Seratio Platform - 1st ICO in UK regulatory framework | POS/POW | Ethereum
The Seratio token and the philosophy of transacting intangible value has been in development since 2011. Its early beginnings was the ability to compare and understand an organisation¡¦s impact on their communities and environment, providing the measures to support legislation in the UK, Europe and Internationally. Our ultimate goal, the ability to record and transact with our values has, at last, become a reality with blockchain capability.
The Centre for Citizenship, Enterprise and Governance Limited ¡¥CCEG¡¦, is a UK registered, independent not-for-profit entity that will oversee a fundraiser to complete the vision. CCEG, which span out of a UK university in 2013, is the global leader in the Movement of Value with over 60,000 members and academic partner offices in New York and Shanghai.
CCEG will allocate the Seratio, a digital token based on Ethereum that captures both financial and non-financial value transactions simultaneously. This represents two important firsts.
„h First Ethereum based token allocation from the regulated market of the United Kingdom (UK).
„h First time both financial and non-financial value will be recorded and transacted on a blockchain with mass adoption.
CCEG will receive and manage all contributions through a dedicated website:
Operating the Seratio Token and Microshares
The Seratio Token is a digital token that provides standard Ethereum features including the usual asset transmission capability intrinsic in normal financial cryptocurrencies. The Seratio token allows the additional of a future functionality, that is in development: the capture, transaction, and spend of non-financial value. This will allow us to create an economy that circulates financial value, or non-financial value, or a mixture, where one can be dependent on the other. It does this through 3 unique ways:
ATTRIBUTE INFORMATION, NON-FINANCIAL PREFERENCES: The Seratio-Wallet allows the setting of the wallet holder’s Non-Financial Preferences “NFP’s” which are stored on the Seratio Platform. Use of the Seratio-Wallet enables these preferences to be enacted by a smart contract, which gives the ability to confirm or reject a transaction based on the NFP’s. The non-financial and intangible value of an organisation / project / product / process / person connected to the seller, the buyer, or a third party can be considered and recorded on the Seratio Platform. The NFP’s, and Seratio Platform will be developed and is scheduled for release on 31st July 2018. The Seratio Platform will draw its data from information provided by distributed stakeholders. An example of use is in Impact Investment1 where a transaction may only take place if the pre-stipulated impact is achieved. This gives much greater control to the users of the token, which is highly attractive to organisations and corporates and will encourage their move towards cryptocurrency use. The NFP’s may be amended by the Seratio-Wallet holder at any time.
n.b. The Use of NFP’s is optional when transacting Seratio tokens. It is available when using the Seratio-Wallet and will be a free-to-use service provided by Seratio Limited.
MICROSHARE TRANSACTIONS: CCEG have devised a non-financial token, the Microshare, which represents the transaction of a non-attribute value gained through volunteering, social credits, being a care giver, buying products with positive provenance, shopping in the ‘good’ retailer, etc. Microshares can be transacted through the Seratio Platform but do not have to be featured in any Seratio token transaction as a rule, simply optional; equally a Seratio token could only transact Microshare on some occasion, with no financial value. The Seratio Platform will be a ledger for both financial value and Microshares. Microshares can be credited to your Seratio-Wallet through many ways including physical loyalty cards. They can also be transferred into other reward mechanisms to gain benefit. Microshares are a feature and store of non-financial value. They can be used as a discount or gifted in their own right.
n.b. Microshares will be issued to contributor’s Seratio-Wallets as a non-financial value on 30th April 2018
SERATIO SDG Family Brand: CCEG believe that all transactions will one day recognise both the financial and non-financial aspects of value and want to build a world where there are branded Seratio tokens for all kinds of strong vibrant communities that transact including women, particular religious faiths, city inhabitants, corporate CSR, product provenance, etc. These tokens would all have the values of their community attached to them captured through the S/E metric specifically for that community (e.g. women’s values, Christian values, etc) including pre-existing certificates from the community, accumulated and recognised through issuing Microshares, These
Seratio SDG brands will always be trading at a uniform Seratio price but aimed at different communities with different values recognised through the Microshare component representing their values, beliefs and actions aligned to that community. The branded tokens will thus transact your financial value based on the non-financial values that you hold and action. We do not believe that this will dilute the market as we all hold differing beliefs (tokens) and there are millions of communities all with their unique token but interchangeable with other Seratio Family SDG tokens. The Seratio SDG Family Brand, will become known as “The Cryptocurrency with Values”. Recognising there are different value sets, for each community group, whilst sharing overarching standards of exchange, acceptance and recognition, all of which create confidence, stability and growth.
As people hold more than one belief or are a member of more than one community, so it would be normal for us to hold multiple branded tokens in our wallets. Any new minting of the Seratio Family SDG tokens will create new markets and new demand. This will ensure the continued expansion and usage of Seratio Platform and Seratio Token acceptance, a benefit to all users and is the enabler for the Circular Economy of monetary exchange and values.
In time, it is CCEG’s ambition that community voting and governance will be built into the DLT technology of Microshares, creating vibrant connected digital communities and economies. This is part of CCEG’s development plan for the future.
Structure of the Token Allocation
The Seratio is compliant with ERC20 Token Standard. We do recognise benefits of the ERC223 standard as it protects from accidental token transfers directly to the smart contract address, however this standard is very new and hasn’t been tested by a large user base. Nevertheless, we look forward to deploying ERC223 standard to the Seratio Alt-coins at the later stages of ERC223 development.
Assuming a raise of GBP£5million, the structure of the token allocation will be:
GBP £1,000,000 - Pre-Fundraiser maximum (minimum GBP £ 5,000)
GBP £4,000,000 - Remainder of Fundraiser (minimum GBP £1,000)
GBP £5,000,000 - To CCEG stakeholders (held until 31st August 2018)
GBP £10,000,000 - Held by CCEG until 1st January 2030 released proportionally over 12 years
Seratio Tokens will be issued to Seratio-Wallets on 31st January 2018. With the exception of the tokens issued to CCEG stakeholders and to CCEG, each of which are subject to further hold periods, all other tokens become freely tradable after 31st January 2018.
Once the initial minting is complete, no other Seratio Token can be ever issued again.
At the token allocation, each Seratio is being proposed in respect of each GBP£0.20 contribution to CCEG this equates to:
Fundraiser GBP £5million minting 25 million tokens
Total GBP £20million minting 100 million tokens
It is important to understand that making a contribution to the CCEG and the subsequent allocation of Seratio tokens does not give any ownership right or stake, share or security or equivalent right in or relating to CCEG, the Seratio Platform, and/or any software, any public or private company, corporation, entity or property.
Microshare allocation will take place on 30th April 2018. All contributors to the CCEG fundraise will be allocated Microshares into a Seratio-Wallet as a recognition of their support. The wallet records, stores and allows individuals or organisation to transact Microshares which have no financial value currently.
Microshares proportionally represent non-financial attributes such as doing good, impact, and other positive sentiment. And thus, the amount of Microshares may be increased by evidencing further attributes and contributions. The Seratio token allows Microshares to be considered to settle e.g. offer a discount by spending your Microshares gained from doing good. Microshare transactions may also be registered on the Seratio Platform as Proof of Value.
Early Blockchain Funders
Across the last year June 2016-July 2017, Staff and Developers, Angel Investors and Advisors have funded CCEG’s research, development and proof of concept to achieve readiness for the fundraise and token issue. As at the end of July 2017, total early funding has raised £1.24m. This contribution and support will be reflected in the token issue. At the time of this document, we are in negotiation with 2 further Early Funders and there may well be others who approach us prior to the Pre-fundraiser round on 15th September 2017.
Before June 2016, Seratio Limited had separately raised private equity investment to develop and build the metric and its commercial application. Seratio Limited provides the basis of the Seratio API (SAPI) Proof of Value system and will run and manage the Seratio Platform.
Use of Funds
The funds will be used in the development of the infrastructure together. The Business Plan is a phased-build to deliver a robust, resilient platform which will grow in importance and will set the foundation for other value-based tokens. Funds will also be used in the marketing and promotion of the Seratio and its capabilities over a five-year period to accelerate wide-spread market demand.
‘SDG’ family token offerings based on the Seratio platform. These will drive upwards the value of the Seratio token. CCEG will operate a foundation approach to funding projects that provide value, sustainability and benefits to communities under the SDG 17 goals.
Any new token allocated by CCEG under the Seratio SDG family brand would be differentiated by its own value set [under a defined SDG Goal]. The values of that goal/community group would be carried within the block as the record of intangible value. Their adoption would create synergy with exiting Seratio tokens and serve to widen the demand in the total market.
Funds will be accepted from the following cryptocurrencies as well as fiat money. In alphabetical order, digital tokens will be accepted from:
Ethereum Classic “ETC”
The amount of Seratio tokens allocated will be based on an initial allocation of UK Sterling £0.20. Contributions from non-UK Sterling sources will be converted at the prevailing rate on a best effort basis. CCEG will fully manage the proceeds of the fundraiser and sell contributions at its own discretion including throughout the fundraising period in order to reduce the risk inherent in holding cryptographic tokens.
Seratio tokens minted for allocation are ERC20 Tokens. Given that, it is important that contributors send tokens ONLY to the wallet addresses listed on the fundraising website "seratio-coins.world” CCEG strongly advise token holders NOT to send tokens to any smart contract address, otherwise sent tokens may be destroyed, transferring their value to the remaining token holders. This issue is illustrated in the link here: http://ow.ly/567G30ecyVA
Stage 1: TOKEN ISSUE BLOCKCHAIN DLT WITH MICROSHARE AND ASSET VALUE - £500k. Token issue is stage one in the business plan. Tokens will be issued with the capability to record and store the Microshares or Intangible Value Scores within the block, thus becoming the first Cryptocurrency with Values. The token build and methodology will also allow the release of future complimentary tokens based on specific value sets to enhance adoption and market demand.
Stage 2: SAPI METRICS - £1.6m Development of the Seratio Enterprise Level Platform to be fully automated with Microshares is the stage two phase. Continuous monitoring of the value certificates, external endorsements etc…will ensure the system remains robust and will give transparency to the legacy of future transactions and circular economies created. The ultimate goal is to transition to a fully autonomous proof of value system.
Stage 3: PROVENANCE £1m, stage three is the gathering of all data on people organisations, projects process and products to allow both the recording on the DLT as well as the filtration of Meta Data to aid transaction decisioning.
Stage 4: APPS: £1m+, stage four, development of the consumer and commercial facing applications that derive value from use of the tokens in wholesale and retails settings.
Stage 5: MARKETING AND CONTINGENCY £900K Promotion will be to the personal, corporate and public/government sectors. Marketing is planned to continue over a five-year time horizon.
Deliberately, no cap has been set on the amount of contributions that will be accepted by CCEG. Primarily this has been done to ensure that participation can be widespread to maximise adoption and allow time to introduce the concept to first time participants. Funds raised in excess of GBP £5million will be allocated towards Sustainable Development Goals
ICO starts Sunday 1st October 2017
Pre ICO Starts fridat 15th September 2017
- Token Name & Abbreviation: Seratio & SER
- Token Allocator: Centre for Citizenship Enterprise and Governance
- Token Standard: ERC20 - Token Code
- Target token allocation: 100 million Seratio Tokens, no maximum cap set.
- Token Issue date: 31st January 2018
- Mint Close date: 31st January 2018
- Platform: Ethereum
- Blockchain Type (launch): Public
- Consensus mechanism: Hybrid PoW / PoS (PoV to transfer to a fully distributed model)
- Country of Issue (Regulatory Framework): UK
- Code Auditor: Sandblocks Consulting (report 12th August 2017)
- Legal Advisors : Eversheds Sutherland (report 9th August 2017)
- ICO Maker: Chandler Guo - Regulatory Advisor: COINsult (report 6th August 2017)
- Fundraiser website: www.seratio-coins.world
- Fundraise Open to: worldwide where regulation allows. US citizens or any person permanently resident in the US or any of its territories are not permitted to participate
- Pre-Fundraiser: 16 days
- Fundraise: 30 days - Minimum investment: GBP £1,000 (during pre-fundraiser GBP £5,000)
- Microshares: less than GBP £1,000 may be accepted
- Maximum investment: n/a (during pre-fundraiser total limited to GBP £1,000,000)
- Reserve pool (held by CCEG): released proportionally annually over 12 years to 2030
Safeguarding the Investment
Terms and Conditions - Any contribution will be subject to the acceptance of the full Terms and Conditions “T&Cs” which will be available on www.seratio-coins.world . The law of England and Wales applies to the T&Cs and any agreement entered with CCEG under them. Any dispute arising out of or in connection with the CCEG fundraise, the creation of the Seratio Token, Seratio-Wallet and the development and execution of the Seratio Platform shall be exclusively and finally settled by the ordinary courts of England and Wales.
Regulatory Framework - The UK is the world’s leading financial sector. The Financial Conduct Authority (FCA) and the Information Commissioner’s Office (ICO), the Government and currently all European regulations apply. The CCEG fund raise and token issue operates within the current United Kingdom regulatory framework, and has considered international frameworks where known such as the Securities and Exchange Commission (SEC) recent findings as well as the incoming European General Data Protection Regulation (GDPR). It is not subject to the prospectus regime or the collective investment scheme promotion regime.
Treasury - The Treasury policy of CCEG focuses on the reduction of risk. Cryptocurrencies received as part of the fundraise will be managed and sold progressively, including throughout the fundraising period, to reduce the risk inherent in holding cryptographic tokens
Anti-Money Laundering - CCEG will operate AML processes in respect of fiat money to token currency and vice versa. Contribution payments and Seratio Token issue will be made to the same party, i.e. no third-party registrations will be accepted. Any sale of Crypto tokens by CCEG will be through recognised exchanges.
Data Protection - The processing of personal data (and, potentially, sensitive personal data) by CCEG is subject to the Data Protection Act 1998 (DPA). CCEG has been registered with the Information Commissioner’s Office since October 2015. In line with many other organisations, CCEG is preparing for compliance with the new General Data Protection Regulation (GDPR) which will apply in the UK from 25 May 2018. It should be noted however that the effect of the GDPR on blockchain deployments is not yet fully understood. Encrypted and/or hashed data, for example, may still constitute personal data.
Risk Warning - Buying, selling and holding digital assets or cryptocurrency is never without risk. You should only make a Contribution in return for Seratio Tokens if you are happy with the risks of doing so. As we are undertaking a relatively new type of fundraising, there may be unforeseen risks of which we are currently unaware.
All content provided through this paper is only for your personal information and use, and is not intended to address your particular requirements or to be relied upon in making (or refraining from making) any specific decision. Such content shall not constitute any form of advice or recommendation by us.
Social Earning Ratio (S/E) is created by Prof Olinga Taeed
S/E developed and tested at the University of Northampton and through international wiki-university collaboration
Not-for-profit Centre for Citizenship, Enterprise and Governance (CCEG) is founded
Speech at The Vatican who labelled S/E as “the fastest adopted impact metric in the world”, bringing international recognition
Seratio Ltd span out providing SaaS metrics to measure non-financial value supporting laws globally
CCEG announces its block of Total Value Blockchain 3.0 & Proof-of-(…) Metrics publishing 5 whitepapers in total
Internet-of-Value (IoV) Blockchain Alliance of Good (BISGIT) is established and launched at the CCEG Conference at the University of Cambridge
Proof-of-Concept Platform Launch
CCEG Blockchain UN Lab established
Seratio PaaS Architecture developments starts
Seratio tokens issue to Seratio-Wallets
Seratio Ethereum Platform launch
Seratio SDG Alt-tokens (Women's Coin, Education Coin, City Coin)
Seratio SDG Alt-tokens (Faith Coin, Leadership Coin, Water Coin)
Seratio SDG Alt-tokens (Fashion Token, Leather Token, Carers Coin)
New Seratio 2-token Platform launch (integrated Microshare blockchain)
Currency of Intangible Non-Financial Value - Sets out the basis of the Seratio integrated internet-of-value block, incorporating the ‘hard’, financial value and ‘soft’, intangible value of a transaction.
Values Based Impact Interventions - Describes the modelling and forecasting capability of the Seratio Platform.
Proof-of-Impact Transaction Platform - Demonstrates how a circular economy is created and grown using digital currencies, giving the ability for transactions to be contingent upon value creation e.g. via impact creation, value alignment or knowledge sharing.
Whitepaper 4 4.0 Seratio Sandbox Architecture - Sets out the Sandbox for Non-Financial Enterprise, the open source transaction platform enacted by “proof of” metrics.
Educational Passport: Distributed Learning Ledger - Establishes the Blockchain Educational Passport, demonstrating how the technology can track, registe
Download All White Paper:https://github.com/seratio/whi...