Summary of our White Paper
WHAT IS QI
Qi (pronounced chi) is usually defined as vital life force, but we would assert that the definition actually goes beyond that. In classical Chinese Philosophy, qi is the force that makes up and binds together all things in the universe. In accordance with this belief, we are aiming to bind together and empower people everywhere economically so that we can all live free and prosperous lives.
Just as Qi empowers and flows through anybody brave and wise enough to call upon it, we hope that Qi Coin® will empower those who are brave and wise enough to adopt it as a store of value and medium of exchange.
THE CONCEPT OF SOUND MONEY
We here at Qi Coin all subscribe to the notion of “sound money”. by invoking the late great President Andrew Jackson, who ran and won on a platform of shutting down the Central Bank, Congressman Louis McFadden (who was assassinated while on his quest for "sound money" and President John F Kennedy when he signed executive order 11110 which effectively allowed him to outlaw the Federal Reserve Notes (still in use today), issued by the privately run Federal Reserve Bank, and print US Treasury notes backed by silver bullion (discontinued after his assassination).
UNIQUE ATTRIBUTES OF QI COIN®
We are the first Cryptocurrency which is being issued via an Initial Qi Offering (IQO) and via an Initial Loan Offering (ILO).
Qi Coin us underpinned by its strong philosophy and desire to make a change to the current model of Monetarism.
It is asset backed in a unique way, which inevitably leads to the asset base strengthening throughout time which will lead to our Cryptocurrency's value increasing throughout time as well.
ISSUANCE DETAILS
The issue price is GBP 0.36 for Qi 1
This price will be reviewed after each block of Qi 27,000,000 is issued whether through our Initial Qi Offering or our Initial Loan Offering.
Both the IQO and ILO is being administered by our strategic partner Genesis Private Equity Limited
ASSET BACKED
We are not looking to operate in the same way as some operators who asset back their currencies. Their reasoning is usually the fact that they are trying to reduce the volatility in the price of their cryptocurrency by pegging it to the value of a fiat currency like the US dollar or by having 1 token equivalent to a certain amount of a commodity such as gold. This then fixes the price of a token to the gold price. These types of assets are referred to as “Stablecoins”.
But we also do not want to operate in the same way as Bitcoin or Ethereum and many other cryptocurrencies. These Cryptocurrencies have no asset backing at all except for their fundamental protocols and the fact that they have adopted the blockchain technology.
We, on the other hand, even though we believe that we have a very strong philosophy, a massive drive to create lasting change, as well as operating on blockchain technology. We also have a unique offering where we are issuing our Cryptocurrency via an Initial Qi Offering and an Initial Loan Offering. These elements alone would be enough, in our opinion, to drive this project forward with energy and velocity. Even with this we still decided that we would asset back the project in an innovative way, using our vast banking and financial experience, so that even more value can be created now and in the future for Qi Coin.
For every 810.008100081 tokens issued, 1 share in a Financial Company will be acquired and will back Qi Coin. This share will be fully paid up at a value equivalent to the spot price of 1 ounce of silver bullion. These shares will be held by Qi Coin Limited for the benefit of this ambitious project. This means that when all of Qi Coin is in circulation, the currency will be backed by 11,111,000 paid up shares at the spot price of silver which at today’s prices would be approximately £213,000,000 or $288,886,000 worth. We would further undertake to utilise the value of these shares in such a way to consistently increase their value. This in turn will effectively increase the value of the cryptocurrency generally.
INDEPENDENT AUDITOR
We are currently in discussions with reputable accountancy firms who we are looking to appoint to carry out quarterly checks on the allocation of shares in relation to the issuance of Qi Coin. Once they have completed these quarterly audits, they will issue a certificate confirming that everything is in order in relation to the cryptocurrency issuance to shares ratio. This certificate will then be made available on our website.
INITIAL QI OFFERING AND INITIAL LOAN OFFERING
IQO/ILO will commence from 6 pm September 27th 2024. Investors can purchase and/or borrow Qi Coins on a first come first served basis until 7,290,000,000 (seven billion two hundred and ninety million) Qi Coins are in circulation. When a block of 27,000,000 Qi Coins has been issued, whether exchanged or loaned out, the issue price will be reviewed in accordance with the level of demand. We have estimated that this should result in an increase of no more than 6% per 27,000,000 Qi Coin block issued.
Subscribers will receive Qi Coins within 1 working days after the IQO/ILO order or loan application is made and the orders must be made within the time window.
Loans are only available to UK Companies and we will lend to newly incorporated companies and SPVs
No Credit checks will be conducted and loans are unsecured up to Qi 275,000 (£99,000)
For Loans, KYC, AML and CFT compliance will be required for all applications.
TECHNICAL STUFF
We have created Qi Coin as a BEP20 (Binance Chain Evolution Proposal 20) utility token. This will allow it to have the ability to operate within an ecosystem of business applications to have a worldwide circulation while being able to address the holder’s basic daily real life transactional needs. Qi Coin as a currency is being launched with the purely ambitious vision of being available, usable and valuable to everyone. As such we will seek strategic partnerships with financial services firms, which will be designed to meet the need and trust of the public and secured by the very technology it is built on i.e., blockchain.
After much debate and consideration, we decided to create the currency as BEP20 because as such and being deployed on the Binance Smart Chain it remains completely compatible with the BEP2 and ERC20 standards, but with none of the limitations. The Binance Smart Chain (BSC) has the required speed and capacity to accommodate a project of this magnitude and is completely compatible with the EVM (Ethereum Virtual Machine), whereas the ERC20 standard on the Ethereum Blockchain is already experiencing congestion. This congestion is slowing down transactions, and because of this, the transaction fees have increased to what we deem to be unacceptably high levels.
MANAGEMENT/DEVELOPMENT TEAM
To achieve the kind of remarkable success that we envision requires a long-term vision as well as the ability to lead a seasoned management team. This is the reason why we have pooled together highly experienced and talented individuals in technology, marketing, finance, banking, investment and entrepreneurship. Our Qi Coin® currency management team has extensive experience managing and consulting with start-ups and non-profit organisations. Collectively, the team has more than 120 years of proven experience in the banking, corporate and entrepreneurial fields. In addition to this we have the added support of experienced crypto industry consultants and third-party strategic business partners, all under the digital currency vision of the Board of Advisors of Qi Coin®.
QI COIN'S CHALLENGES
One of the biggest issues is Qi Coin’s status as a store of value. Qi Coin’s utility as a store of value is dependent on its utility as a medium of exchange. We base this in turn on the assumption that for something to be used as a store of value it needs to have some intrinsic value. If Qi Coin does not achieve success as a medium of exchange, it will have no practical utility and thus little intrinsic value, which means that it will not be appealing as a store of value.
Unlike fiat currencies and currencies like Bitcoin which are not backed by any physical commodity or precious metal, Qi Coin® is substantially asset backed. Even though, for example, Bitcoin is only backed by its programming and philosophy, the current value of Bitcoin has been driven primarily by speculative interest and it has proved to be a reasonable store of value throughout the last 10 years. However, Bitcoin has exhibited characteristics of a bubble and high volatility, with drastic price run-ups in a craze of media attention. Even though we will be unable to prevent speculation with Qi Coin, individuals and corporations who choose to speculate, will at least have the understanding that the currency is backed not only by its protocols, its philosophy and the blockchain technology (like Bitcoin), but also by a physical asset, i.e. paid up shares in a UK financial company.
