chair white paper v2
TRANSCRIPT
CHAIR white paper v2.3 3.1 Platform introduction
3.2 Platform principles
4.3 Auction of utility token
4.4 Utility token collateral loans
4.5 Transaction dividend
6.5 BNCH mining model
6.6 BNCH business model
Contents
In 2012, a person named Yoni Assia published a blog post titled bitcoin 2.X (aka Colored Bitcoin) initial specs1. In this blog post he discussed
colored coins. Colored coins were transferred in the Genesis transaction
therefore they are unique and identifiable from regular bitcoin transactions.
Later, another author, Meni Rosenfeld, wrote an article titled Overview of
Colored Coins2 to further explore colored coins value. The first blockchain
-based game was created in 2015, Spells of Genesis3. Its developers released
in-game assets on the blockchain through Counterparty4. The game
development was funded by the issuance of the Bitcrystals token (BCY)5.
This token was also the currency in the game.
In 2017, Peperium6 was born. Peperium styles itself as a decentralized
meme marketplace and trading card game (TCG) where anyone can create
memes and store them permanently on IPFS and Ethereum. Peperium's
platform token was called RARE. It was used to create memes and pay for
listing fees. Then Cryptopunk was created by two creative technologists
who realized that they could create a unique character native to the
Ethereum blockchain, this is the original idea of NFT7. With that idea,
they created CryptoKitties, a blockchain-based simulation game that
allows players to adopt, feed, and even trade their virtual cats8. Crypto-
Kitties became a hit in October 2017. It also brought NFT game into the
mainstream.
NFT stands for Non-Fungible Token, it is a non-homogeneous token,
which means that NFT is indivisible, irreplaceable, and unique9. NFT's
features made it the ideal candidate as an anchor of value for goods and
commodities in the real world. NFT's features also allow it to represent
artworks since each artwork has a unique intrinsic value.
1.Yoni Assia: Bitcoin 2.X (aka Colored Bitcoin) - initial specs. https://yoniassia.com/coloredbitcoin/ 2.Meni Rosenfeld: Overview of Colored Coins. https://allquantor.at/blockchainbib/pdf/rosenfeld2012overview.pdf 3.https://spellsofgenesis.com/ 4.https://counterparty.io/platform/ 5.https://crystalsuite.com/bitcrystals/ 6A Beginners Guide to Non-Fungible Tokens (NFTs). https://smartvalor.com/en/news/a-beginners-guide-to-non- fungible-tokens-nfts 7.CryptoPunks - Larva Labs. https://www.larvalabs.com/cryptopunks 8.CryptoKitties | Collect and breed digital cats!. https://www.cryptokitties.co/ 9. Non-Fungible Token Definition: Understanding NFTs. https://www.investopedia.com/non-fungible-tokens-nft-5115211
Overview
However, every NFT token has a different value, because NFT is non-
homogeneous and not interchangeable. This makes the free trading of
NFTs relatively difficult. Without trading, there is no liquidity10. This
will ultimately lead to serious constraints on the development of the in
dustry. NFT has consumer, financial, and speculative attributes. From
the perspective of industry infrastructure, NFT needs a new type of fast
trading mechanism, price discovery mechanism, derivatives trading
mechanism and collateral loan mechanism. Among them, the fast trading
mechanism and price discovery mechanism (including valuation and pricing)
are particularly important,these two mechanisms can facilitate the fin-
ancialization of NFT assets. The fast trading mechanism allows NFTs
to be traded promptly, while the price discovery mechanism can provide
a fair price acceptable to all parties11. Together these mechanisms will
greatly enhance the tradability and liquidity of NFT.
CHAIR is the world's first decentralized NFT trading platform for
rights and benefits. CHAIR tokenizes rights and benefits to mint utility
NFTs and establishes a brand new trading system with the decentralized
technology concept. Any individual, enterprise, and institute can mint, trade
or auction NFT with one simple click. Buyers will be able to directly
access the rights and benefits represented by the NFT and participate
in trade mining. With the smart contracts as rule enforcement, users
can easily identify the ownership of NFT based on blockchain information.
Therefore, the entry barrier is greatly reduced for average users to purchase
NFT with CHAIR's platform token and to lock in the future rights and
benefits of the NFTs. Users can also participate in trading, mining, and
platform dividend sharing in the future. NFT holders can transfer their
NFT or engage in limit order sales and auctions.
10. NFTs, explained. The Verge. https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq 11. What is NFT? Non-fungible tokens explained - CNN. https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-feseries/index. html
CHAIR's revolutionary auction mining and trade mining model produces
a positive economic cycle. Unlike the traditional inflationary mining
transactions, all participants in the CHAIR trade mining will receive a
dividend from the profits. Combined with the newest DeFi products,
CHAIR Proof of Stake and Proof of Work mining, and trading dividends,
CHAIR allows users to actively and securely participate in profitable
mining activities. At the same time, as a decentralized platform, CHAIR
adopts the decentralized autonomous organization (DAO) mechanism to
make decisions on major platform events. The DAO mechanism can ensure
that all users have the equal right to participate in fair platform governance
through the voting system. Users will be able to safeguard their own rights
and benefits from jeopardy.
2. NFT Market Background
2.1 Market status quo
At present, the majority of NFTs are relying on the Ethereum network for
issuance, trading, and circulation12. However, the congestion and expensive
gas fees of the Ethereum network have restricted NFT's further deve-
lopment. Currently, the application scenario of NFT is still relatively limited.
It is mostly concentrated in niche markets such as games, cryptoart works,
and card collectibles13. There has been no largescale application for the
general population. NFT application should enter the mass market and
allow the average users to participate.This will boost the liquidity of the
NFT market.
2.2 The debut of NFT
-2020.8.12 Paris Hilton, the heir to Hilton Hotels, sold a digital painting
of her pet cat14.
-2021.2.28 Grimes, the wife of Tesla founder Elon Musk, sold $5.8 million
worth of digital content through Nifty Gateway within 20 minutes15.
- 2021.3.21 Jack Dorsey, CEO of Twitter, sold his first Twitter feed as an
NFT at an auction for over $2.9 million16.
- The NFT application has now also made its way to the NBA,where it
is used to purchase famous highlights from iconic basketball games, such
as Lebron James' slam dunk17.
12.Non-fungible tokens (NFT) | ethereum.org. https://ethereum.org/en/nft/ 13.TIME. NFTs Are Shaking Up the Art World—But They Could Change So Much More. https://time.com/5947720/nft-art/ 14.Paris Hilton sells Ethereum-based artwork for $17,000 - Decrypt. https://decrypt.co/38969/paris-hilton-sells-ethereumbased-artwork-for -17000 15.Grimes Made $5.8 Million in 20 Minutes Selling NFT Art. https://www.businessinsider.com/grimes-nft-art-warnymphsells-for-millions- 20-minutes-2021-3 16.Jack Dorseys first ever tweet sells for $2.9m - BBC News. https://www.bbc.com/news/business-56492358 17.WSJ: The Whales of NBA Top Shot Made a Fortune Buying LeBron Highlights. https://www.wsj.com/articles/nba-top-shot-nft-crypto- digital-collectibles-11615266042
3 platform introduction 3.1 Platform overview
CHAIR is the world's first decentralized NFT trading platform for
rights and benefits. On the CHAIR platform, users could tokenize any
right or benefit into NFT assets and sell or auction the NFT tokens on
the CHAIR public marketplace. At present, the NFT asset category is
highly homogeneous with nearly 99% of them represented by artworks.
In the near future, more NFTs should arise from financial assets, digital
identities or data related rights and benefits, etc. BNCH is the token for
the construction and operation of the CHAIR platform.
1)Behavioral rights NFT: Warren Buffett could mint an NFT token
for his annual 'Power Lunch'19. The NFT can then be traded or auctioned
on CHAIR. The holder of this NFT will have the right to lunch with
Warren Buffett.
2)Token rights NFT: Jack participated in the Telegram initial coin-
offering. Jack can tokenize his locked position to sell or auction it. CHAIR
allows users to release their locked profits in advance and increase the
liquidity of their fixed assets.
3)Investment interest NFT: The investment company discovers and
invests in high-quality projects20. The investment company tokenizes
the private placement quota for the projects. Buyers of the investment
interest NFT will obtain the private placement quota for the upcoming
projects. Holders of the investment company's NFT will in effect become
a limited partner of the investment company.
19.Yahoo Finance. $69 million reasons why you should care about NFTs. https://finance.yahoo.com/news/69-million-reasons-why -you-should-care-about-nf-ts-121858223.html 20. Blockchain Technology Offers Businesses a New Way to Connect with Consumers. https://www.prnewswire.com/news-releases/ blockchain-technology-offers-businesses-a-new-way-to-connect-with-consumers-301260287.html
3.2 platform principles
Rights and benefits are the most valuable assets in the future. By
tokenizing rights and benefits into NFT and cash out the future profits with
a decentralized method, the CHAIR platform provides one-stop NFT
minting, trading, and auction services to improve asset liquidity and
economic efficiency. Key Opinion Leaders (KOLs)21,celebrities, and
outstanding entrepreneurs can tokenize their rights and benefits, which
might represent assets such as promotional services (e.g. 10 tweets per
month), celebrity merch (e.g., signed books and posters), intellectual
property (e.g., albums). CHAIR platform utilizes the decentralized
smart contract technology and DAO governance concept22 while combining
the financing tools of NFT and DeFi23 to provide trade mining24, auction
mining, and transaction tax to improve liquidity for rights and benefits
assets and improve the transparency for mining incomes so that all users can
enjoy a low entry barrier as well as secure participation.Users can enjoy
multiple benefits by holding NFT and participate in the circulation of
NFT.
25. What Is Liquidity Mining? | Shrimpy Academy.https://academy.shrimpy.io/post/what-is-liquidity-mining 26.How Liquidity Provider Tokens Work | Gemini.https://www.gemini.com/cryptopedia/liquidity-provider-amm-tokens 27. Auction Mechanisms in Cloud/Fog Computing Resource Allocation for Public Blockchain Networks.https://arxiv.org/pdf/ 1804.09961.pdf
3.3 Architecture design
CHAIR platform supports the following features.
Mint NFT with future rights and benefits and rank them by time,
popularity, or numbers of votes.
Sell, auction, or transfer decentralized NFTs with limit price order or market
price order.
With DeFi providing more financing options, NFT holders will be able
to lock in stable incomes in advance
Provide NFT collateral loan, single-token mining25, dual-token liquidity
mining, and trade mining26.
Users participate in trading and earn trade mining rewards27.
Users participate in auction and receive auction dividend rewards.
NFT creators can define the royalty percentage and the taxing period.
NFT creators can share a portion of the NFT’s sale amounts from all
future transactions. The creator can also choose to waive their privilege of
royalties. NFT creators will need to pay fees for minting NFTs.
3.4 Advantages
3.4.1 Prospects
NFT is rare, unique, and indivisible. These features made it the ideal
candidate as a digital anchor of value for goods and commodities in the
real world. NFT offers a brand new and unique way of producing value
for the digitization of physical objects on the blockchain. NFT has a huge
business application potential.
Monetize KOL influence
The rights and benefits NFT platform CHAIR encourages users to
tokenize their rights and benefits into NFT assets so as to quickly extract
the economic value of their personal influence. Any user can mint their
own personalized NFT as long as they are interested in monetizing their
personal influence.
For example, Jason is a photography KOL with 1 million followers. He
wants to cash in on his internet influence (intangible rights and benefits),
however, Jason was deterred by the time investment, complex procedures,
and risks.
Nevertheless, Jason can easily cash in on his internet influence with the
help from the CHAIR platform. Jason can mint 100 NFT cards with an
initial price starting at 1 ETH. The NFT cardholders ( Jason's fans) can
enjoy the rights and benefits assigned to the card, such as a signed copy
of Jason's photography, or a dinner with Jason, etc. What's more surprising
is that Jason can also obtain a continuous stream of cash income from
subsequent transactions of the NFT cards, because Jason is entitled to a
certain percentage of royalties from creating the NFTs. With minimum
effort, Jason can easily tokenize his rights and benefits into NFTs and
monetize his influence.
The CHAIR.Finance platform serves any individual, organization, or
enterprise that wishes to tokenize their rights and benefits into NFT for
trade or auction so as to monetize their intangible assets. CHAIR.Finance
has a wide customer base, low entry barrier, and multiple participation
options.The CHAIR.Finance platform serves any individual, organization
or enterprise that wishes to tokenize their rights and benefits into NFT
for trade or auction so as to monetize their intangible assets. CHAIR.
Finance has a wide customer base, low entry barrier, and multiple
participation options.
A. Participate in NFT minting: KOL can mint NFT on the CHAIR
platform. The NFT creator can receive continuous royalties rewards;
B. Participate in NFT tradings: KOL's fans can trade NFT on the CHAIR
platform. NFT liquidity providers will receive platform rewards. NFT
holders can also speculate on future price increases and resell the NFT
at a higher price to earn the price premium.
C. Participate in NFT auctions: Unsuccessful bidders will receive an
auction dividend. Successful bidders will receive the platform rewards.
D. Participate in NFT mining: Users can participate in liquidity mining,
PoW mining and single-token locked position mining to earn platform
mining rewards.
E. More products: BYP (Build Your Planet) program is estimated to be
launched in CHAIR 3.0 in September, 2021. Additional details on BYP
will be provided as the program nears completion.
High circulation value and valuation
NFT builds a bridge between the physical world and the blockchain,
it is a ground-breaking innovation. Unlike the existing NFT platforms
serving only the niche markets, the CHAIR platform thrives on a large
number of KOL users to help KOLs monetize their influences and
attracting more fans. CHAIR's model is creating a positive cycle to achieve
a multi-win situation for every user and the platform, CHAIR can facilitate
NFT's viral spread. A revolution for the KOL fan economy is on the
horizon, this will definitely push the project valuation to its new height.
Early participants are most likely to earn high dividends.
Founding Team
CHAIR's founding team members are elite professionals who have been
immersed in the blockchain industry, financial industry, technology industry,
and marketing industry for more than a decade. They each bring their own
strengths and resources to the CHAIR project.
Adriel
Founder and CEO
Adriel is the founder and CEO of CHAIR.Finance. He is a tech
entrepreneur who has successfully started multiple companies with
his expertise in solving business problems with cutting-edge technology.
Adriel was the Managing Director of one of Singapore's first robo-
advisors that provided automated algorithmic portfolio management.
He was also a Blockchain lecturer, a technical committee for the ISO
International Blockchain Standard, and an advisor for Singapore’s
G2G blockchain supply chain platform.
Vigor.R
Marketing Consultant
Vigor.R is the Chief Marketing Officer of CHAIR.Finance. He is a
marketing expert with 10 years of experience in the Internet industry.
The music app he developed and operated has attracted over 10 million
users. He has also successfully secured substantial investments from major
corporates and investors. He is the head of Singapore's AEC asset ma-
nagement, providing smart futures arbitrage systems. He manages more
than $20 million assets for his customers. In 2016, he ventured into the
music industry by utilizing blockchain to solve the copyright issues and
promotional challenges. In 2018, Vigor participated in a summit with the
former United Nations Secretary Mr. Ban Ki-moon in Hong Kong.
Darren Chu
Co-founder and CIO
Darren Chu, CFA is the CIO of CHAIR.Finance, overseeing CHAIR’s
investment and KOL strategy. A thought leader in financial markets, he
publishes daily technical analysis on commodity and index futures, as well
as FX. Darren also writes a weekly piece highlighting big picture moves in
leading crypto markets as well as traditional market adoption of crypto.
Each month, roughly 400 hedge funds, banks, and corporates download
Darren's analysis through Bloomberg, Refinitiv, and Factset. Previously,
Darren was the country representative for Australia, India, and UAE for
NYSE Liffe, promoting futures and options trading to hedge funds, banks,
proprietary trading groups and commodity firms. He also worked for the
TMX Group / Montréal Exchange marketing options and futures. With
CMC Markets, Darren headed up education and market analysis on spot
FX and CFD trading, and formed the Chinese marketing and sales team.
3.5.1 Tokenize rights and benefits into NFT
3.5 NFT 2.0
The core of NFT is content and ownership verification, which means
that NFT can be used to label almost any content. Not only can NFT
package different assets but also can NFT serve as proof for rights or
interests. Users can tokenize any right or interest into an NFT asset on
the CHAIR platform and publicly trade or auction the NFT tokens.
The tokenization of rights and benefits will greatly enrich the NFT asset
category, allowing more people to participate in the NFT industry and
enjoy the benefit of NFT. With joint effort from all parties, the NFT
market will prosper.
The NFT 1.0 era is represented by arts and games. However, in the future,
arts and games will only account for a small portion of the massive NFT
application market. The coming large-scale commercialization of NFT
will definitely reach all industries and all user groups. The wide adoption
of NFT will mark the beginning of a new era for blockchain to become
a universal technology, we call this stage NFT 2.0. As the world's first
decentralized exchange for rights and benefits NFT, the CHAIR platform
has made the first step towards NFT2.0.
Jieren Zhu
CTO
Jieren is in charge of CHAIR’s R&D. He is a technologist with over 12
years of experience in building large scale, sophisticated data systems. He
was the project leader at several FinTech companies including Stripe. He
also built SourceScape, a query engine for source code.
3.5.2 Detonate internet traffic and kick start a brand
new NFT market
NFT might become ubiquitous in the near future. However, at the
current stage, the NFT industry development approach is relatively limited
with over-concentration on a few asset types for several niche groups of
participants. The current NFT market suffers from excessive competition
and involution.
Nevertheless, CHAIR has taken a unique approach to developing
new NFT market potentials. On one hand, CHAIR has the capability
to attract or invite a large number of KOL users with the platform's
profitable business model and the founding team's high-quality personal
resources. On the other hand, those KOLs will join the CHAIR platform
with their own internet traffic and large groups of loyal fans. CHAIR
is dedicated to helping KOLs monetize their internet influence. In turn,
KOLs will utilize their own resources to attract more fans to spread
the word about CHAIR, such a positive feedback loop will bring more
attention to both the KOLs and the CHAIR platform.
4 CHAIR platform function
4.1 Tokenize rights and benefits into NFT 4.1.1 Why do we tokenize rights and benefits into NFT
The law defines rights and benefits as the rights and benefits of citizens that are protected by law. Economics defines rights and benefits as assets.
NFT is an intermediary that bridges the gap between real-world services
and blockchain protocols. NFT is characterized by scarcity, indivisibility,
and uniqueness. The definition of rights and benefits and the characteristics
of NFT presents a perfect fit. Both of them are unique, scarce, and
indivisible. However, due to physical restrictions, most rights and interests
cannot be traded and circulated. However, trading activity is essential to
the economic development of our society. With the help of blockchain
technology, tokenized rights and benefits NFT are conducive to solving
this problem and facilitating the monetization, trading, and circulation
of rights and benefits.
4.1.2 What are the advantages of tokenizing rights and benefits into NFT?
Security
When a user wishes to sell personal rights or benefits, they can create or
'mint' an NFT. The NFT will serve as proof of ownership. It will be
registered on the public blockchain ledger so that the digital ownership
(or as they call it in the traditional industry, 'source')can be tracked and
verified, the NFT's previous sale prices and the number of existing copies
will also become publicly available. The security provided by CHAIR
platform's blockchain technology can guarantee that selling fake NFT
tokens is virtually impossible.
On the CHAIR platform, rights and benefits NFTs may represent
promotional services celebrity merch intellectual property. NFT is no
longer exclusive to artworks, each and every right and benefit can be
tokenized into NFT and circulated on the CHAIR platform.
Scarcity and Premium
Scarcity is the most important value of NFT and the key characteristic
of rights and benefits. For users who have purchased these scarce rights
and benefits NFT, they will have the option to resell their NFT assets
at a higher price to earn the price premium.
Quick Monetization
In this information society, efficiency dominates everything. On the
CHAIR platform, not only can KOLs tokenize past and present rights
and interests into NFT, but also can they tokenize their future rights and
interests into NFT. Famous KOLs can tokenize an unfinished painting
and sell the future right to the completed work to their fans. With this
design, KOLs can cash in their rights and benefits in advance, thereby
improve KOLs' monetization ability and increase the communication
value of the rights and interests.
Continuous Profit
For example, a KOL sold a painting for $10,000. As time goes by, the KOL
gained more fame and the painting is now worth $1 million after many
transactions. In the traditional world, the KOL will not receive any
additional income from the painting's resales. However, now with CHAIR.
Finance, KOL can specify a percentage for royalties which will give the
original NFT creator a portion of the total transaction amount for all
future transactions of the NFT. For example, if the royalties are set at 3%,
the KOL will continue to receive 3% of the total transaction amount for
every future transaction of the NFT on CHAIR.
28.A Beginners Guide to NFTs for Cryptoart | Built In. https://builtin.com/blockchain/nft-cryptoart-guide
Complete NFT creation and upload it to the blockchain
generate a unique signature card, enter the listing pool.
Define the royal ty percentage
Define the listing type (auction or fixed price)and the starting
price
Define the rights and benefits as well as how to exercise these
rights and benefits
Access the blockchain network
4.1.3 How does CHAIR tokenize rights and benefits into NFT?
The CHAIR platform supports NFT customization. CHAIR significa-
ntly lowers the entry barrier to NFT application. Users can mint persona-
lized NFT with a few simple steps.-
The creator of NFT is entitled to define the royalty percentage. For
example, if the royal ty percentage is set at 3%, it means that the NFT
creator will receive 3% of the sale amount for all future transactions of
this NFT. NFT creators could earn a continuous and stable stream of
income from the NFTs. Such incentive will encourage NFT creators to
mint more highquality utility NFTs28.
4.2 Peer-to-peer trading of utility token
1)After consuming a certain amount of BNCH, the NFTs will be allowed
to enter the listing pool.
2)Users can review key NFT information including creator, holder,
and transaction history.
3)Users can purchase NFT by paying an agreed amount of BNCH.
The NFT holders are free to trade their NFTs by limit order or auction.
4) Limit sell order
5,000U worth of CHAIR platform NFT with 1 year locked portions is
selling for 20,000 BNCH.
Users can redeem 20,000 BNCH to obtain future ownership of this NFT.
5) Limit buy order 1,000,000 BNCH for the NFT tokens of Telegram
initial coin offering quota.
7) NFT creators receive the royalties.
Limit sell order
Limit buy order
1)Users can review key information of the NFTs, including creator,
holder,transaction history, and auction status.
2)NFT auctioneer determines the bidding rules, bidding deadline,
the minimum auction price, the auction mining dividend ratio. The higher
the trade mining dividend is, the more people will participate in the auction,
the easier the NFT could receive more ideal bids29.
3)Each auction price must be higher than the last. Upon the bidding
deadline, the highest bidder will win the NFT. With each successful
auction, the NFT creator will receive X% of the sale amount as the royal-
ties tax, the platform w ill receive 5% of the sale amount. Users who
participated in the auction but did not win the bid could share the dividends
from auction mining30.
4)The NFT creator will receive 3% as the royalties, 9.6 BNCH.
5)Platform will receive 10% service fee, 32 BNCH.
6)Users A, B, C, D, and E will equally share 20% of the auction mining
dividend, 64 BNCH. Each participant will receive 12.8 BNCH.
By participating in the auction, users are automatically engaged
in auction mining.
6
Starting bid 99 BNCH Define auction mining dividend ratio as 20% of the sale amount
User F wins the bid and
obtains the NFT
4.4 Collateral loan of utility token
The NFT holders can post a demand for NFT collateral loan. The lender
will issue the BNCH loan based on the borrowing demand31. The borrower
is obliged to repay both the principal and the interest at maturity. The
NFT holders can lock in their NFT value in advance. The lender will
earn the loan interests. If the borrower fails to repay the loan on maturity,
the NFT will be automatically transferred to the lender32.
4.5 Transaction dividend
50%: platform income.
4.6 NFT limit order
The CHAIR platform is a community self-governing platform. All BNCH
holders are entitled to vote on NFT products33, decide whether to increase
the ranking of certain NFT trades displayed on the platform. High ranking
can facilitate rapid exposure for high-quality NFT limit orders and auction
orders34.
With NFT auctions, you can quickly increase exposure so as to trade at
a higher price, thereby allowing the auction participants to earn more
dividend income.
Locked position quiz competition.
More products: BYP (Build Your Planet) program is estimated to be
launched in CHAIR 3.0 in September, 2021. Please refer to CHAIR
NFT White Paper for details.
31.Thomas Morante. Non-Fungible Tokens (NFTs) as Art Loan Collateral. Non-Fungible Tokens (NFTs) as Art Loan Collateral 32.NFT Lending - Current State and Whats Next? - MVP Workshop. https://mvpworkshop.co/blog/nft-lending-current-state- and-whats-next/DAO: A Decentralized Governance Layer For The Internet Of Value. http://sammantics.com/blog/2020/5/20/ 33.dao-a-decentralized-governance-layer-for-the-internet-of-value Financial Times. Auction house sales to test collectors 34.appetite for crypto-art. https://www.ft.com/content/98b1368e-b803-4653-a042-a4c1f9cdb218
4.8 Community DAO governance
CHAIR is a platform based on DAO community governance. That is, all
platform token BNCH owners are entitled to participate in the decision-
making process of the platform. BNCH serves as an important management
tool. It allows users to vote on various development and upgradation
proposal35. The governance of CHAIR will be dictated by its most active
users36.
In the early stage of CHAIR, the initial users' votes will show us users'
needs and expectations for CHAIR. In most cases, we will abide by these
votes. This type of non-binding voting mechanism is also a common tool
in traditional corporate management. For example:
1)Vote for system upgrades
•The key benefit of holding BNCH is that BNCH holders
can exert a true impact on platform development. Everything is possible
if the community can reach an agreement37.
•The percentage of service fee CHAIR charges for mining power NFT
transactions
2)Review the newly minted NFTs on the platform
3)Review NFT transactions and auctions on the platform
We will continue to work with the CHAIR community and the BNCH
holders so as to develop a better decentralized governance structure. This
structure will allow more votes to execute with binding force and trustless
consensus.
Storage Layer.
IPFS is well positioned to solve these issues.
Contract layer.
Polygon is a protocol and a framework for building and connecting
Ethereum-compatible blockchain networks. Aggregating scalable
solutions on Ethereum supporting a multi-chain
Ethereum ecosystem.
Shorter transaction time and lower fees on Polygon make it an ideal
option for CHAIR. We will also support HECO and Polkadot
ecosystem
5 Technical Infrastructure
5.1 Overall architecture
Chair develops and deploys its smart contracts on Polygon chain.In the future, we will add support for Ethereum, BSC, HECO, Polkadot, and other public chains.
Dapp
Utilize IPFS distributed secure storage to ensure that NFT rights are secure and tamper-proof.
NFT creation, NFT trade and transfer, NFT ranking and voting BNCH mining, BNCH DeFi, More products
Storage layer Contract layer
5.2 Storage layer
However, we know that traditional cloud storage has a major flaw. It is
not cryptographically verifiable. The core of NFT is digital verification
and control over physical or digital assets. If we cannot verify the underlying
asset in a similar way to verifying the ownership of the token representing
that asset, then we will not be able to track the ultimate goal.
IPFS offers a solution for both issues. IPFS is a distributed storage
network. It operates in a similar way to cloud storage37. Users can request
content and the server will return that content39. However, the key dif-
ference is that the content is stored in a global network consisting of
individual storage providers. IPFS leverages a tool called content-addressable
storage40. This implies that instead of requesting content from a specific
data center, the users can instead request the content themselves. The
requested content could be located in Los Angeles, or Singapore, or even
in a much closer location. With content addressability, users no longer
need to rely on a single location41 to retrieve content. For the global
blockchain community, this is much more efficient42.
37.IPFS Powers the Distributed Web. https://ipfs.io/
38.ipfs/ipfs: Peer-to-peer hypermedia protocol - GitHub. https://github.com/ipfs/ipfs
39.IPFS and Filecoin | Filecoin Docs. https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/
40.An Introduction to IPFS (Interplanetary File System) | Infura Blog. https://blog.infura.io/an-introduction-to-ipfs/
41.Why The Internet Needs IPFS Before Its Too Late | TechCrunch. https://techcrunch.com/2015/10/04/why-the-inte-rnet-needs-
ipfs-before-its-too-late/
42.Building DAO Governance Layer for snglsDAO - Blaize. https://blaize.tech/article-type/how-to-build-dao-using-
daostack-alc-hemy/Vendredi. What We Can Learn From the DAO Experiment, DAOs and Decentralized Governance.
NFT Metadata { "name": "CHAIR #0001"
"description": "The NFT holders will obtain the locked portion of the CHAIR platform token BNCH within the given period
"image": "ipfs://bafybeihhii26gwp4w7b7uei2dl3fq/ticket.txt" }
IPFS is also responsible for our verifiability. Since all contents are
defined and stored based on the contents themselves, if a content is modified
without authorization, we will encounter a mismatch error message during
content verification.
Token ID: 1
URL: http://localhost:8080/ipfsdl3fq/ticket.txt
When users add data to IPFS via Content Addressing, IPFS will generate
a Content Identifier (CID). The CID is derived directly from the data
itself. The CID is linked to the data in the IPFS network43. Since the CID
can only ever refer to a single piece of content, we can be assured that no
one can replace or modify the content without breaking the link44. With
CIDs, anyone can obtain a copy of the data from the IPFS network even
if the original provider has disappeared, as long as at least one copy exists
on the network45. This makes CIDs a perfect candidate for NFT storage.
All we need to do is to place the CID into a URI such as ipfs://URI ipfs:
//bafybeihh/my-nft.jpeg and make sure there is an immutable link from
the blockchain to the token data46.
43. Content Identifiers in IPFS - Pascal Prechts Blog. https://pascalprecht.github.io/posts/content-identifiers-in-ipfs/ 44. What is Content Addressing & Content Identihttps://proto.school/anatomy-of-a-cid/01/fiers (CIDs). https://simpleaswater. com/ipfs-cids/ 45. Multiformats Tutorial | Anatomy of a CID. https://proto.school/anatomy-of-a-cid/01/ 46. The magic of content-addressable storage. https://hal.archives-ouvertes.fr/hal-0 59031/file/content-addressable-storage-prepr- int.pdf
47. Setting up an Ethereum Development Environment. https://medium.com/compound-finance/setting-up-an-ethereum-devel- opment-environment-7c387664c5fe 48. Create and deploy a DeFi App | ethereum.org. https://ethereum.org/en/developers/tutorials/create-and-deploy-a-defi-app/
5.3 Smart contract layer
The CHAIR smart contract layer covers NFT creation, NFT transact-
ion, NFT transfer, NFT auction, NFT mining, and other relevant logic
To ensure contract code security, CHAIR will engage internationally
recognized auditing agencies to thoroughly audit all codes in the near
future47. For example, CHAIR develops its NFT creation and transfer
contracts on ERC-72148. Our basic protocol can be found on https://
eips. ethereum.org/EIPS/eip-72.
function mintToken(address to, uint256 tokenId, string uri) public {mint(to, tokenId); require(_exists(tokenId)); _setTokenURI(tokenId, uri); }
function burnToken(address owner, uint256 tokenId) public {_burn(owner, tokenId); }
How to create CHAIR platform token BNCH
Full name: BNCH Owner Acronym: BNCH
6. CHAIR platform token BNCH 6.1 Token distribution
As the platform token of CHAIR, BNCH serves as the platform
credentials on CHAIR. BNCH token represents users' rights and benefits
on the CHAIR platform. BNCH holders are entitled to in-depth particip-
ation in the governance and future development of the CHAIR platform.
BNCH can also be used toward the purchase of goods and services
on the CHAIR platform. All BNCH holders are entitled to share the
revenue generated from CHAIR's development.
The second batch of utility NFTs for sale 8%
Developer 10%
Ecosystem construction 15%
Total token quantity: 70 million BNCH
We have decided that there will be no private placement for CHAIR’s
platform tokens BNCH. All BNCH will be distributed to CHAIR
backers by NFT purchases.
The first batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 1.4 million tokens, accounting for 2% of the total
BNCH amount.Each NFT represents the corresponding tokenized rights
and benefits proportional to the USDT amount paid. These 1.4 million
BNCH tokens are to be released evenly over 8 quarters.
2. Priority for airdrops
operation.
The second batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 2.1 million tokens, accounting for 3% of the total
BNCH amount.Each NFT represents the corresponding tokenized
rights and benefits proportional to the USDT amount paid. These 2.1
million BNCH tokens are to be released evenly over 8 quarters.
2. Priority for airdrops
operation.
The third batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 5.6 million tokens, accounting for 8% of the
total BNCH amount.Each NFT represents the corresponding tokenized
rights and benefits proportional to the USDT amount paid. These 5.6
million BNCH tokens are to be released evenly over 5 quarters.
2. Priority for airdrops
operation.
For the developer: 10%. To be released evenly over 14 quarters
Mining: 50%
CHAIR platform token BNCH release graph.
Release ratio curve chart.
R el ea
6.2 INO
Most blockchain projects employ a lock-up mechanism because the lock
-up period can keep the price of cryptocurrency stable, providing a longer
development timeframe for the project and creating a win-win situation
for both investors and project owners. However, there are also risks in
the mechanism.
INO initiated by CHAIR is the first of its kind in the NFT industry.
INO can perfectly solve issues related to locked position and monetization,
hence optimize the circulation of locked assets
INO stands for Initial NFT Offering. The INO tokenizes locked portions
into NFTs. A token locked position held by an early investor will be locked
for 15 months on Chair, where it can only be sold each quarter for five
quarters, including day 1 for a total of six rounds. 5% of the locked portion
will be released at the beginning of the first quarter. If the token price soars
by 20 times, and an investor sells this 5%, he or she recoups the cost. The
rest of the locked position can be tokenized into an NFT. The investor can
trade the BNCH represented by this NFT at a price perhaps three to five
times higher on Chair platform. In this way, the locked tokens can be
monetized in advance.
INO allows locked assets to be freely traded and circulated, which
perfectly reflects the core value of the digital economy.
6.3 How to Obtain BNCH
BNCH aims to reward active platform users for the future construction
and operation of the platform.
6.4 How to utilize BNCH
As the platform token of CHAIR, BNCH serves as the qualification
credentials on CHAIR. BNCH token holders are entitled to all rights
and interests on CHAIR.
rewards
dividendSuccessful bidders receive platform rewards
NFT operator/ governor
determine the management of excellent NFTs
and their rankings
of BNCH means the access to content
review, function upgrade, and business
model adjustment.
Mining participants
mining to earn the platform mining
rewards
rewards by providing liquidity.
6.5 Mining model
50% of BNCH will be allocated to mining. Mining includes the following
varieties. Proof of Work Mining
By participating in auctions, unsuccessful bidders can receive a share of the transaction dividends. Successful bidders can receive a set amount of platform rewards
Locked Position Mining
Participate in mining by holding locked BNCH More mining products
More products: BYP (Build Your Planet) program is estimated to be launched in CHAIR 3.0 in September, 2021. Additional details on BYP will be provided as the program nears completion
Dual Token Liquidity Mining
6.6 Platform Business Model.
(1) Charges token minting fees for the creation of NFTs.
(2) Charge transaction service fee for successful transactions.
(3) Charge service fees for bidding on ranks.
The deflation model can better demonstrate the value of BNCH.
NFT auction NFT Minting
EIP-1155: ERC-1155 Multi Token Standard https://eips.ethereum.org/EIPS/eip-1155
IPFS DOCS https://docs.ipfs.io/
9 Disclaimer
9.1 The content of this document shall not be interpreted as forced participation in
token sales. Any behavior related to this white paper shall not be regarded as participation
in token sales, including requesting a copy of this white paper or sharing this white
paper with others.
9.2 The CHAIR DAO team will make continuous efforts to ensure the information
in this white paper is authentic and accurate. Since CHAIR is under development,
its platform mechanism, token mechanism, and distribution are subject to potential
updates. Therefore, the content of this document is subject to potential adjustments.
DAO team will publish the updated contents by issuing public announcements or
publish new versions of this white paper on CHAIR's official website.Users shall
obtain the latest version of the white paper and adjust their decisions in a timely
manner accordingly. CHAIR is not liable for any losses resulting from users' reliance
on outdated white papers.
9.3 CHAIR DAO team will spare no effort to achieve the goals established in this
document. However, the team is unable to make absolute promises due to the possibility
of force majeure.
9.4 As the platform token of CHAIR, BNCH is an important management tool for
the platform. BNCH should not be considered an investment. BNCH ownership does
not automatically translate to ownership, control rights, and decision-making power
over CHAIR. BNCH does not belong in the following categories:
a) Any type of currency;
b) Securities;
c) Stakes in legal entity;
d) Stocks, bonds, bills, warrants, certificates, or any other document granti-
ng any right.
9.5 The value of BNCH is dependent on the market and BNCH's practical applications.
BNCH might not have any value. DAO team does not make any promise on BNCH's
appreciation. CHAIR is not responsible for BNCH's appreciation or depreciation.
9.6 To the fullest extent permitted by applicable laws, the DAO team shall not be liable
for any damage or risk arising from users' participation in CHAIR, including but not
limited to direct or indirect personal damages, lossof business profits, loss of business
information or any other economic losses.
9.7 CHAIR intends to comply with any regulation and industrial norms that are
conducive to the healthy development of token sales. By participating in CHAIR,
users agree that they fully accept and comply with these regulations. All participants
shall guarantee that the information they provide for inspections is complete and accurate.
9.8 CHAIR clearly communicates potential risks to its users. By participating in CHAIR,
users agree that they have confirmed all terms and conditions of CHAIR. Users accept
the potential risks of this platform and accept the consequences.
9.9 Citizens of countries that prohibit the public sale of tokens are forbidden from
participating in CHAIR.
3.2 Platform principles
4.3 Auction of utility token
4.4 Utility token collateral loans
4.5 Transaction dividend
6.5 BNCH mining model
6.6 BNCH business model
Contents
In 2012, a person named Yoni Assia published a blog post titled bitcoin 2.X (aka Colored Bitcoin) initial specs1. In this blog post he discussed
colored coins. Colored coins were transferred in the Genesis transaction
therefore they are unique and identifiable from regular bitcoin transactions.
Later, another author, Meni Rosenfeld, wrote an article titled Overview of
Colored Coins2 to further explore colored coins value. The first blockchain
-based game was created in 2015, Spells of Genesis3. Its developers released
in-game assets on the blockchain through Counterparty4. The game
development was funded by the issuance of the Bitcrystals token (BCY)5.
This token was also the currency in the game.
In 2017, Peperium6 was born. Peperium styles itself as a decentralized
meme marketplace and trading card game (TCG) where anyone can create
memes and store them permanently on IPFS and Ethereum. Peperium's
platform token was called RARE. It was used to create memes and pay for
listing fees. Then Cryptopunk was created by two creative technologists
who realized that they could create a unique character native to the
Ethereum blockchain, this is the original idea of NFT7. With that idea,
they created CryptoKitties, a blockchain-based simulation game that
allows players to adopt, feed, and even trade their virtual cats8. Crypto-
Kitties became a hit in October 2017. It also brought NFT game into the
mainstream.
NFT stands for Non-Fungible Token, it is a non-homogeneous token,
which means that NFT is indivisible, irreplaceable, and unique9. NFT's
features made it the ideal candidate as an anchor of value for goods and
commodities in the real world. NFT's features also allow it to represent
artworks since each artwork has a unique intrinsic value.
1.Yoni Assia: Bitcoin 2.X (aka Colored Bitcoin) - initial specs. https://yoniassia.com/coloredbitcoin/ 2.Meni Rosenfeld: Overview of Colored Coins. https://allquantor.at/blockchainbib/pdf/rosenfeld2012overview.pdf 3.https://spellsofgenesis.com/ 4.https://counterparty.io/platform/ 5.https://crystalsuite.com/bitcrystals/ 6A Beginners Guide to Non-Fungible Tokens (NFTs). https://smartvalor.com/en/news/a-beginners-guide-to-non- fungible-tokens-nfts 7.CryptoPunks - Larva Labs. https://www.larvalabs.com/cryptopunks 8.CryptoKitties | Collect and breed digital cats!. https://www.cryptokitties.co/ 9. Non-Fungible Token Definition: Understanding NFTs. https://www.investopedia.com/non-fungible-tokens-nft-5115211
Overview
However, every NFT token has a different value, because NFT is non-
homogeneous and not interchangeable. This makes the free trading of
NFTs relatively difficult. Without trading, there is no liquidity10. This
will ultimately lead to serious constraints on the development of the in
dustry. NFT has consumer, financial, and speculative attributes. From
the perspective of industry infrastructure, NFT needs a new type of fast
trading mechanism, price discovery mechanism, derivatives trading
mechanism and collateral loan mechanism. Among them, the fast trading
mechanism and price discovery mechanism (including valuation and pricing)
are particularly important,these two mechanisms can facilitate the fin-
ancialization of NFT assets. The fast trading mechanism allows NFTs
to be traded promptly, while the price discovery mechanism can provide
a fair price acceptable to all parties11. Together these mechanisms will
greatly enhance the tradability and liquidity of NFT.
CHAIR is the world's first decentralized NFT trading platform for
rights and benefits. CHAIR tokenizes rights and benefits to mint utility
NFTs and establishes a brand new trading system with the decentralized
technology concept. Any individual, enterprise, and institute can mint, trade
or auction NFT with one simple click. Buyers will be able to directly
access the rights and benefits represented by the NFT and participate
in trade mining. With the smart contracts as rule enforcement, users
can easily identify the ownership of NFT based on blockchain information.
Therefore, the entry barrier is greatly reduced for average users to purchase
NFT with CHAIR's platform token and to lock in the future rights and
benefits of the NFTs. Users can also participate in trading, mining, and
platform dividend sharing in the future. NFT holders can transfer their
NFT or engage in limit order sales and auctions.
10. NFTs, explained. The Verge. https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq 11. What is NFT? Non-fungible tokens explained - CNN. https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-feseries/index. html
CHAIR's revolutionary auction mining and trade mining model produces
a positive economic cycle. Unlike the traditional inflationary mining
transactions, all participants in the CHAIR trade mining will receive a
dividend from the profits. Combined with the newest DeFi products,
CHAIR Proof of Stake and Proof of Work mining, and trading dividends,
CHAIR allows users to actively and securely participate in profitable
mining activities. At the same time, as a decentralized platform, CHAIR
adopts the decentralized autonomous organization (DAO) mechanism to
make decisions on major platform events. The DAO mechanism can ensure
that all users have the equal right to participate in fair platform governance
through the voting system. Users will be able to safeguard their own rights
and benefits from jeopardy.
2. NFT Market Background
2.1 Market status quo
At present, the majority of NFTs are relying on the Ethereum network for
issuance, trading, and circulation12. However, the congestion and expensive
gas fees of the Ethereum network have restricted NFT's further deve-
lopment. Currently, the application scenario of NFT is still relatively limited.
It is mostly concentrated in niche markets such as games, cryptoart works,
and card collectibles13. There has been no largescale application for the
general population. NFT application should enter the mass market and
allow the average users to participate.This will boost the liquidity of the
NFT market.
2.2 The debut of NFT
-2020.8.12 Paris Hilton, the heir to Hilton Hotels, sold a digital painting
of her pet cat14.
-2021.2.28 Grimes, the wife of Tesla founder Elon Musk, sold $5.8 million
worth of digital content through Nifty Gateway within 20 minutes15.
- 2021.3.21 Jack Dorsey, CEO of Twitter, sold his first Twitter feed as an
NFT at an auction for over $2.9 million16.
- The NFT application has now also made its way to the NBA,where it
is used to purchase famous highlights from iconic basketball games, such
as Lebron James' slam dunk17.
12.Non-fungible tokens (NFT) | ethereum.org. https://ethereum.org/en/nft/ 13.TIME. NFTs Are Shaking Up the Art World—But They Could Change So Much More. https://time.com/5947720/nft-art/ 14.Paris Hilton sells Ethereum-based artwork for $17,000 - Decrypt. https://decrypt.co/38969/paris-hilton-sells-ethereumbased-artwork-for -17000 15.Grimes Made $5.8 Million in 20 Minutes Selling NFT Art. https://www.businessinsider.com/grimes-nft-art-warnymphsells-for-millions- 20-minutes-2021-3 16.Jack Dorseys first ever tweet sells for $2.9m - BBC News. https://www.bbc.com/news/business-56492358 17.WSJ: The Whales of NBA Top Shot Made a Fortune Buying LeBron Highlights. https://www.wsj.com/articles/nba-top-shot-nft-crypto- digital-collectibles-11615266042
3 platform introduction 3.1 Platform overview
CHAIR is the world's first decentralized NFT trading platform for
rights and benefits. On the CHAIR platform, users could tokenize any
right or benefit into NFT assets and sell or auction the NFT tokens on
the CHAIR public marketplace. At present, the NFT asset category is
highly homogeneous with nearly 99% of them represented by artworks.
In the near future, more NFTs should arise from financial assets, digital
identities or data related rights and benefits, etc. BNCH is the token for
the construction and operation of the CHAIR platform.
1)Behavioral rights NFT: Warren Buffett could mint an NFT token
for his annual 'Power Lunch'19. The NFT can then be traded or auctioned
on CHAIR. The holder of this NFT will have the right to lunch with
Warren Buffett.
2)Token rights NFT: Jack participated in the Telegram initial coin-
offering. Jack can tokenize his locked position to sell or auction it. CHAIR
allows users to release their locked profits in advance and increase the
liquidity of their fixed assets.
3)Investment interest NFT: The investment company discovers and
invests in high-quality projects20. The investment company tokenizes
the private placement quota for the projects. Buyers of the investment
interest NFT will obtain the private placement quota for the upcoming
projects. Holders of the investment company's NFT will in effect become
a limited partner of the investment company.
19.Yahoo Finance. $69 million reasons why you should care about NFTs. https://finance.yahoo.com/news/69-million-reasons-why -you-should-care-about-nf-ts-121858223.html 20. Blockchain Technology Offers Businesses a New Way to Connect with Consumers. https://www.prnewswire.com/news-releases/ blockchain-technology-offers-businesses-a-new-way-to-connect-with-consumers-301260287.html
3.2 platform principles
Rights and benefits are the most valuable assets in the future. By
tokenizing rights and benefits into NFT and cash out the future profits with
a decentralized method, the CHAIR platform provides one-stop NFT
minting, trading, and auction services to improve asset liquidity and
economic efficiency. Key Opinion Leaders (KOLs)21,celebrities, and
outstanding entrepreneurs can tokenize their rights and benefits, which
might represent assets such as promotional services (e.g. 10 tweets per
month), celebrity merch (e.g., signed books and posters), intellectual
property (e.g., albums). CHAIR platform utilizes the decentralized
smart contract technology and DAO governance concept22 while combining
the financing tools of NFT and DeFi23 to provide trade mining24, auction
mining, and transaction tax to improve liquidity for rights and benefits
assets and improve the transparency for mining incomes so that all users can
enjoy a low entry barrier as well as secure participation.Users can enjoy
multiple benefits by holding NFT and participate in the circulation of
NFT.
25. What Is Liquidity Mining? | Shrimpy Academy.https://academy.shrimpy.io/post/what-is-liquidity-mining 26.How Liquidity Provider Tokens Work | Gemini.https://www.gemini.com/cryptopedia/liquidity-provider-amm-tokens 27. Auction Mechanisms in Cloud/Fog Computing Resource Allocation for Public Blockchain Networks.https://arxiv.org/pdf/ 1804.09961.pdf
3.3 Architecture design
CHAIR platform supports the following features.
Mint NFT with future rights and benefits and rank them by time,
popularity, or numbers of votes.
Sell, auction, or transfer decentralized NFTs with limit price order or market
price order.
With DeFi providing more financing options, NFT holders will be able
to lock in stable incomes in advance
Provide NFT collateral loan, single-token mining25, dual-token liquidity
mining, and trade mining26.
Users participate in trading and earn trade mining rewards27.
Users participate in auction and receive auction dividend rewards.
NFT creators can define the royalty percentage and the taxing period.
NFT creators can share a portion of the NFT’s sale amounts from all
future transactions. The creator can also choose to waive their privilege of
royalties. NFT creators will need to pay fees for minting NFTs.
3.4 Advantages
3.4.1 Prospects
NFT is rare, unique, and indivisible. These features made it the ideal
candidate as a digital anchor of value for goods and commodities in the
real world. NFT offers a brand new and unique way of producing value
for the digitization of physical objects on the blockchain. NFT has a huge
business application potential.
Monetize KOL influence
The rights and benefits NFT platform CHAIR encourages users to
tokenize their rights and benefits into NFT assets so as to quickly extract
the economic value of their personal influence. Any user can mint their
own personalized NFT as long as they are interested in monetizing their
personal influence.
For example, Jason is a photography KOL with 1 million followers. He
wants to cash in on his internet influence (intangible rights and benefits),
however, Jason was deterred by the time investment, complex procedures,
and risks.
Nevertheless, Jason can easily cash in on his internet influence with the
help from the CHAIR platform. Jason can mint 100 NFT cards with an
initial price starting at 1 ETH. The NFT cardholders ( Jason's fans) can
enjoy the rights and benefits assigned to the card, such as a signed copy
of Jason's photography, or a dinner with Jason, etc. What's more surprising
is that Jason can also obtain a continuous stream of cash income from
subsequent transactions of the NFT cards, because Jason is entitled to a
certain percentage of royalties from creating the NFTs. With minimum
effort, Jason can easily tokenize his rights and benefits into NFTs and
monetize his influence.
The CHAIR.Finance platform serves any individual, organization, or
enterprise that wishes to tokenize their rights and benefits into NFT for
trade or auction so as to monetize their intangible assets. CHAIR.Finance
has a wide customer base, low entry barrier, and multiple participation
options.The CHAIR.Finance platform serves any individual, organization
or enterprise that wishes to tokenize their rights and benefits into NFT
for trade or auction so as to monetize their intangible assets. CHAIR.
Finance has a wide customer base, low entry barrier, and multiple
participation options.
A. Participate in NFT minting: KOL can mint NFT on the CHAIR
platform. The NFT creator can receive continuous royalties rewards;
B. Participate in NFT tradings: KOL's fans can trade NFT on the CHAIR
platform. NFT liquidity providers will receive platform rewards. NFT
holders can also speculate on future price increases and resell the NFT
at a higher price to earn the price premium.
C. Participate in NFT auctions: Unsuccessful bidders will receive an
auction dividend. Successful bidders will receive the platform rewards.
D. Participate in NFT mining: Users can participate in liquidity mining,
PoW mining and single-token locked position mining to earn platform
mining rewards.
E. More products: BYP (Build Your Planet) program is estimated to be
launched in CHAIR 3.0 in September, 2021. Additional details on BYP
will be provided as the program nears completion.
High circulation value and valuation
NFT builds a bridge between the physical world and the blockchain,
it is a ground-breaking innovation. Unlike the existing NFT platforms
serving only the niche markets, the CHAIR platform thrives on a large
number of KOL users to help KOLs monetize their influences and
attracting more fans. CHAIR's model is creating a positive cycle to achieve
a multi-win situation for every user and the platform, CHAIR can facilitate
NFT's viral spread. A revolution for the KOL fan economy is on the
horizon, this will definitely push the project valuation to its new height.
Early participants are most likely to earn high dividends.
Founding Team
CHAIR's founding team members are elite professionals who have been
immersed in the blockchain industry, financial industry, technology industry,
and marketing industry for more than a decade. They each bring their own
strengths and resources to the CHAIR project.
Adriel
Founder and CEO
Adriel is the founder and CEO of CHAIR.Finance. He is a tech
entrepreneur who has successfully started multiple companies with
his expertise in solving business problems with cutting-edge technology.
Adriel was the Managing Director of one of Singapore's first robo-
advisors that provided automated algorithmic portfolio management.
He was also a Blockchain lecturer, a technical committee for the ISO
International Blockchain Standard, and an advisor for Singapore’s
G2G blockchain supply chain platform.
Vigor.R
Marketing Consultant
Vigor.R is the Chief Marketing Officer of CHAIR.Finance. He is a
marketing expert with 10 years of experience in the Internet industry.
The music app he developed and operated has attracted over 10 million
users. He has also successfully secured substantial investments from major
corporates and investors. He is the head of Singapore's AEC asset ma-
nagement, providing smart futures arbitrage systems. He manages more
than $20 million assets for his customers. In 2016, he ventured into the
music industry by utilizing blockchain to solve the copyright issues and
promotional challenges. In 2018, Vigor participated in a summit with the
former United Nations Secretary Mr. Ban Ki-moon in Hong Kong.
Darren Chu
Co-founder and CIO
Darren Chu, CFA is the CIO of CHAIR.Finance, overseeing CHAIR’s
investment and KOL strategy. A thought leader in financial markets, he
publishes daily technical analysis on commodity and index futures, as well
as FX. Darren also writes a weekly piece highlighting big picture moves in
leading crypto markets as well as traditional market adoption of crypto.
Each month, roughly 400 hedge funds, banks, and corporates download
Darren's analysis through Bloomberg, Refinitiv, and Factset. Previously,
Darren was the country representative for Australia, India, and UAE for
NYSE Liffe, promoting futures and options trading to hedge funds, banks,
proprietary trading groups and commodity firms. He also worked for the
TMX Group / Montréal Exchange marketing options and futures. With
CMC Markets, Darren headed up education and market analysis on spot
FX and CFD trading, and formed the Chinese marketing and sales team.
3.5.1 Tokenize rights and benefits into NFT
3.5 NFT 2.0
The core of NFT is content and ownership verification, which means
that NFT can be used to label almost any content. Not only can NFT
package different assets but also can NFT serve as proof for rights or
interests. Users can tokenize any right or interest into an NFT asset on
the CHAIR platform and publicly trade or auction the NFT tokens.
The tokenization of rights and benefits will greatly enrich the NFT asset
category, allowing more people to participate in the NFT industry and
enjoy the benefit of NFT. With joint effort from all parties, the NFT
market will prosper.
The NFT 1.0 era is represented by arts and games. However, in the future,
arts and games will only account for a small portion of the massive NFT
application market. The coming large-scale commercialization of NFT
will definitely reach all industries and all user groups. The wide adoption
of NFT will mark the beginning of a new era for blockchain to become
a universal technology, we call this stage NFT 2.0. As the world's first
decentralized exchange for rights and benefits NFT, the CHAIR platform
has made the first step towards NFT2.0.
Jieren Zhu
CTO
Jieren is in charge of CHAIR’s R&D. He is a technologist with over 12
years of experience in building large scale, sophisticated data systems. He
was the project leader at several FinTech companies including Stripe. He
also built SourceScape, a query engine for source code.
3.5.2 Detonate internet traffic and kick start a brand
new NFT market
NFT might become ubiquitous in the near future. However, at the
current stage, the NFT industry development approach is relatively limited
with over-concentration on a few asset types for several niche groups of
participants. The current NFT market suffers from excessive competition
and involution.
Nevertheless, CHAIR has taken a unique approach to developing
new NFT market potentials. On one hand, CHAIR has the capability
to attract or invite a large number of KOL users with the platform's
profitable business model and the founding team's high-quality personal
resources. On the other hand, those KOLs will join the CHAIR platform
with their own internet traffic and large groups of loyal fans. CHAIR
is dedicated to helping KOLs monetize their internet influence. In turn,
KOLs will utilize their own resources to attract more fans to spread
the word about CHAIR, such a positive feedback loop will bring more
attention to both the KOLs and the CHAIR platform.
4 CHAIR platform function
4.1 Tokenize rights and benefits into NFT 4.1.1 Why do we tokenize rights and benefits into NFT
The law defines rights and benefits as the rights and benefits of citizens that are protected by law. Economics defines rights and benefits as assets.
NFT is an intermediary that bridges the gap between real-world services
and blockchain protocols. NFT is characterized by scarcity, indivisibility,
and uniqueness. The definition of rights and benefits and the characteristics
of NFT presents a perfect fit. Both of them are unique, scarce, and
indivisible. However, due to physical restrictions, most rights and interests
cannot be traded and circulated. However, trading activity is essential to
the economic development of our society. With the help of blockchain
technology, tokenized rights and benefits NFT are conducive to solving
this problem and facilitating the monetization, trading, and circulation
of rights and benefits.
4.1.2 What are the advantages of tokenizing rights and benefits into NFT?
Security
When a user wishes to sell personal rights or benefits, they can create or
'mint' an NFT. The NFT will serve as proof of ownership. It will be
registered on the public blockchain ledger so that the digital ownership
(or as they call it in the traditional industry, 'source')can be tracked and
verified, the NFT's previous sale prices and the number of existing copies
will also become publicly available. The security provided by CHAIR
platform's blockchain technology can guarantee that selling fake NFT
tokens is virtually impossible.
On the CHAIR platform, rights and benefits NFTs may represent
promotional services celebrity merch intellectual property. NFT is no
longer exclusive to artworks, each and every right and benefit can be
tokenized into NFT and circulated on the CHAIR platform.
Scarcity and Premium
Scarcity is the most important value of NFT and the key characteristic
of rights and benefits. For users who have purchased these scarce rights
and benefits NFT, they will have the option to resell their NFT assets
at a higher price to earn the price premium.
Quick Monetization
In this information society, efficiency dominates everything. On the
CHAIR platform, not only can KOLs tokenize past and present rights
and interests into NFT, but also can they tokenize their future rights and
interests into NFT. Famous KOLs can tokenize an unfinished painting
and sell the future right to the completed work to their fans. With this
design, KOLs can cash in their rights and benefits in advance, thereby
improve KOLs' monetization ability and increase the communication
value of the rights and interests.
Continuous Profit
For example, a KOL sold a painting for $10,000. As time goes by, the KOL
gained more fame and the painting is now worth $1 million after many
transactions. In the traditional world, the KOL will not receive any
additional income from the painting's resales. However, now with CHAIR.
Finance, KOL can specify a percentage for royalties which will give the
original NFT creator a portion of the total transaction amount for all
future transactions of the NFT. For example, if the royalties are set at 3%,
the KOL will continue to receive 3% of the total transaction amount for
every future transaction of the NFT on CHAIR.
28.A Beginners Guide to NFTs for Cryptoart | Built In. https://builtin.com/blockchain/nft-cryptoart-guide
Complete NFT creation and upload it to the blockchain
generate a unique signature card, enter the listing pool.
Define the royal ty percentage
Define the listing type (auction or fixed price)and the starting
price
Define the rights and benefits as well as how to exercise these
rights and benefits
Access the blockchain network
4.1.3 How does CHAIR tokenize rights and benefits into NFT?
The CHAIR platform supports NFT customization. CHAIR significa-
ntly lowers the entry barrier to NFT application. Users can mint persona-
lized NFT with a few simple steps.-
The creator of NFT is entitled to define the royalty percentage. For
example, if the royal ty percentage is set at 3%, it means that the NFT
creator will receive 3% of the sale amount for all future transactions of
this NFT. NFT creators could earn a continuous and stable stream of
income from the NFTs. Such incentive will encourage NFT creators to
mint more highquality utility NFTs28.
4.2 Peer-to-peer trading of utility token
1)After consuming a certain amount of BNCH, the NFTs will be allowed
to enter the listing pool.
2)Users can review key NFT information including creator, holder,
and transaction history.
3)Users can purchase NFT by paying an agreed amount of BNCH.
The NFT holders are free to trade their NFTs by limit order or auction.
4) Limit sell order
5,000U worth of CHAIR platform NFT with 1 year locked portions is
selling for 20,000 BNCH.
Users can redeem 20,000 BNCH to obtain future ownership of this NFT.
5) Limit buy order 1,000,000 BNCH for the NFT tokens of Telegram
initial coin offering quota.
7) NFT creators receive the royalties.
Limit sell order
Limit buy order
1)Users can review key information of the NFTs, including creator,
holder,transaction history, and auction status.
2)NFT auctioneer determines the bidding rules, bidding deadline,
the minimum auction price, the auction mining dividend ratio. The higher
the trade mining dividend is, the more people will participate in the auction,
the easier the NFT could receive more ideal bids29.
3)Each auction price must be higher than the last. Upon the bidding
deadline, the highest bidder will win the NFT. With each successful
auction, the NFT creator will receive X% of the sale amount as the royal-
ties tax, the platform w ill receive 5% of the sale amount. Users who
participated in the auction but did not win the bid could share the dividends
from auction mining30.
4)The NFT creator will receive 3% as the royalties, 9.6 BNCH.
5)Platform will receive 10% service fee, 32 BNCH.
6)Users A, B, C, D, and E will equally share 20% of the auction mining
dividend, 64 BNCH. Each participant will receive 12.8 BNCH.
By participating in the auction, users are automatically engaged
in auction mining.
6
Starting bid 99 BNCH Define auction mining dividend ratio as 20% of the sale amount
User F wins the bid and
obtains the NFT
4.4 Collateral loan of utility token
The NFT holders can post a demand for NFT collateral loan. The lender
will issue the BNCH loan based on the borrowing demand31. The borrower
is obliged to repay both the principal and the interest at maturity. The
NFT holders can lock in their NFT value in advance. The lender will
earn the loan interests. If the borrower fails to repay the loan on maturity,
the NFT will be automatically transferred to the lender32.
4.5 Transaction dividend
50%: platform income.
4.6 NFT limit order
The CHAIR platform is a community self-governing platform. All BNCH
holders are entitled to vote on NFT products33, decide whether to increase
the ranking of certain NFT trades displayed on the platform. High ranking
can facilitate rapid exposure for high-quality NFT limit orders and auction
orders34.
With NFT auctions, you can quickly increase exposure so as to trade at
a higher price, thereby allowing the auction participants to earn more
dividend income.
Locked position quiz competition.
More products: BYP (Build Your Planet) program is estimated to be
launched in CHAIR 3.0 in September, 2021. Please refer to CHAIR
NFT White Paper for details.
31.Thomas Morante. Non-Fungible Tokens (NFTs) as Art Loan Collateral. Non-Fungible Tokens (NFTs) as Art Loan Collateral 32.NFT Lending - Current State and Whats Next? - MVP Workshop. https://mvpworkshop.co/blog/nft-lending-current-state- and-whats-next/DAO: A Decentralized Governance Layer For The Internet Of Value. http://sammantics.com/blog/2020/5/20/ 33.dao-a-decentralized-governance-layer-for-the-internet-of-value Financial Times. Auction house sales to test collectors 34.appetite for crypto-art. https://www.ft.com/content/98b1368e-b803-4653-a042-a4c1f9cdb218
4.8 Community DAO governance
CHAIR is a platform based on DAO community governance. That is, all
platform token BNCH owners are entitled to participate in the decision-
making process of the platform. BNCH serves as an important management
tool. It allows users to vote on various development and upgradation
proposal35. The governance of CHAIR will be dictated by its most active
users36.
In the early stage of CHAIR, the initial users' votes will show us users'
needs and expectations for CHAIR. In most cases, we will abide by these
votes. This type of non-binding voting mechanism is also a common tool
in traditional corporate management. For example:
1)Vote for system upgrades
•The key benefit of holding BNCH is that BNCH holders
can exert a true impact on platform development. Everything is possible
if the community can reach an agreement37.
•The percentage of service fee CHAIR charges for mining power NFT
transactions
2)Review the newly minted NFTs on the platform
3)Review NFT transactions and auctions on the platform
We will continue to work with the CHAIR community and the BNCH
holders so as to develop a better decentralized governance structure. This
structure will allow more votes to execute with binding force and trustless
consensus.
Storage Layer.
IPFS is well positioned to solve these issues.
Contract layer.
Polygon is a protocol and a framework for building and connecting
Ethereum-compatible blockchain networks. Aggregating scalable
solutions on Ethereum supporting a multi-chain
Ethereum ecosystem.
Shorter transaction time and lower fees on Polygon make it an ideal
option for CHAIR. We will also support HECO and Polkadot
ecosystem
5 Technical Infrastructure
5.1 Overall architecture
Chair develops and deploys its smart contracts on Polygon chain.In the future, we will add support for Ethereum, BSC, HECO, Polkadot, and other public chains.
Dapp
Utilize IPFS distributed secure storage to ensure that NFT rights are secure and tamper-proof.
NFT creation, NFT trade and transfer, NFT ranking and voting BNCH mining, BNCH DeFi, More products
Storage layer Contract layer
5.2 Storage layer
However, we know that traditional cloud storage has a major flaw. It is
not cryptographically verifiable. The core of NFT is digital verification
and control over physical or digital assets. If we cannot verify the underlying
asset in a similar way to verifying the ownership of the token representing
that asset, then we will not be able to track the ultimate goal.
IPFS offers a solution for both issues. IPFS is a distributed storage
network. It operates in a similar way to cloud storage37. Users can request
content and the server will return that content39. However, the key dif-
ference is that the content is stored in a global network consisting of
individual storage providers. IPFS leverages a tool called content-addressable
storage40. This implies that instead of requesting content from a specific
data center, the users can instead request the content themselves. The
requested content could be located in Los Angeles, or Singapore, or even
in a much closer location. With content addressability, users no longer
need to rely on a single location41 to retrieve content. For the global
blockchain community, this is much more efficient42.
37.IPFS Powers the Distributed Web. https://ipfs.io/
38.ipfs/ipfs: Peer-to-peer hypermedia protocol - GitHub. https://github.com/ipfs/ipfs
39.IPFS and Filecoin | Filecoin Docs. https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/
40.An Introduction to IPFS (Interplanetary File System) | Infura Blog. https://blog.infura.io/an-introduction-to-ipfs/
41.Why The Internet Needs IPFS Before Its Too Late | TechCrunch. https://techcrunch.com/2015/10/04/why-the-inte-rnet-needs-
ipfs-before-its-too-late/
42.Building DAO Governance Layer for snglsDAO - Blaize. https://blaize.tech/article-type/how-to-build-dao-using-
daostack-alc-hemy/Vendredi. What We Can Learn From the DAO Experiment, DAOs and Decentralized Governance.
NFT Metadata { "name": "CHAIR #0001"
"description": "The NFT holders will obtain the locked portion of the CHAIR platform token BNCH within the given period
"image": "ipfs://bafybeihhii26gwp4w7b7uei2dl3fq/ticket.txt" }
IPFS is also responsible for our verifiability. Since all contents are
defined and stored based on the contents themselves, if a content is modified
without authorization, we will encounter a mismatch error message during
content verification.
Token ID: 1
URL: http://localhost:8080/ipfsdl3fq/ticket.txt
When users add data to IPFS via Content Addressing, IPFS will generate
a Content Identifier (CID). The CID is derived directly from the data
itself. The CID is linked to the data in the IPFS network43. Since the CID
can only ever refer to a single piece of content, we can be assured that no
one can replace or modify the content without breaking the link44. With
CIDs, anyone can obtain a copy of the data from the IPFS network even
if the original provider has disappeared, as long as at least one copy exists
on the network45. This makes CIDs a perfect candidate for NFT storage.
All we need to do is to place the CID into a URI such as ipfs://URI ipfs:
//bafybeihh/my-nft.jpeg and make sure there is an immutable link from
the blockchain to the token data46.
43. Content Identifiers in IPFS - Pascal Prechts Blog. https://pascalprecht.github.io/posts/content-identifiers-in-ipfs/ 44. What is Content Addressing & Content Identihttps://proto.school/anatomy-of-a-cid/01/fiers (CIDs). https://simpleaswater. com/ipfs-cids/ 45. Multiformats Tutorial | Anatomy of a CID. https://proto.school/anatomy-of-a-cid/01/ 46. The magic of content-addressable storage. https://hal.archives-ouvertes.fr/hal-0 59031/file/content-addressable-storage-prepr- int.pdf
47. Setting up an Ethereum Development Environment. https://medium.com/compound-finance/setting-up-an-ethereum-devel- opment-environment-7c387664c5fe 48. Create and deploy a DeFi App | ethereum.org. https://ethereum.org/en/developers/tutorials/create-and-deploy-a-defi-app/
5.3 Smart contract layer
The CHAIR smart contract layer covers NFT creation, NFT transact-
ion, NFT transfer, NFT auction, NFT mining, and other relevant logic
To ensure contract code security, CHAIR will engage internationally
recognized auditing agencies to thoroughly audit all codes in the near
future47. For example, CHAIR develops its NFT creation and transfer
contracts on ERC-72148. Our basic protocol can be found on https://
eips. ethereum.org/EIPS/eip-72.
function mintToken(address to, uint256 tokenId, string uri) public {mint(to, tokenId); require(_exists(tokenId)); _setTokenURI(tokenId, uri); }
function burnToken(address owner, uint256 tokenId) public {_burn(owner, tokenId); }
How to create CHAIR platform token BNCH
Full name: BNCH Owner Acronym: BNCH
6. CHAIR platform token BNCH 6.1 Token distribution
As the platform token of CHAIR, BNCH serves as the platform
credentials on CHAIR. BNCH token represents users' rights and benefits
on the CHAIR platform. BNCH holders are entitled to in-depth particip-
ation in the governance and future development of the CHAIR platform.
BNCH can also be used toward the purchase of goods and services
on the CHAIR platform. All BNCH holders are entitled to share the
revenue generated from CHAIR's development.
The second batch of utility NFTs for sale 8%
Developer 10%
Ecosystem construction 15%
Total token quantity: 70 million BNCH
We have decided that there will be no private placement for CHAIR’s
platform tokens BNCH. All BNCH will be distributed to CHAIR
backers by NFT purchases.
The first batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 1.4 million tokens, accounting for 2% of the total
BNCH amount.Each NFT represents the corresponding tokenized rights
and benefits proportional to the USDT amount paid. These 1.4 million
BNCH tokens are to be released evenly over 8 quarters.
2. Priority for airdrops
operation.
The second batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 2.1 million tokens, accounting for 3% of the total
BNCH amount.Each NFT represents the corresponding tokenized
rights and benefits proportional to the USDT amount paid. These 2.1
million BNCH tokens are to be released evenly over 8 quarters.
2. Priority for airdrops
operation.
The third batch of Rights & Benefits NFTs for sale:
1. Total sale amount is 5.6 million tokens, accounting for 8% of the
total BNCH amount.Each NFT represents the corresponding tokenized
rights and benefits proportional to the USDT amount paid. These 5.6
million BNCH tokens are to be released evenly over 5 quarters.
2. Priority for airdrops
operation.
For the developer: 10%. To be released evenly over 14 quarters
Mining: 50%
CHAIR platform token BNCH release graph.
Release ratio curve chart.
R el ea
6.2 INO
Most blockchain projects employ a lock-up mechanism because the lock
-up period can keep the price of cryptocurrency stable, providing a longer
development timeframe for the project and creating a win-win situation
for both investors and project owners. However, there are also risks in
the mechanism.
INO initiated by CHAIR is the first of its kind in the NFT industry.
INO can perfectly solve issues related to locked position and monetization,
hence optimize the circulation of locked assets
INO stands for Initial NFT Offering. The INO tokenizes locked portions
into NFTs. A token locked position held by an early investor will be locked
for 15 months on Chair, where it can only be sold each quarter for five
quarters, including day 1 for a total of six rounds. 5% of the locked portion
will be released at the beginning of the first quarter. If the token price soars
by 20 times, and an investor sells this 5%, he or she recoups the cost. The
rest of the locked position can be tokenized into an NFT. The investor can
trade the BNCH represented by this NFT at a price perhaps three to five
times higher on Chair platform. In this way, the locked tokens can be
monetized in advance.
INO allows locked assets to be freely traded and circulated, which
perfectly reflects the core value of the digital economy.
6.3 How to Obtain BNCH
BNCH aims to reward active platform users for the future construction
and operation of the platform.
6.4 How to utilize BNCH
As the platform token of CHAIR, BNCH serves as the qualification
credentials on CHAIR. BNCH token holders are entitled to all rights
and interests on CHAIR.
rewards
dividendSuccessful bidders receive platform rewards
NFT operator/ governor
determine the management of excellent NFTs
and their rankings
of BNCH means the access to content
review, function upgrade, and business
model adjustment.
Mining participants
mining to earn the platform mining
rewards
rewards by providing liquidity.
6.5 Mining model
50% of BNCH will be allocated to mining. Mining includes the following
varieties. Proof of Work Mining
By participating in auctions, unsuccessful bidders can receive a share of the transaction dividends. Successful bidders can receive a set amount of platform rewards
Locked Position Mining
Participate in mining by holding locked BNCH More mining products
More products: BYP (Build Your Planet) program is estimated to be launched in CHAIR 3.0 in September, 2021. Additional details on BYP will be provided as the program nears completion
Dual Token Liquidity Mining
6.6 Platform Business Model.
(1) Charges token minting fees for the creation of NFTs.
(2) Charge transaction service fee for successful transactions.
(3) Charge service fees for bidding on ranks.
The deflation model can better demonstrate the value of BNCH.
NFT auction NFT Minting
EIP-1155: ERC-1155 Multi Token Standard https://eips.ethereum.org/EIPS/eip-1155
IPFS DOCS https://docs.ipfs.io/
9 Disclaimer
9.1 The content of this document shall not be interpreted as forced participation in
token sales. Any behavior related to this white paper shall not be regarded as participation
in token sales, including requesting a copy of this white paper or sharing this white
paper with others.
9.2 The CHAIR DAO team will make continuous efforts to ensure the information
in this white paper is authentic and accurate. Since CHAIR is under development,
its platform mechanism, token mechanism, and distribution are subject to potential
updates. Therefore, the content of this document is subject to potential adjustments.
DAO team will publish the updated contents by issuing public announcements or
publish new versions of this white paper on CHAIR's official website.Users shall
obtain the latest version of the white paper and adjust their decisions in a timely
manner accordingly. CHAIR is not liable for any losses resulting from users' reliance
on outdated white papers.
9.3 CHAIR DAO team will spare no effort to achieve the goals established in this
document. However, the team is unable to make absolute promises due to the possibility
of force majeure.
9.4 As the platform token of CHAIR, BNCH is an important management tool for
the platform. BNCH should not be considered an investment. BNCH ownership does
not automatically translate to ownership, control rights, and decision-making power
over CHAIR. BNCH does not belong in the following categories:
a) Any type of currency;
b) Securities;
c) Stakes in legal entity;
d) Stocks, bonds, bills, warrants, certificates, or any other document granti-
ng any right.
9.5 The value of BNCH is dependent on the market and BNCH's practical applications.
BNCH might not have any value. DAO team does not make any promise on BNCH's
appreciation. CHAIR is not responsible for BNCH's appreciation or depreciation.
9.6 To the fullest extent permitted by applicable laws, the DAO team shall not be liable
for any damage or risk arising from users' participation in CHAIR, including but not
limited to direct or indirect personal damages, lossof business profits, loss of business
information or any other economic losses.
9.7 CHAIR intends to comply with any regulation and industrial norms that are
conducive to the healthy development of token sales. By participating in CHAIR,
users agree that they fully accept and comply with these regulations. All participants
shall guarantee that the information they provide for inspections is complete and accurate.
9.8 CHAIR clearly communicates potential risks to its users. By participating in CHAIR,
users agree that they have confirmed all terms and conditions of CHAIR. Users accept
the potential risks of this platform and accept the consequences.
9.9 Citizens of countries that prohibit the public sale of tokens are forbidden from
participating in CHAIR.