Blockchain economics
EcoTokenomics
EcoTokenomics
The Forest Edge Project will raise capital, build a community and establish a functional space for Stakeholder dialog and decision making by issuing blockchain-based EcoTokens representing aspects of the Project. The terms of the EcoTokens are set out in Smart Contracts that are immutably posted on the blockchain, and will be designed to grow in value if the Project succeeds.
The blockchain technology required for the issue of EcoTokens and the hosting of an online community of EcoToken Holders has been licensed to Numada by StarLabs, a subsidiary of Starworks Global Ltd (starworksglobal.com). EcoTokens are created by StarLabs and are registered on its proprietary blockchain, StarChain. Members hold their EcoTokens on their EcoWallets, a downloadable and browser-based app.
ICE’s EcoWallet is a whitelabeled version of Starworks’ proprietary StarWallet. EcoWallet, StarWallet and StarChain are compatible with the Ethereum ERC-20 Token Standard, which means that EcoWallets and StarWallets can hold all Ethereum-compatible Tokens, including EcoTokens, Starworks’ proprietary StarTokens, and US dollar Stablecoins such as USDT.
To create a new class or series of EcoTokens, StarLabs mints the EcoTokens and transfers them to YTHL, Numada or some other affiliate of ICE. These EcoTokens are considered to be held in Treasury by ICE. The EcoTokens are then considered to have been Issued when they are subse-quently transferred by ICE to its Members. ICE together with StarLabs (or another technology provider) may issue another class or series of EcoTokens at any time. However, once a class or series of EcoTokens has been minted by StarLabs, it is not possible for any more EcoTokens of that class or series to be created.
Initially, there are 2 classes of EcoTokens:
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- Forest Edge EcoTokens (FEET) represent a Stakeholder’s participation in the Project. FEET Holders will be viewed as similar to Shareholders by Management because of a provision of their Smart Contract that the company which owns the Project cannot pay dividends unless it has first distributed 3 times the amount of the proposed dividend to FEET Holders. This means that FEET Holders collectively are entitled to 75% of any profit distributions by the Project. FEET Holders are also granted other Shareholder-type rights as discussed below.
- Natural Environment EcoTokens (NEET) represent the carbon sequestered in and biodiversity of a particular land area either within the Concession, or within another future project of the ICE. As and when ICE monetizes Natural Capital, management will attribute the proceeds of this monetization to specific land area, either by direct attribution on an are-by-are4 basis, or by shared attribution across a wider area. The NEET Holder is entitled to 50% of the Net Proceeds of the Natural Capital attributed to the land area represented by the EcoToken.
EcoTokens are being offered and sold before the completion of programming of the related Smart Contracts. Pending completion, Members receive Interim EcoTokens which confer full Membership benefits on the Holders and entitle the Holders to the delivery of permanent EcoTokens bearing the terms and conditions described in the Whitepaper. Interim Tokens are fully transferrable, just like the permanent Tokens. When the EcoTokens become available, the Interim Tokens will be swapped automatically out of each EcoWallet and replaced with the permanent FEET or NEET EcoTokens.
ICE has agreed to license the Forest Edge logo and mascot to Starworks for the issue of a DeFi Meme Token. The working title of the Tokens is Terri Tokens, named after the Forest Edge Mascot Terri the Tiger, and PancakeSwap (pancakeswap.finance) has tentatively been chosen as the DeFi Exchange on which Terri Tokens will be listed. From each amount spent purchasing Terri Tokens on Pancake Swap, 20% will be contributed to the Project, 30% will be paid to Starworks, and 50% will be retained in the DeFi Exchange and added to the Liquidity Pool.
Holders of ICE EcoTokens automatically belong to the ICE Club, a Membership Club for people who share an interest in rainforest conservation and sustainable environmental management. To become a Member, download the EcoWallet App and complete your registration. This includes Know Your Customer (KYC) personal data and certification of your accredited investor status.
Upon acceptance of your registration, you will be invited to place an order for EcoTokens. This will include the type and number of EcoTokens, the price per EcoToken, and the total purchase price of your order. You can then complete the payment from the payment options presented, just like any online purchase.
One of the options is to use Tokens in your EcoWallet to complete the payment. Initially the Project will accept USDT, a popular US dollar Stablecoin issued by Tether. The EcoWallet will advise Members which Tokens are currently accepted by ICE in payment. You can transfer the required Stablecoins to your EcoWallet from another crypto Wallet, if you have one, or another Member can transfer Stablecoins to you.
If you wish to process payment outside of your EcoWallet, ICE will provide the details of the bank account to which you can send your subscription price, and will manually add the EcoTokens to your EcoWallet upon confirmation of receipt of funds.
The purchase of ICE EcoTokens is open only to Members who are eligible to participate in private placements of securities under the laws of all applicable jurisdictions. By registering as a Member and placing an order for EcoTokens, you are representing and warranting that you and any person or entity on whose behalf you are acting is a “sophisticated investor,” an “accredited investor,” or the equivalent or similar term as defined under the law of the jurisdictions applicable to you and ICE, and accordingly have the financial ability to bear the economic risk of an investment in the EcoTokens, to hold them for an indefinite period of time, and to afford a complete loss of such investment without experiencing any undue financial difficulties.
By registering as a Member and placing an order for EcoTokens, you are representing and warranting that:
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- Your participation in the ICE Club, and investment in and continued ownership of any EcoTokens, do not violate any applicable laws of your jurisdiction;
- You are satisfied with the full observance by ICE and its member entities of the laws of your jurisdiction in connection with the offer, distribution and sale of the EcoTokens;
- You understand and acknowledge that the EcoTokens have not been and will not be registered under any securities law of any jurisdiction in reliance upon applicable exemptions therefrom; and
- Any EcoTokens in which you invest are acquired for your own account (or the account of the registered Member entity on behalf of which you have represented to us that you are acting) and not with a view to redistribution except to Members as permitted by the Rules and Regulations of the ICE Club.
Members who wish to buy or sell EcoTokens can post a description of the transaction they wish to enter into on the ICE Bulletin Board, a site within the EcoWallet app. Members can discuss the terms of the transaction with other Members on WhatsApp by text, voice call or video call. Upon reaching an agreement, Members can arrange an exchange of Tokens between two EcoWallets, or (at their own risk) send Tokens to another Member against payment outside of the EcoWallet.
The Bulletin Board was previously developed by StarLabs for Starworks’ own Members. The Starworks Bulletin Board and the ICE Bulletin Board are compatible: Starworks Members can exchange EcoTokens on the Starworks Bulletin Board, and ICE Members can exchange StarTokens on the ICE Bulletin Board.
ICE has no intention at this time to host automated trading among Members. Marketplaces in which bid and ask offers are posted and automatically matched are considered Exchanges and require special licensing. Instead, ICE offers the ICE Bulletin Board in order to facilitate communication among Members. These communications can be on any subject and are not limited to discussions about trading Tokens. Members who wish to trade Tokens with each other are welcome to do so, but ICE does not take responsibility for either the completion of the trade or the subsequent results of that trade.
Distributions on EcoTokens are currently payable in USDT Tokens deposited to the Member’s EcoWallet. USDT Tokens can be stored indefinitely in the Member’s EcoWallet, spent in transactions with other Members, or transferred to another Wallet. Starworks’ customer service staff is available to assist Members to convert stablecoins in their EcoWallets into fiat currency in their bank accounts. StarMex may purchase a Member’s USDT Tokens for cash plus a fee, and deposit payment to the Member’s bank account.