Microsoft Word - Travel Dnation Token Economy Paper ENG v002.docx

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1 Travel dnation Token Economy The value of Travel dnation s tokens is created through supply and demand in its community, and the token value is stabilized through measures described in this document, in order to enable value exchange between community and external 3 rd parties in the travel industry Blocbuster co.,ltd

2 Table of Contents I. Ecosystem 1. Internal Ecosystem 5 2. External Ecosystem 6 II. Pricestable Token 1. 3 Token System Travel dnation Economy Committee Incentivization Rate of each contribution 22. W parameter related with token issuing 23. Loan Rate of Travel Bank 24. Amount of Interest Ratio for NP 25. Decision of Sale of NP 26. Decision of Use of Reserve Fund 27. Decision of incentivizing NOJA instead of NBD 28. Decision of Burning NOJA 3. Token Issuing & W parameter Loan Rate of Travel Bank Open market operation dgreenshoe option & Installment Lockup Reserve Fund 22

3 III. ICO Planning 1. Private Sale Public Sale Usage of ICO Fund 24 DISCLAIMER 25 RISK FACTOR 27

4 I. Ecosystem Travel dnation starts creating and building a community that is transparent, provides fair incentives, and that contributes to the travel industry. As the community expands and becomes more robust, the coins used within the community will become more valuable and stable. A coin that is stable will attract participation from travelrelated companies and professionals, and will also enable Travel dnation value exchange outside the community. Ultimately, Travel dnation is expected to become a travel platform that will have alliances with many travel partners and transform the travel industry. Travel dnation s Ecosystem

5 1. Inner Circle Travel dnation, gives incentives (rewards) to general citizens (users), as well as to contributor from the travel industry, tourist contents producers, translators, travel guides, and Economic Committee members. Incentives can be placed in NBD, a secure asset that can be invested in NP to increase influence within the community, or exchanged for a $1 value of NOJA. Coins that are received as incentives can be used to promote content, "like", and increase the influence of votes within the community. In addition, there will be ample demand within the community because coins can be used as a means of payment to receive local on and offline support during actual travel. [Receiving Rewards as Travel dnation Citizen] 1) Travel content creation: Coins are rewarded according to the number of 'likes' for travel content. Reward distribution: 70% for content creators, 30% for users 'liking'content. 2) Translation of travel content: Coins are rewarded for content that is translated into other languages, based on the amount of 'likes' the content receives. 3) Check in at destination: If travel plan is submitted, users will receive coin rewards for checking in at their scheduled destination. 4) Travel guide: Coin rewards for helping travellers by using different online channels (online travel guide). Coin rewards for meeting and helping travellers offline (offline travel guide). 5) Economic committee: 1% of tokens issued each month will be used to reward the economic committee. Reward distribution: 60% to the 11member economic committee, 40% to the 39 possible committee candidates. [Content Promotion] In order to promote created content, NBD can be used for for publicity purposes. Promoted content is ranked on the travel content menu site, with the daily promotion time and cost being adjustable. The travel content menu page shows contents with the highest daily promotion cost on top.

6 [Economic Committee Voting Rights] Travel dnation citizens who own NP have the right to vote for the Economic Committee. The right to vote may be exercised in proportion to the user s NP score [11000 points] and may distributed to up to five of the Economic Council candidates. It is not possible to doublevote for one candidate. NP are not deducted for exercising voting rights. ['Liking' Influence] Travel dnation citizens who own NP are able to select and 'like' good content. 'Likes' can be given based on the user s NP score [11000 points], and ubvoting rights can be exercised up to 10 times per day. NP are not deducted for using 'likes'. [Paying On/Offline Guide when Travelling] Travel dnation citizens can receive travel advice from other local citizens when they travel. After checking the profile of the desired location, price and time can be arranged. The guide can then be paid in cash and coins, and once the guide s work has been completed, the promised price will be paid by the community to the guide. 2. Outer Circle The Travel dnation community is made up of prospective travellers who like to travel or are ready to leave. This includes members who are engaged in various activities related to travel, even if they do not travel at the moment themselves. At the same time, it is possible to partner with third party members who want to sell travel items, provide information, or advertise to the community, and who share profits with the community. Prices and advertising costs will be paid through cash and coin purchases at first, but the more solid and stable the coin will become, it is expected that the payment portion of the coin will increase. If the internal ecosystem of Travel dnation is integrated smoothly with the external ecosystem, the value of the coin issued by the community will be even stronger. The coin value will be maintained through price stabilization instruments, which will be discussed in detail in the next chapter. Stabilizing coin prices will attract more community members and third parties to create a stable virtuous cycle structure.

7 [Travel Item Puchase] Once Travel dnation reaches a platform phase beyond its own community, it will be possible to purchase travel packages from third party travel companies. To enable direct purchase of travel items, they will be linked to content, in order to increase buyer motivation and conversion rates. After items are categorized, users contents of interests is checked and linked with relevant travel items, facilitating an easy search by travel area. Third parties can add links of all their travelrelated products. For example, airline tickets, train tickets, hotel tickets, package travel vouchers, local activity vouchers, and restaurant reservations. Item prices are determined by the seller and may be paid in cash, NBD, or NOJA. Initially, the ratio of cash to tokens is expected to be 9:1 or 8:2, but the more stable and robust the token values become, the more the share of tokens will increase as well. [Travel Bank Loans] If Travel dnation citizens want to purchase travel items but are unable to pay, they can obtain a NOJA loan by having their accumulated securities (NP) or service credit (service activity history) assessed. In this way citizens have the chance to travel by prepurchasing travel products, and third parties benefit from increased sales. Citizens can pay their loans after prepurchasing with NOJA later, in their role as Travel DNation citizens. If the loan cannot be repaid in a specified time period, it is simply deducted from the user s NP account. Loan rates will be set to around 58%, but may be later adjusted by the Economic Committee, depending on the circumstances. [Targeted Marketing and Advertising for Travellers] Third parties will be able to identify target groups based on travellers travel plans and can deliver targeted marketing content and information to these travellers.

8 Traveller advertising cost and token rewards flow chart Advertising or information (PUSH & GPS) Advertising cost Token reward Settled in NBD Based on advertisement duration and target number Ex) For 2 months from to 05.30, 100 registered travellers: Seoul <-> Osaka Seoul <-> Osaka ticket advertisement: 1000 NBD Osaka hotel advertisement: 800 NBD Above figure shows the flow chart for advertising cost and token rewards for travellers. For the advertisement or information to be accurately sent to the traveller, the GPS of the traveller's device needs to be working properly. The traveller also needs to make sure that the GPS is working properly, in order to receive token rewards for traveling according to a travel plan. Travel dnation is not responsible for missed token rewards due to GPS malfunction. Advertising costs can only be settled with NBD or NOJA, depending on the ad schedule and the number of target groups. [Travel Content Purchase] Within Travel dnation, third parties from the travel industry can link user- generated content to their sites, based on category or region. Advertising fees can only be settled using NBD or NOJA, and depend how long the content can be used.

9 II. Pricestable Coin In order for Travel dnation to evolve into a travel platform that goes beyond a blockchain travel community, ecosystems with various travel partners must be formed, which requires coin price stabilization. The pricestable coin of Travel dnation is a coin whose price is stable in the short term and with little price volatility to allow the purchase of travel items. Travel dnation introduces the following instruments to stabilize coin prices. Three token system Travel dnation Economic Committee Token issuance and W parameters Travel Bank loan rates Open market operation Greenshoe options and installment lockup Reserve fund 1. Three Token System The three token in the three token system are NBD, NOJA, and NP. Each token has the following characteristics: Three Token System Installments 11 weeks Exchange rate 3 days Instant

10 1 NBD (NOJA Backed Dollar) 1 NBD guarantees the exchange to NOJA for $1 regardless of NOJA s price. Scheduled to be traded on external exchanges. When content is produced, NBD and NP rewards can be paid out in a 50:50 or 0:100 ratio. NBD can be exchanged for NOJA for the average price of the last three days, three days after request for exchange. However, NOJA cannot be exchanged to NBD. Because NBD can be considered as a kind of liability, if the market capitalization of NBD exceeds 10% of the NOJA market value, NOJA will be paid instead of NBD 2 NOJA Travel dnation's key currency is issued at midnight to meet the demand calculated for daily services (see "Token Issuance and W Parameters" below for the issued volume). To be listed on external exchanges. NOJA and NP can be immediately exchanged at an 1:1 ratio. If the market capitalization of NBD exceeds 10% of NOJA s market value, the Economic Committee can decide to burn some or all of the coins that are converted from NBD to NOJA. 3 NP (NOJA Power) When content is produced, NBD and NP rewards can be paid out in a 50:50 or 0:100 ratio. If NP is requested to be exchanged into NOJA, it will be exchanged in evenly distributed installments within a time period of 11 weeks. NP enables it s holders to vote for the Economic Committee. The amount of NP held impacts the proportion of influence the holder has when 'liking' content. Cannot be traded on external exchanges. 14% of daily token issued (initial setting) are issued as NP interest payment. The interest is distributed proportionally amongst the holders of NP. 2. Travel dnation Economic Committee The Economic Committee consists of the 11 citizens who control the token economy of Travel dnation. All citizens are given the right to vote for 50 candidates, and the top 11 are authorized to control the parameters of the token economy.

11 Travel dnation s token economic parameters are as follows: 1) Reward rate for each contribution 2) W parameters related to token issuance 3) Travel Bank loan rates 4) NP interest rates 5) NP sales and sales decisions 6) Decisions to use reserve funds 7) Decision to pay rewards with NOJA instead of NBD 8) Decision to burn NOJA 21. Reward (incentive compensation) rate for each contribution In Reward 1: Posts N1 m = I 1 * (!!!! NPS k ) * w 2019, Reward tokens for m th post I 1 = Reward rate for posting is set by the Economy Committee as a parameter. Different I n values can be set for activities that are rewarded. The basic direction is to set the amount of rewards while traveling is on average higher than other activities. C = Total number of people who liked the m th post NPSk = Score of NP (NOJA Power) of the k th like for the m th post, which is an integer with a value from 1 to 1000 w 2019 = W parameter for the months in 2019 set by the Economic Committee N1 TOTAL = during one day!!!!! N1 k, Incentive token amount for posts created produced T1 = Total number of post created during one day Reward 2 : Comments N2 m = I 2 * (!!!! NPS k ) * w 2019, Incentive token amount for m th comment

12 I 2 = Rewards for comments set as a parameter by the Economic Committee C = Total number of people who liked the m th comment NPSk = Score of NP (NOJA Power) of the k th like for the m th comment, which is an integer with a value from 1 to w 2019 = W parameter for the months in 2019 set by the Economic Committee N2 TOTAL =!!!!! N2 k, Sum of reward tokens for comment during one day T2 = Total number of comments during one day Reward 3 : Travellers! N3 m = I 3 * (!!! PD k ) * w 2019, Incentive token amount for m th traveller arriving at a scheduled travel destination I 3 = Rewards for travellers arriving at a scheduled travel destination, set as a parameter by the Economic Committee C = Total number of scheduled destinations of the m th traveller PDk = Travel distance (unit: km) between the k1 th and the k th scheduled destination. PD0 is the point of departure. w 2019 = W parameter for the months in 2019 set by the Economic Committee N3 TOTAL =!!!!! N3 k, Incentive token amount for travellers during one day T3 = Total number of travellers arriving on a scheduled travel destination during one day Reward 4 : Travel Guides N4 m = I 4 * ( guide!!!! TG k ) * w 2019, Incentive token amount for m th travel

13 I 4 = Rewards tokens for on/offline travel guides. Fixed to 0.15 (15%). C = Total number of travels guided on/offline by the m th travel guide. TGk = Amount of coins that were used to compensate the m th travel guide for guiding the k th traveller w 2019 = W parameter for the months in 2019 set by the Economic Committee N4 TOTAL =!!!!! N4 k, Incentive token amount daily tour guiding T4 = Total number of on/offline travel guides during one day 22. W parameter related with token issuance N1 TOTAL (Incentive Token amount of daily posts N2 TOTAL (Incentive Token amount of daily comments N3 TOTAL (Incentive Token amount of daily travelling N4 TOTAL (Incentive Token amount of daily tour guiding w 2018 w 2018 w 2018 w 2018 Daily amount of Token Issuing is decided and released at / every midnight NOJA tokens are issued every midnight according to token demand, which the total of all incentive rewards for all contributions or activities in the Travel dnation community within one day. W parameter starts as w 2019 = 5.00 in 2019 and is decreased by 1.0 to w 2023 = 1.00 in 2023, being fixed as 1.0 from that point on. The Economy Committee can control the portion of decimal points of W value, however, and update it every first day of the month. For example, in 2019, w 2019 = 5.00 is the normal value, but in certain situations, an individual member of the Economy Committee could decide to set the value to w 2019 = 5.25, while another one will decide to set it to w 2019 = In this case

14 the average value of all 11 committee members will be reflected in the W, starting with the first day of the next month. Basically, the W parameter is designed to givie more incentives to those who register in the early stage. The second purpose of the W parameter is to allow the Economy Committee to control the amount of newly issued token in circulation. 23. Loan Rate of Travel Bank In the early stage of service, the loan rate of the Travel Bank will be set to 5%. However, after the launch, the 11 members of the committee can control the % and update the value every first day of the month. Similar to a Monetary Policy Committee of a nation, the committee can control the standard interest on a fixed through fixed term (10x a year for KOREA, 8x a year for the US FOMC, 8x a year for the EU ECB). With the settled interest rate, the amount of tokens circulating in the market is controlled. It is generally known that if the interest rate rises, the amout of tokens will lower and if the interest rate lowers, the amout of tokens will rise. Because of this, the travel loan rate of the Travel Bank can be used to control the amount of tokens through secured and unsecured loans. Relation btw. Interest Rate and Quantity of Money

15 24.Amount of interest ratio for NP In the early stage of the service, the interest ratio for NP is set to 14% (of these 14%, the interest is proportionally distributed to all holders of the NP token, based on the amount of NP tokens held). After the initial stage, the Economic Committee can control the interest ratio. Changing NP s interest ratio can be used as a tool to control the amount of NOJA or NBD tokens circulating in the market. 25. Decision of Sale of NP If the amount of NOJA or NBD tokens in market circulation needs to be decreased for stability, the Economy Committee can decide on the sale of NP tokens. The Commitee can also contro the exchange ratio to NOJA tokens, the amount of sales, the duration of sales and the duration of NP lockup. In order to control a certain amount of money, a central bank of a country can equally adjust the shortterm supply of money through open market operations in addition to interest rate adjustment. NP sales work on a similar principle, also see '5. Open Market Operations'. If more than half of the 11 members of the Economic Committee approve of NP sales, the sale of NP will be determined. After this, price, period, and sales volume will be adjusted on the 1 st day of the next month, based on the value average set by all 11 members of the Committee. 26. Decision of Use of Reserve Fund After the ICO, the Reserve Fund can be used to stabilize coin prices. Reserve funds play the same role as country's foreign exchange reserves. Foreign exchange reserves are foreign currency deposits deposited in central banks and national banks, which are the nature of reserve assets that can be used in crisis situations. In particular, if the foreign exchange market becomes unstable, it is possible to use a foreign currency reserves to intervene in the foreign exchange market. In Korea, the foreign exchange reserves, which had reached US $ 34 billion in 1996, had plummeted to US $ 3.9 billion during the 1997 Asian Financial Crisis. In addition to the sudden outflow of capital such as the sale of won, there was also a portion that had been exhausted to protect the exchange rate. In the survey of 33 countries between 1995 and 2011, the use of foreign exchange reserves in four countries had been effective in stabilizing the exchange rate. This is because the sales of the dollar were carried out in large scale, communicating with the market.

16 In the case of China, which holds the world's largest foreign exchange reserves, the pressure to raise the yuan has risen. As a result, we have been continuously reducing foreign exchange reserves to maintain a stable exchange rate in order to secure export competitiveness. In a similar way, the Economic Committee can decide on the use of reserve funds, and can set the amount and duration. If more than half of the 11 members of the economic committee approve, the use of these funds is decided. The average value of the 11 Economic Committee members will determine period and sales volumes, an is enforced on the first day of the next month. 27. Decision of incentivizing NOJA instead of NBD If the market capitalization of NBD is more than 10% of the market value of NOJA, the Economic Committee can decide to pay reward incentive compensations in NOJA instead of NBD. If more than a half of the eleven members of the economic committee approve the NOJA incentive compensation, their use will be determined and will be reflected on the first day of the next month, following approval. 28. Decision of Burning NOJA If NBD's market capitalization exceeds 10% of NOJA's market capitalization, the Economic Committee may announce NOJA incineration. More than half of the eleven members have to approve the incineration of NOJA, and from the first day of the month following approval, some or all of the NOJA exchanged from NBD will be incinerated. 3. Token Issuing & W parameter Travel dnation's total token issuance is finalized by adding the above mentioned interest payment, and compensation to the Economic Committee, team, and partners to the calculated incentive supply. The 80% incentive compensation is determined by calculating the amount of incentive compensation that must be paid each day, for each activity, then multiplying this by the W parameter set by the Economic Commission. For details on the W parameter, Please refer to "2. Travel dnation Economic Committee, 22. W parameter related to token issuing"

17 Travel dnation Token Classification by issuing purpose Token Issuing Incentive Interest payment Economic Committee Team & Partner 1% 5% 14% 80% 4. Loan Rate of Travel Bank The loan rate for NOJA lent by users using their NP as a guarantee can be adjusted. At the launch of the service, the initial interest rate will be set to 5%, after which 11 Economic Council members may decide to adjust the loan rate through consultation. The average value of the interest rates chosen by each of the 11 Economic Committee members will be reflected in the new interest rate, starting from the first day of the next month. The interest rate for NPs, which is set to 14% at the start of the service, is also adjustable. The amount of coins paid to users depends on the level of the interest rate. For example, if the interest rate is lowered to 13%, the incentive payment rate rises to 81%. Each of the 11 Economic Committee members can decide to adjust the interest rate, which will be reflected in the new interest rate on the first day of each month, set to an average of all 11 members. 5. Open Market Operation Similar to the way a country's central bank operates on the open market to control its currency, Travel denation can also sell NP (NOJA Power) for open market operations. These open market operations work on similar principles as open bank operations by central banks. Open market manipulations are a means for central

18 banks to control their principal currencies and market interest rates, by buying or selling government bonds or currency stabilization bonds in the financial market. If a central bank purchases public bonds from the financial market, the money it pays for the national bonds will be circulated to increase the amount of currency, increase government bond prices and lower interest rates. On the other hand, a central bank sells government bonds to the financial market when it needs to cut back on money supply in the market. As a result government bond prices will decrease and interest rates will rise. If financial institutions buy government bonds, not only the amount of money in the market is reduced, but the increased interest rate also slows growth in deposit currencies. The open market manipulation was first put into practice by the Bank of England in the 1830s. In the United States, after the establishment of the Federal Reserve System in 1913, legislation on open market manipulation was enacted and developed Federal Reserve Bank s core policy measure. In most countries, as financial liberalization has advanced and financial markets have developed since the 1980s, open market manipulation has become the main means monetary policy. Open market manipulation has become a key monetary policy tool because unlike the provisioning policy or loan policy, it is a policy that is consistent with economic principles and its effects are widely and indiscriminately over the financial market, where a wide range of economic entities such as banks and nonbank financial institutions participate. Additionaly, open market operations can be flexibly adjusted by altering the timing, size and conditions of operations, as needed. In the same way, NP sales at Travel dnation can be determined by the Economic Committee, and the committee can also set exchange ratios, sales volume and sales periods for the NOJA token. NP sold by open market operations cannot be exchanged for NOJA immediately, and may be locked for a period of at least 11 weeks. The NP sales are all kept in the community's reserve funds. On the other hand, as described above, sales of NP can reduce the volume of NOJA or NBD tokens on the market. For more information on the role of the Economic Commission's NP sales decisions, see "2. Travel dnation Economic Committee, 25. Decision of Sale of NP". 6. dgreenshoe option & Installment Lockup As an option set for stock price stabilization after the IPO listing, the GreenShoe Option algorithm is applied to the NOJA coin postico in order to protect the token price. GreenShoe Option is a term that was coined, when Green Shoe Manufacturing first used the overallotment option in the company's stock offering.

19 This system is a call option that allows the organizer to acquire additional public shares from stock issuance when there is an oversubscription after listing. If the stock prices rise above the public offering price, the organizer uses the overallotment option and distributes it to the subscribers. The additional share distribution increases the income from stock distribution, and the company issuing the shares can benefit from additional financing. If the stock price falls below the public offering after listing, the organizer will give up the over alloted option, buy she shares from the market and distribute them to the subscribers. If the price of publicly traded stocks is less than the IPO, the IPO sponsor of the public IPO will buy the excess amount of the stock in the market. [dgreenshoe option] After completing the ICO with an over 15 percent allocation option, 1 If the market price rises above the public offering within 30 days of being listed, the preissued 15% of coins will be allocated to users at the public offering price. 2 If the market price falls below the public offering price within 30 days after listing, the company will buy 15% of the coins in the market and distribute them to market users (company purchase price). The internal purchase of 15% of coins causes a price increase. If the market price is below a public offering even after the dgreenshoe option, then a community reserve fund can be used to drive up prices. [Installment Lockup] Installment Lockup is an instrument to prevent a partner company or individual participating in the ICO from selling all coins at once. Partners who have participated in the ICO presale cannot sell more than 10% of their coins at the time of listing, nor may they sell for one month after a single sale. Presale participants who do not comply with the statutes of this white paper may be prohibited or suspended by the community. Individuals participating in the ICO public sale may sell the coins in the order of their participation after the ICO listing. For example, a user who participates in the public sale on the tenth day after the start of ICO can sell 10 days after.

20 7. Reserve Fund 30% of the funds raised through the ICO are deposited as reserve funds. Reserve funds can be used to stabilize prices, in case the prices of Travel dnation s coins become unstable due to transactions on the external exchanges. The use of reserve funds is decided by the Economic Council, which determines the amount and timing of such a use. For more information on the Economic Council's use of reserve fund, see "2. Travel dnation Economic Council, 26. Decision on the use of reserve funds."

21 III. ICO Planning Private Sale Soft Cap: $1M Amount of any token Hard Cap: $5M Amount of any token 1 NOJA Discount Duration Limit $ % ~ None Public Sale Soft Cap: 5,000 people Hard Cap: 30,000 people ROUND A 1 NP Discount Duration Limit $ % ~ $5k/person ROUND B 1 NP Discount Duration Limit $0.1 90% ~ $5k/person ROUND C 1 NP Discount Duration Limit $ % ~ $5k/person According to the Installment Lockup clause, the participants including partner companies or institutions cannot sell more than 10% of their tokens at once per month after the end of the ICO. If the participants do not follow the statutes of this document or the Travel dnation White Paper, the community may prohibit the use of token of those participants. In the case of the Public Sale, if Hard Cap is reached befor round C, the sale will be closed.

22 Usage of ICO Fund Development & Operation Fund will be paid in installments for 10 month after the end of the ICO. Partners include investment partners before ICO.

23 DISCLAIMERS 본백서의목적은백서에서제안하고있는 ICO(Initial Coin offering) 관련하여, Blocbuster co.,ltd ( 이하 회사 ) Travel dnation 서비스, 해당플랫폼에서이용되는토큰 ( NBD, NOJA, NP) 에대한정확한정보를전달하기위함입니다. 본백서는문서에서다루고있는어떠한내용에관해서도개인적, 법적, 세금적또는금융적인자문을주려는것이아닙니다. NBD, NOJA token 또는 Travel dnation 서비스의구매나사용결정에관련한자문이나, 문서에명시된내용에관련된자문은본인이직접전문가를통해얻어야합니다. 문서에명시된정보들은완벽하지않으며, 회사 와본문서를통한참여자사이의어떠한계약적인관계도내포하지않습니다. 본백서의어떠한내용도투자를권유하거나안내하지않으며, 어떤사법관할내의어떤유가증권의구매나구매권유도유도하지않습니다. 본문서는투자자들의보호를위한어떠한사법적인규제나법에대해서언급하지도않으며, 관련내용으로구성되어있지도않습니다. NBD, NOJA, NP 토큰은유틸리티토큰입니다. Travel dnation 의토큰은어떠한형태의디지탈신용화폐 ( 또는비신용화폐 ), 증권, 상품등디지탈금융수단을지원하기위해설계되지않았습니다. Travel dnation 의토큰은 회사 와 Travel dnation 서비스에어떠한형태의소유권도부여하지않습니다. Travel dnation 의토큰은어떠한형태의배분 ( 이익에국한되지않더라도 ), 현금화, 청산, 전매 ( 모든지적재산권을포함하여 ) 로도구성되지않으며, 회사 또는 Travel dnation 서비스의어떠한금융적, 경제적관리또는법적권한으로도구성되지않습니다. Travel dnation 의토큰은판매또는사용이금지된어떤사법권할내에서도판매또는사용되는것이허용되지않습니다. 테러국으로지정된국가또는외국자산관리국 (OFAC) 에서지정하고있는돈세탁의위험이높은국가에거주하는거주자들에게도 ICO 가제공되거나판매되지않을것입니다.

24 Travel dnation 토큰은오직 Travel dnation 서비스내에서만사용되도록설계되었으며, 어떠한다른블록체인응용프로그램, 거래, 투자또는연계매매등의목적을위해설계되지않았습니다. 우리는백서에서특정하고있지않은어떤형태의토큰의사용이나활용에대해보증하지않습니다. 백서에포함되어있는모든문장들, 언론에발표된모든내용들또는공적으로공개된모든내용들그리고, 회사 를포함하여관계자들또는대변인들이구두로설명한내용들은모두 예상되는내용들 입니다. 이러한문장들의몇몇은다름과같은표현들로구분할수있습니다. 목표, 타겟, 기대된다, 믿는다, 가능하다, 예측된다, 예상한다, 만약, 경향이있다, 그럴수있다, 계획이다, 아마도, 하는것이좋다, 그럴것이다, 할것이다 등이외에도이와비슷한표현들이가능합니다. 하지만, 이러한표현들이배타적인의미로 예상되는내용들 를구분하는것은아닙니다. Blocbuster 또는 Travel dnation 서비스, 회사의재정상태, 사업적전략, 계획, 전망그리고수반되어논의되는관련산업들의미래등과관련되는모든내용들은 예상되는내용들 입니다. 회사또는 Travel dnation 의수익모델, 수익성, 전망, 향후계획또는전망되는관련산업의트렌드를포함하는이러한 예상되는문장들 은역사적인사실들이아니고, 그러한예측이만들어진시점에가능한정보와가정에근거한예측들입니다. 문서에포함된정보들은시간이흐를수록다른언어로번역될수도있고, 또는기존의사용자또는대기사용자 / 파트너들에의해문서나구두를통해이용될수도있습니다. 번역과구두를통한전파등에의한오역이나오해등의문제가발생하는경우, 본한글버전의백서가항상우선합니다. 회사 는시간이흐를수록백서에포함되어있는정보들을수정, 보완, 보충할수있는권리를가집니다. 그렇다고의무를가지지는않습니다. Blocbuster 는어떠한변경에대한공지의무를가지지않습니다. 본한글버젼의최신판백서는 에서확인가능합니다. 회사 가백서에포함된정보들을최신의정확한정보로유지하기위해모든가능한노력을하겠지만, 사이트에게시된문서는받는사람입장에서는논의할만한또는자체분석을할만한최신의문서가아닐수있음을염두에두시기를바랍니다.

25 RISK FACTOR Travel dnation 서비스의성공을방해하고저해할수있는요소들은많습니다. 그리고그런한요소들은서비스토큰의유용성을제한할수있습니다. 그요소들은아래와같습니다. 1. 여행관련 3rd Party 들또는여행관련산업종사자들이 Travel dnation 서비스및관련솔루션들을제한적으로채택하는경우. Travel dnation 토큰의가치는내부커뮤니티안에서도수요가있기때문에적정한가치를가질수있습니다. 하지만, 커뮤니티외부즉, 여행산업관련회사나종사자들이토큰을사용할때그가치는더커지고견고해지게됩니다. 따라서, 저희토큰의유용성은여행관련회사또는종사자들이얼마나 Travel dnation 서비스를그들의솔루션으로사용하느냐에달려있습니다. 만약, Travel dnation 서비스가어느정도수준만큼그들에게받아들여지지않으면, 토큰의사용성및수요는제한적이될수있습니다. 2. EOS 프로토콜이생각보다덜일반화되는경우. Travel dnation 서비스는 EOS 프로토콜을근간으로하고있습니다. 토큰기반의스마튼컨트랙트를사용하는플랫폼으로서의 EOS 프로토콜이활성화되지않는경우, Travel dnation 토큰역시제한적이될수있습니다. 또한, EOS 프로토콜보다더효과적으로증명되거나인지되는새로운스마트컨트랙트프로토콜이도입되는경우에도, 저희토큰을포함하여 EOS 기반의토큰들의수요및사용성은줄어들수있습니다. 이런경우, 더나은프로토콜로서비스를이전하기위한일정기간의개발기간이더필요하게됩니다. 3. 블록체인솔루션이활성화되지않는경우. 여행업계에서블록체인솔루션이받아들여지지않거나, 또는토큰사용이외다른방식의블록체인기술이적용되는경우, Travel dnation 의토큰뿐아니라서비스의수요는실질적으로줄어들게될것입니다. 4. 여행업계와관련된일반적인위험요소. Travel dnation 서비스가높은수준의유용성이보장된솔루션임이여행산업관련회사또는종사자들에게입증된다하더라도, 여행업의수요자체가줄어드는경우에는 Travel dnation 서비스의채택은제한적일수밖에없습니다. 게다가, 개인정보보호법또는광고규제의변화, 그리고온라인커머스관련규제들의변화는저희서비스의사용성, 유용성및채택등에영향을줄수있다. 5. Travel dnation 서비스의모방및경쟁. 만약, 저희서비스가여행산업관련회사들또는종사자들에게유용한것으로판명이되면, 다른회사들이저희

26 서비스를모방할수있으며, 비슷하지만조금다른방식들을도입하여사용할수있고, 그런한일들은경쟁을유발할수있습니다. 이런상황에서몇몇경쟁자들은저희 회사 보다큰회사들의지원을받을수있으며, 경쟁자들몇몇은막강한자원과브랜드인지도및기존산업계의관계들을활용하여사업을진행할수있습니다. 게다가, Travel dnation 을구성하는지적재산권의구성요소들을침해하는경쟁자들이있다하더라도, 해당침해들은법적으로인정되지않을수있으며, 인정되더라도결과적으로성공적이지못할수있습니다. 6. 법과규제의변화. 블록체인기술에관련된법과규제의변화또는토큰사용에관련된변화는서비스의유용성과토큰의사용에있어불리하게작용할수있습니다. 토큰사용에있어전면적인규제나일반적인토큰또는특정하게 Travel dnation 토큰을증권, 화폐또는상품으로특정짓게되는경우, 서비스토큰은주요규제대상이될수있습니다. 회사 는서비스토큰의유용성및사용성그리고 Travel dnation 서비스의동작에관련된규제또는그영향을완화하기위한어떠한보증도하지않습니다. 또한, 인터넷중립성에관한법률또는온라인사용또는온라인광고에특정하여불리하게작용할수있는법률들의변화는서비스토큰및서비스자체에불리한영향을끼칠수있습니다.