DXC White Paper v2.2 - Microsoft...DXC White Paper Version 2.2.1 pg. 2 Abstract Price volatility,...

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DXC White Paper Version 2.2.1 pg. 1 WHITE PAPER Version 2.2.1

Transcript of DXC White Paper v2.2 - Microsoft...DXC White Paper Version 2.2.1 pg. 2 Abstract Price volatility,...

DXC White Paper Version 2.2.1 pg. 1

WHITE PAPER Version 2.2.1

DXC White Paper Version 2.2.1 pg. 2

Abstract Price volatility, usability and no asset-backing have prevented the mass adoption of cryptocurrency as a means of retail

payment. Digital Exchange Commerce and The Cash Back App (DXC/TCBA) operate an existing mobile payment and loyalty

platform that currently provides over 50,000 members with a free App and cash back when shopping at over 5,000 brick and

mortar retail locations in Australia. Our merchants range from small local businesses to the largest national brands. We

intend to expand our offering to the blockchain by converting our existing cash back offer into tokens.

DXC has produced the DXC Token as a cash-backed digital currency that is instantly convertible to fiat currency at no cost.

The DXC Token replaces the process of mining with shopping as the means of gaining tokens making it available to everyone.

The funds raised by this ICO will ensure that we achieve our three primary goals:

1. More great merchants. There is no cost for a merchant to use our platform apart from providing us with a

commission on introduced sales - which is a common practice globally. An expanded sales force will rapidly

increase the number of smaller brick and mortar merchant partners while our corporate division continues to

grow the number of major brand partners.

2. Marketing. The App will be extensively promoted via influencers on social media, through participating

merchants, on traditional media channels, and via strategic partners to their existing databases. Four

countries will be targeted in the Phase 1 release. These campaigns will ensure maximum consumer awareness.

3. Viral growth. Word of mouth is powerful. If you give people something good, something valuable, they will

talk about it. We live in the “Information Age” and share more content from more sources, with more people

more often and more quickly than ever before. The App capitalises on this by rewarding members with a

lifelong recurring income for sharing the App with others.

DXC/TCBA have developed a proven, scalable system and wallet that rewards users with cash that is theirs to spend as they

choose within our system or externally. If you are comfortable with these concepts, then you are at the right place. From

here on it’s all about employing the ICO funds to bring our product to the mass market and “Go Viral”.

Table of Contents

DXC White Paper Version 2.2.1 pg. 3

Table of Contents Important Notice 6

Executive Summary 7

Introduction 8

Stability of Cryptocurrencies 9

Ineffective Loyalty Programs 9

The DXC Advantage 9

Key Concepts 10

How It Works for Members 11

How It Works for Merchants 11

How It Works for Charities 12

How the Transaction Flows 12

The Cash Back App 13

The DXC Wallet 14

The DXC Treasury Account 15

How DXC Tokens Increases in Value 16

How Merchants Benefit 17

The Marketing Plan 18

Operating Platform 19

Platform Features 20

DXC Private Token Blockchain 20

DXC Consortium Token Blockchain 20

DXC To Public Blockchain Exchange 20

What Occurs in a Transaction? 21

Focus on Regulatory Compliance 22

KYC and AML 22

Real-World Payments 22

The Economic Model 23

The DXC Treasury 24

Allocation of DXC Tokens 24

The Advantages of Infinite Supply and Controlled Emissions 24

Comparing Bitcoin and DXC Tokens 26

Cryptocurrency, Fiat Money, and Digital Currency 27

Cash Held at Banks is Insured 28

DXC White Paper Version 2.2.1 pg. 4

Sustainable Merchant Commissions 28

DXC Economy Growth Potential 28

Designing the App for virality 29

Single Member Transaction Example 33

User Model Assumptions and Sensitivity Analysis 34

The Size of the Market 37

Customer Acquisition Cost 37

CAC/CP Ratio 37

How the Token Increases in Value: Example 38

Token Sale 39

Token Sale Purpose 40

Measured Capital Raising 41

DXC Token Allocation 42

DXC Token Sale 43

Expected Timeline 43

Lock Up Period 43

Use of Funds 44

Team and Advisory 45

Executive Team and Advisors 46

Technology Team 47

Brands and Partnerships 49

The Cash Back App 50

Available Brands on The Cash Back App 51

Charities Participating on The Cash Back App 52

Expansion 53

Overview 54

Merchant Acquisition 54

As a simple litmus test for the App 55

Key Risks 56

Roadmap 57

Competitive Analysis 58

Overview 59

Payment Processing 60

Rewards Programs 61

Disclaimers 62

DXC White Paper Version 2.2.1 pg. 5

Disclaimer 63

Caution Note on Forward-Looking Statements 64

References 67

Bibliography 68

Appendices 70

Tour of The Cash Back App 71

Token Definitions 76

DXC White Paper Version 2.2.1 pg. 6

Important Notice This White Paper is intended for general informational purposes only and does not constitute a prospectus, an offer

document, an offer of securities, a solicitation for investment, or any offer to sell any product, item or asset (whether digital

or otherwise) in any country. The information herein below may not be exhaustive and does not imply any elements of a

contractual relationship. There is no assurance as to the accuracy or completeness of such information and no

representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such

information. All participants who participate in this project and Token sale are required to acknowledge that they have read

and understood this White Paper.

Digital Exchange Commerce Pty Ltd (DXC) is the promoter and the White Paper has been issued after consultation with The

Cash Back App Pty Ltd (TCBA) as a document that outlines the operations of the overall platform and that of the free

consumer-facing Application of TCBA which is referred to as the “App”. This White Paper outlines DXC’s plans for the DXC

Token and the joint DXC/TCBA marketing plan to disseminate the App within all countries of operation.

This White Paper (version 2.2.1) is a work in progress. It is a conceptual document describing the future development goals

of DXC/TCBA and may be amended or replaced from time to time. There are no obligations to update this White Paper or to

provide recipients with access to any information beyond what is provided in this White Paper neither has it been subject to

external audit or verification.

Nothing in this White Paper constitutes legal, financial, business, investment, or tax advice and you should consult your own

legal, financial, tax or other professional advisor(s) before engaging in any activity in connection herewith. Neither DXC or

TCBA, any of the project team members (the DXC team) who have worked on the network (as defined herein) or project to

develop the network in any way whatsoever, any distributor/vendor of DXC Token, nor any service provider shall be liable

for any kind of direct or indirect damage or loss whatsoever which you may suffer in connection with accessing this White

Paper, the App, the website of DXC or the website of TCBA. This White Paper is not a disclosure document, has not been

lodged with the Australian Securities & Investments Commission (the country where DXC is registered), is not a prospectus,

and is not a product disclosure document. This White Paper is not regulated by the Australian Corporations Act and does not

purport to contain all of the information that a prospectus would contain under the Act in order for participants to evaluate

in relation to an Offer. Neither the Australian Securities & Investments Commission nor any other regulatory body has

examined, approved or disapproved this White Paper, the Offer, the Token generation event or the DXC Token.

The information provided in this White Paper is not investment or product advice and does not take into account the

participants’ financial or taxation needs. Each participant should consider the risk factors that could affect DXC, TCBA, the

platform, and the Token Sale and seek professional advice before deciding to participate in the Token Sale.

DXC reserves the right to accept or reject each Application for the DXC Token. To make an informed decision about

participating in the DXC/TCBA Offer, each eligible Applicant acknowledges that:

• No person has been authorised to give any information concerning DXC, DXC Tokens, DXC Token generation

process, TCBA, or the App apart from as contained in this White Paper, and;

• If any such information has been given, it cannot be relied upon as having been authorised by Digital Exchange

Commerce, and;

• The Applicant has been given the opportunity to request, receive and review, all information considered by the

Application as deemed necessary or Appropriate to verify the accuracy or supplement to the information contained

in this White Paper.

This ICO is not available to residents of:

Algeria, Bangladesh, Bolivia, China, Morocco, Ecuador, Pakistan, Singapore, United States of America.

DXC White Paper Version 2.2.1 pg. 7

Executive Summary Most people have heard of Bitcoin, but have little understanding of what it is, what the underlying blockchain technology is,

or how it went in just a few years from being worth less than $0.01 to $20,000 before crashing down to around $3,000. They

know it has made a few people fabulously wealthy but hear little about the tragedy of the many thousands of people who

rushed in on the hype and collectively lost billions of dollars. Over 1,000 projects failed in 2018, and most of those that

survived have lost around 80% of their investment value (Biggs, 2018). While this opening statement does not inspire

confidence in cryptocurrency, it’s simply a statement of fact. We are not fans of stereotypical cryptocurrencies, but we do

believe in the power of blockchain technologies and the value of asset-backed digital currency as the future of mobile

payments.

Digital Exchange Commerce (DXC) is a mobile payments company and has a practical solution to the volatility of

cryptocurrencies. DXC has developed the DXC Token, a 100% cash backed digital currency. Users of our App earn DXC Tokens

when they shop at participating merchants. The DXC Token is cash backed because merchants pay us a commission on all

introduced sales. The App automatically pays 50% of the commission to the member as instant cash back and 50% to the

DXC Team which includes ICO participants. At the end of each day, any unspent cash is converted to DXC Tokens. The ledger

that maintains the cash and tokens is the DXC Capital Account which is published daily to the blockchain for transparency,

security, and continuous self-audit. All DXC Token holders are free to spend or convert their DXC Tokens to cash at no cost

24 hours a day, year-round, via the App without the need to sell the tokens on external exchanges. DXC Tokens can be

withdrawn from the economy and traded on external exchanges as ERC20 contracts. DXC Tokens that are redeemed for cash

during the year are burnt which keeps the system in balance.

Our free App has been downloaded by over 50,000 members and is accepted at over 5,000 locations in Australia. Developed

in partnership with The Cash Back App (TCBA), members receive cash and DXC Tokens when shopping at participating

merchants for everyday goods and services like groceries, petrol, fashion, meals, travel, electricity, telco, insurance and much

more. TCBA has partnered with small merchants up to the biggest brands - and they all have one thing in common: the need

for more customers. Merchants accept DXC Tokens as payment because it is instantly convertible to cash at no cost. The

merchants also benefit from transaction data, in-App marketing, and ZERO FEES* on credit and debit card transactions (*the

App either eliminates or substantially reduces third-party processing costs). Card fees alone cost US merchants over 88 billion

dollars last year, which ultimately gets passed onto consumers as higher prices.

The App has been designed to “Go Viral”. When a member shares the App with anyone who registers, they become part of

their “Shopping Community”, which is a basic five-level affiliate commission structure. Every time anyone in their shopping

community spends, they receive an affiliate commission. This is a powerful feature that is based on the viral coefficient of

design to rapidly spread the App among communities. The App also donates to each individual member’s selected charity

with every transaction, making it profitable to the member and beneficial to great causes.

As a digital currency for the retail market, DXC Tokens have an infinite emission that is in alignment with the continuous

nature of consumer spending. The emission is specifically capped for each country of operation and released equally each

day over a year. Each subsequent year a new emission repeats the process to continually reward members for shopping at

participating merchants.

This ICO will provide us with the marketing power to distribute The Cash Back App for free and en masse within the Phase 1

target markets; which include the United States of America, Canada, the United Kingdom and Australia. These countries have

been selected due to their high smartphone adoption, weekly shopping spend, and population. The capped emission for the

Phase 1 countries is 900 million DXC Tokens for each ten-year period. The DXC Token sale will comprise three rounds at 5%

each to a total of 15% (135,000,000 Tokens) to raise USD $108M across all Phase 1 countries. ICO investors will receive 15%

of the recurring DXC Token emission each year in perpetuity.

Our goal is to reach just 4 million users in the Phase 1 countries. We look forward to you joining us and being among the

early adopters who share the App to build your own Shopping Community and enjoy a passive recurring income while

contributing to an increase in the value of DXC Tokens every time you shop.

DXC White Paper Version 2.2.1 pg. 8

Introduction

DXC White Paper Version 2.2.1 pg. 9

Stability of Cryptocurrencies Cash is being used less and less and has nearly disappeared in countries such as Sweden and China. At the same time, digital

payment systems like PayPal, Venmo, and others in the West; Alipay and WeChat in China; M-Pesa in Kenya; Paytm in India

offer attractive alternatives to services once provided by traditional commercial banks (Roubini, 2018). Based on this you

would think that cryptocurrencies should have attained significant adoption by now. However, this is not the case for a

number of reasons which include:

Price Fluctuation: One thing that the cryptocurrency space is well known for is the volatility in the market. The price of

Bitcoin and any other cryptocurrency can rise by 20% and just as easily fall by another 20% in the span of a few hours. For

cryptocurrencies to be as viable as cash they must possess the same value attributes; which means they must be a

dependable store of value, function as a medium of exchange, and represent a unit of account. Throughout history, any

currency that experiences significant price fluctuation fails this test and ceases to function as a dependable currency. This is

the history of cryptocurrency to date. A number of “Stable” coins have attempted to address wildly fluctuating values by

pegging tokens to the security of $1.00. The security typically comes from a third-party investor. These Stablecoins meet the

needs of big commerce for large transactions or to hedge against other tokens that are not asset-backed. Stablecoins have

little Application for everyday retail consumers.

Education and complexity: Cryptocurrencies and blockchain are at best an abstract concept that the average person finds

hard to grasp. The simple act of sending cryptocurrency from one person to another is often complicated. Plus, the average

person does not want to worry about losing their private keys along with their money.

Scalability: For mass adoption to occur, proper infrastructure is needed to adequately accommodate the increase in users.

Barriers to scalability include transaction costs, slow processing speeds, the energy cost associated with mining, and few

merchants globally accepting cryptocurrency as payment (Mycryptopedia, 2018).

Government: Cryptocurrencies that operate on the blockchain are based on anonymity, which makes it difficult for the IRS

to tax cryptocurrency trading profits. Richard Holden, an economics professor at the University of New South Wales, and

Anup Malani, a law professor at the University of Chicago, explain that anonymity is also the main fuel for the underground

economy (Holden & Malani, 2018).

Ineffective Loyalty Programs According to eMarketer, consumers like loyalty programs but complain about the hassle of accessing rewards. A February

2018 survey, from mobile coupon solution provider CodeBroker, found that 54% of US loyalty program members said it’s

frustrating when programs can’t be easily accessed on smartphones, and more than 50% agreed that without easily

accessible programs, rewards often go unused or expire because members aren’t aware, they’ve accrued. Of those polled,

37% prefer accessing loyalty program information, such as balance or redemption details, via a periodic text message. Some

28% rely on a mobile App (eMarketer.com, 2018).

Loyalty programs can help drive more frequent visits and heavier purchasing according to Deloitte. More than 72% of global

respondents agree that, all other factors being equal; they’ll buy from a retailer with a loyalty program over one without.

When it comes to the most-valued loyalty-program benefits, monetary incentives top the list in every region by a wide

margin; with cash back as slightly more popular than discounts in North America 49% versus 46% (Nielsen.com, 2016).

According to recent research, the most popular type of loyalty scheme is one that offers cash back. 72% of Millennials and

67% of Gen Z consumers had used a smartphone App to get cash back on at least one purchase in the month prior to the

survey. Even if the cash back amount for a purchase is small, respondents are happy to put extra work in to get it because

the amounts add up over time, with 47% of all respondents saying they’d download a cash back App (Carter, 2018).

The DXC Advantage DXC/TCBA provide users with instant cash back on purchases and DXC Tokens that appreciate in value. DXC Tokens can be

instantly converted back to cash at no cost within the App, and all cash reserves backing DXC Tokens are completely

transparent and verifiable on the blockchain. For merchants TCBA provides exceptional customer transaction data, zero

transaction costs on DXC Tokens and the complete elimination or substantial reduction of third party processing costs, a

mobile marketing channel via the App, the opportunity to attract new customers, a method to keep existing customers loyal

and the opportunity to create a passive recurring income by sharing the App with their customers. Together these

Applications provide a world-class solution that comprehensively addresses the current problems faced by loyalty programs

and retail-based cryptocurrencies. For consumers who already have to spend money, using the free App to get cash back

and DXC Tokens is a ‘no-brainer’ decision.

DXC White Paper Version 2.2.1 pg. 10

Key Concepts

DXC White Paper Version 2.2.1 pg. 11

How It Works for Members Members use our free App to find participating local merchants and national brands offering cash back on everyday products

and services. The cash is instantly available to spend as they like. All unspent cash at the end of each day is converted into

DXC Tokens. Members select their favourite charity from the list within the App, and each time they shop the App makes a

separate donation to their nominated charity. Members who share the App with others create their own Shopping

Community (a five-level affiliate referral program) and earn a passive recurring income every time anyone shops.

How It Works for Merchants Merchants are continually looking to find new customers and ways to keep existing customers loyal. The App provides the

merchant with a smart and easy to use loyalty platform. There is no cost to the merchant to participate other than paying

an agreed commission on all introduced sales which is standard practice. The merchant business is listed on the App, and

they benefit from the strength of being part of a large retail community. Merchants receive transaction data on all sales,

providing them with valuable analytics that enables them to improve their business. All transactions with members using the

App’s wallet are at zero cost to the merchant. Credit and debit cards fees are also offset to either zero or substantially

reduced. Merchants accept DXC Tokens and can instantly convert it to cash at no cost. Merchants can also build their

Shopping Community by sharing the App with their customers.

Transaction Data

Participating Merchant

Shopping Community

New Customers

Zero Fees

Convert to DXC Token

Shop & Get Cash Back

Member

Charity Donation

Shopping Community

DXC White Paper Version 2.2.1 pg. 12

How It Works for Charities Charities depend on public donations. In tough economic times, these donations are significantly reduced as consumers

tighten their belts. There is no cost for a charity to be listed on the App. All members are required to select one of the

charities on the App to receive a donation from TCBA each time they shop. Charities can also build their Shopping Community

by sharing the App with their supporters.

How the Transaction Flows Each time a member spends money at a participating merchant, the App automatically debits the merchant for the agreed

commission. All funds are automatically dispersed into four beneficiary accounts. 35% is allocated to the member, 35% is

allocated to the DXC Team. The Member and DXC Team accounts are converted into DXC Tokens at the end of each day. 15%

is allocated to the Affiliate program for the Shopping Community and is disbursed equally over the five levels. 15% is allocated

to The Cash Back App which pays all government taxes (i.e. GST), donates to the members’ nominated charity, and retains

the balance to operate the platform.

Selected From App

Charity

Shopping Community

Participating Merchant

DXC Token TCBA

Member Shopping Community

DXC Team ICO

The Cash Back App

Convert to DXC Tokens

35% 35% 15% 15%

Commission

DXC White Paper Version 2.2.1 pg. 13

The Cash Back App The Cash Back App is known as “the free App that puts cash in your pocket” by consumers who use it to get cash back from

participating merchants. The App displays neighbourhood merchants, national brands, and service providers for Travel,

Finance, Insurance, Telco, Electricity etc. The DXC Wallet allows members to receive and spend their cash back and DXC

Tokens when shopping. All participating merchants pay us a commission on introduced sales which funds the entire program.

Cash back received by members when shopping is not taxable as it is a reward for shopping (i.e. a cash discount). The income

received by the DXC Team is taxable, as it is income received from members shopping. Income received from member’s

Shopping Community is likewise taxable.

1

Cash Back

Merchants pay a marketing commission on all introduced

sales via the App which is converted into instant cash back

and then into DXC Token at the end of the day. Merchants

benefit from increased business, zero transaction fees, and

accurate customer data.

2

Sharing the App

When Shoppers or Merchants share the App with others,

they create their own “Shopping Community” and receive

an affiliate commission on the value of all spending within

their Shopping Community. The fixed amount of affiliate

commission is paid out equally over five levels of referral.

Charities

Every time a member uses the App and spends money, the

App makes a separate donation to the members’ nominated

charity. Members select charities from the available list

published within the App. The list of charities will be specific

to each country.

3

DXC White Paper Version 2.2.1 pg. 14

The DXC Wallet The DXC Wallet allows members to receive and spend cash back and tokens when shopping with The Cash Back App. DXC

operates the nodes in each country to facilitate payments, so there is no need for Proof of Stake or Proof of Work

(Frankenfield, 2018) or expensive mining (Fortney, 2019). DXC Tokens are created by Shopping instead of Mining.

The App’s Mobile Wallet shows the member how much cash they have available, or pending, and stores their tokenised

credit or debit card information. Cash on the wallet is a result of funds (cash) that the member has earned from shopping,

has transferred from an external bank account, or received from another mobile wallet in the economy. Members can pay

merchants with wallet cash at no cost and instant settlement, or with credit or debit cards at ZERO FEES to the merchant

(the App either eliminates or substantially reduces third party processing costs), pay friends, or transfer cash to and from

external bank accounts and store DXC Tokens. Post ICO, the revised wallet will feature functions for the use of the DXC Token

and will show members the price of DXC Tokens in all countries of operation and enable its purchase or sale.

Shopping Replaces Mining

Members receive instant cash back when shopping at

participating merchants. At the end of the day the cash (less

any spent by the member) is converted into DXC Tokens.

1

DXC Token Economy

Each time a Member receives $1.00 cash back, $0.50 is also

paid to the ICO participants, and $0.50 is also paid to the DXC

Team. At the end of the day the cash is converted into DXC

Tokens. 50% of all tokens are issued to members as a

shopping rewards based on amount of cash back generated.

25% of the tokens are issued to ICO and Pre-ICO participants,

and 25% of the tokens are issued to the DXC Team.

2

3

DXC Token Capital Account

At the end of each day the DXC Token Capital account is

settled. It contains the total cash deposited and the DXC

Tokens issued. The DXC Token Capital account balance is

published to the blockchain.

DXC White Paper Version 2.2.1 pg. 15

The DXC Treasury Account Members who shop with The Cash Back App receive instant cash back from participating merchants. Members can instantly

access the cash and use it as they please. At the end of each day, the balance cash in the members’ wallet is converted to

DXC Tokens. After conversion DXC Token owners can “Cash Out” their DXC Tokens instantly for cash against the funds held

in the DXC Capital Account. DXC Tokens that have been cashed out are burned.

An infinite supply of DXC Tokens will be created for use in each country of operation to reflect the recurring nature of

shopping. The annual emission of DXC Tokens is predetermined and distributed equally over 12 months. Tokens that are

spent, i.e. redeemed for cash, are burned. The fixed number of tokens released each year against an increasing spend by

members causes the value of the DXC Token to increase.

2

DXC Token Treasury

The amount of DXC Token issued in each country each year is

capped and remains constant. Each year the DXC Token

Treasury issues the same capped supply which is allocated to

all eligible members. DXC Token that have been cashed-out

are burned.

3

DXC Token Capital Account

As the DXC Token Economy grows, i.e. as more people shop

and get cash back, more money is held in the DXC Token

Capital Account. The capital is allocated to members

according to the number of DXC Tokens they own. Tokens

that have been withdrawn from the economy for use on

other exchanges can at any time be presented to DXC Token

and cashed-out.

1

Cash Out

DXC Token can be cashed out at any time at zero cost via the

App for instant cash. DXC Token that is withdrawn from the

economy and sold on external exchanges will be subject to

exchanges fees. All DXC Token that is converted to cash is

burned.

DXC White Paper Version 2.2.1 pg. 16

How DXC Tokens Increases in Value There are three factors that contribute to the value of DXC Tokens: (1) Each shopping day adds more cash to the DXC Capital

account; (2) Each day a fixed amount of DXC Tokens are released; (3) DXC Tokens that have been cashed-out are burned.

As each member shops, DXC earns a commission that is automatically split 50/50 and distributed by the App to the Member

and to the DXC Team (which includes the ICO participants). All cash held in the DXC Capital Account is available for members

to review on the blockchain as a means of continuous independent audit. As DXC controls the nodes to eliminate the cost of

mining, there needs to be an independent verification that the value of cash held in the DXC Capital Account matches what

is published on the blockchain. The two account balances are reviewed by an independent auditor from a leading global

accountancy firm each week, and the results are published for all members to access. The DXC Capital account is an Escrow

or Trust account (Banton, 2019b) that cannot be accessed independently and the distribution of funds to token holders is

automated as a core function of the App.

1

Blockchain Capital Audit

DXC Token is a digital token backed by the cash held in the

DXC Token Capital Account. The account is available for

members to review on the blockchain as a means of

continuous automated and independent audit.

2

Increasing DXC Token Value

The result of a fixed number of Tokens being issued against an

increasing amount of cash deposited in the DXC Token Capital

account each day indicates that DXC Token will continue to

increase in value each time members shop.

Infinite Supply & Controlled Emission

An infinite supply of DXC Token is created for use in each

country of operation to reflect the recurring nature of

shopping. The annual emission of DXC Token is

predetermined and distributed equally over 12 months.

Tokens that are spent, i.e. redeemed for cash, are burned.

3

DXC White Paper Version 2.2.1 pg. 17

How Merchants Benefit Many ICOs have produced tokens and cryptocurrencies as their product only to discover many millions of lost dollars later

that the market wasn’t interested in what they had to offer. DXC/TCBA are already operating the platform that serves a

robust market of both buyers and sellers. The ICO will fund the expansion of the existing network in Australia and to other

selected countries. DXC Tokens are a win-win for merchants and consumers.

For merchants to win the customer must benefit. For consumers, the App addresses two concerns. The first being the cost

of living by providing instant cash back on products and services purchased. The second is income security which can be

augmented by sharing the free App with others and earning affiliate income when they spend.

For merchants who are already facing stiff competition in a crowded brick and mortar marketplace which is further squeezed

by online sellers, the App offers significant benefits. The App presents an opportunity for thousands of merchants to be

found by consumers on a single mobile device that offers users cash back and DXC Tokens for buying products that they were

already going to purchase. In the same way that “Amazon” became the marketplace for online sellers, DXC/TCBA want to

become the marketplace for brick-and-mortar businesses, while also providing them with a strong online presence.

The bonus for both merchants and consumers is the additional value that DXC Token presents an appreciating cash-backed

asset.

2

New Customers

DXC Token/TCBA is like digital word of mouth when members

share the App with friends. The App also enables merchants

to market to new customers by gender, age bracket, and

location without revealing the customers individual identity

unless the customer decides to engage with the merchant.

1

Customer Loyalty

U.S. companies lose $136.8 billion per year due to avoidable

consumer switching (Boeckelman, 2018). DXC Token/TCBA

provide merchants with customer data to help optimise

customer experience. Cash back as a donation to the

customers favourite charity with every purchase is also a

significant loyalty influence.

3

Lower Costs

DXC Token/TCBA have developed the payment platform to

absorb fees for credit and debit card transactions regardless

of the card being physically presented or tokenised to the

App’s wallet. Last year in the USA card fees cost merchants

USD $88 billion (Fulmer, 2017). Merchants can also save on

other services like electricity and marketing spend.

DXC White Paper Version 2.2.1 pg. 18

The Marketing Plan DXC/TCBA will pursue both organic and paid marketing channels. Organic growth will come from participating merchants

sharing the App with their customers and from average people as new members sharing the App with their family and friends.

Paid advertising will primarily target social media with the use of traditional media to a lesser extent.

At the core of both the organic and paid strategies, is the viral design of the App that enables members to easily share it with

friends, and then rewards them with a five-level affiliate commission structure. When any member (consumer, merchant,

club, or charity) shares the App they are building their own Shopping Community and receive a passive recurring income on

the value of all spending within their community. By design, the App uses the mathematical principles of Exponential Growth

over five referral levels to increase user adoption.

Research from the Cone Cause Evolution Study (Pavlovskaya, 2015) states that 85% of consumers have a more positive

impression of a product or company when it supports a charity they care about, and 80% of Americans are likely to switch

brands (equal in quality and price), to the one that supports a charity. The App enables each member to select the charity

that they want the App to donate to every time they shop. Charitable giving provides a compelling reason for consumers to

become members and use The Cash Back App.

2

Paid Growth

In the Australian market (as with other markets) we will use

Influencers on social media to reach 10 million consumers on

a consistent monthly basis during the launch. 90% of internet

consumers worldwide trust recommendations from people

they know, while 70% trust consumer opinions posted online

(Nielsen.com, 2009). ICO funds provide the marketing

horsepower.

3

Shopping Community Growth

Australian research shows that 37% of households are now

concerned about their ability to pay for their expenses, like

bills and household costs - up from 31% two years ago. This

is expected to increase to 40% by 2019 (Deloitte, 2017). This

means that 6.3 million households in Australia could benefit

financially by using the App and sharing it with others. By

design, the App promotes viral growth by rewarding those

who share.

1

Organic Growth

People are 4 times more likely to buy when referred by a

friend (Nielsen.com, 2009) and today those referrals are

being provided electronically. App referrals can come from a

member, merchant, club, or charity. Barriers to referral have

been removed as the App is free, it does not require the user

to buy or sell products, it pays cash, and donates to charity.

DXC White Paper Version 2.2.1 pg. 19

Operating Platform

DXC White Paper Version 2.2.1 pg. 20

Platform Features The DXC/TCBA platform and internal ledger is a secure, stable, and well-tested system that enables cash and digital currency

to exist side by side in a loyalty-based payments platform. The operating platform seamlessly converts all unspent cash into

DXC Tokens for use within the DXC network. Tokens can be withdrawn from the DXC network for use on external blockchains

at which time they are converted into ERC-20 contracts and immediately written to the public blockchain.

All cash is held in government insured banks, and the DXC internal ledger writes to the blockchain at the end of each day to

confirm that the value of cash at bank balances with the number of tokens in circulation.

DXC Private Token Blockchain DXC will create and manage a private blockchain for DXC Tokens. A private blockchain is a blockchain where only one ‘bank’

organisation (DXC, in our case) can add (write) transactions to the blockchain. However, anyone who is given access to the

private blockchain network (all DXC users) are able to view the transactions on the blockchain. This allows DXC to ensure

that only validated token transactions are added, while allowing everyone to see what is going on in the blockchain. This also

allows DXC to be transparent to its members. DXC is the owner of the ledger and controls and records who owns the tokens.

This system is KYC and AML compliant and auditable.

DXC Consortium Token Blockchain As DXC will operate in several countries, the blockchain model will become a ‘consortium’ blockchain where each DXC

country is an Approved ‘bank’ for adding (writing) to the blockchain. DXC members will still be able to see the transactions.

Ultimately, DXC aims to include its members into the blockchain writing network so that DXC members can trade tokens

between themselves for international and local token exchanges. This exchange would then allow for DXC Token holders to

trade their tokens for foreign DXC Tokens (e.g. from other DXC countries) or to cash them in.

DXC To Public Blockchain Exchange DXC will have a ‘bridge’ (between the private blockchain to the public blockchain). This will enable the transfer of DXC Tokens

on the private DXC blockchain wallets to be transferred to public blockchain wallets. DXC Tokens can then be traded on

external public cryptocurrency exchanges. A DXC Token is generated using Ethereum ERC20 standard (for tokens) that is then

sent to the owner’s crypto wallet (separate from the DXC private wallet). A transaction is also performed on the public

blockchain ledger as evidence of the user’s ownership of this DXC Token.

Public Blockchain

Consortium Blockchain

Private Blockchain

• Many anonymous participants

• All participants can write/add

• All participants can view

• Consensus by proof of work

• Known participants and writers

• Only authorised can write

• Consensus only by writers

• All participants can view

• Known participants and writers

• Centralised writer

• Centralised consensus

• All participants can view

Public Blockchain

participant

miner

participant

minerminer

bank

miner

DXC Token Consortium consensus

viewer

authorised DXC Token

writer

participant

authorised DXC Token

writerparticipant

authorised DXC Token

writer

authorised DXC Token

writer

Central Writer (DXC

Token)

participant

participant

participant

participantparticipant

participant

participant

DXC White Paper Version 2.2.1 pg. 21

What Occurs in a Transaction? The DXC/TCBA processes are fully automated within the App. The steps involved in completing a transaction and the resulting

functions are shown in the diagram below.

Transaction Process and Events

1. The member makes a purchase and pays the merchant using either physical cash/card or the wallet on the App to

access either cash/card/DXC Token. The member scans their smartphone to the merchant terminal in the process.

2. The merchant processes the payment. The App debits the merchant’s nominated bank account for the agreed

commission less any card transaction fees. If a physical or digital credit or debit card has been used in the

transaction the App reduces the commission due, to offset the fees charged by the issuing bank. The net effect of

this is to reduce or fully offset the merchant fees to zero.

3. The net commission is credited to the DXC/TCBA Capital account and the Ledger is updated with credits posted to

all stakeholders. Members have instant access to the cash back received on the transaction that has just occurred.

Members can use the cash to pay for another transaction at a participating merchant, transfer funds to another

external bank account, or transfer funds to another members wallet.

4. At midnight each day the App automatically reconciles the Ledger and converts the remaining cash into DXC Tokens

and publishes the data to the blockchain. A set amount of DXC Tokens are issued each day.

5. 50% of the DXC Token for the day is allocated to members who shopped.

6. 50% of the DXC Tokens for the day is allocated to the Team and split 25% to the ICO investors and 25% to all other

DXC/TCBA stakeholders.

• The App makes a separate donation to the members nominated charity and updates the Merchant Portal instantly

with customer transaction details.

Merchant Portal

Transaction and

customer data.

App marketing

platform.

1. Member Pays merchant

with physical

cash/card

or wallet DXC

Token.

2. Merchant Zero Fees.

The App debits

merchant’s bank

account agreed

commission.

3. DXC Token/TCBA

Ledger Commission

auto allocation

to stakeholders.

Charity Payment

distributed to

the members

nominated

charity.

4. Blockchain End of day cash

reconciliation of

DXC /TCBA

Capital account

converted to

DXC Token.

5. Member Wallet

DXC Token

allocation to all

members who

shopped.

6. Founder Wallet

DXC Token

allocation to ICO

participants.

DXC White Paper Version 2.2.1 pg. 22

Focus on Regulatory Compliance DXC maintains a clear distinction from most cryptocurrencies and blockchain platforms, in that it is focused on regulatory-

compliance. A digital currency for mass use in the retail market cannot be created without the ability to identify the players

(including those who may attempt to undermine the basis of an existing sovereign economy). DXC Tokens are for consumers

and merchants that want a more efficient and rewarding method of conducting commerce. The inscription found on the 1oz

commemorative gold tokens reads “LIBERTAS AUTEM COMMERCIUM” meaning “FREEDOM OF EXCHANGE” which

represents our commitment to enabling smart and efficient digital commerce.

KYC and AML The DXC/TCBA operating system has been developed to meet Know Your Customer (KYC) and Anti-Money Laundering (AML)

obligations that are required of financial intermediaries. To date, the backend administration of KYC and AML for banks, in

general, is not working. The former Europol head Rob Wainright says, “The current processes used by financial institutions

to handle regulatory compliance are broken and highly ineffective in preventing money laundering” (Parvicini, 2018).

Institutions are pouring money into compliance systems that are failing to address the problem. We have seen firsthand in

our Australian operation how the KYC procedures of some leading banks still fail to address fraud issues. The blockchain will

significantly assist organisations to meet KYC and AML requirements with its ability to secure information and maintain an

enormous database. Shyft is an example of a new blockchain technology that provides the framework ensuring that senders

and receivers are able to verify and fulfil the terms of the interaction, for example, KYC/AML requirements, or other

requirements needed for that transaction to occur safely (Shyft.com).

Real-World Payments DXC designed DXC Token to facilitate payments easily at no cost, and to be as fast and convenient as paying with cash or

plastic. By necessity, DXC is required to be able to identify itself and our participating merchants and by design we require

the same transparency of our members. Every individual, business, or any other entity operating on the DXC platform has a

unique digital identity that can be verified. People, businesses, and projects have the option to transact among themselves

using DXC Tokens only when the other party has the required identity to ensure that the DXC network meets regulatory

compliance. Each of the country specific nodes on the DXC network also meets the same identification process prior to

completing a transaction as do independent auditors providing account verifications.

Each member’s digital identity on the network is secure and privacy is protected in the course of daily use however it is not

hidden from regulator’s scrutiny. The DXC network and DXC Tokens are not the place for bad or dark players and our KYC

and AML measures are in place to prevent, detect and investigate illicit activity such as money laundering, terrorism

financing, and human or drug trafficking.

DXC White Paper Version 2.2.1 pg. 23

The Economic Model

DXC White Paper Version 2.2.1 pg. 24

The DXC Treasury There are an infinite amount of DXC Tokens that can be created, which reflects the ongoing nature of consumption for retail

products and services on a continuous basis. The emission of DXC Tokens is controlled and occurs in annual unchangeable

blocks that are unique to each country. The size of the block is determined at the inception of the token and the emission is

then released equally each day over the course of the year. At the end of each year, the next block is released which is

identical to the year before. All tokens that are cashed-in are burned. The parameters used in determining the initial block

size for each country include the purchasing power, cost of living, population, the economic cycle and the number of

projected users:

Purchasing Power Parity is an economic theory that compares different countries' currencies through a "basket of goods"

Approach (Hall, 2019).

Cost of living is the amount of money needed to sustain a certain standard of living by affording basic expenses such as

housing, food, taxes and health care. The cost of living is often used to compare how expensive it is to live in one city versus

another. The cost of living is tied to wages (Banton, 2019a).

Working-age population is the total population in an area that is considered able and likely to work based on the number of

people in a predetermined age range. The working-age population measure is used to give an estimate of the total number

of potential workers within an economy (Majaski, 2019).

Economic cycle is the time between expansion and recession and recovery back to expansion. When an economy grows for

a period it is in expansion, eventually this slows down, and the economy starts shrinking (which is called a recession). The

recession eventually ends, and the economy starts growing (which is called recovery) until it gets back up to where it was

before the recession. When it grows beyond that point, that is the next expansion (Kenton, 2019) (Colvin, 2018).

Projected Active Users is based on internal Australian member data which is extrapolated to Phase 1 target countries. The

percent of the population living under financial stress are considered. Other factors that indicate a particular part of the

population will respond well to using a free App that gives them cash back when shopping for essentials like groceries, petrol,

clothing, electricity etc.

Allocation of DXC Tokens DXC Tokens are issued equally each day over a year and split 50/50 between members shopping and the DXC Team which

includes ICO participants. For example, in the Australian economy 5 million DXC Tokens are issued each year at 13,698 per

day. These allocated tokens are split 50/50 daily with 6,849 tokens going to members who shopped and the other 6,849

going to the DXC Team. The members who shop receive a proportion of these tokens based on the value of their shopping.

The DXC Team receive their distribution according to the number of tokens they hold in the ICO.

The Advantages of Infinite Supply and Controlled Emissions Governments have the discretion to inflate or deflate the monetary supply at will which can have positive or negative

consequences. A blockchain based currency that publishes its emission policy can create certainty in the market. DXC

provides an infinite token supply in a controlled emission which supports its primary purpose to be used as a digital currency.

The following is a comparison of the emission strategy of Bitcoin compared to DXC Tokens:

Bitcoin - Finite Supply + Controlled Emission. Bitcoin was developed with a finite supply and a controlled emission using the

blockchain to ensure that the number of tokens are known at any given time. A maximum of 21 million tokens are released

in blocks every 10 minutes. This means that the inflation rate of Bitcoin decreases over time, it is deflationary. Speculation

and other factors have caused Bitcoin to experience rapid increases in value and sharp declines (i.e. Bitcoin can be overvalued

in the early years when inflation is high then decreasing exponentially over time). The Bitcoin model has overly rewarded

the early adopters with the majority of tokens mined in the first few years leaving too little for the potential late majority.

DXC Tokens - Infinite Supply + Controlled Emission. DXC offers an infinite supply and a controlled emission. The token was

created on the basis that the emission is tailored to its actual use proposition for retail spending by average consumers. DXC

is about providing stable digital cash in volumes that are compatible with the economy of each country in which they are

available. The core principle being that there is real cash available on demand with every DXC Token issued. All users, not

just the early adopters, are rewarded proportionally for using the platform.

Emission Rates. Most cryptocurrencies have an emission curve similar to Bitcoin with the majority of coins being issued in

the beginning stages of the cryptocurrency. This is the time when the least number of users are acquiring them and massively

over rewards the early adopters. Of the 21 million total Bitcoins to be mined, 17 million are already in the hands of the early

DXC White Paper Version 2.2.1 pg. 25

adopters. Bitcoin has not proven to be a digital currency but a store of subjective value. The following graphs show the

difference between the Bitcoin and DXC Token emission approaches.

Diffusion of Innovation

First, the diffusion of Innovation model below shows the number of overall users of a new product or service over time as

the blue line. Starting with a few users (the early innovators), are then followed by the early adopters, then the early majority,

the late majority and finally the laggards; who have no other choice but to use the product or service. The yellow line shows

the total number of users over time. When applied to the two models below, we see how users are rewarded unevenly in

Bitcoin but evenly with DXC Tokens.

The total Bitcoins issued over time, shown below in the blue line, demonstrates how early adopters are massively

overcompensated; receiving the majority of the fixed supply of tokens well before the majority of users have a chance to

engage the product. About 17 million of the total 21 million tokens were mined in the first few years. This uneven distribution

adds to the problem of massive price increases followed by massive price fall as small numbers of owners control the tokens.

DXC Tokens, below, have a flat constant emission rate that resets each year, rewarding members evenly and fairly based on

their shopping spend.

DXC White Paper Version 2.2.1 pg. 26

Comparing Bitcoin and DXC Tokens The following table presents a comparison between Bitcoin and DXC Tokens. Bitcoin attributes are taken from an article

published by William H. Harris Jr. the founder of Personal Capital Corporation, and previous CEO of PayPal Inc. Mr Harris is

openly critical of Bitcoin but is a supporter of Blockchain technology (Harris, 2018).

BITCOIN DXC Token

Means of Payment. Bitcoins are accepted almost nowhere,

and some cryptocurrencies nowhere at all. Even where

accepted, a currency whose value can swing 10 percent or

more in a single day is useless as a means of payment.

Means of Payment. DXC Tokens by virtue of their ability to

be instantly converted to cash can be accepted in Australia

at over 5,000 merchant locations and will soon be available

at hundreds of thousands of locations internationally. DXC

Tokens are not susceptible to radical value swings as it is

tied to the value of the actual cash that backs it. This value

is known at all times and published on the blockchain.

Store of Value. Extreme price volatility also makes bitcoin

undesirable as a store of value. And the storehouses — the

cryptocurrency trading exchanges — are far less reliable

and trustworthy than ordinary banks and brokers.

Store of Value. DXC Tokens are an effective store of value

as it is backed by fiat currency. The value of the currency is

likely to Appreciate as the amount of cash that it is backed

by increases with each transaction. All cash is deposited in

government-insured banks.

Thing in Itself. A bitcoin has no intrinsic value. It only has

value if people think other people will buy it for a higher

price — the Greater Fool Theory.

Thing in Itself. As per above DXC Tokens have a real cash

value and can be instantly converted to cash at no cost.

Criminal activity. Because transactions can be anonymous

— law enforcement cannot easily trace who buys and sells

— its use is dominated by illegal endeavours.

Criminal activity. Within the DXC platform, KYC & AML

measures are employed. All DXC Token holders both

members and merchants are known and identified. DXC

Tokens can be withdrawn from the economy and traded on

external exchanges as ERC20 contracts. The contract

entitles the owner to convert it to cash on presentation to

DXC but only after becoming a DXC member, which

requires full identification.

Hackers are getting into the act. It’s estimated that 90

percent of all remote hacking is now focused on bitcoin

theft by commandeering other people’s computers to mine

coins.

Hackers are getting into the act. DXC has replaced mining

with the simple act of shopping. DXC Tokens are rewarded

to individuals for shopping, meaning there is nothing to

hack.

Ordinary buyers are flouting the law. Tax law requires that

every sale of cryptocurrency be recorded as a capital gain

or loss and, of course, most bitcoin sellers fail to do so. The

IRS recently ordered one major exchange to produce

records of every significant transaction.

Ordinary buyers are flouting the law. Each time a member

shops the commission received by DXC is split 50/50 with

the member and the Founders. DXC Tokens received by the

shopper is a discount being given for shopping and is not

taxable. DXC Tokens received by the DXC Team are taxable.

As DXC Tokens appreciate in value, the difference between

the initial cash back value and value at which the DXC Token

is cashed-in represents a taxable gain to the member. All

DXC Token owners within the system are known and any

enquiry by the IRS, ATO, or other government body in any

country of operation receives full disclosure.

Bitcoin transactions are sometimes promoted as instant

and nearly free. They’re often relatively slow and

expensive. It takes about an hour for a bitcoin transaction

to be confirmed, and the bitcoin system is limited to five

transactions per second. MasterCard can process 38,000

per second. Transferring $100 from one person to another,

costs about $6 using a cryptocurrency exchange, and well

less than $1 using an electronic check.

While Bitcoin transactions are sometimes promoted as

instant and nearly free, DXC Token transactions within the

system are instant and free. DXC can process 125

transactions per second sequentially but the system

operates concurrently at speeds of 8 milliseconds (8 one-

thousandths of a second), which can be replicated on

multiple servers to exponentially increase processing

subject to load demand. Hence the payment system is

instant.

Bitcoin is absurdly wasteful of natural resources. Because it

is so compute-intensive, it takes as much electricity to

create a single bitcoin — a process called “mining” — as it

does to power an average American household for two

years. If bitcoin were used for a large portion of the world’s

commerce (which won’t happen), it would consume a very

large portion of the world’s electricity, diverting scarce

power from useful purposes.

Bitcoin is absurdly wasteful of natural resources. DXC

operates the Nodes in each country. The system consumes

no more energy that any moderate cloud-based computing

operation. DXC Token mining is the activity of shopping, the

only energy expended is by members walking in out of

participating brick-and-mortar stores, which burns calories

and not valuable resources.

DXC White Paper Version 2.2.1 pg. 27

Cryptocurrency, Fiat Money, and Digital Currency To understand the role of Digital Currency and the DXC economic model, it’s helpful to have a definition of cryptocurrency

and fiat money, the following is sourced from Investopedia:

Cryptocurrency. A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is

difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on

blockchain technology, which is a distributed ledger enforced by a disparate network of computers. A defining feature of a

cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it

theoretically immune to government interference or manipulation (Frankenfield, 2019).However, they are not accepted legal

tender in most countries.

Fiat Money. Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver.

The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing

government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies. The word

"fiat" comes from the Latin and is often translated as the decree "it shall be" or "let it be done" (Chen, 2019).

Cryptocurrency Market Share. To keep things in perspective, the market capitalisation of all cryptocurrencies is around $100

billion dollars (Bitcoin accounts for about 50% of the total) which is about 0.15% of the value of the world’s stock markets.

The personal wealth of Bill Gates ($90B) eclipses the value of Bitcoin and Jeff Bezos ($112B) is worth more than all

cryptocurrencies combined. Cryptocurrency is an early stage emerging market. The diagram below depicts the value of

cryptocurrency compared to World’s money. The total value of the DXC Capital account with 4 million members at the end

of year one is projected at $400M which would represent about 1/1,000 of the cryptocurrency market.

Comparing the two systems. There are over 2,500 recognised cryptocurrencies in existence (Bright, 2018), many of these

have already failed and many more, will soon fail in our opinion. Of these less than 50 are classified as Stablecoins which are

backed by an asset. Approximately 30 are backed by gold (Sameeh, 2018) and no more than 50 are backed by cash, which is

usually pegged to the US dollar (blockchain.com, 2019). This means that the majority (97% +) of the cryptocurrencies are not

asset-backed. But likewise, there are no countries in the world today that back their currencies with gold, as was once the

case. Today, fiat currencies are backed by the faith in the country, its central bank, and the declaration that they are legal

tender. To own either a Stablecoin or a Fiat Dollar, you need to have purchasing power (i.e. you can’t buy gold without

putting up cash or some form of leveraged security and the same goes for a Stablecoin).

Digital Currency. The DXC wallet provides a seamless exchange of DXC Tokens to cash and cash to DXC Token. Wallet

exchanges occur in real time with live DXC Token conversion rates shown in App. DXC Token is a true digital currency that

provides absolute security and certainty for members that every DXC Token is backed by actual cash. A major limitation of

cryptocurrencies today is the fact that ten years down the road, not enough people own them to make a significant impact

on their use and as far as retailers are concerned, cryptocurrencies are not worth the time involved to set up the processes

for accepting them and they are not being requested by consumers. DXC /TCBA is here to facilitate that change.

400

DXC White Paper Version 2.2.1 pg. 28

Cash Held at Banks is Insured DXC holds all cash in Escrow-Trust accounts at banks in each country of operation In Australia, the Government

guarantees deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or

credit union. This means that this money is guaranteed if anything happens to the ADI (ASIC, 2018). In the US, the standard

deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in

different ownership categories are separately insured, up to at least $250,000, even if held at the same bank (Morah, 2019).

Various deposit guarantee schemes operate in each of the Phase 1 countries.

Sustainable Merchant Commissions Merchants whose business, products, or services that are listed on the App join to increase their business profitability.

Through the App, they become part of a larger network where shopping members are actively rewarded and seek out

merchants that provide them with cash back.

For the cash back system to be sustainable it must represent value to the merchant over the long term. DXC/TCBA

deliberately keeps the commission charged per transaction as low as possible with most merchants paying between 5% and

10%. Many of our competitors charge fees as high as 30%, 40% and 50% of the sale price. For most merchants, this is not

sustainable, and competitors ultimately lose businesses as they cannot sustain such high costs.

DXC Economy Growth Potential Our goal is to secure a minimum of 4 million users by 2020 across the four Phase 1 countries. This is based on organic growth

starting with the merchants listed on the App sharing it with their customers by offering them cash back and grows as the

customers share the App with their friends.

Based on launching the App in the Phase 1 countries, DXC Tokens will be accepted at potentially 28,000 small merchants

(local SME businesses) and thousands of national brand partners by virtue of their ability to be instantly converted to cash;

making DXC Token available at hundreds of thousands of locations. Using the Organic Growth model, which is based only on

small merchants initially sharing the App to their customers, we project 4 million members as active users of the App by

2020. If each member used the App each week to get cash back on groceries, petrol, alcohol, and a few other discretionary

purchases (like a cup of coffee or a meal out), this could equate to a USD$150 per week spend. At an average commission of

5% to DXC/TCBA and 4 million members acquired steadily over a year and with 80% of all members cashing out each week

the DXC Capital account at the end of the year would reach about USD $400 million in cash; giving the remaining DXC Tokens

in circulation a value of $7.54 each. Using the same metrics at 1 million users across the Phase 1 countries (we have 50,000

in Australia now), the cash at bank would be $100,000,000 and the DXC Tokens in circulation would be worth $1.89 each.

The DXC model is highly predictive and DXC Tokens will always be backed by actual cash at bank, redeemable on demand

and clearly visible to all on the blockchain. In contrast to this (excluding Stablecoins), how accurate are other cryptocurrency

price predictions? Some have predicted that Bitcoin will break the $1 million mark, including John McAfee (McAfee

Associates), CNBC’s Jim Cramer and Bobby Lee (CEO BTCC Exchange). Others are sticking to more modest, but still relevantly

high price predictions, including ex-JP Morgan chief U.S. equity strategist and current managing partner at Fundstrat, Tom

Lee, who predicted a price of $25,000 by the end of 2018 and $125,000 by 2022. Robert Sluymer, also from Fundstrat, put

Bitcoin at not much higher than $7,000. Llew Claasen, executive director at Bitcoin Foundation, said Bitcoin will hit $40,000

during 2018. On the other side of the scale, you have partial to full market collapse predictions. Boutique investment bank

GP Bullhound predicts a 90 percent market crash within the year, while Harvard professor and ex-IMF chief Kenneth Rogoff

predicted that Bitcoin will shrink to $100. Roy Sebag, CEO of GoldMoney Inc., said Bitcoin will be worth $0 in the future

(Pauw, 2018).

DXC White Paper Version 2.2.1 pg. 29

Designing the App for virality A “Viral Loop” in marketing refers to a campaign that is used to promote a company or product. It takes its name from a

virus, that infects a person and cause them to infect another person. The DXC/TCBA viral loop represents the number of

members sharing the App with others and generating more members. DXC/TCBA rewards members (with recurring income)

for sharing the App. Incentivising one member to recommend the app to their friends and so on (by word of mouth) costs

nothing and is one of the most effective ways to organically grow from zero to thousands or even millions of users in a very

short time. The formula for the Viral Coefficient is VC = N x P1 x P2.

VC = viral coefficient is the result of the equation and indicates how the loop will grow.

N = the average number of customers who are invited by each active user who invites people.

P1 = the proportion of invited users who tend to actually sign up and become active customers.

P2 = the proportion of active users who tend to invite other people.

If VC is greater than 1 viral growth occurs. If VC is less than 1, the message needs to be constantly re-marketed. If VC is 0,

there is no growth. The table below illustrates a merchant that shares the App with 100 customers. 33% of the customers

like getting cash back and become Active Users and are now part of the Merchants Shopping Community on Level 1. Of the

Active Users, 66% decide to share the App with their friends. They share the App with 5 friends. 33% of the friends like getting

cash back and become Active Users and are now part of the Merchants Shopping Community on Level 2. This process can

repeat itself up to a maximum of 5 times within the Merchant’s Shopping Community.

Applying the Viral Coefficient formula to this example we see that the viral coefficient is working.

In this example, the Merchants reward is the $2,306 annual Affiliate Commission that is received from his or her Shopping

Community on the value of members spending $150 per week on products and services that they were already going to buy.

For the above example, we projected that 33% of people who receive the free App become active users. We based this

percentage on research by consultancy group Core Data, which indicates that one in three Australians (33%) are suffering

from financial stress (Elkind, 2018) and would benefit from cash back. If one-third of people like using the App and want to

share it with their family and friends, then we have projected that two-thirds of them will press the share tab in the App.

Members share because they want their friends to benefit and because of the financial reward. We projected that the

average member would share the App with 5 people based on research from Esteban Kolsky, that states if a customer is not

satisfied, 13% of them will tell to 15 or even more people that they are unhappy, and likewise 72% will share a positive

experience with 6 or more people (Kolsky, 2015).

To quantify exactly how much virality exists we measure the “k-factor”. Looking at the viral co-efficient the k-factor is the

part of the formula that tells us how many new members have joined as a result of the viral activity of a single member in

the period. The formula to determine the k factor is k = i x c.

i = number of invites sent by each customer.

c = percent of conversions of each invite.

Merchant Who Share Exposures Active Users Users who Share Affiliate Affiliate 33% 66% Commission Week Commission Year

Level 1 Customer 100 100 33 22 7.43$ 386.10$ Level 2 Friend 5 109 36 24 8.09$ 420.46$ Level 3 Friend 5 119 39 26 8.81$ 457.88$ Level 4 Friend 5 129 43 28 9.59$ 498.64$ Level 5 Friend 5 141 46 31 10.44$ 543.01$ Total 597 197 130 44.35$ 2,306.10$ Member Spend $150Commission 5% 7.50$ Affiliate Commission 15% 1.13$ Affiliate Commission per level 0.23$

VC N P1 P2Merchant Number Invited % become active % active who share Viral coefficient

100 33% 66% 21.78

i c kNumber Invited % become active k Factor

100 33% 33

DXC White Paper Version 2.2.1 pg. 30

The k factor for the merchant in the example above can be illustrated in the funnel diagram below.

The Merchant has a k factor of 33 in this example.

There are several ways that DXC/TCBA is able to increase the viral coefficient (k-factor) which include:

1. An easy sharing mechanism

All of us have a tendency to skip a task if it involves too much effort. The same holds true for a member who is thinking of

inviting their friends. The easier the sharing mechanism is, the greater the number of invites (i) that members will send.

DXC/TCBA use the following features in the App to increase the average number of invites members are sending:

• The referral program is easy to find.

• There are multiple ways for sending an invite which are easy to use.

• The App explains the benefits of building a Shopping Community.

• The invite to friends explains the benefits of using the App.

2. Incentives for sharing

For a referral program to be successful the reward needs to be valuable.

DXC/TCBA uses the following features in the App to increase the average number of share invitations that members are

sending:

• Sharing builds a five-level affiliate income known as the Shopping Community that pays the owner a recurring

passive income on the value of all member spending each day.

• Various daily, weekly, monthly, and national cash prizes will be offered as additional bonuses to incentivising

sharing the App.

• The new member nurturing sequence invites members who have received cash back to share the App after they

are familiar with it.

• The more people they share the App with, the greater the social good is achieved because each member’s selected

charity receives a donation as a percentage of every dollar spent.

• TCBA operates the Ambassadors Club which provides further incentives for members who want to seriously get

involved in building their Shopping Community.

3. The Shopping Community

Sharing builds a simple five-level affiliate matrix known as the Shopping Community that pays the owner a recurring passive

income on the value of all member spending each day. There is a fixed amount of commission that is paid out in relation to

every sale for referrals. As the affiliate commission is paid out over multipole levels some have incorrectly thought it could

be a pyramid scheme which it is not. Pyramid schemes are illegal and rely on people recruiting others with a promise of

payments or services for enrolling others into the scheme for a payment, but no actual product or service is provided.

Amazon derives 40% of its income from its Affiliate Program (Mehan, 2013).

Merchant invites 100 customers

by offering them cash back on

their purchase.

33% of the customers say yes

to free cash

i (100)

c (33%)

k

33

33 customers on Level 1 of the

Merchants Shopping Community

DXC White Paper Version 2.2.1 pg. 31

4. Additional incentives for members to share the App

All members who share the App benefit from building their Shopping Community.

TCBA further incentivises members to get excited about sharing the App with the

“Ambassadors Club”. Members who become Ambassadors receive additional in App

marketing tools to assist them in building a substantial income by sharing the free

App. Additional benefits include bonus travel rewards and the Ambassadors Car

Program. These additional offers are transparent and open to everyone.

Ambassadors will typically share the App with everyone because; it’s free, gives the

recipient cash back, and supports their selected charity. So, it’s not hard to share with

others. Ambassadors work with members to help them get cash back on all possible

spending on things they are already buying. The Ambassador’s goal is to help their

members get cash back on a minimum of $500 spending each week.

The example below is for an Ambassador who shares the App with 200 people, with 33% success rate and 66% of the active

members sharing the App with 10 friends. A minimum weekly spend of $500 per week is used in the example. Based on

these inputs the Ambassador would earn $104,905 annual recurring income.

4. Charity or larger organisation sharing 1,000 times

Charities or Clubs can also share the App with their supporters to keep them loyal and reward their support. The example

below is for a Club that shares the App with 1,000 supporters, with 33% success rate and 66% of the active members sharing

the App with 5 friends. A minimum weekly spend of $150 per week is used in the example. Based on these inputs the Club

would earn $23,060 annual recurring income.

The following example is for an organisation who shares the App with 1,000 members.

5. Frictionless onboarding

Virality is not just about getting more users sending an increasing number of invites to their friends. It also involves what

happens when a friend receives the invite - and that keeps the loop going.

Sharing the App with others should achieve three things:

• An understanding how to get cash back on purchases.

• The action of using the App to get cash back.

• The action of sharing the App with their friends as soon as possible.

Ambassador Who Share Exposures Active Users Users who Share Affiliate Affiliate

33% 66% Commission Week Commission Year

Level 1 Everyone 200 200 66 44 49.50$ 2,574.00$ Level 2 Friend 10 436 144 95 107.81$ 5,606.17$ Level 3 Friend 10 949 313 207 234.81$ 12,210.24$ Level 4 Friend 10 2066 682 450 511.42$ 26,593.91$ Level 5 Friend 10 4501 1485 980 1,113.88$ 57,921.53$ Total 8151 2690 1775 2,017.42$ 104,905.86$

Member Spend $500

Commission 5% 25.00$

Affiliate Commission 15% 3.75$

Affiliate Commission per level 0.75$

Club Who Share Exposures Active Users Users who Share Affiliate Affiliate 33% 66% Commission Week Commission Year

Level 1 Supporters 1000 1000 330 218 74.25$ 3,861.00$ Level 2 Friend 5 1089 359 237 80.86$ 4,204.63$ Level 3 Friend 5 1186 391 258 88.05$ 4,578.84$ Level 4 Friend 5 1291 426 281 95.89$ 4,986.36$ Level 5 Friend 5 1406 464 306 104.43$ 5,430.14$ Total 5973 1971 1301 443.48$ 23,060.97$ Member Spend $150

Commission 5% 7.50$

Affiliate Commission 15% 1.13$

Affiliate Commission per level 0.23$

DXC White Paper Version 2.2.1 pg. 32

The DXC/TCBA App enables the member to share the App with friends via any of the social channels or chat Apps on their

smartphone. Explainer videos relay how easy it is to get cash back and to share the App. These are reinforced by prizes and

competitions to further stimulate engagement.

6. Optimize the viral time cycle

The viral cycle time refers to the first time that a member accesses the App, makes a purchase and gets cash back, then sends

an invite to their friends and the new invitee becomes a member. The shorter this cycle can be made, the greater the chances

of conversions on the App’s referral marketing program.

DXC/TCBA have employed the following strategies to ensure that the viral cycle time remains short:

• Sharing the App is easy across all channels on the members smartphone

• Bonus cash incentives, prizes, and competitions reward sharing

• The understanding that early adopters are likely to build the larger Shopping Communities

• Push Notifications with easy to opt-in links

• Time Sensitive Airdrops via leading sites to distribute DXC Tokens to existing new members as a marketing strategy

to reward them for downloading the App, spending at any participating merchant

Customer uses

the App

Customer

shares the App

Invitee becomes

an active member

DXC White Paper Version 2.2.1 pg. 33

Single Member Transaction Example The member spends $200 at a participating merchant where the merchant is paying DXC Token/TCBA 5% commission on the

value of all introduced sales. A commission of $10 is generated from the transaction. The $10 is automatically dispersed by

the App, preventing any unauthorised intervention as follows:

1. TCBA 15% = $1.50

2. Shopping Community 15% = $1.50

3. DXC Token 70% = $7.00

$1.50 Funds received by TCBA are automatically dispersed as follows:

1. TCBA to the member’s nominated charity 10% = $0.15

2. TCBA to the Government Taxes i.e. GST 10% = $0.15

3. TCBA retained for operations 80% = $1.20

$1.50 Funds received by the Shopping Community are automatically dispersed as follows:

1. Shopping Community to Level 1 member 20% = $0.30

2. Shopping Community to Level 2 member 20% = $0.30

3. Shopping Community to Level 3 member 20% = $0.30

4. Shopping Community to Level 4 member 20% = $0.30

5. Shopping Community to Level 5 member 20% = $0.30

Note:

a) The Shopping Community depicted above comprises the person who referred the App to the shopping

member, and the other four levels above the referrer.

$7.00 Funds received by DXC are automatically dispersed to the Capital Account as follows:

1. DXC Token to Member for shopping 50% = $3.50

2. DXC Token to Team (ICO Investors, DXC Token Staff, Advisors etc) 50% = $3.50

Note:

a) All cash at the end of each day that has not been spent is converted to DXC Token

b) All DXC Token conversion transactions are published to the blockchain

c) The blockchain ledger will always be in balance with the actual cash at bank each day

d) All funds are held in Escrow/Trust accounts (the balance is verified by a registered independent auditor)

$3.50

Shopping Community

Receives

Commission

Member Spends $200 at a

participating

merchant.

Merchant Commission Pays DXC /TCBA

5% commission $200

DXC Token Capital

Account Receives

Commission

The Cash Back App

Receives

Commission

$7.00 $1.50

$10.00

Converted to

DXC Token

DXC Token Team

Published on

Blockchain

Charity $0.15

Taxes / GST $0.15 TCBA retains $1.20

Level 1. $0.30

Level 2. $0.30

Level 3. $0.30

Level 4. $0.30

Level 5. $0.30

$3.50

$1.50

DXC White Paper Version 2.2.1 pg. 34

User Model Assumptions and Sensitivity Analysis The user model assumes the following:

1. Weekly spend per member USD $150* or USD $300*

2. The average commission paid by merchants to DXC/TCBA of 5% or 10%

3. The cash out rate at which TCBA members cash out, 80% or 20%

4. Market size (members spending each day) in each country at 4,000,000 members up or down by 25% increments

* The weekly spend could comprise groceries, petrol, alcohol, fashion, meals, travel, telecommunications, electricity etc.

The Sensitivity Analysis shows the effect of a change in any of the above key metrics that drive revenue in the model. The

metrics are based on our estimates and our experience to date in the Australian market with 50,000 registered users of the

App.

The tables on the following pages show the variables impact on the DXC Token price at years 1, 5, and 10 years.

DXC White Paper Version 2.2.1 pg. 35

Global Sensitivity Analysis Merchant Commission 5% Member Cash out rate 80%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 150$ 13.20$ 26.01$ 31.37$ (+) 50% 6,000,000 150$ 11.31$ 22.30$ 26.89$ (+) 25% 5,000,000 150$ 9.43$ 18.58$ 22.41$ TARGET 4,000,000 150$ 7.54$ 14.86$ 17.93$ (-) 25% 3,000,000 150$ 5.66$ 11.15$ 13.45$ (-) 50% 2,000,000 150$ 3.77$ 7.43$ 8.96$ (-) 75% 1,000,000 150$ 1.89$ 3.72$ 4.48$

Global Sensitivity Analysis Merchant Commission 10% Member Cash out rate 80%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 150$ 26.40$ 52.03$ 62.74$ (+) 50% 6,000,000 150$ 22.63$ 44.59$ 53.78$ (+) 25% 5,000,000 150$ 18.86$ 37.16$ 44.82$ TARGET 4,000,000 150$ 15.09$ 29.73$ 35.85$ (-) 25% 3,000,000 150$ 11.31$ 22.30$ 26.89$ (-) 50% 2,000,000 150$ 7.54$ 14.86$ 17.93$ (-) 75% 1,000,000 150$ 3.77$ 7.43$ 8.96$

Global Sensitivity Analysis Merchant Commission 5% Member Cash out rate 20%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 150$ 10.63$ 25.51$ 29.83$ (+) 50% 6,000,000 150$ 9.11$ 21.87$ 25.57$ (+) 25% 5,000,000 150$ 7.59$ 18.22$ 21.31$ TARGET 4,000,000 150$ 6.07$ 14.58$ 17.05$ (-) 25% 3,000,000 150$ 4.55$ 10.93$ 12.79$ (-) 50% 2,000,000 150$ 3.04$ 7.29$ 8.52$ (-) 75% 1,000,000 150$ 1.52$ 3.64$ 4.26$

Global Sensitivity Analysis Merchant Commission 10% Member Cash out rate 20%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 150$ 21.25$ 51.03$ 59.67$ (+) 50% 6,000,000 150$ 18.22$ 43.74$ 51.14$ (+) 25% 5,000,000 150$ 15.18$ 36.45$ 42.62$ TARGET 4,000,000 150$ 12.14$ 29.16$ 34.10$ (-) 25% 3,000,000 150$ 9.11$ 21.87$ 25.57$ (-) 50% 2,000,000 150$ 6.07$ 14.58$ 17.05$ (-) 75% 1,000,000 150$ 3.04$ 7.29$ 8.52$

DXC White Paper Version 2.2.1 pg. 36

Global Sensitivity Analysis Merchant Commission 5% Member Cash out rate 80%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 300$ 26.40$ 52.03$ 62.74$ (+) 50% 6,000,000 300$ 22.63$ 44.59$ 53.78$ (+) 25% 5,000,000 300$ 18.86$ 37.16$ 44.82$ TARGET 4,000,000 300$ 15.09$ 29.73$ 35.85$ (-) 25% 3,000,000 300$ 11.31$ 22.30$ 26.89$ (-) 50% 2,000,000 300$ 7.54$ 14.86$ 17.93$ (-) 75% 1,000,000 300$ 3.77$ 7.43$ 8.96$

Global Sensitivity Analysis Merchant Commission 10% Member Cash out rate 80%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 300$ 52.80$ 104.05$ 125.49$ (+) 50% 6,000,000 300$ 45.26$ 89.19$ 107.56$ (+) 25% 5,000,000 300$ 37.72$ 74.32$ 89.63$ TARGET 4,000,000 300$ 30.17$ 59.46$ 71.71$ (-) 25% 3,000,000 300$ 22.63$ 44.59$ 53.78$ (-) 50% 2,000,000 300$ 15.09$ 29.73$ 35.85$ (-) 75% 1,000,000 300$ 7.54$ 14.86$ 17.93$

Global Sensitivity Analysis Merchant Commission 5% Member Cash out rate 20%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 300$ 21.25$ 51.03$ 59.67$ (+) 50% 6,000,000 300$ 18.22$ 43.74$ 51.14$ (+) 25% 5,000,000 300$ 15.18$ 36.45$ 42.62$ TARGET 4,000,000 300$ 12.14$ 29.16$ 34.10$ (-) 25% 3,000,000 300$ 9.11$ 21.87$ 25.57$ (-) 50% 2,000,000 300$ 6.07$ 14.58$ 17.05$ (-) 75% 1,000,000 300$ 3.04$ 7.29$ 8.52$

Global Sensitivity Analysis Merchant Commission 10% Member Cash out rate 20%Sensitivity Active Members Weekly Spend Token Price Yr 1 Token Price Yr 5 Token Price Yr 10(+) 75% 7,000,000 300$ 42.50$ 102.06$ 119.34$ (+) 50% 6,000,000 300$ 36.43$ 87.48$ 102.29$ (+) 25% 5,000,000 300$ 30.36$ 72.90$ 85.24$ TARGET 4,000,000 300$ 24.29$ 58.32$ 68.19$ (-) 25% 3,000,000 300$ 18.22$ 43.74$ 51.14$ (-) 50% 2,000,000 300$ 12.14$ 29.16$ 34.10$ (-) 75% 1,000,000 300$ 6.07$ 14.58$ 17.05$

DXC White Paper Version 2.2.1 pg. 37

The Size of the Market The Phase 1 countries are all affluent and have a collective population of 457,362,525 people. They were selected because

of their population, smartphone adoption, and average consumer spend. Our target is a minimum of 4,176,043 members

which represents about a 1% market penetration. We have based our assumptions only on organic growth which comes

from merchants sharing the app with their customers and then the customers sharing with their friends. In addition to

organic growth, $40,000,000 will be invested in marketing to ensure maximum exposure on social and traditional media

channels. DXC/TCBA believes that it will exceed the minimum active member target.

Key assumptions per country

Customer Acquisition Cost The Customer Acquisition Cost (CAC) is calculated by dividing all costs spent on acquiring more customers (marketing

expenses), by the number of customers acquired in the period the money was spent. DXC/TCBA has projected that it will

spend $40,000,000 to acquire 4,000,000 members, which is a CAC of $10.00 per member.

CAC/CP Ratio The ratio of CAC to Customer Profit (CP) is another important metric. The CP for a TCBA active member using the App is

projected at ($150 spend /week X 52 weeks = $7,800 x 5% Commission X 15% TCBA Revenue = $58.50 X 35% EBITDA =

$20.47). DXC/TCBA is spending $10 to acquire a member, with a CP of $20.47 per year, at an initial ratio of 2.05.

Country Population Merchants Active Users Spend Year Commission DXC Commission Tokens Issued United States 328,694,000 20,302 3,001,209 23,409,428,502$ 1,170,471,425$ 819,329,998$ 650,000,000 United Kingdom 66,040,229 4,079 602,994 4,703,353,329$ 235,167,666$ 164,617,367$ 130,000,000 Canada 37,371,800 2,308 341,231 2,661,601,612$ 133,080,081$ 93,156,056$ 70,000,000 Australia 25,256,500 1,560 230,610 1,798,755,776$ 89,937,789$ 62,956,452$ 50,000,000 Total 457,362,529 28,250 4,176,043 32,573,139,218$ 1,628,656,961$ 1,140,059,873$ 900,000,000

DXC White Paper Version 2.2.1 pg. 38

How the Token Increases in Value: Example The following table is a simplified example of how the DXC Token increases in value with every transaction by accumulating

more and more cash in the DXC Capital Account. The example starts at day one with 100 members shopping and grows

rapidly each day for 5 days before slowing to a moderate steady growth. The average spend per day is $200 at a 5%

commission with 70% distribution to DXC.

• The daily commission received by DXC from members shopping is shown in the ‘New Cash’ column.

• The ‘Interim Cash Balance’ is the new cash received that day plus the closing cash balance of the previous day

shown in column ‘Cash Balance’.

• The ‘Token Issue’ for the example is set at 1,000 tokens per day.

• The ‘Token Balance’ is the new tokens issued that day plus the closing token balance of the previous day shown in

column ‘Tokens in Circulation’.

• The ‘Interim Token Balance’ is the ‘Interim Cash Balance’ divided by the Token Balance.

• ‘Tokens Out’ is the number of tokens being cashed out each day. In this example we have set it at 50% of the new

Tokens Issued each day.

• ‘Token Out Value’ represents the number of Tokens cashed out at the Interim Token Price.

• The ‘Cash Balance’ is the Interim Cash Balance less the Token Out Value.

• ‘Tokens in Circulation’ is the Token Balance less the Tokens Out.

• ‘Token Price’ is the Cash Balance divided by the number of Tokens in Circulation.

To illustrate the viability of the platform we have assumed that on day 7, 100% of all Token holders’ cash out which does not

adversely affect the Token price which goes from $7.00 the day before to $13.30 the next day as members continue to shop

and earn cash back. At all times the Token is 100% backed by cash.

Example Token Value Increase

Day Total New Interim Tokens Token Interim Tokens Out Token Cash Tokens in Token Members Cash Cash Balance Issued Balance Token Price 50% Out Value Balance Circulation Price

1 100 700$ 700$ 1000 1000 0.70$ 700$ 1,000 0.70$ 2 200 1,400$ 2,100$ 1000 2,000 1.05$ 500 525$ 1,575$ 1,500 1.05$ 3 400 2,800$ 4,375$ 1000 2,500 1.75$ 500 875$ 3,500$ 2,000 1.75$ 4 800 5,600$ 9,100$ 1000 3,000 3.03$ 500 1,517$ 7,583$ 2,500 3.03$ 5 1600 11,200$ 18,783$ 1000 3,500 5.37$ 500 2,683$ 16,100$ 3,000 5.37$ 6 1700 11,900$ 28,000$ 1000 4,000 7.00$ 500 3,500$ 24,500$ 3,500 7.00$ 7 1800 12,600$ 37,100$ 1000 4,500 8.24$ 4,500 37,100$ -$ - -$ 8 1900 13,300$ 13,300$ 1000 1,000 13.30$ 500 6,650$ 6,650$ 500 13.30$ 9 2000 14,000$ 20,650$ 1000 1,500 13.77$ 500 6,883$ 13,767$ 1,000 13.77$

10 2100 14,700$ 28,467$ 1000 2,000 14.23$ 500 7,117$ 21,350$ 1,500 14.23$

Member Spend per day 200.00$ Commission 5% 10.00$ DXC 70% 7.00$

DXC White Paper Version 2.2.1 pg. 39

Token Sale

DXC White Paper Version 2.2.1 pg. 40

Token Sale Purpose This ICO will provide us with the marketing power to distribute The Cash Back App for free and en masse within the Phase 1

target markets; which include the United States of America, Canada, the United Kingdom, and Australia. These countries

have been selected due to their high smartphone adoption, weekly shopping spend, and population.

The capped emission for the Phase 1 countries is 900 million DXC Tokens over each ten-year period. The DXC Token sale will

comprise three rounds at 5% each to a total of 15% (135,000,000 Tokens) to raise USD $117M across all countries of

operation. ICO investors will receive 15% of the recurring DXC Token emission each year in perpetuity.

650,000,000

130,000,000

70,000,000

50,000,000

- 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000

United States

United Kingdom

Canada

Australia

DXC Token Emission by Country

DXC White Paper Version 2.2.1 pg. 41

Measured Capital Raising

The DXC capital raise is different to other ICOs in that the DXC Token is asset backed, it is not based on a hopeful future use

as many other cryptocurrencies have been which were not sustainable and failed within the first year or less of operation.

DXC has a demonstrable means of income and the absolute ability to return value to all participants.

The DXC Token is a real Digital Currency backed by real cash which gives it actual value from day one. As with real businesses

there are true costs to acquire customers and build the income base which are clearly demonstrated in the White Paper.

DXC/TCBA is building a viable international company based on sound economic principles. In order to achieve our mission

and to remain well funded during the growth phase, the ICO represents a substantial capital raise that reflects a real-world

commercial application.

The chart below compares the DXC ICO to that of the top ten largest ICOs, all of which have all lost approximately 80% of

their value because they were either not asset based, or had failed to prove there was a market for their product prior to

the ICO (Kharif, 2018).

The DXC ICO is measured in its approach and based on establishing a physical presence in each major city of operation across

the United States, Canada, the United Kingdom, and Australia. Overall a total of 680 staff across 72 offices supported by a

marketing spend of USD $40,000,000 will be deployed to ensure that a solid user base of 4,000,000 active members are

secured by 2020.

DXC Use of Funds

Country USA UK Canada Australia Head Office Total

Offices 50 10 6 5 1 72 Staff 451 100 62 48 19 680 Wages 20,162,726$ 4,914,045$ 3,249,665$ 2,675,780$ 3,153,600$ 34,155,815$

Operations 4,456,926$ 965,472$ 584,383$ 474,264$ 750,000$ 7,231,046$

Marketing 28,631,315$ 5,752,519$ 3,255,319$ 2,200,000$ 250,000$ 40,089,153$

Merchant Acquisition 10,829,265$ 2,203,752$ 1,262,285$ 866,578$ 3,000,000$ 18,161,879$

Commission 4,387,500$ 877,500$ 472,500$ 337,500$ -$ 6,075,000$

Sub Total 68,467,732$ 14,713,288$ 8,824,151$ 6,554,122$ 7,153,600$ 105,712,894$

Reserve 19,282,267$ 2,836,711$ 625,848$ 195,877$ 7,153,600-$ 15,787,103$

Total 87,749,999$ 17,549,999$ 9,449,999$ 6,749,999$ -$ 121,499,997$

DXC White Paper Version 2.2.1 pg. 42

DXC Token Allocation The composition of DXC Token for issue are as follows:

Token

DXC Token

Private Blockchain

DXC Token Wallet

Public Blockchain

Ethereum ERC 20

Token Issuer

Digital Exchange Commerce Pty Ltd

Total Annual Supply Phase 1 Countries

90,000,000 DXC Tokens (100%)

Pre – ICO

9,000,000 DXC Tokens (10%)

ICO 30% Discount

4,500,000 DXC Tokens (5%)

ICO 20% Discount

4,500,000 DXC Tokens (5%)

ICO 10% Discount

4,500,000 DXC Tokens (5%)

DXC Team & Reserve

16,200,000 DXC Tokens (18%)

The Cash Back App Pty Ltd

4,500,000 DXC Tokens (5%)

Bounty

1,800,000 DXC Tokens (2%)

DXC White Paper Version 2.2.1 pg. 43

DXC Token Sale The composition of DXC Tokens for sale are as follows:

Ten-year block issue Phase 1 Countries

900,000,000 DXC Tokens (100%)

Total Annual Supply Phase 1 Countries

90,000,000 DXC Tokens (100%)

Total Tokens for Sale (Pre-ICO & ICO)

225,000,000 DXC Tokens (100%)

ICO 30% Discount Price $0.70 USD

45,000,000 DXC Tokens (5%)

ICO 20% Discount Price $0.80 USD

45,000,000 DXC Tokens (5%)

ICO 10% Discount Price $0.90 USD

45,000,000 DXC Tokens (5%)

Currencies Accepted

All currencies of Phase 1 Countries

Total Capital Raise (ICO)

$108,000,000 USD

Expected Timeline The timeline is not fixed and is provided as an indicative reference. DXC may vary the timeline at its absolute discretion.

ICO Public Sale

1 July 2019

ICO 30% Discount Price $0.70 USD

1 July 2019 – 31 August 2019 (8 weeks)

ICO 20% Discount Price $0.80 USD

1 September – 31 October 2019 (8 weeks)

ICO 10% Discount Price $0.90 USD

1 November – 31 December 2019 (8 weeks)

Token Generation and Issue Date

31 January 2020

Lock Up Period The token issue date is the date when DXC launches the token in The Cash Back App. At that time the following Token

recipients will be locked up for 12 months, all Pre-ICO tokens, ICO tokens, all DXC Team tokens, all TCBA tokens, and all

Bounty tokens will be locked up for 12 months, from the token issue date. ERC20 contracts, as required, will be issuable

when the lock up period is complete.

DXC White Paper Version 2.2.1 pg. 44

Use of Funds DXC intends to raise a total of USD $121,500,000 under the Pre-ICO and ICO. The funds will be allocated as follows to the

Phase 1 countries:

Country USD Funds Raised

Marketing

34%

Wages

29%

Operations

6%

Merchant Acquisition 16%

Commissions

5%

Reserve

10%

USA

$87,750,000

$ 28,631,315

$20,162,726

$4,456,926

$10,829,265

$4,387,500

$19,282,267

United

Kingdom

$17,550,000

$5,752,519

$4,914,045

$965,472

$2,203,752

$877,500

$2,836,711

Canada

$9,450,000

$3,255,319

$3,249,665

$584,383

$1,262,285

$472,500

$625,848

Australia

$6,750,000

$2,200,000

$2,675,780

$474,264

$866,578

$337,500

$195,877

Head

Office

NIL

$250,000

$3,153,600

$750,000

$3,000,000

NIL

-$7,153,600

TOTAL

$121,500,000

$40,089,153

$34,155,815

$7,231,046

$18,161,879

$6,075,000

$15,787,105

DXC White Paper Version 2.2.1 pg. 45

?

Team and Advisory

DXC White Paper Version 2.2.1 pg. 46

Executive Team and Advisors

David Hennessy: Chief Technology Officer

David holds two Masters degrees, one in Information Technology (Cloud Computing and Software Design &

Development) and the other in Information Systems Security. He has over 15 years’ IT experience in Government and

the Private sector. David oversees the e-commerce, mobile wallet, and social capabilities of the DXC Token and TCBA

Applications. He leads a seasoned team of software engineers.

Peter Scott: Chief Financial Officer

Peter has over 30 years accounting and tax consulting experience for ASX-listed, private company, and government

organisations. He has worked on numerous mergers and acquisitions and represented clients within the Media &

Entertainment industry including Film/TV production companies, producers, musicians, actors and artists.

Matthew Inglis: DXC Token Operations Manager

Matthew is responsible for the day to day business operations of DXC Token. He is tasked with liaising between DXC

Token and TCBA and ensuring the administration functions between the two companies align with the Joint Venture.

Matthew is currently completing Bachelor of Business at the University of the Sunshine Coast.

Bruce Inglis: CEO & Founder

Bruce is a seasoned entrepreneur and has developed businesses across the Retail, Franchise, and Real Estate markets.

He has been a long-term investor in technology-based enterprises. He is the Founder of The Cash Back App and his vision

for the DXC Token and TCBA is to unite 10 million App users worldwide by the end of 2020 via downloads and social

sharing.

Dr Ross McKenzie: Chief Risk and Compliance Officer

Ross has an outstanding record of accomplishment in financial services having led teams of over 1,000 employees. His

leadership experience extends to the National Australia Bank, Westpac Banking Corporation, ANZ Bank, CBA Bank, AXA,

HSBC, Macquarie Bank and Samsung, and dealings with statutory and regulatory authorities in Australia and globally.

Tim Dixon: International Partnerships

Tim has 25 years of commercial & business experience in Franchising in Australia and internationally working with

numerous well-known brands. Tim is a highly creative communicator and faciliatory and is the founder of Music Oz which

provides a forum for Independent and Unsigned Artists in Australia.

David Scopelliti: Chief Marketing Officer

David has over 30 years’ experience in radio, TV, social, and digital advertising. His companies clients include Harvey

Norman, HSBC, Credit Union Australia (CUA), Sony Pictures Entertainment USA, Universal Studios USA, WIN Network,

Surf Life Saving Australia, Croc Media, and Recrue Media USA.

DXC White Paper Version 2.2.1 pg. 47

Technology Team

Saroj Maurya: Senior Blockchain Engineer

Saroj has over 7 years’ experience in the field of Blockchain and Cryptocurrency development and in iOS, PHP, Node JS,

Angular JS, SQL, MongoDB, App Architecture and Design.

Michael Shareef: Digital Strategist

Michael is a highly experienced digital strategist who has worked with the development of Facebook algorithms and has

a strong background across high level digital strategy and delivery.

Tom Raine: Senior Front End Web Developer

Tom is an experienced software developer at design and marketing agencies in Australia such as Starts at 60, LoopLabs,

Nodding Dog and YomStar. Tom is skilled in AngularJS 1 and 2/4/5, React, Vue, NodeJS, jQuery, HTML5, SASS, Bootstrap

and Ionic.

Chiranjeevi Singh: Lead Financial Data Engineer

Chiranjeevi has over 8 years expertise in Big Data, Data Warehousing and ETL Technologies within the banking and

financial services industry, including JP Morgan.

Martin Knott: Lead Solutions Architect

Martin has a Bachelor of Engineering (Computer Systems) and Commerce at the University of Queensland. He is an

experienced developer within the technology divisions at National Australia Bank, Royal Bank of Scotland and Macquarie

Bank.

Gagandeep Singh: Senior Project Manager

Gagandeep has over 12 years expertise in management, delivery and consultation for projects that include custom

software, enterprise mobile Applications, blockchain development, AI and machine learning and advanced website

Development.

Darryn Flood: Senior APIs and Transaction Systems Developer

With over 18 years in developing technology systems Darryn is the Senior Developer in charge of APIs and transaction

systems. Darryn is experienced in highly C#, ASP.NET, MS SQL, jQuery, CSS, HTML as well as in continuous delivery and

agile planning

Steve Taylor: Lead Systems Developer

Steve oversees systems and development with over 25 years developing and pioneering technology systems. Steve is

highly skilled in C#, Java, ASP.NET, JBoss Fuse, MS SQL, jQuery, CSS / SASS and HTML as well as in complex DevOps

processes.

DXC White Paper Version 2.2.1 pg. 48

Varun Kumar: Senior iOS Developer

Varun has over 5years of experience in iOS development with expertise in Objective C/Swift, React, native mobile

Application design and advanced design patterns.

Satvir Singh: Senior Android Developer

Satvir has over 5 years expertise in Android, Kotlin, Java, UI/UX design, Advanced Design Patterns (MVC, MVVM, MVP)

and Material Design Animations.

Ramandeep Kaur: Senior Product Quality Engineer

Over 9 years’ experience in software development and managing product quality for major firms, including JP Morgan.

Ramandeep’s experience includes Java and JavaScript technologies, systems analysis, quality planning, testing design and

integration.

DXC White Paper Version 2.2.1 pg. 49

Brands and Partnerships

DXC White Paper Version 2.2.1 pg. 50

The Cash Back App

Exclusive Partner The Cash Back App is the exclusive partner of Digital Exchange Commerce and will be fully integrated to the DXC platform to

use and manage DXC Tokens for member purchases.

Shop. Save. Simple. “Did you shop yesterday? Will you shop today? And what about tomorrow and the next day? Everybody shops. It’s a fact of

life. So why not shop where you can get cash back or discounts on the necessities and niceties of life?”

The Cash Back App is the winner of the Austral-Asian App Design awards for Best Mobile Shopping Application, it features a

fully operational mobile wallet, has been downloaded by over 50,000 consumers and is accepted at over 5,000 locations in

Australia.

The App does not require members to shop differently, buy special products, amass points or undertake complicated

redemption processes, it just gives members instant cash back every time they shop at participating merchants that include

small retailers and national brands.

Following the ICO, DXC/TCBA will convert all unspent cash that each member receives form shopping, at the end of each

day, into DXC Tokens which have the added benefit of appreciating in value each time any member shops. The DXC Token

can be instantly converted to cash with no fees within the App.

The Free App That Puts Cash In Your Pocket

Download the app today!

DXC White Paper Version 2.2.1 pg. 51

Available Brands on The Cash Back App DXC/TCBA offer a comprehensive and rapidly expanding number of leading brands where members can receive cash back.

Based on our experience in the Australian market we expect our country managers will have the same success in onboarding

brands in each country of operation. Some of our Australian brands include:

DXC White Paper Version 2.2.1 pg. 52

Charities Participating on The Cash Back App Australia alone has over 50,000 registered Charities, and many struggle financially to provide much needed community

services. Many consumers feel overwhelmed by the volume of requests for donations from so many worthwhile

organisations. DXC/TCBA enables consumers to keep their cash back and at the same time know that every time they spend

at a participating merchant a donation will be made automatically by the App to their favourite charity.

Charities Struggling to Survive with almost one in five UK (cafonline.org, 2017) charities fear their organisation is struggling

to survive, according to research by international not-for-profit-organisation Charities Aid Foundation (CAF) in what is being

seen as a wake-up call for Australian charities. TCBA welcomes Charities to Apply to be listed on the App so consumers can

select them as beneficiaries of their shopping. In the Australian market TCBA projects that its user base could generate in

excess of $10 million per year in shopping donations. Charities and Not for Profits can also share the App with their members

and supporters to build their own Shopping Communities and benefit from the Affiliate income.

90% of Millennials (22 to 37 year-olds) are likely to consider switching brands to be associated with a good cause, and 88%

will become more loyal (Gross, 2015). The App empowers all members by enabling them to choose a charity from the list

within the App. Then every time they shop the App makes a separate donation to their selected charity. The member gets

to keep their cash back and the charity benefits.

Current charities listed in the App for Australia include:

QIMR Berghofer Medical Research

Givit Goods for Good Causes

Habitat for Humanity

Rainforest Trust Australia

Leukaemia Foundation

Mates on a Mission

Childfund Australia

Scripture Union Qld

Menzies School of Health Research

Surf Lifesaving Australia

Shake It Up Foundation

Royal Institute for Deaf and Blind Children

Opportunity International

Daniel Morcombe Foundation

Assistance Dogs Australia

DXC White Paper Version 2.2.1 pg. 53

Expansion

DXC White Paper Version 2.2.1 pg. 54

Overview The DXC/TCBA Application is a proven highly scalable platform. The model can be replicated in other countries as TCBA offers

a solution for members to save (and earn cash back) on everyday shopping while assisting participating merchants.

Our strategy is to expand to 4 countries by 2020. Following the Token Sale, we intend to immediately expand the number of

small merchants on the App in Australia. Country leaders will then be Appointed with a major focus on National Brand and

Charity partner acquisition and the roll out of the small merchant program.

The Phase 1 countries include United States of America, Canada, the United Kingdom, and Australia. These countries have

been selected due to their high smartphone adoption, weekly shopping spend, and population.

Merchant Acquisition Over the last few years of beta testing, TCBA has investigated several options for merchant acquisition and is confident that

it has developed the optimum path. TCBA provides merchants with location specific hardware that interacts with the

consumers mobile phone or physical card to process transactions. All hardware, training, and support is provided to the

merchant at no cost. Merchants are secured either by direct contact from a dedicated in field sales force or online via the

App or website. To date, TCBA is available at over 5,000 locations in Australia. Funding from the ICO will be allocated to

significantly increase the number of participating merchants. There are three types of merchants that are best suited to the

program, these include:

1. Large national brands

2. Small to medium retail businesses

3. Service providers

All merchants provide DXC/TCBA with a marketing fee as cash payment or an upfront discount. The value of the marketing

fee typically ranges between 5% to 10% of the value of each transaction. The DXC/TCBA platform is designed to operate on

a low margin high volume model. This approach enables our merchants to maintain a sustainable cash flow while offering

their customers cash back. It is also in direct contrast to many other cash back or loyalty programs that seek to exact much

higher fees ranging from 20% to as much as 75%.

High-income countries according to the World Bank, 2018

DXC White Paper Version 2.2.1 pg. 55

Our model is designed primarily for brick and mortar stores which still represent 90% of all retail transactions today

(Ahadmotlaghi & Pawar, 2012). DXC/TCBA have a strong value proposition for merchants that includes:

1. Customer transaction data

2. Zero costs on accepting DXC Token payments

3. Zero costs on credit and debit card payments

4. In-App mobile marketing channel

5. Opportunity to attract new customers

6. Effective, smart and easy to use loyalty program

7. The opportunity to create a passive recurring income by sharing the App with their customers.

Member payments using physical credit or debit cards, or cards tokenised to the member’s mobile wallet are subject to the

issuing and receiving banks settlement periods and transaction fees. These fees are deducted from the commission the

merchant pays DXC/TCBA on introduced sales. The net commission is converted to instant cash back and paid to the

members’ wallet. DXC/TCBA’s Zero fees on credit and debit card payments represent a substantial saving to merchants. This

feature alone is sufficient to persuade many merchants to join the program. These days, cash as a means of payment is

diminishing rapidly (Steele, 2015) and any means of reducing card transaction costs is a direct saving to a merchant.

As a simple litmus test for the App Q. If you were shopping and a merchant asked “would you like some cash back with your purchase” what would you say?

If you answer “yes” then we look forward to you becoming one of the 4,000,000 active users by 2020.

P.S. Make sure you share the App with your family and friends before someone else does!

If you answer “no” then we’d ask, “what is your favourite charity, would you like to help them when you shop”?

If your answer was “yes” then “thanks for supporting such a great cause”.

P.S. Make sure you share the App with your family and friends so they can be supporters too!

If you answer “no” then “we respect your choice, have a great day”

(You either have too much money, or no friends).

DXC White Paper Version 2.2.1 pg. 56

Key Risks Through The Cash Back App, there is an already operating and fully-functional system, that includes backend services, and

mobile apps for members, merchants. The mobile apps are available for download from the Apple App Store and Google

Play Store.

We have an existing in-house team of skilled developers and designers actively developing and improving the DXC/TCBA

platform and systems. We are developing the blockchain and integration technologies concurrently to the core TCBA

platforms.

Risk in DXC (or TCBA) failing is less pronounced (than the risk for blockchain-based projects, e.g.) due to the already operating

and fully-functional system of The Cash Back App in the marketplace along with the security of the tokens being fully

supported with cash in our capital account.

Additionally, we are well positioned to expand into the overseas markets of choice with key personnel identified. Our

operations are being fine-tuned in preparation for this exciting phase of our growth in line with our business plan.

There are always risk outside of the control of our company and its management and director team, however. The following

have been identified:

• Dependence on Key Personnel: Key personnel are always crucial to an aggressive roll out. The inability to recruit

the right staff could affect our implementation program and in turn the value of DCX tokens

• Political Risk: Regulators / Governments worldwide may change the way DXC Tokens operates and in doing so

may affect the value of DXC Tokens. Token sales are a new business practice and have received some negative

press which have resulted in action from countries such as the USA

• Brand Reputation and Risk: The key to our success will be the building of our brand. Strong market credibility and

recognition will attract users and merchants alike. If we are unsuccessful in this endeavour the acceptance of DXC

Tokens will be reduced, resulting in a loss in value of the token

• Operational Risk: The value of DXC Token is dependent on the growth of The Cash Back App (membership and

transactions per day). Operations of The Cash Back App could be affected by many factors including transaction,

personnel, business, technology and security matters

DXC White Paper Version 2.2.1 pg. 57

Roadmap The DXC/TCBA platform has been developed over the past six years. By some standards this has been a slow process however we are confident that the system and its Application have evolved

sufficiently to take what is an exciting instant cash back offer and ZERO FEE payment platform to the market. During the development period, we have won the Australasian App design Awards for

best App and secured over 50,000 members with the App accepted at over 5,000 merchant locations in Australia. The platform is well-tested, working, highly scalable and ready for international

deployment.

2013 The Cash Back App

incorporated &

prototype developed

2013 Idea evolves

while building

apps for SME’s

2013 Family and friends invest

$500,000

2014 Beta trials with National

Brand some success and bug

fixes

2014 Seed investment $2,000,000

2016 Mobile Wallet and

Merchant Dashboard

development

2017 Seed investment $600,000.

2015 Beta trials: 22,000+ members,

$1,000,000 sales. Winner App Design Award

2017 TCBA Franchise Established for merchant

acquisition

2018 Ambassador and Licensee

programs established. Learning

Management System

deployed.

2018 Payment processing

moved to National

Australia Bank

Card Aggregator Status

2019 Q2

Launch ICO

$124,500,000 for

International Launch

2019 Q4

Established merchant

suppliers in Phase 1

Countries

2020 Q4

Phase 1 Countries

4,000,000 active

members

DXC White Paper Version 2.2.1 pg. 58

Competitive Analysis

DXC White Paper Version 2.2.1 pg. 59

Overview

As The Cash Back App and DXC Apply proven technologies and concepts in a novel way, we do not have direct competitors. However, there are a range of companies and services that share our space in Australia on certain aspects of our solution. Apps and services for reward programs, payment processing providers, and digital marketing solutions each have some degree of overlap with what we do:

• Reward programs such as Amex Membership Rewards program, Flybuys and Velocity and Online Affiliate reward networks such as Liven, Shopback and CashRewards deliver a similar common concept of rewarding the customer for using their service (by points or cash back, e.g.).

• Rewards platforms are also hindered by a lack of value for consumers because it is unclear on ‘how much a point is actually worth’ – and their true value is often quite small (especially compared to the value of the dollar spent to earn them). These platforms often give little value for merchants, too, because they do not have the capacity to bring customers to merchants. The Cash Back App brings cash as the loyalty reward and puts merchants at the forefront of the member’s view – pulling new customers to new merchants and bringing existing customers back again.

• Loyalty services, which include ‘loyalty collector’ services such as Locify, Rewardle or Hey You, deliver the typical ‘points for loyalty’ service. They share the same core offer as standalone loyalty Apps, such as McDonald’s, Subway and Starbucks. However, while the points are conveniently collected in the one App/service, the loyalty reward given is points that are difficult to value. Member uptake is therefore limited. It has been demonstrated that the best means of loyalty reward is cash – and this is at the core of what The Cash Back App offers.

• Finally, in the area of payment processing, we have a unique position in that we do not compete with others but instead use and leverage them to our advantage. Payment platforms, such as Physical Card Payment at Point of Sale (Visa and Mastercard), Tokenized Wallets (Alipay, WeChat Pay), in-device wallets (Google Pay and Apple Pay) and other Payment Apps such as Afterpay and Zip Pay are used (or can be used) within our system.

Our unique system is centred on giving ‘instant cash back’ as the reward (as opposed to points) and this cash can be accessed and spent at any merchant in our shopping network. Plus, our affiliate rewards systems (the Shopping Community) gives cash back to those who referred the shopper – and even that cash is available instantly to those members. Our shopping and sharing incentive systems allow rewards earned at one TCBA merchant to be spent at another. This benefits our entire merchant network because our members are loyal to the App and service itself. Over-time they change shopping habits to seek-out The Cash Back App when starting their shopping journey – and our merchants benefit through increased sales and loyal customers.

The Cash Back App’s always-available wallet brings a reliable cash collection and payment service that can be used by our members for any purchase. Augmented by the DXC Token’s Appreciative potential, too, the value of cash back earned (and retained) in the wallet increases in value to the customer. This incentivises them to shop frequently at our merchants and services. No other platform exists that does what TCBA and DXC delivers i.e. cash incentive and liquid buying power to members, and value-packed and powerful payment, marketing, and loyalty service to our merchants. Moreover, for merchants, we deliver flexible and ZERO-FEE payments and rich customer shopping and behavioural data analytics.

DXC White Paper Version 2.2.1 pg. 60

Payment Processing

Company Strengths Weaknesses

Visa and

MasterCard

The primary and global credit card payment facilitators. Both Visa and MasterCard are accepted virtually anywhere and are used by the large majority of our target market. Premium cards offer loyalty and rewards schemes for using the card. These programs are funded through Visa and MasterCard’s transaction fees.

Merchants suffer from their fees, but also cannot do business without taking them. As such, merchants are always seeking ways to reduce their card transaction costs. Loyalty and rewards programs have diminished in value to the customer as a result of the narrowing of the profits earned from fees. The card programs, too, cannot deliver high-quality customer shopping data to merchants.

WeChat Pay China’s premier social media platform has 1 billion active monthly users. WeChat Pay is used at over 300,000 stores in over forty countries.

While the merchant offer can vary widely, customers are not incentivised for every payment. As such, member and merchant benefit is limited. The Cash Back App and DXC Token, on the other hand, offers a payment platform with loyalty incentive for every purchase. Members are incentivised to use the App so as to earn cash back every time – and they will seek out new merchants that are discoverable in the App.

AliPay A strong leader in China for mobile and ecommerce payment facility for retailers and wholesalers, AliPay has over 520 million members and handles over 175 million transactions daily.

AliPay can only support settlement in RMB and its usefulness is limited to only Chinese payers (and is therefore not a fully global payment platform). TCBA will be established in the local market, regulations and currency of the countries we operate, and the use of DXC Token’s blockchain and DXC Token, can readily and rapidly perform international and global payments between merchants and members.

PayPal PayPal has over 218 million customers worldwide and can facilitate payments online and on mobile for customers and merchants alike.

PayPal’s focus is online and mobile payments, and so brick-and-mortar business have limited capacity to access their services. PayPal has above-average fees for accepting and transferring funds and does not incentivise shopping and loyalty. TCBA offers ZERO-FEE payments for merchants when users spend with our platform.

Google Pay and

Apple Pay

Digital wallet and online payment platforms that secures a user’s credit cards by encrypting them to the user’s device. They enable the use of NFC (‘PayWave’) credit card payments at point of sale – making payments fast and easy for merchant and customer alike.

Exclusive to the device (Apple Pay requires an Apple device, and Google Pay requires an Android Device) and does not offer any incentivisation programs to the merchant or customer. Nor, do they offer data on the customer to the merchant because the transactions are private.

DXC White Paper Version 2.2.1 pg. 61

Rewards Programs

Company Strengths Weaknesses

American Express

(Amex) Rewards

Globally recognised card processing brand with a higher value rewards program for its customers.

The higher-value rewards program requires higher merchant fees. As such, acceptance of Amex is limited (especially outside of USA). The rewards program is also sometimes varied and earning schemes can be difficult to understand. Annual card fees, limits on earnings per year, and rebates that take many days to receive erode value to the customer.

FlyBuys Australia’s largest loyalty program with over 10 million members. Points are earned on household purchases (namely at Coles Supermarkets) and can be exchanged for gift cards and other rewards.

Means of earning Flybuys points are rather sporadic and generally arbitrary. As such, it is difficult for the customer to predict how many points they can earn for a given purchase or period. Points expire, too, and their value is volatile and has diminished rapidly in recent times. A Flybuys point ‘buys’ a lot fewer rewards these days.

ShopBack An online cash back reward program based in the Asia-Pacific with over 5 million users. Shoppers get a portion of the purchase as cash back (eventually).

Only exists online and not in-store. No loyalty is incentivised to a merchant. Cash Back is earned after some time and only when thresholds are met is a pay-out given.

Cash Rewards An online and in-store rewards program based in Australia. Shoppers earn cash back when purchasing. Cash Back is earned for each purchase (eventually).

No loyalty is incentivised to a merchant. Cash Back is earned after some time and only when thresholds are met is a pay-out given.

Liven A payment and loyalty platform for the hospitality industry. It incentivises loyalty with rewards for purchases. These rewards are loyalty points and tokens.

Rewards are tokens and points that only have value by trading the tokens on the blockchain exchange as an ERC20 token.

Rewardle A loyalty points collection system that earns customers loyalty points when shopping at participating outlets (mainly in hospitality).

Points do not have a cash value and can only be redeemed at the merchants where those points were earned. Redemption value is arbitrary and differs from merchant-to-merchant.

Locify A loyalty points collection system that earns customers loyalty points when shopping at participating merchants.

Points do not have a cash value and can only be redeemed for offers or coupons within the App. Redemption value is arbitrary and differs from merchant-to-merchant.

Standalone Apps

(e.g. McDonalds,

Subway, Starbucks)

Offer loyalty points, exclusive offers to customer and rewards loyalty for the single brand.

As a customer of all or any of these brands, it is necessary to keep each App on a device and maintain its loyalty collection effort. This level of dedication to a particular brand is not typical of customer behaviour. As such, adoption of the programs is limited.

DXC White Paper Version 2.2.1 pg. 62

Disclaimers

9

DXC White Paper Version 2.2.1 pg. 63

Disclaimer

PLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS ENTITLED “DISCLAIMER OF LIABILITY”, “NO REPRESENTATIONS AND WARRANTIES”, “REPRESENTATIONS AND WARRANTIES BY YOU”, “CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS”, “MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS”, “NO ADVICE”, “NO FURTHER INFORMATION OR UPDATE”, “RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION”, “NO OFFER OF SECURITIES OR REGISTRATION” AND “RISKS AND UNCERTAINTIES” CAREFULLY.

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 DXC Tokens are not intended to constitute securities in any jurisdiction. This White Paper does not constitute 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. This White Paper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by the distributor/vendor of the DXC Tokens (the “Distributor”) to purchase any DXC Tokens 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. The Distributor will be an affiliate of Digital Exchange Commerce Pty Ltd (DXC Token) and will deploy all proceeds of sale of the DXC Tokens to fund DXC Token’s project, businesses and operations. No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the DXC Tokens and no digital asset or other form of payment is to be accepted on the basis of this White Paper. Any agreement is between the Distributor and you as a purchaser, and in relation to any sale and purchase, of DXC Tokens (as referred to in this White Paper) is to be governed by only a separate document setting out the terms and conditions (the T&Cs) of such agreement. In the event of any inconsistencies between the T&C’s and this White Paper, the former shall prevail. No regulatory authority has examined or Approved of any of the information set out in this White Paper. 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 White Paper does not imply that the Applicable laws, regulatory requirements or rules have been complied with. There are risks and uncertainties associated with DXC Tokens and/or the Distributor and their respective businesses and operations, the DXC Tokens, the DXC Token Initial Token Sale and the DXC Token and DXC Token (DXC Token) Token Wallet (each as referred to in this White Paper).

No part of this White Paper is to be reproduced, distributed or disseminated without including this section and the following sections entitled “Disclaimer of Liability”, “No Representations and Warranties”, “Representations and Warranties By You”, “Cautionary Note On Forward-Looking Statements”, “Market and Industry Information and No Consent of Other Persons”, “Terms Used”, “No Advice”, “No Further Information or Update”, “Restrictions On Distribution and Dissemination”, “No Offer of Securities Or Registration” and “Risks and Uncertainties”.

DISCLAIMER OF LIABILITY To the maximum extent permitted by the Applicable laws, regulations and rules, DXC and/or the Distributor shall not be liable for any 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 White Paper or any part thereof by you.

NO REPRESENTATIONS AND WARRANTIES DXC and/or the Distributor 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 White Paper.

REPRESENTATIONS AND WARRANTIES By accessing and/or accepting possession of any information in this White Paper or such part thereof (as the case may be), you represent and warrant to DXC and/or the Distributor as follows:

a. you agree and acknowledge that the DXC 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 solicitation for investment in securities and you are not bound to enter into any contract or binding legal commitment and no digital asset or other form of payment is to be accepted on the basis of this White Paper;

c. you agree and acknowledge that no regulatory authority has examined or Approved of the information set out in this White Paper, 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 White Paper to you does not imply that the Applicable laws, regulatory requirements or rules have been complied with;

d. you agree and acknowledge that this White Paper, the undertaking and/or the completion of the DXC Token Initial Token Sale, or future trading of the DXC Tokens on any digital asset exchange, shall not be construed, interpreted or deemed by you as an indication of the merits of the DXC Token and/or the

DXC White Paper Version 2.2.1 pg. 64

Distributor, the DXC, the DXC Token Initial Token Sale and DXC Tokens and the Token Wallet (each as referred to in this White Paper);

e. the distribution or dissemination of this White Paper, any part thereof or any copy thereof, or acceptance of the same by you, is not prohibited or restricted by the Applicable 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 DXC and/or the Distributor;

f. you agree and acknowledge that in the case where you wish to purchase any DXC Tokens, the DXC Tokens are not to be construed, interpreted, classified or treated as:

i. any kind of currency other than digital asset; ii. debentures, stocks or shares issued by any person or entity (whether DXC and/or the

Distributor) iii. rights, options or derivatives in respect of such debentures, stocks or shares; iv. 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; v. units in a collective investment scheme;

vi. units in a business trust; vii. derivatives of units in a business trust; or

viii. any other security or class of securities. g. you are fully aware of and understand that you are not eligible to purchase any DXC Tokens if you are a

citizen, resident (tax or otherwise) of Algeria, Bangladesh, Bolivia, China, Morocco, Ecuador, Pakistan, Singapore, United States of America;

h. you have a basic degree of understanding of the operation, functionality, usage, storage, transmission mechanisms and other material characteristics of digital assets, blockchain-based software systems, digital asset wallets or other related token storage mechanisms, blockchain technology and smart contract technology;

i. you are fully aware and understand that in the case where you wish to purchase any DXC Tokens, there are risks associated with DXC and the Distributor and their respective business and operations, the DXC Tokens, the DXC Token Initial Token Sale and the DXC Token and Token Wallet (each as referred to in the White Paper);

j. you agree and acknowledge that neither DXC nor the Distributor is liable for any 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 White Paper or any part thereof by you; and

k. 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 White Paper or such part thereof (as the case may be).

Caution Note on Forward-Looking Statements

All statements contained in this White Paper, statements made in press releases or in any place accessible by the public and oral statements that may be made by DXC and/or the Distributor or their respective directors, executive officers or employees acting on behalf of DXC or the Distributor (as the case may be), that are not statements of historical fact, constitute “forward-looking statements”. Some of these statements can be identified by forward-looking terms such as “aim”, “target”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “if”, “is”, “intend”, “may”, “plan”, “possible”, “probable”, “project”, “should”, “would”, “will” or other similar terms. However, these terms are not the exclusive means of identifying forward-looking statements. All statements regarding DXC and/or the Distributor’s financial position, business strategies, plans and prospects and the prospects of the industry which DXC and/or the Distributor is in are forward-looking statements. These forward-looking statements, including but not limited to statements as to DXC and/or the Distributor’s revenue and profitability, prospects, future plans, other expected industry trends and other matters discussed in this White Paper regarding DXC and/or the Distributor are matters that are not historic facts, but only predictions.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results, performance or achievements of DXC and/or the Distributor to be materially different from any future results, performance or achievements expected, expressed or implied by such forward-looking statements. These factors include, amongst others:

a) changes in political, social, economic and stock or digital asset market conditions, and the regulatory environment in the countries in which DXC and/or the Distributor conducts its respective businesses and operations;

b) the risk that DXC and/or the Distributor may be unable or execute or implement their respective business strategies and future plans;

c) changes in interest rates and exchange rates of fiat currencies and digital assets; d) changes in the anticipated growth strategies and expected internal growth of DXC and/or the Distributor;

DXC White Paper Version 2.2.1 pg. 65

e) changes in the availability and fees payable to DXC and/or the Distributor in connection with their respective businesses and operations;

f) changes in the availability and salaries of employees who are required by DXC and/or the Distributor to operate their respective businesses and operations;

g) changes in preferences of customers of DXC and/or the Distributor; h) changes in competitive conditions under which DXC and/or the Distributor operate, and the ability of DXC and/or

the Distributor to compete under such conditions; i) changes in competitive conditions under which DXC and/or the Distributor operate, and the ability of DXC and/or

the Distributor to compete under such conditions; j) war or acts of international or domestic terrorism; k) occurrences of catastrophic events, natural disasters and acts of God that affect the businesses and/or operations

of DXC and/or the Distributor; l) other factors beyond the control of DXC and/or the Distributor; and m) any risk and uncertainties associated with DXC and/or the Distributor and their businesses and operations, the DXC

Token, the DXC Token Initial Token Sale and the Token Wallet (each as referred to in the White Paper).

All forward-looking statements made by or attributable to DXC and/or the Distributor or persons acting on behalf of DXC and/or the Distributor are expressly qualified in their entirety by such factors. Given that risks and uncertainties that may cause the actual future results, performance or achievements of DXC and/ or the Distributor to be materially different from that expected, expressed or implied by the forward-looking statements in this White Paper, undue reliance must not be placed on these statements. These forward-looking statements are Applicable only as of the date of this White Paper.

Neither DXC, the Distributor nor any other person represents, warrants and/or undertakes that the actual future results, performance or achievements of DXC and/or the Distributor will be as discussed in those forward-looking statements. The actual results, performance or achievements of DXC and/or the Distributor may differ materially from those anticipated in these forward-looking statements. Nothing contained in this White Paper is or may be relied upon as a promise, representation or undertaking as to the future performance or policies of DXC and/or the Distributor. Further, DXC and/or the Distributor disclaim any responsibility to update any of those forward-looking statements or publicly announce any revisions to those forward-looking statements to reflect future developments, events or circumstances, even if new information becomes available or other events occur in the future.

Market and Industry Information and No Consent of Other Persons

This White Paper 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, reports, studies, market research, publicly available information and publications 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.

Save for DXC, the Distributor and their respective directors, executive officers and employees, no person has provided his or her consent to the inclusion of his or her name and/or other information attributed or perceived to be attributed to such person in connection therewith in this White Paper and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information by such person and such persons shall not be obliged to provide any updates on the same.

Restrictions on Distribution and Dissemination

The distribution or dissemination of this White paper or any part thereof may be prohibited or restricted by the laws, regulatory requirements and rules of any jurisdiction. 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 White Paper or such part thereof (as the case may be) at your own expense and without liability to DXC and/or the Distributor. Persons to whom a copy of this White Paper has been distributed or disseminated, provided access to or who otherwise have the White Paper in their possession shall not circulate it to any other persons, reproduce or otherwise distribute this White Paper or any information contained herein for any purpose whatsoever nor permit or cause the same to occur.

No Offer of Securities or Registration

This White Paper does not constitute 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 digital asset or other form of payment is to be accepted on the basis of this White Paper. Any agreement in relation to any sale and purchase of DXC Tokens (as referred to in this White Paper) is to be governed by only the T&C’s of such agreement and no other document. In the event of any inconsistencies between the T&Cs and this White Paper, the former shall prevail. You are not eligible to purchase any DXC Tokens in the DXC Token Initial Token Sale

DXC White Paper Version 2.2.1 pg. 66

(as referred to in this White Paper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore. No regulatory authority has examined or Approved of any of the information set out in this White Paper. 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 White Paper does not imply that the Applicable laws, regulatory requirements or rules have been complied with.

Risks and Uncertainties

Prospective purchasers of DXC Tokens (as referred to in this White Paper) should carefully consider and evaluate all risks and uncertainties associated with DXC, the Distributor and their respective businesses and operations, the DXC Token Initial Token Sale and the DXC Token and Token Wallet (each as referred to in the White Paper), all information set out in this White Paper and the T&C’s prior to any purchase of DXC Tokens. If any of such risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of DXC and/or the Distributor could be materially and adversely affected. In such cases, you may lose all or part of the value of the DXC Tokens.

DXC White Paper Version 2.2.1 pg. 67

References

DXC White Paper Version 2.2.1 pg. 68

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Banton, C. (2019a). Cost of Living Definition. investopedia.com. Retrieved from https://www.investopedia.com/terms/c/cost-of-living.asp

Banton, C. (2019b). Escrow. investopedia.com. Retrieved from https://www.investopedia.com/terms/e/escrow.asp Biggs, J. (2018). Thousands of Cryptocurrency Projects are Already Dead. techcrunch.com. Retrieved from

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https://blog.blockchain.com/2019/02/20/introducing-2019-stablecoins/ Boeckelman, C. (2018). 40 Customer Retention Statistics You Need to Know. getfeedback.com. Retrieved from

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https://www.cafonline.org/about-us/blog-home/venturesome-blog/charities-struggling-to-survive Carter, J. (2018). Digital-first cash back is most popular customer loyalty scheme. smartinsights.com. Retrieved from

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Chen, J. (2019). Fiat Money. investopedia.com. Retrieved from https://www.investopedia.com/terms/f/fiatmoney.asp Colvin, G. (2018). The End is Near For the Economic Boom. fortune.com. Retrieved from

http://fortune.com/longform/economic-expansion-end-is-near/ Deloitte. (2017). ALDI household expenditure report. Deloitte. Retrieved from

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2016 The Nilson Report Merchant Fees Report. The Nilson Report. Retrieved from https://nilsonreport.com/upload/pdf/U.S._Merchants_Paid_88.39_Billion_in_Card_Fees_in_2016_The_Nilson_Report.pdf

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Hall, M. (2019). What Is Purchasing Power Parity (PPP)? investopedia.com. Retrieved from https://www.investopedia.com/updates/purchasing-power-parity-ppp/

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Katalyse.io. (2018). Security Tokens vs. Utility Tokens — How different are they? cryptodigestnews.com. Retrieved from https://cryptodigestnews.com/security-tokens-vs-utility-tokens-how-different-are-they-8a439c73e616

Kenton, W. (2019). Economic Cycle. investopedia.com. Retrieved from https://www.investopedia.com/terms/e/economic-cycle.asp

Kharif, O. (2018). How’s That ICO Working Out? Bloomberg Business Week. Retrieved from https://www.bloomberg.com/news/articles/2018-12-14/crypto-s-15-biggest-icos-by-the-numbers

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Nielsen.com. (2009). The Nielsen Company Reveals the Most Trusted Forms of Advertising Across the World. Nielsen.com. Retrieved from https://www.nielsen.com/content/dam/corporate/us/en/newswire/uploads/2009/07/pr_global-study_07709.pdf

Nielsen.com. (2016). Nielsen Global Retail Loyalty-Sentiment Report. Nielsen.com. Retrieved from https://www.nielsen.com/content/dam/nielsenglobal/de/docs/Nielsen%20Global%20Retail%20Loyalty-Sentiment%20Report%20FINAL.pdf

Parvicini, G. (2018). Europe is losing the fight against dirty money. Politico.com. Retrieved from https://www.politico.eu/article/europe-money-laundering-is-losing-the-fight-against-dirty-money-europol-crime-rob-wainwright/

Pauw, C. (2018). How Cryptocurrency Prices Work, Explained. cointelegraph.com. Retrieved from https://cointelegraph.com/explained/how-cryptocurrency-prices-work-explained

Pavlovskaya, N. (2015). 5 Ways Supporting Charities Can Benefit Your Business. MageWorx.com. Retrieved from https://www.mageworx.com/blog/2015/05/donations-benefit-for-ecommerce/

Roubini, N. (2018). Why central bank digital currencies will destroy bitcoin. The Guardian.com. Retrieved from https://www.theguardian.com/business/2018/nov/19/why-central-bank-digital-currencies-will-destroy-bitcoin

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news/payment-method-statistics-1276.php

DXC White Paper Version 2.2.1 pg. 70

Appendices

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DXC White Paper Version 2.2.1 pg. 71

Tour of The Cash Back App

The Home Screen

Search: For product, services, or Merchants categories. The App is geo-fenced and will automatically display the nearest merchants to your location.

Gift Cards: Buy discounted gift cards for national brands

Services: Get access to discounted services like travel, insurance, telecommunications and more and receive cash back.

Nearby: Find merchants nearby that give you cash back, loyalty cash, and accept DXC Tokens as payment.

Wallet: Use the Apps advanced banking platform to collect your cash back and loyalty cash which is instantly available after every purchase. The wallet also gives you access to your DXC Tokens for shopping, cashing out and trading. Transfer funds from your wallet to your bank account or pay a friend.

Deals: Receive the latest special member offers from merchants.

My Account: Helps you manage your details, and to achieve our KYC policy so we can deliver maximum benefit to you.

Around Me (Map View)

Use the map view to see merchants and national brands located all over the country that accept DXC Token through The Cash Back App.

Search by Gift Card providers, Stores, or show all locations together.

DXC White Paper Version 2.2.1 pg. 72

Around Me (Proximity View)

Find Merchants listed by proximity to your location. Every TCBA Merchant accepts DXC Tokens for everyday shopping needs. When you make an eligible purchase with these merchants, you earn cash back, loyalty cash instantly as well as DXC Tokens.

Scroll through the list of merchants nearby. Tap the merchant of interest to see detailed information as shown on the screen below.

Shopping - Merchant Details

It’s easy to see how much cash back and loyalty cash you earn for shopping at each merchant by viewing its detail in The Cash Back App. DXC Tokens are earned as a derivation of the cash back earned.

See additional business information and trading hours. Get directions using the mobile maps.

DXC White Paper Version 2.2.1 pg. 73

Gift Cards

Buy discounted eGift Cards with DXC Tokens and wallet cash and receive the gift cards instantly. The list of national brands that accept DXC Token and TCBA wallet funds on The Cash Back App is long and continually grows. Use DXC Tokens to buy petrol, groceries, alcohol and more.

Shopping Community

A key benefit of The Cash Back App is that it allows you to build a network from which you can earn commission. By sharing the App, you create your own Shopping Community.

When friends in your shopping community shop, you earn an affiliate commission. It’s our way of saying ‘thank you’ for referring us to your friends, and for promoting The Cash Back App.

Your friends join your shopping community by signing up with TCBA via your custom share link. The friends who sign up under your link join into your ‘Level 1’. Friends who join TCBA with friends from your first level go under them on your level 2. This is repeated to 5 levels. You earn a percentage of each person’s shopping whenever they are in your 5 levels.

DXC White Paper Version 2.2.1 pg. 74

Existing Wallet (Pre ICO)

Add Funds: Transfer external funds to the wallet.

Withdraw Funds: Transfer funds from the wallet to external accounts.

BPay: This feature is only available in Australia to pay bills online. It will be replaced by the DXC Token link post ICO.

Pay a Friend: Transfer funds to another members wallet instantly at no cost.

Accounts & Cards: Attach a credit or debit card to the App wallet.

Wallet Pin: Set or change the PIN access to the wallet.

My Transactions: View a record of all wallet transactions.

My Loyalty Cash: View the amount of Loyalty credit you have at participating merchants.

Security Statement: View the PCIE compliance and payment statements.

Sharing the App

The planned viral growth of the App is significantly assisted by the inbuilt share function.

Sharing the App is easy which improves the Cycle Time (the time it takes a new member to share the App with others). New members share the App with others for the following reasons:

They want others to benefit They want to build their Shopping Community The want to support a charity or organisation

Johan Wick

Johan Wick Member ID:20

DXC White Paper Version 2.2.1 pg. 75

Updated Wallet (Post ICO)

Post ICO the wallet will be updated to include a new balance to display “My Tokens”, “Token Value” and “DXC Tokens” screen.

My Tokens: Shows the number of Tokens that the member owns either as a result of earning them by shopping or having purchased them during the ICO or from any Exchange.

Token Value: Shows the value of all tokens that the member owns expressed in local country dollar value.

DXC Tokens Tab: Opens the main DXC Tokens screen which provides the member with various indicators and market charts of current and past values of DXC Token in each country of operation. The buy and sell DXC Token function is accessed from this screen.

DXC Token Wallet (Post ICO)

This is the main DXC Token screen which provides various DXC Token indicators including:

The current number of tokens owned The current value of tokens owned DXC Token charts for each country displayed by either: 1 hour, 1 day, 1 week, 1 month, 1year, or All time. The buy DXC Token tab displays all external exchanges where DXC Token can be bought and sold. The sell DXC Token function enables the member to either:

Convert DXC Token to instant cash in their wallet Transfer DXC Token to another member’s wallet Withdraw their DXC Token to sell it on an external exchange

DXC White Paper Version 2.2.1 pg. 76

Token Definitions

What are the attributes of a DXC Token?

• DXC Tokens can be used to purchase goods and services at participating merchants which meets the Utility Token test.

• DXC Tokens increases in value as members shop as commissions are earned which meets the Security Token test. • DXC Tokens are backed by cash which meets the Stablecoin test.

Based on the above DXC Tokens could be classified as a Hybrid Token. DXC/TCBA believes that the DXC Token is an Asset backed Digital Currency. In countries like the USA where DXC Tokens would be considered a Security Token (as per the Howie Test) it cannot be offered for sale during the ICO. This however does not prevent DXC Tokens from being used in the USA. Should DXC/TCBA at a future date seek to raise funds in an ICO for the USA it would first need to obtain SEC approval.

What is a Utility Token?

Utility tokens are simply app coins or user tokens. They enable future access to the products or services offered by a company. Therefore, utility tokens are not created to be an investment.

Just like an electronics dealer might accept orders for a video game that will be released several months later, a start-up can create utility tokens and sell digital coupons for the services or products it is developing.

A good example is Filecoin, which raised $257 million through the sale of tokens. These tokens will allow users access to its decentralized cloud storage platform (Katalyse.io, 2018).

What is a Security Token?

A security token is a digital asset that derives its value from an external asset that can be traded. Therefore, these tokens are subject to federal laws that govern securities. Failure to comply with these regulations could result in severe consequences including penalties and potential derailment of the development of a project.

On the other hand, security tokens can offer a vast array of applications if the start-up abides by all the regulatory requirements. The most promising of these features is the ability to offer tokens as a digital representation of shares of a company’s stock.

For instance, Overstock recently announced that ZERO, one of its portfolio companies, would hold an ICO to fund the creation of a licensed security token trading platform. The ZERO tokens will be issued according to SEC regulations (Katalyse.io, 2018).

Security Tokens or Utility Tokens?

The major difference between security tokens and utility tokens is in the intended use and functionality of the tokens. Security tokens are created as investments. Token holders are given dividends in the form of additional coins every time the company issuing the tokens earns a profit in the market.

Users holding the security token also get ownership of the company. Blockchain offers a platform that can be used to create a voting system that allows investors to exercise control on the company’s decision-making process.

Utility tokens, on the other hand, are not intended to give their holders the ability to control how decisions are made in a company. They merely enable users to interact with a company’s services.

Both security and utility tokens can increase in value if the prices of the tokens appreciate in the market. And since they can both earn some profit, many people may still find it difficult to differentiate them. Here is the Howey test formulated by SEC to enable you to classify a cryptocurrency token as either a security or utility token (Katalyse.io, 2018).

The Howey Test

This test uses two simple questions to differentiate between security tokens and utility tokens:

• Are the token holders allowed to provide funding for the company’s capital and receive a portion of the profits? • Does the fundraising effort of the ICO entail investment in the project where profits are generated entirely from the

effort of individuals other than the creators or founders of the project? The token is likely to be a security token if the answer to any of these two questions is ‘yes’ (Katalyse.io, 2018).

DXC White Paper Version 2.2.1 pg. 77

What is a Stablecoin?

Stablecoin refers to a new class of cryptocurrencies which offer price stability and/or are backed by reserve asset(s). In recent times, stablecoins have gained enough traction as they attempt to offer the best of both world’s – the instant processing and security of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies. Stablecoins are unlikely to be adopted by average consumers for everyday retail payments i.e. there is no point to purchasing a token for cash that you use to purchase a morning coffee.

Fiat-collateralized stablecoins

Fiat-collateralized stablecoins maintain a fiat currency reserve, like the U.S. dollar, as collateral to issue a suitable number of cryptocoins. Other forms of collateral can include precious metals like gold or silver, as well as commodities like oil, but most of the present-day fiat-collateralized stablecoins use dollar reserves. Such reserves are maintained by independent custodians and are regularly audited for adherence to the necessary compliance. Tether (USDT) and TrueUSD are popular cryptocoins that have a value equivalent to that of a single U.S. dollar, and are backed by dollar deposits.

Crypto-collateralized stablecoins

Crypto-collateralized stablecoins are backed by other cryptocurrencies. Since the reserve cryptocurrency may also be prone to high volatility, such stablecoins are “over-collateralized” – that is, a larger number of cryptocurrency tokens is maintained as reserve for issuing a lower number of stablecoins. For example, $2,000 worth of ether may be held as reserves for issuing $1,000 worth of crypto-backed stablecoins which accommodates for up to 50 percent of swings in reserve currency (ether). More frequent audits and monitoring add to price stability. Backed by Ethereum, Maker Dao’s DAI is pegged against the U.S. dollar and allows for using a basket of crypto-assets as reserve.

Non-collateralized stablecoins

Non-collateralized stablecoins don’t use any reserve but include a working mechanism, like that of a central bank, to retain a stable price. For instance, the dollar-pegged Basecoin uses a consensus mechanism to increase or decrease the supply of tokens on need basis. Such actions are similar to a central bank printing bank notes to maintain valuations of the fiat currency. It can be achieved by implementing a smart contract on a decentralized platform that can run in an autonomous manner (Seth, 2018).

DXC White Paper Version 2.2.1 pg. 78

(Roubini, 2018) (Roubini, 2018)

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