakeholders, Members and Users. The accountability architecture for the project is built utilizing a Hyperledger Fabric ledger and is designed to provide the maximum level of transparency, accountability, security, and speed. Hyperledger Fabric ensures the LODE Project remains legally compliant and can more readily react to evolving regulatory and compliance requirements.

The LODE Technology Service Providers have identified the following key components to support the LODE Project’s mission.

Community Member Applications A web application -- LODE/AGX Members Portal -- allows community members to register their accounts, verify their information, and submit an order for LODE Tokens and/or AGX Coins. The members portal includes reporting functionality that identifies the current status of the LODE Ecosystem including system updates, the prevailing LODE and AGX Coin rates, terms and conditions, affiliate tracking, and the total silver bullion committed to the project in real-time. The front-end has been written in ReactJS and communicates with a backend via REST calls, and is secured via industry standard JWT security tokens. Providing a localized interface, it allows members to work in their native language, currently available in English, French, and Spanish. It uses a third-party transactional email system to guarantee delivery of all communications.

Vault Master The vault master will track physically deposited silver and initiate the allocation of LODE and/or AGX. Once the LODE Vault Master has confirmed vaulting of the silver, the transaction will be immutably recorded. A third-party blockchain analysis service provider will be selected to validate vault declarations and transaction records. In the future, silver will be reported to the LODE System via the REST API, (cryptographically signed, and verified by the smart contract), and then written to the coin contracts for either minting or burning of tokens based on transaction. At the moment, auditing of physical silver is being done manually by Strategic Wealth Preservation and supported by third parties to audit their vaults, such as Bureau Veritas.

6


LODE and AGX Lifecycle Flows

Silver stored in the vault is the base of the LODE Silver-Money System. LODE Tokens are variable interest bonds and will earn micro-payouts over time. 3. Users will be able to convert silver into AGX Coins, or AGX Coins into silver, with a 1 gram:1 Coin ratio (plus associated fees). 4. AGX Coins are a silver-backed currency backed by one gram of silver per coin. 5. There will be a minting agent managing the relationship between the silver and the digital coins. 6. Users will have a members portal, providing them with details about their account and token balances. 7. Tokens and coins will be stored in addresses, which will be controlled by wallets. 8. LODE will partner with Point of Sale Providers, so users may easily make purchases using AGX Coins, including merchants who only support traditional payment methods. 9. Many barter networks use cryptocurrency as an alternative to fiat currency. AGX is a sound, asset-backed currency with intrinsic value. 10. Users can make direct, peer-to-peer transfers of LODE Tokens and AGX Coins, without an exchange. 11. Bullion dealers may agree to sell silver or gold bullion in exchange for AGX. This may give users the ability to get specific types of bullion for their AGX, instead of the generic bars they would receive if they redeemed it with the LODE Association. 1. 2.

LODE’s Bullion Dealers Alliance will accept AGX as a method of purchasing silver. 7


BackOffice The LODE BackOffice is a series of services designed to maintain the integrity and reportability of the LODE Ecosystem. These services enable the management of the network, accountability, resource management and member support. It is the hub for the community and creators. The REST API that drives the BackOffice is committed to a ledger and will be made visible to the global community. It provides an easy access view on the LODE network health, the flow of vaulted silver, membership and community development activity.

LODE Token Issuance The LODE Token issuance will be conducted based on an algorithmic curve model, applying an N squared curve to set the price for acquiring LODE. As tranches of LODE are acquired, the cost of acquisition increases. This provides the LODE Project with an abundance model ensuring that the LODE Association can always issue new LODE Tokens. Inflows from the sale of LODE Tokens will be utilized to purchase silver bullion, which will be vaulted for the creation of new AGX Coins. LODE Tokens function as perpetual bonds in which holders can obtain rewards -- AGX Micro-payouts -- in the form of AGX Coins. These payouts will be equivalent to 5.25% of all newly minted AGX Coins.

Blockchain Technologies The LODE System makes use of both public and private blockchain networks. For regulatory, booking and transparency purposes, a private permissioned Hyperledger Fabric network is used. For AGX public use, public decentralized networks are relied upon. Public networks, such as the Syscoin public network, offer additional benefits over private permissioned networks including censorship resistance and decentralization. Through the use of a backend relay - or BATON™ - AGX Coins will seamlessly transfer between private and public networks when needed. Our Hyperledger Fabric network uses a RAFT-based ordering service, multi-node transaction endorsement policies and uses the Convector suite for cleanly designed Model/Controller based smart contracts (referred to as Chaincode on Hyperledger Fabric).

8


Pricing Oracle A ticker is live on Lode.one providing the sale price for AGX Coins and LODE Tokens. It provides a stable reference to the spot price of grams of silver alongside a near real-time price (fiat and crypto pairings). The published data will eventually be published in accordance with the LODE Price Oracle, which will be verified by the smart contract on the blockchain. The oracle will query a list of sources for the spot prices of silver, fiat currencies, and cryptos. This pricing data is then amalgamated into a conversion table for AGX, all of which is then cryptographically signed against the current block number of the chosen blockchain main net.

AGXPay Wallet AGXPay Wallet, a native application for dominant mobile platforms, provides members with a means of utilizing their AGX Coins for commerce and financial transactions. The AGXPay Wallet relies on fast, trustless, off-chain transactions, which will be secured with on-chain settlements through the Syscoin ZDAG protocol.

Exchanges & Liquidity At the time of publishing, there is no active effort to position the LODE and AGX assets on exchanges. This does not preclude LODE and AGX being listed, but it will not be pursued in the near term as a means of liquidity. Exchangeability for the LODE Community is still a primary goal, meaning that liquidity will be provided through other LODE community focused means such as: peer-to-peer trading, card programs and conversion to silver. 9


ATMs As a longer-term strategy, the LODE Project will look to add new Service Providers to enable ATMs that support AGX Coins. These ATMs will work with blockchain standards using typical crypto wallets to allow for cash in and cash out at physical locations.

LODE Token The LODE Token is a licensed, regulated BOND that will be paying interest to holders in the form of AGX Coins. It is a digital record of a contribution to the community to help form the initial monetary mass that drives the LODE Project.

LODE Freeze The LODE Freeze is a blockchain-based evolution of secured investments and returns on investments. The LODE Freeze enables the distribution of AGX Micro-payouts. Freezing ensures the accountability of LODE Tokens and the subsequent distribution of AGX rewards. If LODE Tokens are not stored on the LODE Hyperledger, these rewards will not be distributed. To earn rewards, a member’s LODE Tokens must be frozen on the LODE Hyperledger network, not on a public chain or in cold, warm or hot storage. Members will have the ability to thaw tokens and utilize them as they wish on supported chains. Receiving AGX rewards will require token holders to freeze their tokens for at least 77 days, which is slightly more than the length of a reward cycle; cycles complete seven times a year or every 52 days. When a member has eligible tokens at the end of a cycle, AGX Micro-payouts are added to their account, based on the adoption and directly correlated to the growth of the AGX Coin. The greater the adoption of AGX Coins, the greater potential for the micro-payouts. Members wishing to sell their Lode Tokens in exchange for paired assets can do so but those assets will not contribute to the growth of the LODE Reserves and subsequently will not receive AGX rewards. The LODE system requires Lode Tokens to be frozen for at least 77 days as this will work to reduce speculation and day trading, as tokens that are frozen will be earning rewards, while tokens that are free-floating will not be earning the rewards. ™

Once BATON is enabled, LODE Token Holders may transfer assets to others on the Hyperledger Fabric-based blockchain. The LODE Association may be required to ensure transfers comply with jurisdictional requirements but will not transfer tokens on the owners’ behalf.

10


The LODE blockchain technologies provide an audit trail that will be publicly accessible to ensure an immutable, transparent proof of silver for members, auditors and regulators.

AGX Coin The AGX Coin is a stable asset designed for commerce and backed by physically vaulted silver. Meant to be an easy part of everyday commerce, each AGX Coin is backed by one gram of vaulted, audited and insured 99.9999 silver. AGX Coins will be issued on Hyperledger, and multiple public blockchains, beginning with Syscoin, and leading to additional chains. The design of the AGX Coin has been structured to ensure that it is not considered a security under an EU law (MIFID 2), where the LODE Project has legal jurisdiction. AGX Coins are always redeemable for silver bullion through the Lode Association. The LODE Association will not accept, process, or facilitate the redemption of AGX for silver prior to an individual completing their KYC. LODE will obey the related regulations together with the involved broker/dealers. All members on the LODE Hyperledger distributed ledger will go through KYC. Any LODE Association facilitated transfers of assets between chains, persons, or exchanges will also require both parties to provide proof they have gone through the appropriate KYC. AGX may be transferred off of the LODE Association centrally-controlled blockchain to a public decentralized network, and vice versa. No MSB, Custodian, or Broker-Dealer responsibilities are considered at this time for these transfers. Similar to LODE Tokens, the LODE Association records AGX Coin balances in a Hyperledger Fabric based blockchain. The LODE Association or affiliated vaulting partners are capable of minting AGX Coins for circulation. Each minting event of AGX will be backed by a signed attestation that the equivalent value of silver is held in reserve. The system will verify the cryptographic signature and offline audits are required to confirm the correct amount of physical silver that is held. When AGX Coins are considered issued, they represent a bearer claim to the value of silver backing the coins. Transfers of coins are permitted between members holding a balance of native AGX Coins on the Hyperledger Fabric chain.

11


The LODE Association may block transfers to comply with jurisdictional requirements and will not transfer tokens on the owners’ behalf. A blockchain-based audit trail will be maintained to offer proof to auditors and regulators that the LODE Association has not moved tokens on someone else’s behalf.

AGX Fee Schedule As a promotional period for the first several months of the system, no fees will be charged. After the promotional period has ended, a tiered transaction fee will be implemented on public blockchains. For blockchains that don’t support the transaction fee, a demurrage fee may be charged instead, this is a backup feature of the system in the case of low spending volume.

! Tiered Transaction Fee: a progressively smaller percentage is taken from transactions until it caps out. ! Demurrage: a small, time-based fee paid daily or hourly, based on the number of coins held, and is not affected by transactions. These fee schedules will apply to networks that are capable of supporting this feature. Wallets and LODE services, such as utilizing BATONTM, will also provide transaction fees.

12


Financial Modeling LODE Tokens represent a contributor’s investment in the LODE Project. The LODE Token provides a unique opportunity for owners of investment-grade silver bullion to divest their physical silver holdings into a perpetual bond. A portion of the contributed silver is then used to fund the LODE System, with the rest of the vaulted grams becoming AGX Coins, ready to be sold into circulation. LODE Token Holders will receive interest payouts at a variable rate in the form of AGX Coins, based on each minting of silver-secured AGX Coins. The issuance of LODE Tokens is based on an abundance model. As the project evolves, the number of grams required to purchase a LODE Token increases so as to reduce dilution without entirely preventing new tokens from being issued. At launch, three phases were introduced, using an exchange rate ranging from 1 gram to 3.7 grams of silver per one (1) LODE Token. As the LODE Project continues, the exchange rate will be based on an algorithmic formula and will create automatic tranches at everlasting and ever-increasing prices. As the LODE silver reserves grow, new silver allows for the minting of new AGX Coins, to be sold to new members for use in daily trade and commerce. With each issuance of AGX Coins, 5.25% of newly minted assets are distributed to LODE Token Holders as micro-payouts as recognition for funding the project.

Retail Model AGX Coins are sold on a retail model to customers who wish to purchase digital silver. By selling AGX with a retail markup, the resulting revenue can be used to purchase more silver, which can be tokenized into more AGX Coins and sold, continuing the cycle. This is a standard retail sales cycle, selling a physically-backed digital product.

LODE Algorithmic Pricing Curve LODE has chosen to price the issuance of new LODE Tokens on an algorithmic price curve (previously referred to as the Bonded Curve). The LODE curve sets the issue price of new tokens by following an N squared curve, which then breaks down it into price tranches. As the number of LODE Tokens increases, the issue price for new tokens also increases.

13


Using the algorithmic pricing curve is designed to prevent excessive dilution of the tokens, protecting the value of the contributions in each tranche by increasing the value for newly issued tokens. In this model, the issue price of LODE Tokens will increase as the token supply increases, reducing the concern for token dilution. The sale price of new LODE Tokens is based on the number of tokens currently in circulation. It is designed as a step function, increasing in tranches of approximately 5 million grams of silver each. As the price increases with each tranche, the number of tokens sold in a tranche goes down. The sale price increases exponentially, based on the beginning of each tranche, and rounding to the nearest 0.05, as shown by the blue line on the graph. The equation used is P = 1+ N2 * 1.47E-14, which aligns closely with the original three phases.

LODE Tokens were initially sold in three phases, with a price of 3.7 grams in the latest issuance. The future price for LODE Tokens will follow the table below, steadily increasing in price as the supply increases. The table illustrates the algorithmic price progression. 14


A. LODE Algorithmic Curve Model (Formerly Bonded Curve)

Phase

Newly Minted

Total Minted

Price

Total Grams

Grams per Phase

Phase 0

513,087

513,087

1.00

513,087

513,088

Phase 1

4,690,071

5,203,158

1.17639

6,030,442

5,517,355

Phase 1.5

3,086,175

8,289,334

1.20

9,733,852

3,703,411

Phase 2

2,998,786

11,288,119

1.85

15,281,606

5,547,753

Phase 3

278,978

11,567,097

3.70

16,313,825

1,032,219

Reserve

2,203,529

13,770,626

3.70

16,313,825

0

Adjustment Phase

970,046

14,740,672

3.80

20,000,000

3,686,175

Algorithmic Curve

1,190,476

15,931,148

4.20

25,000,000

5,000,000

Algorithmic Curve

1,052,632

16,983,780

4.75

30,000,000

5,000,000

Algorithmic Curve

952,381

17,936,161

5.25

35,000,000

5,000,000

Algorithmic Curve

869,565

18,805,726

5.75

40,000,000

5,000,000

Algorithmic Curve

806,452

19,612,178

6.20

45,000,000

5,000,000

Algorithmic Curve

751,880

20,364,058

6.65

50,000,000

5,000,000

Algorithmic Curve

704,225

21,068,283

7.10

55,000,000

5,000,000

Algorithmic Curve

666,667

21,734,950

7.50

60,000,000

5,000,000

Algorithmic Curve

628,931

22,363,881

7.95

65,000,000

5,000,000

Algorithmic Curve

598,802

22,962,683

8.35

70,000,000

5,000,000

Algorithmic Curve

571,429

23,534,112

8.75

75,000,000

5,000,000

Algorithmic Curve

546,448

24,080,560

9.15

80,000,000

5,000,000

Algorithmic Curve

526,316

24,606,876

9.50

85,000,000

5,000,000

Algorithmic Curve

505,051

25,111,927

9.90

90,000,000

5,000,000

Algorithmic Curve

487,805

25,599,732

10.25

95,000,000

5,000,000

Algorithmic Curve

469,484

26,069,216

10.65

100,000,000

5,000,000

*Note: Following the same mathematical formula, as additional tokens are purchased the price and supply can increase infinitely beyond the model shown here.

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Financial Model A financial model and profit estimator determines the value LODE Token Holders receive as AGX rewards. This is a dynamic model with key variables denoted in blue. B. Financial Model Snapshot

Investment Amount ($)

Year Q $10,000 2019 Q4

Sales Target (grams)

Sales Target ($)

Interest per Your Token Return (AGX) (AGX)

Your Return ($)

Annualiz Silver ed Yield Price

Yield Based Token Value

10,000,000

$5,748,800

0.0381

174

$100

4.01%

$0.575

$0.33

2020 Q1

13,600,000

$7,896,160

0.0518

237

$138

5.51%

$0.581

$0.45

17,395 2020 Q2

18,500,000

$10,848,400

0.0705

323

$189

7.57%

$0.586

$0.62

2020 Q3

25,175,000

$14,911,153

0.0959

439

$260

10.41%

$0.592

$0.85

4,578 2020 Q4

34,250,000

$20,488,350

0.1305

598

$357

14.30%

$0.598

$1.17

2021 Q1

42,475,000

$25,663,395

0.1619

741

$448

17.91%

$0.604

$1.47

$2.1845 2021 Q2

52,675,000

$32,142,285

0.2008

919

$561

22.43%

$0.610

$1.84

Starting Sales Target (Millions of grams) 2021 Q3

65,325,000

$40,259,798

0.2490

1,140

$702

28.10%

$0.616

$2.30

10 2021 Q4

81,025,000

$50,438,063

0.3088

1,414

$880

35.20%

$0.623

$2.88

2022 Q1

100,475,000

$63,168,633

0.3829

1,753

$1,102

44.08%

$0.629

$3.61

36% 2022 Q2

124,600,000

$79,121,000

0.4749

2,174

$1,380

55.21%

$0.635

$4.52

2022 Q3

154,525,000

$99,112,335

0.5889

2,696

$1,729

69.17%

$0.641

$5.67

24% 2022 Q4

191,625,000

$124,134,675

0.7303

3,343

$2,166

86.63%

$0.648

$7.10

2023 Q1

237,625,000

$155,478,038

0.9056

4,146

$2,712

108.50%

$0.654

$8.89

13,775,204 2023 Q2

294,675,000

$194,721,240

1.1231

5,141

$3,397

135.89%

$0.661

$11.13

2023 Q3

365,400,000

$243,867,960

1.3926

6,375

$4,255

170.18%

$0.667

$13.94

$0.5749 2023 Q4

453,100,000

$305,434,710

1.7269

7,905

$5,329

213.15%

$0.674

$17.46

2024 Q1

561,850,000

$382,507,480

2.1413

9,802

$6,673

266.93%

$0.681

$21.87

1.00% 2024 Q2

696,700,000

$479,050,920

2.6553

12,155

$8,358

334.30%

$0.688

$27.39

2024 Q3

863,925,000

$599,995,913

3.2926

15,072

$10,468

418.71%

$0.695

$34.30

Total Five Year Targets: 4,387,525,000 $2,934,989,305 16.7217

76,546

$51,204

512.04% Cap Gains 1470.15%

Silver Equivalent

Tokens Purchased

Mean Purchase Price ($)

Initial Sales Growth (2020, QoQ)

Following Sales Growth (QoQ)

Total Tokens in Circulation

Initial Silver Price (USD/g)

Silver Price Growth (QoQ)

Total Return

1982%

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Interoperability The LODE Project is building an ecosystem that establishes the value and usage of LODE and AGX. This ecosystem will be comprised of many financial services that will require various integrations. An interoperability strategy is driving the technology design and stack for the project. The utilization of multiple chains ensures the project has exposure to a broad community. Additionally, the integration with financial services requires the development of a rails API, AGXRails.

Multichain Ecosystem Design To provide broad exposure for the AXG Coin, the LODE System will be enabled across highvalue blockchain networks including Hyperledger, and Syscoin for now. Other potential options include, but not limited to, blockchains such as Ethereum, TRON and EOS. As the LODE Project matures, additional blockchains will be considered. Utilizing multiple blockchains is the foundation for the project’s interoperability strategy. The project also employs a permissioned distributed ledger, Hyperledger Fabric, as the ledger of record and accountability. Hyperledger Fabric is the network for what are referred to as “native” AGX coins and LODE tokens. These native tokens have no network designation as is with the Syscoin AGX, referred to as AGX-S. (A similar naming convention is established for alternate networks, ie. AGX-T for Tron, etc.) The stable and backed nature of AGX ensures the project is not restricted to a coin on a single technology platform and network. AGX-S is a Syscoin asset on the Syscoin blockchain, and is key to introducing AGX to the world as modern, secure, fast money. The innovation in Sys 4.0 allows for AGX to be experienced at the speed of tap and pay. It is the first public chain for AGX to expose itself to the world of commerce and trade.

Hyperledger Fabric + BATON™ The LODE project employs a permission-based distributed ledger: Hyperledger Fabric. Fabric is an open-source project supported strongly by industry veterans such as IBM. Fabric differs from a public blockchain network in one significant way: permissions. Fabric offers the ability to restrict both read and write permissions, allowing enterprise to comply with security and privacy obligations. Further, smart contract upgrades are supported by Fabric. This feature permits enterprise to do things like improve security, correct errors, add features, and respond to changing regulatory requirements. 17


The LODE Hyperledger Fabric is a ledger of account that records all transactions and utilization of BATON™, the relay that enables the movement of AGX native coins to a public chain such as Ethereum. BATON™ is a clearinghouse for the community. BATONTM is a centralized facility to swap assets between chains. While minting takes place on the Hyperledger Fabric ledger, AGX holders have the ability to trade on public decentralized networks, where supported. As such, a relay is required between the Hyperledger Fabric ledger and the public networks that support AGX. That relay service is BATON™.

Public networks supporting AGX can be considered a form of sidechain to the LODE Association’s Hyperledger Fabric-based ledger. Sidechain models use a concept of locking (i.e. escrow) on the main chain coupled with mint and burn on the sidechain. 18


1. Asset is locked on the main chain in escrow 2. A locking event is emitted 3. Asset is minted on the sidechain 4. Asset may be held, transferred, or otherwise utilized in the sidechain 5. Asset is burned on the sidechain 6. A burn event is emitted 7. Asset is unlocked on the main chain

Through this process, the LODE Association can be certain that AGX Coins created on public network chains still correspond to the same equivalent value in silver. Blockchainbased recordkeeping may be given to auditors and regulators as evidence that no additional AGX has been created above what is physically held in vaults. When AGX is on a public blockchain network, the LODE Association offers no transfer restrictions and does not maintain KYC/AML records for each transfer. The LODE Association does ensure that KYC/AML checks are completed for: ! Each identity on the Hyperledger Fabric-based blockchain ! Each time AGX is transferred to the Hyperledger Fabric-based blockchain ! Each time AGX is transferred from the Hyperledger Fabric-based blockchain to another public network

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But the LODE Association: 1. Will store LODE Token balances on the LODE Hyperledger Fabric-based ledger 2. Issue revocable identities to LODE Token Holders; 3. Associate Public/Private ECDSA key pairs (or other unique identifier) with each identity; 4. Record LODE balances for each identity on a LODE Hyperledger Fabric-based blockchain; 5. Will not retain the ability to edit LODE balances directly and can provide proof to regulators and auditors that the LODE Association did not change balances postissuance; 6. Will retain that ability to freeze accounts, revoke identities, or otherwise update the business logic/rules associated with the LODE Token transfers on the LODE Hyperledger Fabric-based ledger. The diagram below illustrates the technical difference between utilizing the BATON™ relay compared to Atomic Swaps. The LODE Association becomes an intermediary utilizing BATON™. Atomic swaps do not require that intermediary function and remain trustless. BATON™ is intended to fulfill the same promise as Atomic Swaps.

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Syscoin Syscoin is the base Proof-of-Work (PoW) layer managing the AGX-S token. There are three unique core competencies of Syscoin that are offered to the industry: 1. Merge mined with Bitcoin (hash rate is shared with Bitcoin as the parent, thus secure from 51% attacks, unlike most other chains.) 2. Token platform where businesses can create tokens and leverage ZDAG for micro-transaction settlements within seconds, for fraction of fees because of new fee market ZDAG presents. The option of using ZDAG is fully compliant with Bitcoin security, and thus does not open new security concerns. 3. Interoperability with other chains presents solution to users of other chains to come to Syscoin to leverage speed/cost savings as well as PoW security of Bitcoin. It also presents a solution to users of Syscoin to move to other chains that have utility value without trust. This shows that first-time supply can be fractionalized across multiple blockchains. With this interoperability strategy and design, Syscoin can implement new ways to interoperate across chains including using Zero-Knowledge Proofs (ZKPs) to avoid costly integrations and games around systems that require interactivity between multiple actors. Recursive ZKP such as Halo will offer new scalable ways to enable multi-chain interoperability. We are engaged in further research to ultimately enable a mechanism to fractionalize supply across any number of secure chains. Syscoin introduces a novel implementation of an asset infrastructure, master nodes providing algorithmic validators for a PoW/PoS hybrid consensus model and instant pseudo-interactive, zero-confirmation cryptocurrency transactions with double-spend protection through Z-DAG (Zero-Confirmation Directed Acyclic Graph) -- an instant settlement protocol functioning across all asset-related transactions. The Z-DAG protocol is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure there is absolute consensus on the ordering of transactions with no double-spends.

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By doing zero-confirmation settlements with probabilistically detected double-spends, a unique fee market ensues. Some research on optimal fee markets and how they affect consensus are described by Gun Surer. Note that Z-DAG offers a more efficient fee market because settlement does not necessarily have to happen in the next block for a transaction to be complete. So long as some time has passed where the merchant checks interactively that no double-spends are detected (Syscoin will propagate doublespends unlike Bitcoin), then the merchant does not have to wait for confirmation. Thus, this will drive fees down as users may not have to pay fees to the miner to have transactions included in the next open slot available in a block. In order to avoid a DoS vulnerability by introducing double-spend propagation, only a specific type of transaction is allowed to be relayed if it is spending inputs already detected as spent. Anything outside of the following rules falls back to the Bitcoin strategy of ban and avoid relaying to peers: 1) Has to be an asset allocation transfer transaction, meaning you are sending an asset to someone else. This is where ZDAG is employed for efficiency purposes. 2) It must not have been detected as a double-spend previously, and thus this is the first time a double-spend is detected on that transfer. Subsequent double-spends will fallback to the Bitcoin logic to discard and ban nodes that propagate such transactions. Only the first double-spend is allowed and is done so for discovery purposes so the network can detect and users can react to events where users are trying to extract a service for payment, where the payment may never arrive. This is made possible by tracking the specific asset being transferred and setting a flag once a double-spend is detected. 3) Syscoin solves propagation of spam by including a network minimum relay fee that peers adhere to as they receive transactions and forward along to other peers. This network minimum relay fee is typically in the hundred or thousands of satoshi per KB of data in a transaction. A minimum relay fee of 200% (over traditional non-asset related transactions) is enforced on all asset allocation transfer transactions to account for potential double-spend relayed transactions across peers. This ensures bandwidth isn’t disproportionately used by an attacker propagating multiple transactions with the same inputs without marginal costs of subsequent transactions. Note that the relay fee is usually a subset of the overall fee paid to the miner for including the transaction in a block. The miner fee is based on an equilibrium achieved based on demand and supply of space in a block. Therefore as blocks become full on the network and fees naturally rise, this enforcement will not be seen as any impediment to creating a transactions and does not raise the overall cost in settling a transaction on the chain. 23


The double-spending relay propagation is required by the design, if you consider no double-spend propagation is allowed like Bitcoin. In that context, the user would send a merchant a transaction for some money, the merchant would acknowledge and unknowingly the user would propagate a second transaction around the same time. There would be a chance a miner would detect the double-spending transaction before the one going to the merchant and thus would provide the opportunity to extract value for a service without paying, should the merchant not rely on confirmations. By allowing propagation of double-spends, the merchant would wait some time (in seconds) to watch for a double-spend. The efficiency of the networking protocol (flooding mesh network) allows discovery of transactions within an average of ~4 seconds (see Erlay citation below). However, with increases in the efficiency of networks in general, this time will tend to drop. Improvements to the networking stack like Erlay will also allow the protocol to scale to mass adoption. For our reference implementation, we have analyzed probabilities of 10 seconds and provide some statistics to show probabilities based on current Syscoin network topology of detecting double-spends and accepting ZDAG transactions for micro-payments. We use 10 seconds as a baseline and hope to improve these times with the aforementioned networking improvements as well as relay optimizations, such as Bloxroute and Marlin, both of which create gateways for peers to join and through direct fibre connections with major data-centers are able to relay messages across the network in sub-second timeframes. This mechanism is fully compatible with Bitcoin to avoid game-theoretical attacks that may arrive in the form of DoS/spam attacks. Merchants simply have the choice to accept transactions as settled with ZDAG or to wait for confirmation of blocks. For micro-transactions, it is likely that merchants will not wait and sufficient probability exists that a double-spend is detected, thus the transaction will get mined and settled in a block at some point. This is documented more thoroughly in the ZDAG whitepaper. The functionality of ZDAG is completely opt-in and allows users to make a choice unlike other zero-confirmation strategies such as Avalanche, which is also a zero-confirmation DAG strategy employed on the Bitcoin Cash blockchain. However, it does this by affecting consensus on the base layer, whereas we employ our strategy on the asset layer. By doing so, we are not affecting the security of Syscoin itself, localized to the asset without affecting other tokens or the base layer SYS token on the Syscoin blockchain. Bitcoin Cash also does not have a token platform and thus intends to create a new form of ruleset competing against Satoshi’s Nakamoto consensus for settlement of transactions, which requires more extensive formal mathematical proofs as well as industry vetting as there are no fallbacks to the Bitcoin security domain when using Avalanche. 24


AGX Coin assets will be available on Syscoin. Thanks to the innovations present in Syscoin, these tokens will also have the capability to transition between Syscoin Assets and Ethereum ERC20 token, and vice versa. Syscoin also introduces full segwit support, which paves the way for additional innovations such as lightning networks, atomic swaps and more (to be detailed further in the Syscoin 4 whitepaper). This information helps to quantify the transactional scale and speed of Syscoin assets, that ZDAG can provide. Complete analysis can be found in this performance report.

C.Network Latency (Group Results) Parameters

Series A

Series B

Series C

Asset sends per block

250

250

-

Avg tx per second

15328.43

8676.77

-

High percent completion

1

1.07

-

Low percent completion

1

0.88

-

Minimum completion %

97

97

-

Total time average

151204.66

269367

-

Total assets

9

9

-

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The latency effect on TPS is linear rather than exponential due to efficiencies of the network topology of Syscoin (flooding mesh network).

Note: The results in Fig. 1 indicate that the test failed to complete when network latency was >150ms between each node. It is important to note that this is a very high degree of latency that may not be commonly experienced in a live production network. However, even in this case, it would likely only occur within a smaller percentage of nodes in the network. That means it is not conclusive to the test results but was done to merely show the subexponential relationship between latency and throughput, which is atypical in normal distributed systems without optimizations done to account for it.

D. Number of Nodes (Group Results) Parameters

Series A

Series B

Series C

Asset sends per block

250

250

250

Avg tx per second

38387.39

34524.72

27570.61

High percent completion

1

1

0.96

Low percent completion

1

1

0.85

Minimum completion %

97

97

97

Total time average

58985

66894.33

88427.66

Total assets

9

9

9 26


Syscoin - Gas Station Many potential customers are unfamiliar with how blockchains work and aren’t familiar with the concept of gas. It essentially refers to the execution fee for every operation made on the blockchain. The Gas Station tab in the mobile wallet is designed to abstract that out of buying transactions, so as to make AGX Coins easier to use for crypto novices. A low volume one-directional exchange will allow people to convert AGX into the platform token for the platform they are on, and cover the costs for these transactions. Each platform has different gas requirements, and the gas station tab is designed to handle that on the user’s behalf. As it is not a true exchange and it is expected that users will purchase small amounts (likely less than a dollar’s worth) at a time, there will be a large markup over the price on an exchange, but for the users it is designed for, the price matters less than the number of transactions it enables. As an example, users might be given the ability to buy 1000 transactions on the Syscoin network for ten cents. To someone used to banks offering 12 transactions for $5 or other similarly high fees, that sounds like a very good deal. The fact that they are overpaying by a couple hundred percent doesn’t matter, mostly because the transaction is so small it costs them more in time to go to an exchange than it does to pay for the convenience of using the app.

Enabling the Ecosystem AGXRails A payment rail is a payment platform or a payment network that moves money from a payer to a payee. Either party could be a consumer or business, and both parties are able to move funds on the network. Credit card rails are the credit card payment system. AGXRails enable AGX to move its value between parties similarly to how credit card rails enable commerce to utilize credit. AGXRails are designed to enable merchants to accept AGX. AGXRails will be open-source enabling developers to create new products and services that are powered by AGX. The first set of rails are built to support merchant network adoption. It enables AGX as a form of payment with similar workflow as Payal including easy integration and low barriers to utilize.

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To enable AGX as modern money, a series of ‘rails’ are to be designed to interface with existing financial systems and blockchain technologies. These rails are a series of stepped instructions supported by strongly secured technology. The rails are intended to enable LODE Service Providers to expand the ecosystem with new services and financial products. AGXRails will be abstracted overtime to enable broad integration of the following: ! Wallets ! Internal/External Exchanges ! Credit Cards ! Gift Cards ! ATM Networks ! Barter Networks ! E-commerce ! POS AGXRails is a series of APIs for merchants as well as services to enable AGX as a means of settlement for trade and commerce. It is the abstracted programmable interface to the core interactions and transactions in the AGX Ecosystem.

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Asset Storage The LODE Community is provided with a series of asset wallets. Those wishing to have their private keys stored offline can use the paper wallet while firmware upgrades are completed to the LODE hardware solution, Archos Safe-t-mini -- a Trezor OS cold storage device. Those looking to have their AGX accessible can access their balance through the mobile app, AGXPAY Wallet. LODE is seeking a partnership with Coinpayments to provide members with the facility to exchange their AGX to alternate currencies and vice-versa. As AGX moves onto various blockchains, wallets designed for those chains can be utilized. For example, if a member utilizes BATONTM to move native AGX to the Ethereum network, that member can now utilize wallets that support Ethereum assets.

AGXPAY Mobile Wallet A hot wallet refers to an asset wallet that is online and connected in some way to the Internet. It is a term that refers to assets that are not being kept in cold storage. Asset-related services and exchanges that are able to pay out withdrawals instantly can be said to be paying them from a "hot wallet". The AGXPay Wallet is a hot wallet designed for commerce and convenience -lightweight at the speed of modern money. AGXPay will enable the movement of AGX from one blockchain to another, calling upon BATONTM to do the heavy lifting. It will also enable peer-to-peer transfers and function as a simple POS.

Paper Wallet A paper wallet is an offline mechanism for storing Bitcoins. The process involves printing the private keys and Bitcoin addresses onto paper. The LODE paper wallet provides members with a simple way to keep their assets secure without the use of technology. This is referred to as cold storage.

Coinpayments AGX will be a listed asset on the Coinpayments platform, which facilitates the exchangeability with 1500+ tokens and coins. Members will be able to convert these tokens to AGX and vice versa, and utilize their cloud wallets.

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Hardware Cold Storage Wallets The LODE Project is seeking cold storage solution for the breadth of AGX. AGX Coins that will exist on the Ethereum network can benefit from the multiple device solutions. Alternate networks are supported by Trezor and the Ledger platforms. ie Archos Safetmini

Custody Storage Solutions The LODE Association recognizes the need for secured and insured asset storage solutions for its members. LODE Members are able to sign up for a concierge cold storage solution. The service is designed for members who have significant holdings and appreciate the value of a custodial wallet provided by Delchain.

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Governance Explained LINKING IT ALL TOGETHER The governance of the LODE System is set up in three phases to ensure the project’s mandate is met with the intention that LODE Community Members ultimately govern the entire system. The key parties highlighted in this section include the LODE Association, INTERFIX, LODE Service Providers Alliance and the LODE Community.

Governance Phases Phase 1 - Creators as Curators The network is currently managed by Interfix on behalf of the LODE Association, and the LODE Service Providers are developing and building the system architecture to ensure enterprise-level readiness for market release. This protocol maximizes efficiency and reduces the time required for upgrades.

Phase 2 - Service Providers as Advisors Once the LODE Association and the Service Providers Alliance are running the ecosystem, the LODE Project will begin relying on the expertise of Service Providers and Community Ambassadors to make decisions for the community. While Interfix will continue to guide the project, decisions will be increasingly based on input from the LODE Community.

Phase 3 - Community-based Governance The third phase of governance will pass control entirely to the LODEAssociation. With LODE Tokens being the governance token, LODE Token Holders wishing to participate in the governance of the LODE Association will be given voting and decision making rights. There will still be some controls and safeguards in place, but the central organization will have significantly less control or influence. By this point, it is expected that almost everything will be done by community vote. While Interfix might step up occasionally to prevent accidental disasters (like voting to set all fees to zero), for the most part, it will be hands-off and participate just like other LODE Token Holders.

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Appendix A - Key Players The LODE Association The LODE Association is the compliant entity behind the entire LODE Project and will enable the creation of LODE Tokens and AGX Coins via the issuance of Cryptographic Silver Bonds. The LODE Association is a legally and economically independent entity. Unlike a corporation, the LODE Association has no owner nor shareholders. The LODE Association is governed by LODE Community Members and the LODE Project is enabled by the work done by INTERFIX and the LODE Service Providers.

Interfix Interfix is the LODE Association's distribution partner. Operating transparently and in a disciplined manner, Interfix acts as the “linking element” that synchronizes the three elements within the system: the LODE Tokens, the vaulted bullion reserve, and the AGX Coin operations. Each sales cycle of LODE Tokens and AGX Coins is referred to as a “cycle” and with each cycle, the reserved weight of silver bullion will grow beyond the number of LODE Tokens outstanding. This marginal difference will cover Interfix operational costs as well as the flow of rewards -- as AGX Micro-payouts -- to the LODE Token Holders. Interfix will also work as the intermediary between the LODE Association and LODE Service Providers.

The LODE Service Providers Alliance A decentralized network of LODE Service Providers will be responsible for pushing the LODE Project forward, enabling all products and services for LODE Community Members.

Key Service Providers Atomic47 Labs Inc. A47Labs is a privately held, full-service technology development consultancy focused on bringing emerging technology products to market. In collaboration with Interfix Corporation, A47Labs provides the LODE Community with the technical vision, strategy, and development as it relates to LODE and AGX Products. A47Labs’ primary goal is to ensure there is a successful product-market fit for all LODE & AGX Products.

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Blockchain Foundry BCF is a public blockchain development corporation, currently in charge of developing the core protocol for the Syscoin platform and was originally founded by the co-founders of Syscoin. Implementing the experience they’ve acquired in the industry, BFC is spearheading core development, blockchain-based token creation, decentralized marketplaces, decentralized identity, DAPPs, and more. Crypto Lawyers GmbH A world-class team of lawyers, tax experts and economists with a deep level of experience in asset and operational structuring for blockchain organizations and cryptocurrency products. Crypto Lawyers GmbH develop solutions that are tailored to the requirements of private and corporate clients in a variety of different jurisdictions in Europe (particularly Switzerland, Liechtenstein, Germany, U.K.) as well as the United States, Hong Kong and many others. They provide the LODE Community Association with sound legal advice in the areas of legal and operational token structure, jurisdictional operation and investor development. Bullion Dealer Alliance (BDA) BDA is the LODE Service Provider used for vaulting operations, and the organization that services the LODE Community to buy and/or deliver silver into the vaults. BDA is a fully-integrated precious metals dealer and secure storage provider specializing in the acquisition and secure storage of precious metals for individuals, companies, trusts and wealth management professionals on behalf of their clients. They offer global vaulting solutions in the Cayman Islands, Toronto, New York, Miami, London, Frankfurt, Zurich, Lichtenstein, Hong Kong, Singapore, Mexico City and Australia. They currently are looking to expand their vaulting operations in Latin America and the United Kingdom. WB Financial Group The LODE Association has engaged WB Financial Group as a Financial Services and Auditor service provider. This LODE Service Provider will ensure operations and governance remain compliant. WB Financial Group was formed in 2009 to provide professional financial services to a diverse client base. The key services that WB provides are Financial Advisory, Corporate Management, Captive Insurance, and Corporate Finance.

As the project moves along the governance phases, more alliances will be formed to ensure the long-term success of the LODE Project, including:

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The LODE Bullion Dealers Alliance Rather than limiting the LODE Project to one bullion dealer service provider, the Bullion Dealers Alliance will be formed as the LODE & AGX Ecosystem grows. The LODE Project will work exclusively with a few of the world’s premier bullion dealers, which will accept AGX Coins as payment for the purchase of retail bullion products. Each bullion dealer will process the AGX Coin payment for each individual order, and then collect, ship, and track every order to completion. The Alliance will provide access to extensive and deep inventory of pure 99,99% investmentgrade bullion from the most reputable refiners and Government mints around the world. For Bullion Dealers, an API will be set in place -- the LODE Bullpen -- in order for them to gain access to a global network of buyers looking for retail bullion products.

The LODE Vault Master Council Instead of limiting the vaulting mechanism behind the LODE System to one vaulting service provider, the LODE Project has developed the LODE Vault Master Council. Currently comprised of leading vaulting partners, and other members of the Service Provider Alliance. The aim is to have a community-centric council that will provide oversight of all vaulting related activities.

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Appendix B - Project Roadmap

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Digital Silver for Everyone

LODE Association TreuUnternehmen Reg. Zweistäpfle 6 LI-9496 Balzers Principality of Liechtenstein

Learn more at lode.one, agxpay.com and agxmarkets.com

Profile for LODE-Community

IR - LODE White Paper V5  

IR - LODE White Paper V5