SOLAR BANKERS SINGAPORE WHITEPAPER VERSION 1.0 JULY An Introduction to.

Transcription

1 An Introduction to SOLAR BANKERS SINGAPORE WHITEPAPER VERSION 1.0 JULY Solar Bankers Singapore 2017, All rights reserved

2 Table of Contents Table of Contents 1 SUMMARY Abstract About the Company MANAGEMENT PARTNERS AND CUSTOMERS Dubai Electricity and Water Authority Masdar Institute of Science and Technology Temicon Valoe THE DECENTRALIZED ENERGY NETWORK How the Network Works How to be Part of the Network Long-Term Vision for SunCoin Policies For Exchanging SunCoin for Energy-Generating Devices ENERGY-GENERATING PRODUCTS Overview Characteristics HOLOGRAPHIC SOLAR PANEL Overview Characteristics Diagrams Data Sheet Mechanical Characteristics THE UMBRELLA: A CONCENTRATOR FOR EXISTING MODULES Overview Characteristics Diagrams Data Sheets SELF-CLEANING AND INSULATING FILM...16 WHITEPAPER, version 1.0 Solar Bankers Singapore, 2017 i

3 Table of Contents 8.1 Overview Characteristics Diagrams ENERGY GENERATING TILE Overview Characteristics Diagrams ENERGY GENERATING WINDOW Overview Characteristics Diagrams LIGHT RECYCLING MODULE Overview Characteristics Diagrams FUTURE DEVELOPMENTS Multijunction PV Module Characteristics Hybrid PV-CSP Module Characteristics Diagrams SUNCOIN SunCoin Overview Innovations and Flaws with Bitcoin and the Current Blockchain Protocols Innovations Produced by Bitcoin Major Flaws of Bitcoin Desirable Properties for Systems of Distributed Consensus for Financial Ledgers SunCoin Security Philosophy Transparency and Security: Obelisk and Public Broadcast Channels WHITEPAPER, version 1.0 Solar Bankers Singapore, 2017 ii

4 Table of Contents 13.8 Obelisk Simple Binary Consensus Algorithm: Choosing Between Two Blocks Consensus on Multiple Concurrent Branch Choices SUNCOIN INITIAL COIN OFFERING Overview Trade SunCoins for Solar Bankers Energy-Generating Devices Trade SunCoins for CO2 Emission Certificates Use of ICO Funds Token Allocation TIMELINE AND FINANCIALS SunCoin Timeline Nanostructured Films Production Line Financial Data Holographic Solar Module Production Line Financial Data Production Line Diagram WHITEPAPER, version 1.0 Solar Bankers Singapore, 2017 iii

5 Summary 1 SUMMARY 1.1 ABSTRACT (1) Solar Bankers Singapore ("Solar Bankers"), a Singaporean company in the field of renewable energy and energy efficiency, is launching its Initial Coin Offering in collaboration with ShellPay, a Chinese Blockchain Technology Company which developed an innovative platform called Sky-Ledger. With Solar Bankers technology, Sky-Ledger will become an energy-trading platform that utilizes blockchain technology to create a disruptive model for buying and selling electricity on a local basis. (2) Solar Bankers is developing a global network of self-sufficient, decentralized energy communities based on renewable energy technology. In Solar Bankers distributed energy system, consumers generate electricity in their homes using Solar Bankers photovoltaic products and can trade their energy with other members of their energy community through localized smart grids. Members of the pool buy Solar Bankers token, SunCoin, which they can either trade for Solar Bankers energy-generating equipment, or simply use to buy clean electricity. In the first case, members actively produce clean energy, of which any excess they can sell to the network; in the second case, members act merely as consumers within the network. This system allows the cost of electricity for consumers to be reduced substantially, not least due to the efficiency benefits of smart contract-based transactions as well as the lower transportation costs associated with a localized grid structure. On top of this our network provides members with additional revenue streams when they produce more energy than they consume. (3) In Solar Bankers system, producers and consumers who are normally serviced by a utility company subscribe to smart contracts, which are blockchain based agreements that help exchange value in a transparent and conflict-free way without the need of intermediaries. By doing so, the system becomes more secure, transparent and, most importantly, less expensive. (4) Solar Bankers goal is to digitalize electricity by using its token, SunCoin. Once digitalized, electricity becomes a globally exchangeable commodity. (5) Solar Bankers offers to its supporters a unique set of services and entrepreneurial opportunities for buyers to make use of independently, giving SunCoin a high degree of intrinsic value. Our backers will be able to use SunCoin for: (I) (II) CRYPTO TRADING Trade SunCoins for other cryptocurrencies. BUYING CLEAN ELECTRICITY Exchange SunCoins for cheap and clean electricity to save on their electricity bills. (III) RECEIVE SOLAR BANKERS INNOVATIVE ENERGY- GENERATING EQUIPMENT Exchange SunCoins for our equipment at a fixed rate to produce clean electricity. (IV) TRADE SUNCOIN FOR CO2 EMISSION CERTIFICATES (V) EXCHANGE SUNCOINS FOR GOVERNMENTAL VOUCHERS Vouchers may, in turn, be sold for fiat WHITEPAPER, version 1.0 Solar Bankers Singapore,

6 Summary money. (6) The total supply of SunCoin is 300,000,000, of which 100,000,000 will be offered during the ICO. The funds raised during the ICO will be invested in the development of the Blockchain Smart Meters upon which exchanges in our micro-grid networks will be based, while part of the remaining tokens will be used as liquidity guarantee for private and institutional partners interested in producing our devices. 1.2 ABOUT THE COMPANY (1) Solar Bankers Singapore is a Singaporean company in the field of renewable energy and energy efficiency. Founded in 2008, Solar Bankers is one of the pioneers of next-generation energyefficiency solutions. With offices and installation partners throughout Asia and Europe, Solar Bankers is committed to improving the competitiveness and efficiency of the global energy industry. (2) Our company is dedicated to innovation, quality and improved efficiencies. With the development of game-changing products and the grant of international patents, Solar Bankers plays a decisive role in the expansion of the global energy industry. WHITEPAPER, version 1.0 Solar Bankers Singapore,

7 Management 2 MANAGEMENT CEO & FOUNDER CTO COO ALFRED JOST Mr. Jost is an international entrepreneur and expert in solar market, market economy and corporate business. A former investment banker, Mr. Jost successfully founded and managed more than 10 companies, with cumulative profits greater than $100 million. CARLO MARAGLIANO Dr. Maragliano is an electrical engineer with over 10 years of experience in the field of Solar Energy and Energy Efficiency. An expert of optics and semiconducting materials, Dr. Maragliano has successfully transferred different solar technologies from the lab to the market. Dr. Maragliano holds a Ph.D. in Engineering from Masdar Institute. DANA DUNCAN Mr. Duncan is an international manager with over 20 years of experience in manufacturing and finance. Mr. Duncan has pioneered solar energy projects in Germany, Mexico and USA and has the knowledge base to tackle issues that arise in the dayto-day operation of a business. Mr. Duncan holds a Master in International Management (MIM) and an MBA from Thunderbird, the American Graduate School of International Management. MARKETING DIRECTOR FRANK BARTHEN Mr. Barthen is a Marketing and Sales expert. In his job as consultant, Frank develops innovative sales and marketing strategies for companies all around the world. Mr. Barthen is also managing director of Narciss and Taurus, a German marketing agency. BLOCKCHAIN ADVISOR JANE ZHANG Mrs. Zhang is a famous angel investor and entrepreneur, early investor and mentor for Alibaba, UTStarcom and VIPS. Jane is the founder and CEO of Shellpay, an early Blockchain startup company in China. Mrs. Zhang is an expert in Blockchain technology and is currently working on applying this technology in different business fields worldwide. CHIEF ANALYST CHIEF YAMILA OMAR Mrs. Omar is an engineer and expert in manufacturing and data science. Previously involved in the oil industry, Yamila is a Ph.D. candidate at the University of Luxembourg. Mrs. Omar holds a master in materials for renewable energy from Masdar Institute. CRYPTOGRAPHER BRANDON JOSEPH SMIETANA Mr. Smietana is one of the top blockchain programmers on the planet and one of the early developers of Bitcoin. Inventor of SunCoin Blockchain technology, Brendon is an internationally recognized leader in the research and development of blockchain solutions for the energy and telecommunications industries. WHITEPAPER, version 1.0 Solar Bankers Singapore,

8 Partners and Customers 3 PARTNERS AND CUSTOMERS 3.3 TEMICON 3.1 DUBAI ELECTRICITY AND WATER AUTHORITY (1) Temicon is a German company leader in micro- and nanostructured film fabrication. Temicon products are key components in lighting and optical systems, displays and life science products. (1) The Dubai Electricity and Water Authority is a public service infrastructure company that was founded on 1 January 1992 by Sheikh Maktoum bin Rashid Al Maktoum. DEWA employs a workforce of over 9,000 employees and provides over 600,000 customers with electricity and over 500,000 customers with water. It arose from the merger of the Dubai Electricity Company and the Dubai Water Department that had been operating independently until then. 3.2 MASDAR INSTITUTE OF SCIENCE AND TECHNOLOGY 3.4 VALOE (1) Valoe is a Finnish high-tech company with strong experience in automation and laser technologies as well as industrial mass production. Valoe develops next generation photovoltaic technologies that are based on back contact silicon cells and advanced automation and provides turn-key solutions to manufacturing PV modules and PV power plants. (1) The Masdar Institute of Science and Technology is a graduate level, researchoriented university focused on alternative energy, sustainability, and the environment. It is located in Masdar City in Abu Dhabi, United Arab Emirates. Masdar Institute is an integral part of the non-profit side of the Masdar Initiative. WHITEPAPER, version 1.0 Solar Bankers Singapore,

9 The Decentralized Energy Network 4 THE DECENTRALIZED ENERGY NETWORK 4.1 HOW THE NETWORK WORKS (1) Solar Bankers is developing a disruptive new business model in the energy sector supported by blockchain technology. In combination with Solar Bankers technology, Sky-Ledger will become an energy-trading platform that utilizes blockchain technology to create a new, exciting model for buying and selling electricity. (2) Currently, electricity is produced in a centralized fashion. In standard centralized systems, electricity is generated in a power plant and distributed to endusers spread over a large geographic area through an integrated grid. This system has three main problems: (I) (II) CENTRALIZED POWER GENERATION Energy generation and distribution is controlled by a single entity, which sets the price. HIGH DISTRIBUTION COST (3) Solar Bankers distributed energy system, by contrast, generates power on-site, at the point of consumption. The advantages of Solar Bankers distributed energy system are: (I) DECENTRALIZED POWER GENERATION Unlike a centralized system, where energy generation and distribution are controlled by a single entity, Solar Bankers Skyledger system allows everyone to produce and sell electricity. The price is set by the market and changes according to supply and demand. (III) Electricity is produced in a power plant and distributed to several cities and rural areas. The cost of transportation, depending on the distance, can make up to 30 % of the price. HARMFUL GREENHOUSE GAS EMISSIONS The coal and oil fuels on which standard power plants operate produce greenhouse emissions that are harmful for the environment and for human beings. (II) (III) NO MIDDLE MAN Producers and consumers, who are normally serviced by a utility company, subscribe to smart contracts, which are blockchain-based agreements that help exchange value in a transparent and conflict-free way without the need of intermediaries. LOW DISTRIBUTION COST Electricity is generated on-site and distributed among the members of the WHITEPAPER, version 1.0 Solar Bankers Singapore,

10 The Decentralized Energy Network (IV) (V) (VI) community with short-range cables, which dramatically reduces the cost of transportation. SECURE & TRANSPARENT Grid transactions are secure and transparent on the Skyledger blockchain. 0 GREENHOUSE EMISSIONS Electricity is generated using PV technologies, which do not emit Greenhouse gases and make our planet greener and less polluted. THE NEXT GENERATION OF SOLAR TECHNOLOGY Producers can generate electricity using Solar Bankers patented technology, which makes solar energy cheaper and more efficient. and distribute the energy among the different nodes. Smart Meters also manage the exchange of electricity among different nuclei, which are connected in a web of cables to allow bidirectional trading. 4.2 HOW TO BE PART OF THE NETWORK (1) To be part of the Network, members install the SunCoin wallet on their desktop. Then they purchase SunCoins. Users can buy SunCoins for Ether or Bitcoin. In addition, they can trade their coins and exchange them for other tokens or fiat money. (2) After setting up the wallet and purchasing SunCoins, users can assume three roles: (I) (II) CONSUMER Users can simply use their SunCoins to purchase clean electricity from the Network. PRODUCER (4) Solar Bankers Decentralized Network is a discrete energy system whose primary purpose is to provide reliable and affordable energy to end customers. The network is composed of nodes, which simply consist of electronic devices loaded with a SunCoin wallet. Nodes can be either active of passive. In the first case, the node generates electricity using Solar Bankers photovoltaic devices and is rewarded SunCoin when transferring it to other nodes. In the case of passive nodes, instead, each of them pays SunCoin to the network to receive electricity. (5) The distribution of electricity is regulated by Solar Bankers Smart Meters, which are devices that record consumption of electric energy and run the Skyledger network. These devices perform the task of measuring the amount of electricity generated within a certain nucleus (i.e. house, building, solar park) (III) Producers can exchange their SunCoins for Solar Bankers Energy-Generating devices at a fixed rate and produce clean renewable energy. By joining the Skyledger, they receive SunCoins for selling electricity to their neighbors or filling batteries for electric cars. PROSUMER Users can both produce and consumer energy from the Network. WHITEPAPER, version 1.0 Solar Bankers Singapore,

11 Long-Term Vision for SunChain 4.3 LONG-TERM VISION FOR SUNCHAIN (1) Solar Bankers long-term goal is to incorporate telecommunication and data storage features in its blockchain. Beyond thereby offering owners of our devices additional sources of revenue, the integration of these features aims at nothing less than the creation of a next-generation internet. (2) Our business model envisions that we supply consumers with a range of electronic appliances whether solar devices, TVs, or Hi-Fi systems for free or at a discounted price. Specially designed and integrated hardware allows the devices to act as individual nodes in our blockchain network once installed. Thus individual devices may be used by third parties as a medium for decentralized data storage and transmission. Owners of devices are unaware of the amount and type of data stored on their devices, providing a high degree of anonymity and security especially by comparison to the current model of centralized, server-based networks. Owners of devices are rewarded in SunCoin for running a node in the network, allowing them to not only acquire devices at a cheaper cost but also make money from the devices they own. (3) The security of the telecommunications and data storage functions in the network increases with the number of devices and thereby nodes connected in the blockchain. Solar Bankers hopes that this business model will lead the way towards the complete decentralization of the physical infrastructures of data storage and transmission. 4.4 POLICIES FOR EXCHANGING SUNCOIN FOR ENERGY-GENERATING DEVICES (1) Other than trading Solar Bankers coins on cryptocurrency exchanges, our supporters will have the chance to exchange 1 them for our Energy- Generating products 2. (2) The exchangeability of SunCoins for Solar Bankers energy-generating devices at a fixed minimum rate represents a buy-back guarantee in kind for buyers. Solar Bankers guarantees that if the dollar price of SunCoin falls below the ICO price of 14 cents, it will exchange its energy-generating devices for SunCoin assuming the ICO price. In this way, even with a significant depreciation in the value of SunCoin, buyers will always be able to get their money back in the form of Solar Bankers solar products. (3) While the rate of exchange between SunCoin and our products is fixed when the minimum dollar price of 14 cents is reached, above this minimum level the rate is adjusted to reflect the per-watt retail prices of our products. As the value of SunCoin increases, less SunCoins will be needed to buy a particular amount of energy-generating capacity of our devices. The rate of exchange is calculated according to the following formula: (4) If price of SunCoin in USD > 0.14, the per-watt price of a device in SunCoin = (per-watt retail price of device in USD) (price of SunCoin in USD) (5) This policy applies to all our devices. 4.5 TRADE SUNCOINS FOR CO2 EMISSION CERTIFICATES: (1) Our supporters will be able to convert SunCoin into fiat currency and help make the planet greener by exchanging their tokens for emission certificates. 1 Only after the production line has been set up. Prices are fixed. 2 More products will be added in the next versions of the white paper. WHITEPAPER, version 1.0 Solar Bankers Singapore,

12 Energy-Generating Products 5 ENERGY-GENERATING PRODUCTS 5.1 OVERVIEW (1) Solar Bankers core technology is a high-tech nanostructured film that manages the incoming light in a smart and innovative way to more efficiently convert sunlight into electricity, improve the thermal insulation of buildings and vehicles, and much more. The device, patented by Solar Bankers, is a micrometric-thick polymeric layer that can concentrate, bend and filter the different colors of light. The film is made of a highly transparent and durable thermoplastic, and is printed on glasses. 5.2 CHARACTERISTICS (I) HIGH TRANSPARENCY Solar Bankers films transmit 97.5% of the visible light and are therefore fully transparent to the human eye. (II) HIGH DURABILITY Solar Bankers films have a tested durability of over 25 years. (III) LOW COST The film cost is a fraction of that of standard concentrators. It can be printed at very large scale, similar to a newspaper, thanks to an innovative roll-to-roll manufacturing process. (IV) TESTED AND CERTIFIED Solar Bankers films are tested and certified by the Fraunhofer Institute in Germany. WHITEPAPER, version 1.0 Solar Bankers Singapore,

13 Holographic Solar Panel 6 HOLOGRAPHIC SOLAR PANEL 6.1 OVERVIEW (1) Solar Bankers Holographic Module, also referred to as Deflecting Photovoltaic (DPV), is a solar panel designed for high temperature environments that enables higher performance at a lower cost when compared with standard solar modules. The main feature of DPV is a holographic film that manages the light to free the hidden potential of solar cells and improve their efficiencies. The film acts as a combination of a lens and a prism: it concentrates the incoming light and splits its different colors into separate beams. The portion of the spectrum suitable or beneficial for PV conversion is concentrated onto thin silicon solar cell stripes, obtained by cutting commercial silicon wafers, while the remaining wavelengths, which only cause panel overheating and reduce conversion efficiency, are bent away from the active converter. The result is a solar module with higher in-field efficiencies due to reduced operative temperature, and lower unit cost thanks to savings on solar cell area. 6.2 CHARACTERISTICS (I) UP TO 30% MORE EFFICIENT AT HIGH TEMPERATURES Solar Bankers module is up to 30% more efficient than standard panels at high temperatures. (II) (III) (IV) (V) 50% LESS EXPENSIVE Solar Bankers DPV module uses only 25% of the silicon used in standard panels (silicon is the most expensive components in solar modules). HIGH DURABILITY Solar Bankers module is tested by the Fraunhofer Institute and has a proven durability of over 25 years. SELF-CLEANING SURFACE Solar Bankers module implements a highly hydrophobic film that renders its front surface self-cleaning and thus significantly reduces dust/sand deposition, which usually incurs high maintenance costs. 50 % CO2 EMISSION REDUCTION Because Solar Bankers module enables up to 75% savings on silicon, its manufacturing process incurs only 50% of the greenhouse gas emissions associated with standard production processes. WHITEPAPER, version 1.0 Solar Bankers Singapore,

14 Holographic Solar Panel 6.3 DIAGRAMS WHITEPAPER, version 1.0 Solar Bankers Singapore,

15 Holographic Solar Panel WHITEPAPER, version 1.0 Solar Bankers Singapore,

16 The Umbrella: A Concentrator for Existing Modules 6.4 DATA SHEET Holographic Solar Panel Data Sheet Unit Module Power Output W Max. Power Point Voltage V Max. Power Point Current A Open Circuit Voltage V Short Circuit Voltage A Module Efficiency 19.8 % at 25 C Heat Losses 12 % at 75 C (compared to 25% for standard modules) 6.5 MECHANICAL CHARACTERISTICS Solar Cells Front Glass Junction Box Frame Mechanical Characteristics Module Interdigitated back-contact cell High Transmission tempered glass IP65 & IP67 Anodized aluminum alloy/silver/clear WHITEPAPER, version 1.0 Solar Bankers Singapore,

17 The Umbrella: A Concentrator for Existing Modules 7 THE UMBRELLA: A CONCENTRATOR FOR EXISTING MODULES 7.1 OVERVIEW (1) Solar Bankers Concentrator is intended for use in combination with standard modules to improve their efficiency and achieve greater energy output. The Concentrating Film, referred to by the name Umbrella, applies the efficiency maximizing technology used in the Holographic Solar Module to existing installations. Mounted on top of existing modules, the Umbrella (a) redirects light rays that would otherwise fall outside the panel and concentrates them on the active converter and (b) reflects heat, in the form of infrared light, away from the silicon surface to prevent efficiency-reducing overheating. The result is an increase in the power output of existing installations up to 300%. (IV) The Umbrella has a tested durability compatible with that of standard solar panels. SELF-CLEANING SURFACE Solar Bankers Umbrella implements a highly hydrophobic film that makes its front surface self-cleaning and significantly reduces dust/sand deposition, thus substantially lowering the costs of frequent surface cleaning. 7.2 CHARACTERISTICS (I) UP TO 300% POWER BOOST Solar Bankers Umbrella increases the power output of your modules by up to 300%. (II) LOW TEMPERATURE = HIGHER EFFICIENCY Solar Bankers Umbrella reflects the infrared light (i.e. heat) and transmits only those colors suitable for PV conversion (wavelengths below 1200 nm). The result is an increase in efficiency of up to 30% due to lower operative temperature. (III) HIGH DURABILITY WHITEPAPER, version 1.0 Solar Bankers Singapore,

18 The Umbrella: A Concentrator for Existing Modules 7.3 DIAGRAMS WHITEPAPER, version 1.0 Solar Bankers Singapore,

19 Self-Cleaning and Insulating Film 7.4 DATA SHEETS WHITEPAPER, version 1.0 Solar Bankers Singapore,

20 Self-Cleaning and Insulating Film 8 (III) LONG DURABILITY SELF-CLEANING AND INSULATING FILM 8.1 Solar Bankers film has a durability of over 20 years. OVERVIEW (1) Solar Bankers offers a set of products that can be integrated in buildings and houses to improve their energy efficiency and promote savings on consumers electricity bills. 8.3 DIAGRAMS (2) Solar Bankers Self-Cleaning and Insulating Film is a fully transparent nanostructured coating that reflects the heat contained in the incoming light and keeps surfaces clean. The film is made of two layers stacked upon each other: the bottom is an optical filter, which reflects the heat-carrying portion of the light, while the top is a highly hydrophobic surface, which substantially reduces water and dust accumulation. The film, made of a scratch-resistant polymeric blend, can be installed on windows and guarantees energy savings of up to 30% as well as cost savings on cleaning of up to 50%. 8.2 CHARACTERISTICS (I) UP TO 30% SAVINGS ON ELECTRICITY BILL Solar Bankers Self-Cleaning and HeatShielding Film cools down your house and guarantees up to 30% savings on your electricity bill. (II) 50% COST SAVINGS ON CLEANING Solar Bankers film prevents dust and sand from sticking on your windows, thus lowering the amount of time and water needed to keep surfaces clean. WHITEPAPER, version 1.0 Solar Bankers Singapore,

21 Self-Cleaning and Insulating Film 9 ENERGY GENERATING TILE 9.1 OVERVIEW (1) Solar Bankers Tile is a building component that generates electricity out of sunlight. Similar to our solar module, it consists of a 3-cm thick aluminum box that integrates Solar Bankers holographic film and silicon stripes. The tile is mounted on rotating tubes, which follow the apparent motion of the sun to generate electricity throughout the whole day. Solar Bankers Tiles can be installed both in vertical and horizontal configurations. (V) most expensive component in solar tiles). LONG DURABILITY Solar Bankers Tile has a durability of over 20 years. 9.2 CHARACTERISTICS (I) ELEGANT AND EFFICIENT Solar Bankers Tile is an elegant solution for exterior building design which generates electricity with extraordinary efficiencies of up to 20%. (II) 30% MORE ENERGY THAN FIXED TILES Solar Bankers Tiles follow the apparent motion of the sun and therefore generate more electricity than fixed solar tiles. (III) MODULAR AND PRACTICAL Solar Bankers Tile can be adapted to any building size as there is no limit to the number of tiles that can be connected in series. (IV) LESS COSTLY Solar Bankers Tiles are less costly than standard solar tiles as they use only a portion of the silicon (silicon is the WHITEPAPER, version 1.0 Solar Bankers Singapore,

22 Energy Generating Window 9.3 DIAGRAMS WHITEPAPER, version 1.0 Solar Bankers Singapore,

23 Light Recycling Module 10 ENERGY GENERATING WINDOW 10.3 DIAGRAMS 10.1 OVERVIEW (1) Solar Bankers Window is a fully transparent window that generates electricity out of sunlight. Solar Bankers nanostructured film covers the surface of the window, re-directing a part of the incoming light onto solar cells integrated in the window s frame for electricity production CHARACTERISTICS (I) REDUCED ENERGY COSTS Solar Bankers Window generates energy and brings up to 30% savings on electricity bill. (II) ELEGANT AND EFFICIENT Solar Bankers Window is an elegant solution for exterior building design and generates electricity in an efficient way. (III) MODULAR AND PRACTICAL Solar Bankers Window can be of any size. (IV) LOW COST The cost of Solar Bankers Window is comparable to that of standard windows. WHITEPAPER, version 1.0 Solar Bankers Singapore,

24 Light Recycling Module 11 LIGHT RECYCLING MODULE 11.1 OVERVIEW (1) Solar Bankers Light Recycling Module recycles artificial light and converts it back into electricity, enabling savings of up to 15% on your electricity bill. The device uses Solar Bankers Holographic film to redirect a part of the light emitted by fluorescent lamps back onto a solar cell mounted under the light source to generate additional electricity CHARACTERISTICS (I) ELEGANT AND EFFICIENT Solar Bankers Light Recycling Module is an elegant solution for interior design and generates electricity in an efficient way, with efficiencies up to 15%. (II) MODULAR AND PRACTICAL Solar Bankers Light Recycling Module can be adapted to any lamp, regardless of its size. (III) LONG DURABILITY Solar Bankers Light Recycling Module has a durability of over 20 years. WHITEPAPER, version 1.0 Solar Bankers Singapore,

25 Diagrams 11.3 DIAGRAMS WHITEPAPER, version 1.0 Solar Bankers Singapore,

26 Future Developments 12 FUTURE DEVELOPMENTS 12.1 MULTIJUNCTION PV MODULE (1) Solar Bankers film technology opens up possibilities for the development of a wide range of solutions that can make solar energy conversion more efficient. One of them consists in combining multiple conversion materials in one module. Solar Bankers Multijunction PV module uses two different solar cells, which are positioned one adjacent to the other and illuminated with different colors of sunlight. Solar Bankers nanostructured film is used to split the light in two beams and each solar cell is illuminated with the most suitable spectrum. This solution makes for a more effective use of sunlight, simultaneously converting the infrared and noninfrared wavelengths of light to minimize waste and thus enabling solar modules to achieve efficiencies greater than 30% (which is the theoretical limit of silicon modules) CHARACTERISTICS (I) MORE EFFICIENT USE OF SUNLIGHT suitable for PV is concentrated onto silicon stripes to generate electricity, while the IR light, instead of being wasted, is concentrated on a pipe to heat water. With Solar Bankers Hybrid Module, heat stored in water can be converted into electricity at night when the sun is not shining, allowing for significantly more efficient energy production CHARACTERISTICS (I) (II) MORE EFFICIENT USE OF SUNLIGHT Differently from standard solar modules, which only convert some colors of the sunlight, Solar Bankers Hybrid module uses all the wavelengths to generate energy. NO NEED FOR BATTERIES Solar Bankers Hybrid module produces energy in the form of heat, which can be stored to produce electricity at night when the sun is not shining. Different from standard solar modules, which convert only a portion of the sunlight, Solar Bankers Multijunction PV module uses all the wavelengths to generate electricity, enabling efficiencies greater than 30% HYBRID PV-CSP MODULE (1) Solar Bankers film enables the combination of PV and concentrating solar power (CSP) technologies to make highly efficient solar modules that integrate energy storage without the need of expensive batteries. In these modules, Solar Bankers film is used to split the light. Like in the photovoltaic panel, the light WHITEPAPER, version 1.0 Solar Bankers Singapore,

27 Future Developments 12.5 DIAGRAMS WHITEPAPER, version 1.0 Solar Bankers Singapore,

28 SunCoin WHITEPAPER, version 1.0 Solar Bankers Singapore,

29 SunCoin 13 SUNCOIN 13.1 SUNCOIN OVERVIEW (1) Solar Bankers SunCoin is based on technology which introduces a new cryptographic primitive known as a public broadcast channel. It also introduces a new consensus algorithm implementation, called Obelisk, which mitigates the commitment problems arising from the Proof-of-Work and mining processes underlying Bitcoin, thus addressing a host of security issues associated with the latter. Obelisk is not a single algorithm, but an implementation employing multiple techniques to deliver specific security guarantees INNOVATIONS AND FLAWS WITH BITCOIN AND THE CURRENT BLOCKCHAIN PROTOCOLS (1) In Bitcoin, new transactions are placed into a block, which is appended to the blockchain. Any peer in the Bitcoin network can create new blocks. Each block therefore has a single parent but one or more valid successors (children). The chains form a tree and the core problem of Bitcoin solves is getting every node in the network to agree on which of the prospective chains in the chain tree is the consensus blockchain. (2) Bitcoin uses a technique called Proof of Work (PoW) to determine a unique blockchain. A valid block requires a hash value, which is below a target value. Nodes add transactions to a new block and randomly try notches until a valid hash for a block is found. (3) A function is used to create a total ordering of chains in the block tree. The chain which has the highest difficulty and required the most hashing operations to produce is the longest chain and forms the consensus chain. The notion of block depth and difficulty create a total ordering over all linear chains in the block tree and only the most resource intensive chain is accepted to produce the consensus chain. (4) Bitcoin nodes connect to each other randomly and each node relays the most difficult chain of blocks that it knows about to its peers. If one node has a more difficult to produce chain than another connected peer, the peer will receive the blocks sequentially. The peer will evaluate the function and decide whether the received chain is more difficult to produce and thus potentially switch its consensus to the received chain. The peer will then advertise its new chain to its peers. In this way, consensus is propagated throughout the network and all nodes reach the same consensus. (5) Bitcoin does not assume that nodes have identities and does not assume that nodes are honest. Nodes may send other nodes any data and it cannot affect consensus decisions because difficulty is something that can be independently verified on its own merit INNOVATIONS PRODUCED BY BITCOIN (I) (II) THE BLOCKCHAIN A single data structure that everyone can possess. PUBLIC LEDGER FOR TRANSACTIONS Storing financial transactions in the blockchain. (III) USE OF POW AND DIFFICULTY RETARGETING TO MAINTAIN A CONSTANT RATE OF BLOCK PRODUCTION WHITEPAPER, version 1.0 Solar Bankers Singapore,

30 SunCoin (IV) (V) (VI) USE OF PUBLIC KEY HASHES AS ADDRESSES Public keys are not disclosed until used. USE OF OUTPUTS FOR BALANCES Ignores trying to create divisible digital cash: To pay $20 from a $25 output, send $20 to person and $5 back to yourself. POW DIFFICULTY FUNCTION AND BLOCK DEPTH node and can arbitrarily influence the node s consensus decisions. (III) BITCOIN EXCHANGES HAVE BECOME HIGHLY VULNERABLE TO ATTACK Skilled attackers may employ 51% attacks and the buying and selling of alt coins at Bitcoin exchanges to drive the latter into insolvency. (IV) BANKS AND GAMBLING SITES HAVE BECOME VULNERABLE TO 51% ATTACKS First use of function to define total ordering on block trees public ledger circumvents double spending problem in traditional digital cash MAJOR FLAWS OF BITCOIN (1) These are the issues that must be addressed in the development of new cryptocurrency solutions. Bitcoin should be regarded as embryonic cryptocurrency upon which future developments must improve. The technology upon which SunCoin is based addresses Bitcoin s major deficiencies by redesigning the entire system of distributed consensus. (I) CONSENSUS DECISIONS IN BITCOIN ARE NOT FINAL AND CAN BE REVERTED A person or organization that can rent or buy enough hashing power can revert transactions. (II) BITCOIN ACHIEVES NETWORK CONSENSUS BUT INDIVIDUAL BITCOIN NODES ARE HIGHLY VULNERABLE TO ADVERSARIES WHO CONTROL THE ROUTERS THROUGH WHICH PACKETS PASS A router-controlling adversary has absolute control over the view of a (V) (VI) AS BITCOIN MATURES, THE BUYING OF OPTIONS AGAINST BITCOIN AND ATTACKS AGAINST THE NETWORKS BECOME MORE PROFITABLE In the future, successful attacks on Bitcoin could result in several hundred millions of dollars in profit from options trading. STATES WITH STRONG CAPITAL CONTROLS, AS WELL AS COMPETING CORPORATIONS, MAY DIRECTLY ATTACK THE BITCOIN NETWORK TO PROTECT THEIR FINANCIAL INTERESTS Such entities may easily absorb the costs of attacking the network and undermining Bitcoin s security. (VII) SERVICES THAT ALLOW CLOUD HASHING AND RENTAL OF 3RD PARTY HASH POWER ARE INCREASINGLY SUCCESSFUL Many large pools now have the ability to rent the hash power for a majority attack. (VIII) HACKERS CAN USE NUMEROUS SECURITY HOLES IN ROUTERS AND NETWORKING EQUIPMENT TO WHITEPAPER, version 1.0 Solar Bankers Singapore,

31 SunCoin (IX) STEAL COINS FROM BANKS AND EXCHANGES An attacker can control the peers connected to a Bitcoin node and ensure connections to attacker-controlled nodes. For instance, an attacker may introduce a deposit transaction to the side chain of a bank and get the bank to issue a withdraw transaction which is then relayed to the main network. BITCOIN CANNOT OFFER SECURITY AT A LOW COST The Bitcoin network is using immense and exponentially growing amounts of electricity. Bitcoin s security purposely relies upon creating as much electrical waste as possible. As security is related to the cost of achieving majority hash rate, the cost of running the Bitcoin network are constantly driven up. In a well-designed system, $1 in security costs $1000 to circumvent. In Bitcoin the ratio is $1 to $1. In addition, this is environmentally irresponsible. (X) BITCOIN FUNDAMENTALLY CANNOT DECREASE TRANSACTION TIMES WITHOUT COMPROMISING SECURITY Bitcoin transactions take on average 10 minutes to get included in a block, and more time is required for more security DESIRABLE PROPERTIES FOR SYSTEMS OF DISTRIBUTED CONSENSUS FOR FINANCIAL LEDGERS (1) The criteria on which Bitcoin can be improved are: (I) (II) (III) (IV) (V) NO DOUBLE SPENDING Once a transaction has executed, it should be impossible to revert consensus. Consensus should be as irreversible as possible. EFFICIENCY The cost to run a perfectly secure ledger should be extremely low. SPEED The system should allow transactions to be confirmed within seconds. TRANSPARENCY It should be easy to audit and identify malicious nodes. ROUTER ATTACK SECURITY Nodes should be able to detect if their consensus differs from the network. (2) Some security properties should remain intact even if the vast majority of nodes in the network are malicious and colluding. (3) On a fundamental level, many of the security issues associated with the Bitcoin system arise from the inherent commitment problem of the Proof of Work and mining processes. Its security issues represent a real-world Byzantine General Problem. Incentives WHITEPAPER, version 1.0 Solar Bankers Singapore,

32 SunCoin exist for participants to manipulate verification processes, by engaging in bribery and hacking for instance. Attackers will manipulate system clocks, compromise routers, use hash collisions, flood the network with hundreds of thousands of bots and exploit signature malleability. (4) A secure system must not only protect against every known attack, but be robust enough to evolve and adapt to future attacks. Some issues in Bitcoin can be fixed, such as signature malleability. Other issues are fundamental and cannot be addressed without defining an entirely new framework, such as the reliance on Proof of Work and miners SUNCOIN SECURITY PHILOSOPHY (1) Security is a process of continuous identification and fortification against threats. A good system achieves defense in depth, has multiple redundant systems and will survive the complete failure of any individual measure. Good security requires the differentiation between threats which are existential and those which are mere annoyances. (2) While it is obvious that no single system can eliminate all security threats and simultaneously achieve all the objectives listed above, SunCoin represents the next step in cryptocurrency technology because it takes a modular layered approach to security and uses different systems to enforce particular guarantees. SunCoin security is focused on addressing the existential threats faced by Bitcoin and protecting users from day-to-day threats, attempting to give the highest degree of protection against the class of attacks that would inflict the greatest losses upon its users, stakeholders and institutions. This requires a complete redesign of Bitcoin at both ends from wallet generation to blockchain consensus and fundamental innovation is several other areas. (3) Most of the losses in Bitcoin derive from deficiencies in design, a lack of usability, and end user mistakes rather than fundamental technical attacks in the software or mathematics. SunCoin must address both the looming existential mathematical threats and the security perils that Bitcoin s incomplete and poorly thought out user experience has created for everyday users. The poor usability and design has forced users to compromise security, with millions of dollar routinely relying on insecure web wallets. Despite the frequent and massive thefts reported by the media on a daily basis, to date more Bitcoin have been lost due to usability issues than all the efforts of criminals to steal Bitcoin. (4) As many as half of all existing Bitcoins have never been moved from their initial addresses and never will be because they are lost as unrecoverable wallet files, lost wallets, or misunderstandings of what was actually being backed up in a wallet file. Mt. Gox recently reported finding 200,000 Bitcoin in a wallet they were unaware carried Bitcoins. The wallet had been previously ignored and could have easily been deleted by mistake. Wallets are frequently mistaken as empty because computer software was unable to load wallet based on software that is too old. Thus most security issues concerning Bitcoin occur at the level of usability, end users and exchange security. (5) The rest of this section covers some of the new techniques we have created in cooperation with our partners to address network level security issues and render the SunCoin blockchain more secure than previous networks. (6) We have proven mathematically that our system achieves consensus, has the security properties we want and operates well under normal network conditions. We have some exciting new data structures that have WHITEPAPER, version 1.0 Solar Bankers Singapore,

33 SunCoin not been seen in any coin or piece of software before. At the moment we are prototyping the system for deployment. The SunCoin development process is iterative. There will be changes, improvements and refinements as we work through the details, address known flaws, test the system and get feedback TRANSPARENCY AND SECURITY: OBELISK AND PUBLIC BROADCAST CHANNELS (1) To address the commitment problems associated with the Bitcoin system, the technology underlying our SunCoin implements the blockchain in the form of a public broadcast channel. Everyone can read the chain, but only the owner can mint blocks for it. To be valid for a personal chain, each block must be signed by the owners private key. Each node in this consensus algorithm system (Obelisk) has a personal blockchain and it is the core primitive in the Obelisk system. (2) The public broadcast channel imposes several constraints: (I) (II) ONCE A BLOCK IS PUBLISHED, IT CANNOT BE UNPUBLISHED Blocks are replicated peer to peer to all subscribers. Once a block has been published, it spreads to all subscribers. You have to destroy all peers who have received the block to erase it from internet. A NODE CANNOT PUBLISH A DIFFERENT VERSION OF AN EARLIER BLOCK WITHOUT DETECTION Blocks are numbered and it would be detected if the node signed two different blocks with the same (III) (IV) 13.8 OBELISK sequence number. A NODE CANNOT BACKDATE THE TIME STAMP ON THE RECEIPT OF A BLOCK, WITHOUT DELAYING THE PUBLICATION OF A BLOCK Timestamps only go up, time stamps increase monotonously with block sequence count. A BLOCK IN THE MIDDLE OF THE CHAIN CANNOT BE CHANGED WITHOUT INVALIDATING EVERY BLOCK THAT COMES AFTER IT Hash chain, each block header contains a hash of the previous block. (1) Each Obelisk node (SunCoin Consensus Node) has a public key (an identity) and personal blockchain (a public broadcast channel). Consensus decisions and communication happen within the personal blockchains of each Obelisk node. This is a public record of everything a node does. This allows the community to audit nodes for cheating and collusion. It gives the community a way to identify nodes which are participating in attacks on the network and it makes public how decisions in the network are being made and which nodes are influencing those decisions. (2) Each node has a list of other nodes that it subscribes to. Nodes with more subscribers are more trusted and yield more influence in the network. If the community does not trust the nodes representing them or feels that power within the network is too concentrated (or not concentrated enough) the community is able to collectively shift the balance of power in the network by collectively changing their trust relationships in the network. WHITEPAPER, version 1.0 Solar Bankers Singapore,

34 SunCoin (3) Node subscription relationships can be random and/or can be formed through web of trust (subscribe to nodes of people you know and people in community you trust). (4) When a node receives a new block from a chain it is subscribed to, it publishes the hash of the block it publishes. This is a public acknowledgment of the receipt of the block. Each block is time stamped and counter references blocks from other chains. This creates a dense interlinked chain of block acknowledgments. These chains establish causal relationships and can act as a distributed time stamping system as described in the next section. This allows the network to prove that data did not exist or was not published to the network or establish that particular nodes were active or offline during a particular time interval. (5) The current Obelisk consensus algorithm is based upon Ben Or s randomized consensus algorithm. (6) A Sybil attack in a random graph (worst case) allows the Sybil nodes to control consensus, but the nodes are unable to revert transactions, removing the only economic incentive to attack the network. In real world graphs the Sybil resistance of the network is actually very high and running a node is moderately costly in terms of bandwidth, which make large botnets prohibitive. (7) Trust relationships are scarce and can be rescinded. In the event of an attack, the network reacts by severing connections to less trustworthy nodes and contracting to a smaller core of trusted nodes. The public record left by each node s personal blockchain makes it very easy to identify the nodes participating in an attack. As attacking nodes are identified, individuals sever relationships with those nodes, reducing their influence. Therefore, the major benefits of the SunCoin network are: (I) SUNCOIN CONSENSUS IS DEMOCRATIC AND (II) NODES ARE RUN BY THE COMMUNITY SUNCOIN NODE CONSENSUS IS PUBLIC (III) EVERY NODE IS ACCOUNTABLE TO THE COMMUNITY AND 3RD PARTY AUDITS (IV) INFLUENCE WITHIN THE SUNCOIN CONSENSUS SYSTEM IS DEMOCRATIC AND TRANSPARENT (BUT UNEQUAL) 13.9 SIMPLE BINARY CONSENSUS ALGORITHM: CHOOSING BETWEEN TWO BLOCKS (1) Each voting decision is a hash pair (A,B). A is the hash of the parent of the block and B is the hash of the block. A,B A B Each node votes on the next block it believes should be the consensus block. If 40% of the nodes it is subscribed to have the same candidate for consensus, the node changes its consensus to that block. The node flips randomly between candidates until consensus is reached CONSENSUS ON MULTIPLE CONCURRENT BRANCH CHOICES (1) A more advanced system publishes (A,B, P) Where P is value from 0 to 1. P values across all successors to block would sum to 1. This allows for concurrent consensus decisions on multiple chain branches. (2) If the majority of nodes in the network are honest, they will also converge to the same consensus. (3) SunCoin also has a limited form of Proof of Stake. We bias voting in favor of blocks with a larger WHITEPAPER, version 1.0 Solar Bankers Singapore,

35 SunCoin Initial Coin Offering transaction fee. (4) If there are only two possible consensus choices for given parent and both blocks execute your transaction, then the transaction is effectively executed regardless of which of the two blocks end up chosen by the network. The probability of reversion of an early consensus decision declines exponentially with block depth. WHITEPAPER, version 1.0 Solar Bankers Singapore,

36 SunCoin Initial Coin Offering 14 SUNCOIN INITIAL COIN OFFERING 14.1 OVERVIEW (1) The total supply of SunCoin is 300,000,000 tokens. (2) The total amount of SunCoin offered to the public in the Pre-ICO and ICO is 115,000,000 tokens. (3) Of this amount, 18 MILLION SunCoins will be offered during the Pre-ICO at the price of $O.14 (= 5,040 SATOSHI). (4) The total amount of SunCoin offered during the actual ICO (October-November) is 97,000,000 tokens. During the ICO, tokens will be sold in successive tranches of equal size but increasing price per token. (5) The ICO sale may be summarized by the following overview: (I) TOTAL CAP 97,000,000 SUN (ii) Tranche 1: 24,250,000 SUN PRICE: $0.6 = 21,600 SATOSHI (iii) Tranche 2: 24,250,000 SUN PRICE: $0.72 = 25,925 SATOSHI (iv) Tranche 3: 24,250,000 SUN PRICE: $0.864 = 31,112 SATOSHI (v) Tranche 4: 24,250,000 SUN 14.2 DISCLAIMER: SALE TO US CITIZENS AND SECURITY STATUS (1) The information on this paper is not intended for and applicable to U.S. citizens or legal entities domiciled in the U.S. Financial instruments or products referred to on this website must not be offered in the United States of America and must not be sold to U.S. citizens or legal entities domiciled in the U.S. (2) SunCoin is not an investment-grade security of any kind. The SunCoin is a digital token for participation in a global network of free energy production and exchange and does not confer ownership of a stake in the business, nor a right to receipt of dividends, interest, or any other type of regular payment. Solar Bankers does not guarantee profits or returns on funds given by buyers as part of the ICO, but offers instead a set of entrepreneurial opportunities for SunCoin holders to make useof independently USE OF ICO FUNDS (1) Funds raised in the ICO will be utilized as follows: (I) (II) (III) 60 % R&D DECENTRALIZED ENERGY NETWORK Development of Blockchain based Smart Meters and Micro-Grid Infrastructure 20 % MARKETING 10 % LEGAL PRICE: $1 = 36,000 SATOSHI (IV) 10 % PROJECT MANAGEMENT WHITEPAPER, version 1.0 Solar Bankers Singapore,

37 Timeline and Financials Token Allocation Token Allocation Distribution Category # of SunCoin Allocation in % Availability Pre-ICO 18,000,000 6% ICO 97,000, % Combined Pre-ICO & ICO available to market: 38% Partnerships, Guarantee for Institutional Investors (Liquidity guarantee for partners interested in setting up a manufacturing facility of Solar Bankers Energy Generating devices) 120,000,000 40% Held by founders & escrow: 62% Founders 60,000,000 20% Bounty Program 2,000, % Legal and Miscellaneous 3,000,000 1% Total 300,000, % WHITEPAPER, version 1.0 Solar Bankers Singapore,

38 Timeline and Financials 15 TIMELINE AND FINANCIALS 15.1 SUNCOIN TIMELINE (I) JULY-AUGUST 2017 PRE-ICO (II) OCTOBER-NOVEMBER 2017 Initial Coin Offering (III) OCTOBER 2017 JUNE 2018 R&D of Smart Meters and Micro-Grids (IV) JUNE 2018 Setup up of small-scale networks in China to test Smart Meters (V) JANUARY 2019 End of Testing phase Setup of Final Network (VI) JUNE 2019 Expansion Network to other countries WHITEPAPER, version 1.0 Solar Bankers Singapore,

39 Timeline and Financials 15.2 NANOSTRUCTURED FILMS PRODUCTION LINE FINANCIAL DATA (A) OVERVIEW (1) MINIMUM CAPITAL TO START PRODUCTION (LEASING OF EXISTING FACILITY) ,000,000 $ (2) TOTAL CAPITAL REQUIRED (NEW PRODUCTION LINE) ,400,000 $ (B) INVESTMENT BREAKDOWN: (1) BUILDINGS (500 SQ M) ,000 $ (2) OFFICE EQUIPMENT ,000 $ (3) WORKFORCE ,000 $ (4) MACHINERY ,000,000 $ (5) INSTALLATION/ENGINEERING + RAW MATERIALS ,900,000 $ (C) PROJECT TIMELINE (1) ANNUAL PRODUCTION: ,000 SQ M (2) PRODUCTION COST: $/SQ M (3) SALES PRICE: $/SQ M (4) EBITDA 4 : ,550,000 $ (5) EBITDA/INVESTMENT: % 3 28,6 % production capacity 4 Earnings before interest, tax, depreciation and amortization WHITEPAPER, version 1.0 Solar Bankers Singapore,

40 Timeline and Financials 15.3 HOLOGRAPHIC SOLAR MODULE PRODUCTION LINE FINANCIAL DATA (A) OVERVIEW (1) MINIMUM CAPITAL TO START PRODUCTION (LEASING OF EXISTING FACILITY) ,000,000 $ (2) TOTAL INVESTMENT (NEW PRODUCTION LINE) ,000,000 $ (B) INVESTMENT BREAKDOWN: (1) BUILDINGS (3000 SQ M) ,000,000 $ (2) OFFICE EQUIPMENT ,000,000 $ (3) WORKFORCE ,500,000 $ (4) MACHINERY ,000,000 $ (5) INSTALLATION/ENGINEERING + RAW MATERIALS ,500,000 $ (C) PROJECT TIMELINE (1) ANNUAL PRODUCTION MW (2) PRODUCTION COST $/W (3) SALES PRICE $/W (4) EBITDA ,000,000 $ (5) EBITDA/INVESTMENT % 5 Earnings before interest, tax, depreciation and amortization WHITEPAPER, version 1.0 Solar Bankers Singapore,

41 Timeline and Financials 15.4 PRODUCTION LINE DIAGRAM WHITEPAPER, version 1.0 Solar Bankers Singapore,