Latest Publication Date: April 11, 2018 http://www.thortoken.com
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“ A job will be a task that you do.Not a position that you hold.”—Naval Ravikant
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Table of Contents
Abstract
G is for Gig
Emergence of the Gig Economy
Challenges the new economy presentsInsufficient security and quality of life for Gig WorkersExcessive turnover for On-Demand Companies
Thor Solution
Easy access to benefits and financial securityInstant paymentsGig Network
Contractor Acquisition
Tokenomics
Token saleLiquidityDiscounted services
Why Blockchain?Why NEO?Platform agnosticism
Building a Bridge
Team
Disclaimer
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AbstractFreelancers, contractors, temps, and On-Demand workers will make up 43%
of the U.S. economy by 20201, amounting to nearly 67 million workers. But
less than half of these workers receive benefits like health care and less than
a third receive retirement benefits — and they are frustrated about it2. Data
show that 72% of workers in the Gig Economy believe they should be receiv-
ing benefits.3
A solution is needed to handle this new, diverse, and complex market-
place, and to bring the Gig Workers (the independent contractors that fill out
the ranks of the many On-Demand companies in the Gig Economy) involved
the level of financial security and wellbeing that they deserve and desire.
Though the Department of Labor is trying to make it easier for Gig Workers
to link together for the purpose of creating Association Health Plans (AHPs),4
we believe there is a better path.
This paper will outline Thor Token’s innovative approach to fixing the Gig
Economy. By utilizing blockchain technology and Tokenomics, Thor’s plat-
form will allow us to offer Gig Workers access to the benefits traditionally
reserved for full-time and unionized employees. As the company grows, Thor
will be able to offer users in its network subsidies for the Thor products and
benefits they purchase, enticing more Gig Workers to join and further growing
the network.
1 http://money.cnn.com/2017/05/24/news/economy/gig-economy-intuit/index.html
2 https://www.npr.org/2018/01/23/579720874/will-work-for-no-benefits-the-challenges-of-being-in-the-new-contract-workforce
3 https://assets.aspeninstitute.org/content/uploads/2016/06/BM_On-Demand-Economy-Survey-Infographic-V4.pdf
4 https://www.dol.gov/newsroom/releases/ebsa/ebsa20180104
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The Thor interface will also offer Gig Workers a one-stop Gig Network
that will act as a workflow management hub. It will enable workers to evalu-
ate which companies they can and should apply to, make the applications to
interested companies, and submit necessary documentation with ease. This
hub will let workers know when different On-Demand companies pay higher
wages and help the users optimize their workflow.
To fund development of this platform and future expansion into related
services, Thor will issue 100 million tokens that give holders the ability to
participate in the optimization of the token’s value and to purchase goods in
the Thor marketplace.
Thor will offer its users the ability to exchange Thor Tokens into fiat in
near real-time, allowing Gig Workers to receive their full wages in tokens and
still pay their bills, utilities, and make any purchases that require fiat curren-
cy. This pragmatic integration of the cryptomarket with the traditional econ-
omy will allow us to bring blockchain currencies to a much wider audience
today. Thor will move to a decentralized exchange, such as NEX, once it is
feasible and be just another player competing on the Thor marketplace.
The long-term stability of the Gig Economy will ultimately require the
workers involved to believe that it can give them the wellbeing and security
they desire from their employment. Moreover, the near-term future of block-
chain and crypto-currencies rests in innovators’ ability to bring the technol-
ogy beyond the world of crypto-enthusiasts and into the lives of everyday
people. Thor Token aims to do both.
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G is for GigEmergence of the Gig Economy
The Gig Economy is a modern labor market charac-
terized by the prevalence of short-term contracts or
freelance work as opposed to permanent jobs. On-De-
mand companies, such as Uber and TaskRabbit, are the
major players operating in the Gig Economy, and are
companies that generally offer services on a digital-
ly-based marketplace (primarily mobile) that offers
convenient access to and/or fulfillment of goods and
services.
Since the 2008 Recession resulted in the loss
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of 8.7 million jobs5 — 6.1% of all payroll employment
during this period — the Gig Economy has exploded on
to the scene and rapidly grown into a foundation of the
U.S. workforce. The marriage of new technology and
economic necessity created the perfect opportunity
for companies like Uber to begin offering work to mil-
lions of Americans. Technology companies were able
to provide platforms to match people that needed a
service with workers that could provide it.
The new economy quickly branched out beyond
ride sharing stalwarts, like Uber and Lyft, and vaca-
tion rental services like AirBnB, and began offering
services from house cleaning, handyman repair, and
grocery delivery to dog walking, prescription delivery,
and more.
Gig and freelance workers now represent 34%
of the U.S. workforce and are projected to make up
43% of the workforce by the year 2020.6 Instacart, a
5-year-old San Francisco startup, was recently valued
at $3.4 billion.7 It operates in 154 U.S. cities and em-
ploys hundreds of thousands of contractors.8 In the
5 https://www.cbpp.org/research/economy/chart-book-the-legacy-of-the-great-recession
6 http://money.cnn.com/2017/05/24/news/economy/gig-economy-intuit/index.html
7 https://techcrunch.com/2017/03/07/instacart-raises-400-million-at-a-3-4-billion-valuation-to-delive-
groceries-on-demand/
8 https://arstechnica.com/tech-policy/2017/11/some-instacart-workers-to-strike-over-pay-that-can-be-as-
low-as-1-per-hour/
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U.S. alone, Postmates deploys 100,000 couriers completing
more than 2.5 million deliveries every month.9
Customers across the world rely on these services
every day, and they’ve embedded themselves into our daily
lives. But that does not mean that the Gig Economy is with-
out its challenges — especially for the Gig Workers who make
it move.
Challenges the new economy presents
Insufficient security and quality of life for Gig Workers:
It’s no secret that there is more to a full-time employee’s
income than their take home pay. Health benefits for them and
their family, retirement benefits, sick leave, and parental leave
all add up to more than dollars and cents — they give people
peace of mind and security as they live their day-to-day life.
But this isn’t true for a large bulk of the people in the
Gig Economy. Many complain of falling wages, long hours,
and depressing work conditions,10 and a large majority of Gig
Workers believes they deserve more benefits.11 While the Gig
Economy will almost certainly continue to be a major part of
how we live and work, the experience of being a Gig Worker
will need to be improved if the industry is to remain healthy.
9 https://techcrunch.com/2017/11/15/postmates-launches-in-first-international-city/
10 https://www.vice.com/en_nz/article/wn9444/an-interview-with-the-uber-driver-whos-had-enough
11 https://assets.aspeninstitute.org/content/uploads/2016/06/BM_On-Demand-Economy-Survey-Infographic-V4.pdf
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Thor’s mission is to provide a layer of stability for contracting workers that
promotes greater wellbeing among the Gig Economy at large. Despite the
efforts of the Department of Labor, there are still not practical avenues for Gig
Workers to band together to obtain more cost-effective benefits. We believe
that blockchain technology presents a unique opportunity to provide this much
needed service to this growing segment of the population.
Excessive turnover for On-Demand companies:
In any other industry, the rate of turnover seen in On-Demand companies
would be a crisis. Uber’s own data show that 11% of new drivers stop driv-
ing within a month, and about half are gone within a year.12 Nearly half of the
companies that use independent contractors say they are harder to retain than
traditional employees, according to a survey from Time.13 Many contractors
treat employment in the Gig Economy as transitional, a layover between ca-
reer stops, evidenced by the fact that more than one-third of freelancers say
they are not in the economy by choice14 — but why?
12 https://www.forbes.com/sites/ellenhuet/2015/01/22/uber-study-workforce/#7802ff03367a
13 http://time.com/4388733/gig-economy-uber-lyft-employment-survey/
14 https://www.upwork.com/press/2017/10/17/freelancing-in-america-2017/
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The lack of convenient, cost-effective benefits is
an obvious struggle for many in the Gig Economy, but
a lot of On-Demand companies don’t have the finances
to provide these benefits. A look at Uber’s third quarter
2017 results shows that 80% of the company’s $9.7
billion in quarterly revenue was dedicated to a combina-
tion of driver payouts and bonuses along with discounts
to riders, and an additional 10 percent went to insurance
costs.15 That’s 90 percent of quarterly revenue without
accounting for marketing, research and development,
or overhead. On top of that, Uber and its leading com-
petitor, Lyft, spend inordinate amounts of money to
bring on drivers. Lyft offers, in some markets, as much
as $1,250 for the driver, and an additional bonus of up
to $500 to whomever provides the referral. Uber of-
fers similar programs of up to $1,500 to the driver and
up to $750 to the referrer, depending on the different
markets and according to need. Other companies have
similar needs and use various incentives to fill their
available positions.
Thor Token will provide these companies a num-
ber of new employee incentives to help them better
retain their workforce with little to no additional costs.
15 https://www.bloomberg.com/view/articles/2018-01-23/how-to-fix-uber-in-six-not-so-easy-steps
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Thor SolutionWe believe a blockchain-based network of Gig Work-
ers and On-Demand companies will solve many of the
ailments of the Gig Economy in a financially feasible
manner. In this section, we detail the three prongs of the
Thor solution: (1) easy access to benefits and financial
security, (2) instant payments, and (3) Gig Network.
Easy access to benefits and financial security
Offering contractors access to group policy healthcare
will be a major part of the Thor Solution to fixing the Gig
Economy. These plans are, by nature, more cost-effec-
tive than equivalent plans offered to individuals. They
will not be dependent on the Gig Worker having unin-
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terrupted employment with any specific On-Demand
company, they will just need to be a part of the Thor
Token network. As the value of Thor Tokens grows
with the network, Gig Workers will have the opportu-
nity to receive subsidies for the cost of these plans,
further reducing the financial burden on contractors.
Likewise, by partnering with Thor Token to pay
their contractors with blockchain currency, On-De-
mand companies will be able to offer those contrac-
tors convenient access to more cost-effective health-
care without additional costs to the company and
without the company ever needing to hold Thor Tokens
on its ledger. This alone will bring a new measure of
stability to Gig Workers and help companies with the
excessive turnover that plagues them. Partnering with
Thor will allow On-Demand companies to advertise
access to cost-effective benefits without needing to
lift the financial burden of providing those benefits
themselves, helping them attract contractors over
competitors that have yet to sign up with Thor.
Instant payments
While larger On-Demand companies are able
to offer their contractors a form of instant pay, many
companies in the space cannot — at least until they
have partnered with Thor Token. By implementing
payments through NEO smart contracts, Thor Token
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can enable near-instantaneous payments for service by
directly debiting On-Demand companies and then converting
the USD into Thor Tokens through a centralized exchange,
such as GDAX, or a decentralized exchange, such as NEX. This
will allow On-Demand companies a more effective incentive
structure for getting contractors to work at high demand
hours, all while the companies receive paycheck processing
for zero cost. By partnering with Thor Token, smaller On-De-
mand companies will be able to tout instant pay for their con-
tractors without having to implement an instant pay system
themselves.
Gig Workers signed up with Thor Token will be able
make quick cash when they need money in a pinch, receiving
tokens directly into their Thor Wallet upon completion of
the gig. They will be able to decide what percentage of their
payment they want in Thor Tokens and what percentage in
USD. Thor will provide users with an account where they can
transfer between USD and Thor Tokens in a matter of sec-
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onds. Overall, this will help Gig Workers to more easily
manage their finances (and reduce the need for costly
measures such as payday loans). It will also optimize
the payment structure for contractors who use the
Gig Economy as a side hustle when funds are tight.
Gig Network
Thor’s Gig Network will give Gig Workers a one-stop shop
for managing their workflow and application process.
Users will have both a desktop and mobile client that will
streamline their application process and help to optimize
their time management by informing them of high-pay
time slots offered by their various On-Demand clients.
Gig Workers will also be aware of the many On-Demand
For illustrative purposes only, product interface may differ from examples shown in this document.
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companies utilizing Thor Token, keeping them informed about
the opportunities for work available.
Additionally, Thor’s Gig Network will make it simple for
On-Demand companies to hire new contractors, streamlining the
process and connecting them with qualified contractors in the
network. Emerging On-Demand companies will get widespread
exposure across the Thor user network simply for signing up to
offer payment with Thor Tokens.
Thor Token’s creation of a community of Gig Workers will
offer those in the community even more than ease and financial
benefit. Contractors using the Thor Wallet will be able to engage
in a community of contractors in their area to compare which
On-Demand services are providing the best rates in different
geographic areas, chat with fellow workers, and get notifications
about relevant local news.
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Contractor Acquisition
Our contractor acquisition strategy broadly consists
of two approaches: B2B partnerships and B2C market-
ing. Each strategy strengthens the other.
Our immediate approach is to develop partner-
ships with a number of companies in the Gig Economy.
The San Francisco Bay Area is home to countless of
these startups, and we have direct relationships with
many already. We can offer them paycheck process-
ing for zero cost, which alone should be enough to
displace their current providers, in addition to allowing
them to offer their contractors access to group poli-
cy healthcare. In exchange, we ask that our partners
encourage their contractors to receive paychecks via
Thor Token. In this way, we share the incentive and
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strategy for contractor adoption.
The goal of these partnerships is to: (i) demon-
strate a working product and value proposition for
companies, and (ii) aggregate a base of contractors
actively using Thor Token. The more “success stories” we
develop with partners, the more credibility we gain when
selling to larger companies.
Concurrently, we will establish B2C marketing
capability. This consists of a cross-channel approach,
including:
• SEO optimization that reduces our cost of SEM
• Publishing relevant content about cryptocurrency, paycheck
providers, healthcare options, and retirement accounts via social
media and our blog, which improves our SEO and SEM
• SEM on Google, Yahoo, and Bing
• Programmatic advertising on platforms used by contractors
(e.g., LinkedIn, Facebook, Craigslist, Indeed.com, Monster.com,
TaskRabbit, etc.)
• A referral program that pays users for signing contractors up
with Thor Token
The ultimate goal of our B2B and B2C strategies is
to work with the largest partners, companies like Uber,
Upwork, Lyft, and TaskRabbit. The best way to close a
partnership with these companies is not only with our
core value proposition, but by demonstrating that we
have a set of their contractors already on our platform.
It is much easier to partner with a company like Uber if
we already have 10,000 Uber drivers using Thor Token
for healthcare.
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TokenomicsThor Token is excited to pioneer a real use
case for Tokenomics. Thor Token will demonstrate
the capacity Tokenomics has to bring together an
otherwise disparate group of economic actors
and derive value from their shared buying power.
The tokens will allow Gig Workers to participate
in a shared ecosystem that leverages their pooled
purchasing power into discounted goods and
services and encourages retailers to compete for
users in the Thor market.
As the network grows, it will create the
potential for the value of each token to increase
as the usage of tokens drives demand given their
scarcity in a finite pool of available supply. Thor
Token plans to reinvest capital from any increase
in value into subsidized products to offer in the
Thor marketplace, in turn incentivizing more Gig
Workers to join the marketplace.
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Thor Token will be able to manage volatility by both maintain-
ing a pool of reserve tokens as well as directly offering a range of
products to users, tethering the value of the token to non-crypto
markets. This can offer a measure of stability to the Thor network
not found in many alternative currencies.
Our vision is to transfer Thor Token to a decentralized ex-
change, such as NEX, when it becomes possible. In the meantime,
we will manage the exchange of Thor to fiat to support the token’s
utility for the Gig Workers in our network.
By utilizing Tokenomics and uniting Gig Workers, we will be
able to offer workers in the Gig Economy access to the benefits
traditionally reserved for full-time and unionized employees.
Token sale
Thor plans to raise $40 million in its Token Sale, divided be-
tween $20 million in a private sale and $20 million in a public sale.
The tokens will be purchased through a NEO smart contract built
with a NEP-5 contract template. The contract will be audited ahead
of time by the developer group City of Zion. At the time of sale, 50
million tokens will be released at a price pegged to the 7-day aver-
age price of NEO at the date of the public sale. 10 million tokens are
** Current and future team members, vested over four years with a one year cliff
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provided through bonuses to participants in both the public and private
sale. Of the 50 million tokens released in the sale, 27 million are allocat-
ed to the private sale and 23 million to the public sale. Tokens not sold in
the public sale will be burned at the close of the sale.
Thor will create an additional 50 million tokens, which it will use
both to finance the business as well as support the Thor currency mar-
ket. An estimated distribution of the funds is shown in the chart [on page
19].
Funds from the sale will go towards building out the Thor team
(vested over four years with a one year cliff), as well as banking acqui-
sitions, marketing, sales, and other business expenses. We expect the
team to expand rapidly as demand grows for the product.
Thor anticipates kicking off the Token Sale in the first half of 2018.
Liquidity
A foundation of Thor Token’s success will be its pragmatic inte-
gration of the blockchain economy with the traditional economy. The
key to doing so — and to rapidly growing the number of Gig Workers in
our network — will be to offer users and the companies they work with
access to liquidity from Thor Tokens to fiat. This will allow us to easily
onboard Gig Workers who need USD to pay their bills as well as On-De-
mand companies that are wary of blockchain currencies.
Initially, we plan to work with an exchange like GDAX, a U.S.-based
regulation-first exchange, to facilitate the selling and buying of Thor To-
kens. On-Demand companies will be debited in USD, and we will use the
chosen exchange to convert those dollars into Thor Tokens and distrib-
ute them to the wallet of the appropriate Gig Worker. From there, the
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user can choose to convert the tokens back into USD and
transfer them to an account, to spend the tokens using
their Thor VISA Card, or to hold the tokens in their Thor
Wallet. Thor Token will partner with existing finance insti-
tutions and/or acquire a state or federally chartered bank
in order to provide the requisite banking services.
Ultimately, it is not our intention to manage the
exchange of tokens and fiat currencies, but we see it as a
necessary step to bridge the gap between blockchain and
the traditional economy and to expand the customer base
beyond the world of crypto-enthusiasts. Eventually, Thor
will transfer to a decentralized exchange and be one of
many players in the decentralized economy.
Over time, we anticipate that blockchain currencies
will be increasingly embedded in the economy at large, at
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which time a conversion to fiat may not be necessary at
all. At that time, Thor as a clearing house will cease to
exist and the company will acquire Thor Tokens through
other decentralized services.
Discounted services
Thor Token will be able to offer its users a wide
range of discounted services and products including ac-
cess to benefits, such as health, home, and car insurance,
as well as access to Thor-exclusive promotions from par-
ticipating retailers.
Though the Department of Labor is taking steps
to help Gig Workers band together to create Association
Health Plans, most contractors and Gig Workers still do
not have access to the most cost-effective health plans
that big employers can provide by purchasing shared
plans for a large number of employees. Thor Token will
alleviate this hurdle by allowing Gig Workers in our net-
work to pool their purchasing power and access cover-
age that they would not be able to obtain as an individual
consumer.
As the value of Thor Tokens grows, we will use
our increased market cap to subsidize Thor products and
benefits, reinvesting our capital in our network. This will
make our network even more appealing to Gig Workers
who have yet to join, maximizing our ability to attract
new users and, in turn, our ability to offer further subsi-
dies.
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We will also encourage retailers to compete for the
attention of users on the Thor network by offering discounts
and promotions for using a Thor VISA Card. This will allow
retailers the opportunity to get visibility with a large network
of potential customers while simultaneously offering users
financial benefits for being a part of that network.
In aggregate, these discounted services will be a driving
force to bring Gig Workers into our network and will give them
tangible benefits for joining. They will also help Gig Workers
with the financial security they are often unable to obtain in
the current Gig Economy.
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Why Blockchain? Blockchain records and transfers data that is transparent,
safe, and auditable. Because blockchain rests upon a distribut-
ed network, it is resistant to outages. Blockchain makes data
and organizations that leverage this technology transparent,
democratic, decentralized, efficient, and secure. Thor Token
uses SHA256 encryption on all user information to ensure
privacy and security. Smart contracts built on blockchain
platforms allow for instantaneous pay and are not suscep-
tible to the breaches of trust freelancers often experience
when trying to receive payment. Together, blockchain-enabled
currencies and smart contracts will be the secret sauce that
makes Thor Tokens a revolutionary solution to the ailments
of the Gig Economy.
According to a 2014 study, one in every two freelancers
had trouble getting paid that year, and 71% of respondents
cited trouble collecting payment at some point in their career.
Even worse, they reported being shorted an average of nearly
$6,000 a year.16 But moving freelancers and contractors onto
a blockchain network will alleviate most if not all of these
payment issues.
In the traditional economy, companies own and control
16 https://fu-web-storage-prod.s3.amazonaws.com/content/advocacy/uploads/resources/FU_Nonpaymen
tReport_r3.pdf
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Traditional Economy
Smart Gig Economy
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all employee data, payment history, and reviews. They are also
the gateways for workers to receive benefits like health insur-
ance and retirement plans. This model creates friction for the
worker and makes it challenging if not impossible to sustain
coverage from one job to the next.
In the blockchain-enabled Smart Economy, Gig Workers
own and control their employment history and reviews. They
can maintain a single health insurance and retirement plan
from gig to gig, because their place in the Thor Token network
will remain constant even if their employment with a particular
On-Demand company is not.
Additionally, utilizing blockchain technology will allow
Thor Token to use Tokenomics for the financial benefit of its us-
ers, providing discounted goods and services simply for using
and holding Thor Tokens. Furthermore, Tokenomics will allow
Thor Token to manage the stability of the network, maintaining
security for the users involved.
Why NEO?
Smart contracts are the instruments that record data and
store blocks of information onto the blockchain. As more and
more companies seek to store data onto the blockchain, speed
becomes an issue. But revolutionary platforms like NEO are
circumventing the issue by allowing 10,000 transactions a
second — all without a transaction cost. This is an important
reason that we have opted to build Thor Token on the NEO
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platform as opposed to a competing platform such as Ethere-
um. Thor Token will be one of the first U.S.-based companies to
utilize the NEO platform, but it almost certainly will not be the
last.
Below is a comparison between Ethereum and NEO that
illustrates why we chose the NEO platform as the blockchain
layer that would be the foundation of Thor Token.
Platform agnosticism
The health of Thor Token network will not be dependent on the
health of any individual blockchain platform. While we believe
that NEO is the best choice of blockchain platform for Thor
Token at this time, we will maintain the ability to be platform
agnostic going forward. This will allow Thor Token to adapt to
any unforeseen changes in the coming years or to switch to a
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more effective or widespread platform should the opportunity
present itself.
It is important for Gig Workers and On-Demand companies
utilizing Thor as well as investors who have chosen to finan-
cially support Thor Token’s vision to know that the long-term
viability of Thor Token will not be dependent on the long-term
viability of any individual blockchain platform.
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Building a BridgeWith cryptocurrencies, Blockchain has already demonstrated
the potential to turn currency into a decentralized utility free
from the control of large central banking systems — a system
where the rules are set by protocols everyone can understand,
not individuals that can act in their own self interest
With Thor Token, we are trying to build a bridge to that fu-
ture. Blockchain currencies will only be able to replace fiat cur-
rencies when they are accepted in enough transactions to fulfill
people’s total economic needs. Likewise, companies will not be
pressured to accept these currencies until a critical mass of
their customers use them. By creating a large network of Thor
Token users, we hope to accelerate the push towards a decen-
tralized economy by making blockchain currencies a bigger part
of more people’s lives. To rapidly build and grow this network of
users, Thor Token will provide a centralized exchange to allow
its users to turn tokens into and out of fiat as they see fit. Thor
will operate this exchange until a decentralized exchange is
available that can suit its users’ needs.
We are looking forward to the day that Thor Token is
used in a completely decentralized way. The Thor platform will
eventually just provide a decentralized market of services that
contracting companies and the contractors they employ are
happy to use; all made possible by the Thor Token.
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Thor-related services being built today
Ideal state of Thor
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TeamCore
David Chin - CEO Head of international business development @Dubai Silicon Oasis — helped
place over 2000 companies and over $10B+ worth of technology growth in
Dubai
Matt Moravec - CTO Built the ad engine currently being used by nytimes.com — architect of A/B
testing and personalization programs at CNN, NYTimes, ABC, NYPost, and
Disney
Christopher Pencavel - COO General Manager @Zesty — responsible for contractor acquisition and reten-
tion and Head of Strategy @Stubhub
Matthew Lawler - CMO Design lead @Volvo — architect of futuristic design lineup. Decade long Cre-
ative Freelancer in the Gig Economy
Leo Rong - Core code contributor Software engineer @Splunk — Stanford Computer Science grad
Reg Clodfelter - Director of Communications PR, marketing, and copywriting for the blockchain industry – freelance jour-
nalist covering finance and real assets
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Advisors
Dr. Robert Mithun
Former Chief of Staff, Kaiser Permanente Hospital, San Francisco and Board
Member, The Permanente Medical Group
Johnny Chin
Bannerman Security CEO
Maarten Verweij
Rotterdam Crypto Capital Group
Ben Lambert
Umpqua Bank Senior Counsel
Elena Elfimova
Google Admob Marketing Lead
Nathan Woo
Cornell, Uber Engineer
Eugene Otto
UVa, Shift Payments
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DisclaimerPLEASE READ – IMPORTANT INFORMATION:
PLEASE CAREFULLY READ THIS SECTION AND THE FOLLOWING SECTIONS
ENTITLED “DISCLAIMER OF LIABILITY”, “NO REPRESENTATIONS AND WAR-
RANTIES”, “RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION”, “REPRE-
SENTATIONS AND WARRANTIES BY YOU”, “NO OFFER OF SECURITIES OR REG-
ISTRATION”, “NO ADVICE”, AND “RISKS AND UNCERTAINTIES”. IF YOU ARE IN
ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT
YOUR LEGAL, FINANCIAL, TAX, OR OTHER PROFESSIONAL ADVISOR(S).
The Thor tokens are not intended to constitute securities in any jurisdiction.
This Thor Token Whitepaper (the “Whitepaper”) does not constitute a pro-
spectus or offer document of any sort and is not intended to constitute an
offer of securities or a solicitation for investment in securities in any jurisdic-
tion. This Whitepaper does not constitute or form part of any opinion on any
advice to sell, or any solicitation of any offer by the distributor/vendor or any
related entity, including Thor Technologies, Inc., of the Thor Token (collective-
ly, the “Thor Corporation”) to purchase any Thor Token nor shall it or any part
of it nor the fact of its presentation form the basis of, or be relied upon in
connection with, any contract or investment decision.
If you are in any doubt as to the action you should take, you are advised to
consult your legal, financial, tax or other professional advisors for further
guidance.
DISCLAIMER OF LIABILITY To the maximum extent permitted by the applica-
ble laws, regulations and rules, Thor Corporation shall not be liable for any
Whitepaper 1.2
34
indirect, special, incidental, consequential, or other losses of any kind, in tort,
contract or otherwise (including but not limited to loss of revenue, income
or profits, and loss of use or data), arising out of or in connection with any
acceptance of or reliance on this Whitepaper or any part thereof by you.
NO REPRESENTATIONS AND WARRANTIES Thor Corporation does not make
or purport to make, and hereby disclaims, any representation, warranty or
undertaking in any form whatsoever to any entity or person, including any
representation, warranty or undertaking in relation to the truth, accuracy and
completeness of any of the information set out in this Whitepaper.
RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION This Whitepaper, any
part thereof and any copy thereof must not be taken or transmitted to any
country where distribution or dissemination of this Whitepaper is prohibited
or restricted. In the case where any restriction applies, you are to inform
yourself about, and to observe, any restrictions which are applicable to your
possession of this Whitepaper or such part thereof (as the case may be) at
your own expense and without liability to Thor Corporation. Persons to whom
a copy of this Whitepaper has been distributed or disseminated, provided
access to or who otherwise have the Whitepaper in their possession shall
not circulate it to any other persons, reproduce or otherwise distribute this
Whitepaper or any information contained herein for any purpose whatsoever
nor permit or cause the same to occur.
MARKET AND INDUSTRY INFORMATION This Whitepaper includes market and
industry information and forecasts that have been obtained from internal
surveys, reports, and studies, where appropriate, as well as market research,
publicly available information and industry publications. Such surveys, re-
ports, studies, market research, publicly available information, and publica-
Whitepaper 1.2
35
tions generally state that the information that they contain has been obtained
from sources believed to be reliable, but there can be no assurance as to the
accuracy or completeness of such included information.
REPRESENTATIONS AND WARRANTIES BY YOU By accessing and/or accepting
possession of any information in this Whitepaper or such part thereof (as the
case may be), you represent and warrant to Thor Technologies as follows: a)
you agree and acknowledge that the Thor Tokens do not constitute securities
in any form in any jurisdiction; b) you agree and acknowledge that this White-
paper does not constitute a prospectus or offer document of any sort and is
not intended to constitute an offer of securities in any jurisdiction or a solic-
itation for investment in securities and you are not bound to enter into any
contract or binding legal commitment and no cryptocurrency or other form
of payment is to be accepted on the basis of this Whitepaper; c) you agree
and acknowledge that no regulatory authority has examined or approved of
the information set out in this Whitepaper, no action has been or will be taken
under the laws, regulatory requirements, or rules of any jurisdiction and the
publication, distribution, or dissemination of this Whitepaper to you does
not imply that the applicable laws, regulatory requirements, or rules have
been complied with; d) you agree and acknowledge that this Whitepaper, the
undertaking and/or the completion of the Thor Token Sale, or future trading
of the Thor Token on any cryptocurrency exchange, shall not be construed,
interpreted, or deemed by you as an indication of the merits of the Thor
Corporation, the Thor Token, and the Thor Token Sale; e) the distribution or
dissemination of this Whitepaper, any part thereof or any copy thereof, or
acceptance of the same by you, is not prohibited or restricted by the applica-
ble laws, regulations, or rules in your jurisdiction, and where any restrictions
in relation to possession are applicable, you have observed and complied with
all such restrictions at your own expense and without liability to Thor Cor-
Whitepaper 1.2
36
poration; f) you agree and acknowledge that in the case where you wish to
purchase any Thor Token, the Thor Token are NOT to be construed, interpret-
ed, classified, or treated as:
a. any kind of currency other than cryptocurrency;
b. debentures, stocks, or shares issued by any person or entity (whether
Thor Corporation), rights, options, or derivatives in respect of such deben-
tures, stocks, or shares;
c. units in a collective investment scheme;
d. units in a business trust;
e. derivatives of units in a business trust; or
f. any other security or class of securities.
You have a basic degree of understanding of cryptocurrencies, block-
chain-based software systems, cryptocurrency wallets, or other related to-
ken storage mechanisms, blockchain technology, and smart contract technol-
ogy; h) you are fully aware and understand that in the case where you wish
to purchase any Thor Token, there are risks associated with Thor Corporation
and their respective business and operations, the Thor Token, and the Thor
Token Sale (each as referred to in the Whitepaper); i) you agree and acknowl-
edge that Thor Corporation is not liable for any indirect, special, incidental,
consequential, or other losses of any kind, in tort, contract, or otherwise (in-
cluding but not limited to loss of revenue, income or profits, and loss of use
or data), arising out of or in connection with any acceptance of or reliance on
this Whitepaper or any part thereof by you; and rights under a contract for
differences or under any other contract the purpose or pretended purpose of
which is to secure a profit or avoid a loss; j) all of the above representations
and warranties are true, complete, accurate, and non- misleading from the
time of your access to and/or acceptance of possession this Whitepaper or
such part thereof (as the case may be).
Whitepaper 1.2
37
NO OFFER OF SECURITIES OR REGISTRATION This Whitepaper does not con-
stitute a prospectus or offer document of any sort and is not intended to
constitute an offer of securities or a solicitation for investment in securities in
any jurisdiction. No person is bound to enter into any contract or binding legal
commitment and no cryptocurrency or other form of payment is to be ac-
cepted on the basis of this Whitepaper. No regulatory authority has examined
or approved of any of the information set out in this Whitepaper. No such
action has been or will be taken under the laws, regulatory requirements, or
rules of any jurisdiction. The publication, distribution, or dissemination of this
Whitepaper does not imply that the applicable laws, regulatory requirements,
or rules have been complied with.
NO ADVICE No information in this Whitepaper should be considered to be
business, legal, financial, or tax advice regarding Thor Corporation, the Thor
Token, and the Thor Token Sale (each as referred to in the Whitepaper). You
should consult your own legal, financial, tax, or other professional advisor
regarding Thor Corporation and their respective businesses and operations,
the Thor Token, and the Thor Token Sale (each as referred to in the Whitepa-
per). You should be aware that you may be required to bear the financial risk
of any purchase of Thor Token for an indefinite period of time.
RISKS AND UNCERTAINTIES Prospective purchasers of the Thor Token (as
referred to in this Whitepaper) should carefully consider and evaluate all
risks and uncertainties associated with Thor Corporation and their respective
businesses and operations, the Thor Token, and the Thor Token Sale (each as
referred to in the Whitepaper), and all information set out in this Whitepaper
prior to any purchase of Thor Token. If any of such risks and uncertainties
develops into actual events, the business, financial condition, results of oper-
Whitepaper 1.2
38
ations, and prospects of Thor Corporation could be materially and adversely
affected. In such cases, you may lose all or part of the value of the Thor
Token.