About the project1
TaaS is a tokenized closed-end fund designed to reduce risks and technical barriers of investing in blockchain space. Built on a profit-sharing smart contract, TaaS introduces a revolutionary Token-as-a-Service business model, allowing investors to subscribe to fund’s income stream. TaaS built an innovative Cryptographic Audit technology to become the first, truly transparent fund dedicated to cryptocurrencies and tokens.
Key features of business
TaaS introduces an innovative business model that allows investors to capitalize on the rise of blockchain markets without dealing with hurdles, risks and technical barriers associated with owning, transferring and trading cryptocurrencies and tokens. Open for investment exclusively during Initial Coin Offering, TaaS is a last generation closed-end fund (CEF) that utilizes Ethereum blockchain and Cryptographic Audit technology to offer full transparency to its investors. Unlike traditional closed-end funds that issue a fixed number of shares which are not redeemable from the fund, TaaS issues tokens built on a profit-sharing smart contract.Read more
A smart contract allows token owners to collect 50% of quarterly profits. To grow capital pool without attracting additional investment, 25% of profits is reinvested back into the fund. It allows Net Asset Value (NAV) of a token increase over time, making TaaS the first blockchain token to have its value explicitly tied to the performance of a parent project. In its essence, by effectively eliminating entry barriers and allowing investors to safely subscribe to fund’s income flow, TaaS introduces a Token-as-a-Service (TaaS) business model.
While smart contract can safely guarantee honest payout distribution, it does not contribute to the problem of transparency of investing in non-Ethereum tokens. We built an in-house Cryptographic Audit (CA) technology to solve just that. CA is a set of monitoring tools that allows any member of the public, regardless of TaaS token ownership, to easily validate trading history and portfolio balances. Among other solutions, it includes Regular Blockchain Snapshots, Proof of Reserves and view-only API keys. Cryptographic Audit is built to set high security standards for money flow in blockchain projects. We see it as a significant milestone for future ICOs on their way of mainstream adoption.
Our mission is to deliver long-lasting innovations to blockchain community, hence additionally to running a fund we are building Kepler, a first Bloomberg-like cryptocurrency portfolio management and analytics platform covering the entire spectrum of investment process, starting from market research, due diligence and order management all the way to risk exposure and performance forecasting. Development expenses will be covered entirely by TaaS profits. Kepler MVP is already in the making, with private beta release scheduled for Q3 2017.
Cryptographic Audit is a set of complex monitoring tools that allows any member of the public to easily validate trading history and portfolio balances. CA is built to set high security standards for money flow in blockchain projects. We see it as a significant milestone for future ICOs on their way of mainstream adoption.
Here is how we’re going to achieve transparency goals:
Proof of Reserves
We will give preference to using exchanges that have Proof of Solvency (PoS) implemented; cold storage reserves can be audited, as in Poloniex and Kraken.
Auditable Exchange Accounts
For each account that is going to be used for trading on the exchanges we will create a view-only API key that will allow anyone to verify the balance and trade history of the account. We believe that this does not increase security risk, as it is already known that exchanges are managing large volumes of cryptocurrency and we have an account with every major exchange. TaaS will be hosting an audit page with full list of API keys and aggregate account information, automatically pulled from the exchanges by our service. It looks similar to Tether implementation.
Proof of Reserves for Non-Exchange Accounts
For all non-exchange accounts, such as cold storage addresses, that will be used for storage of our funds we will provide a proof of ownership: transaction with special marker in OP_RETURN (or similar feature, depending on a blockchain protocol) will be sent from each account in order to verify that the account in question belongs to TaaS.
Proof of Reserves for Fiat Accounts
We will use TLSNotary or similar solution to provide a cryptographic proof of fiat currency reserves in our bank and exchange accounts. In short, this can be achieved by recording SSL signatures of online banking sessions.
Regular Blockchain Snapshots
To have the proof that nobody mismanaged data between the audits, a special smart contract will be developed to hold the daily snapshots of audit data forever. The contract will be supplied with a convenient contract explorer.
- First truly transparent CEF dedicated to blockchain
- Token-as-a-Service business model
- Cryptographic Audit (simultaneously audited by HLB)