01. Executive Summary
Accounting has traditionally been viewed by businesses and individuals as a barrier to overcome, a duty to be met in order to maintain compliance, and a cost both especially in terms of time. Furthermore, as the cryptocurrency market and digital assets have risen in popularity in recent years, accounting complexity has increased enormously, providing a challenge even for organizations and individuals who want to follow the regulations to the letter, potentially exposing them to tax sanctions.
These issues can be solved by combining blockchain technology with traditional accounting to create solutions that:
- automate traditional accounting and certify data on the blockchain making the accounting and reporting process easy and fast and bringing trust and transparency.
- account blockchain transactions in fiat money, making blockchain business compliant with all legislation and removing the regulatory obstacles that slow the blockchain adoption.
An ecosystem of solutions isn’t enough to actualize Xriba’s goal; trust is essential to the vision’s success. As a result, it is critical to involve individuals who are directly affected by the accounting and blockchain integration.
The Xriba Association is a non-profit organization founded by Xriba Companies to decentralize the governance of the Xriba project’s blockchain innovations, ensuring the ecosystem’s transparency and success.
The association promotes initiatives to enhance ecosystem solutions, controls the Xriba token economy that feeds the ecosystem, and organizes all essential activities to inform, train, and coordinate Association members for an efficient decentralization of blockchain development governance.
Crypto in every financial statement,
every financial statement on blockchain
The Xriba Association founders believe in the integration of blockchain and accounting, allowing new users to participate in the blockchain revolution while simultaneously enchanting Accounting:
- Accounting the blockchain. Closing the gap between the traditional and blockchain worlds by giving the blockchain actors the tools they need to adapt to the traditional world’s compliance requirements.
- Blockchaining the accounting. Automating accounting operations and certifying data in blockchain, ensuring that it is accurate, transparent, and safe.
Grow the Xriba Ecosystem and establish a prolific environment for all stakeholders
To realize its mission, the association must coordinate all the Xriba Ecosystem elements:
- Organizing events and communications to cover updates and to introduce new people and companies to the Xriba Ecosystem and its services.
- Managing the XRA token and its token economy in order to improve the Xriba ecosystem, its stakeholders, and power the ecosystem product development.
- Decentralizing the blockchain development governance thanks to the DAO system, including all Xriba stakeholders in the process of managing Xriba’s future side-chain and developing the blockchain roadmap.
The Xriba Association directs the project’s development basing it on four main values:
Simple is better
The organization’s goal is to establish a simple ecosystem, both in terms of interaction and services, that will allow the greatest number of users to participate in the Xriba community’s activities and benefit from its goods.
Transparency is mandatory
Transparency and sharing are two words that come to mind when thinking of blockchain. The association makes Xriba’s blockchain activity transparent, as well as providing news and regular updates on Xriba projects, the XRA token, and new collaborations and initiatives conducted by its founding members.
Interoperability is key
There are a multitude of blockchains available today, each with its own ecosystem, potential, and users. The Xriba Association wants to make the Xriba ecosystem as interoperable as feasible so that it may reach as many projects and users as possible and get them involved in achieving its vision.
Hodlers are in charge
Blockchain is built on the principle of decentralization. Aware of this, the organization aims to boost the involvement of the Xribers community in the governance of blockchain innovations and the future Xriba sidechain through the DAO system and its communication activity.
The Association Governance
All the members of Xriba Associations are responsible for developing and driving Xriba’s blockchain strategy to bring all blockchain opportunities to the companies. Every association’s members and voters have the chance to express preferences on the definition of the future of the project and on the roadmap. The members make up the association’s three governing bodies: the General Meeting and the Executive Committee.
The Association Members are divided into two distinct groups based on the amount of tokens staking and the development effort of the project: the Founding Members, the Ambassadors and the Supporting Members.
- The Founding Members are all the companies that have signed the deed of incorporation of the association and are directly involved in the development of Xriba software. They have the power to appoint other members as Founders.
- Ambassadors are organizations and companies that have 500,000 XRA in staking and are helping the project to spread across the world
- “Supporting Members are people who show particular commitment in the same or a related field as that in which the Association is active. They shall hold at least 10,000 Xriba tokens.
|Type of member||Founding||Ambassador||Supporting|
|Staking requirements||1,000,000 XRA||500,000 XRA||10,000 XRA|
The General Meeting
The General Meeting is the supreme governing body of the Association.
The General Meeting is composed of all members. It normally meets every 4 (four) months. The responsibilities of the General Meeting are:
- to admit and exclude members of the General Meeting;
- to decide how to implement a decision of the Xriba DAO;
- to define the guidelines for the Xriba blockchain protocol;
- the purchase or financing of the purchase of any real estate;
- the approval of the budget, the management report and the annual accounts;
- the election/deposition of the members of the Committee and the Auditor;
- the supervision of the management of the Committee;
- the discharge of the Committee and the Auditor;
- the resolution on amendments to the Articles of Association;
- the dissolution of the Association in accordance with Art. 15 of these Articles.
The Executive Committee
The Committee is composed of at least 2 (two) individuals chosen by the Members, whereas at least half shall be chosen by the Founding Members.
The Committee shall self-constitute itself and appoint the President and Vice-President. It also appoints the Secretary. The accumulation of offices is permitted. The Association is represented towards third parties by the President, who has the right to individual signature. The Committee meets whenever necessary, normally once a month, on convocation by the President or Vice-President. The President shall also have the power to take autonomous decisions to safeguard the correct functioning and interests of the Association. It is the responsibility of the General Meeting to:
- ensure the issuance and amendment of the Membership Acquisition and behavioural Policy;
- look after the interests of the Association and representing it in accordance with the powers granted by these Articles;
- ensure the implementation of the decisions taken by the General Meeting;
- manage the Association’s assets;
- represent the Association towards third parties;
- monitor compliance with the articles of association and any special regulations;
- regularly inform members of the Association’s business performance and the state of investments- at least every six months;
- keep the accounts for income and expenditure as well as the Association’s balance sheet;
- evade the Association’s tax obligations;
- examine and forewarn applications for the admission of new members;
- form and operate one or more subsidiaries of the Association;
- convene the ordinary or extraordinary General Meeting;
- propose to the General Meeting the nominations concerning the Committee and the Auditor;
- propose to the General Meeting the amount of compulsory membership fees.
More details about the Executive Committee, the General Meeting and all voting procedures can be found in the Association statute.
The future DAO system
The Xriba DAO is an organisation run by a blockchain protocol and is run autonomously from the Association. The members of the Xriba DAO do not need to be members of the Association and the members of the Association may be members of the Xriba DAO.
The Xriba DAO will have the power to decide about the measure to be take by the Xriba protocol to assure a worldwide implementation and the Xriba Association is the legal entity entrusted with the implementation of such decisions. The Xriba DAO decisions are binding and the Association cannot act against it. In case an act of the Association is in contradiction with a Xriba DAO decision, the latter prevails.
The Xriba DAO will allow all XRA hodlers, including those who aren’t members of the association, to propose and vote on modifications of token economy regulations, blockchain service roadmaps, and features. All suggestions will be voted on using the blockchain as soon as the Binance Smart Chain smart contract network is established and released, creating a decentralized autonomous organization voting system.
The DAO voting process
It will be possible to deposit a minimum of 1000 XRA on the Association’s DAO smart contract from the reported wallets. Every voter will have the power to promote and vote on proposals. The weight of the vote will be proportional to the amount of XRA deposited in staking on the DAO.
The Voters will have to send their proposals 7 days before the date of the vote. Proposal files will be hashed in order to be unequivocally identified and become tamper evident.
Voting may be expressed by a transaction to the proper smart contract including the hash of the proposal the member is favorable to.
Each decision is based on a weighted voting method based on the number of XRA tokens held on the smart contract by the voter.
The result of votations will be respected by the Committee and the General Meeting which will vote in order to confirm it officially.
03. Blockchaining the accounting
Bringing traditional businesses’ accounting to the blockchain will have a significant impact on the compliance process certifying all the accounting and reporting information. This will make accounting information non-repudiable, inalterable and will bring accounting transparency to another level by letting everyone verify the information the company makes public.
The blockchain is about more than just transparency; it is also about accuracy and trust. The Bitcoin Protocol builds confidence between people because they do not have to trust the goodness of validators, but rather the code.
To truly modernize the accounting and compliance industry, it is vital to automate and standardize the accounting process so that those who read accounting data and verify it on the blockchain are unable to doubt the veracity of the registrations.
Benefits will be huge as automating accounting of all financial and economic events will be account when they happen. The management and decision making process will change making strategic decisions based on up-to-date informations. The relation with stakeholders will also change. A company looking for fundings or loans will be able to give to banks and interested investors the credit score and all balance KPIs updated to the day before, true and certified.
XribaBooks is the first product made by Xriba companies, it uses artificial intelligence to automate companies’ accounting. It is a platform that is made available to accountants or companies that keep accounts internally. It is already used by about 3,000 companies and integrates seamlessly with enterprise IT systems by adapting to all accounting needs.
Artificial intelligence is used in four distinct areas of the Xriba backend:
- Automatically identify relevant data from accounting documents;
- Generate information on financial/economic events from the registration of accounts;
- Assist clients in solving accounting problems;
- Analyze economic/financial data for various purposes.
The first point, which concerns the recognition of documents and their content, is carried out by OCR (Optical Character Recognition) algorithmic models. This is a technique for detecting text within a digital image. OCR software can transform a physical paper document or image into digital text.
The second point: the algorithms provide a record from the reports of economic/financial events. The data identified by the OCR will also be deepened. Depending on the type of document, they will be applied automatically:
- Cataloguing of costs and revenues in the records identified according to current accounting and tax legislation;
- Opening credit or debit notes of the customer or supplier;
- The ability to add and deduct these elements;
- Adjustments to provisions;
- Reconciliation of accounting records with the closure of the same in case of entry of funds or payment;
- Categorization of VAT according to current legislation;
All this is carried out by Artificial Intelligence algorithms of the Natural Language Processing (NLP) type specialized in human language processing and its classification. The accuracy and capabilities of these algorithms are continuously improved thanks to the BERT machine learning system.
By subjecting previous recordings, historical behaviors and previously incorrectly classified and corrected documents to algorithmic models, these through machine learning are able to adapt to new documents and learn from their mistakes. The data useful for the machine learning process are provided by the manual feedback of the accountants who intervene in the rare cases in which the algorithmic models cannot recognize the values of a document because they are out of the ordinary.
The third aspect of the artificial intelligence system allows you to automatically identify the problems of users that arise and will look for solutions without customer support having to intervene. There is also a machine learning system that provides solutions based on previous experience provided by customer support.
The fourth and final application is the most interesting and the most complex. These are structuring algorithms, which study the various patterns or habits that the company may have (costs, invoices, payment and income times, preference of the products purchased, etc.) in this context the algorithms can calculate:
- Predictive analysis;
- Solvency indicators and credit rating;
- Net profit, stability, solidity, turnover, etc.;
- Useful indicators for the company to optimize purchases and optimal markets / sectors in which to grow the business.
The Xriba Sidechain
Xriba Side Chain is the layer 2 of Xriba that compresses through the Merkle Tree method the records of documents and economic and financial events of companies and then carries out a transaction on the Bitcoin network and creates the proof of existence.
La proof of Excistence
Time stamping, or timestamping, through blockchain is a mechanism that allows you to give a document or a given the certainty of its registration date, making evident any modification or tampering with the document.
This is done through the creation of a unique code of the document thanks to a hash function. The code is then entered as text in a transaction on the blockchain and once the transaction is confirmed it becomes part of a block.
That code therefore has a security timestamp equal to that on the blockchain on which it was registered.
In this way it is not the document that is stored in the blockchain but its encoding. The hash code generated and recorded in the blockchain is unique and represents only that document or transaction in the form and content in which it was recorded. If the document were modified by even a space, number, letter, or period, the code would differ from the original code.
It is possible to verify the correctness and demonstrate the originality of the document by having the original document available and again hashing, encoding the file or transaction. If the code just obtained corresponds to the one in the block then it means that the document has not been modified and that it corresponds to the original.
Knowing the hash of the block in which the document code was recorded and having a copy of the document itself constitute a proof of existence that indisputably guarantees the originality of the document.
This does not mean that the document is unchangeable but that if you want to change you will have to make a new encoding, a new transaction on the blockchain and you will give proof of existence of each version of the document with the time reference at the time when the change was made.
This system provides digital public evidence, easily controllable by anyone, the data cannot be manipulated or removed so it makes the documents tamper-evident.
Why a Sidechain
The main problem in generating proof of existence is efficiency.
Given the costs reached by the fees on the most secure blockchains (Bitcoin and Ethereum) it is evident that sending a transaction on the blockchain for each registration is economically unsustainable and makes the success of registrations uncertain as decentralized blockchains can carry out a limited number of transactions per second.
Xriba decided to solve the problem of efficiency and cost-effectiveness through the creation of a centralized side chain system.
The files and transactions produced by companies during the day are recorded as transactions on the Xriba Sidechain, a centralized blockchain that uses proof of authority and certified nodes to allow registrations and ensure its security.
At the end of the day the codes of the files that have been recorded in the transactions on Sidechain are aggregated to send a single registration transaction on the decentralized blockchain via the open time stamp protocol on Bitcoin. This protocol significantly reduces registration costs, ensuring process efficiency.
The fees of a transaction on sidechain are considerably lower due to centralization and sending a single transaction for all the records of the day on decentralized blockchain allows to reduce the costs of proof of existence without sacrificing the security of the decentralization paradigm.
04. Accounting the blockchain
One of the challenges that every actor of the blockchain world faces is reconciling their crypto operations with the tax reporting duties that each state imposes on its individuals and businesses.
Due to the uncertainty of the regulatory framework and the lack of clear guidelines on how to conduct tax reporting to declare your crypto assets, it is necessary to contact an accountant, who, in addition to being underprepared in the crypto field, also has significant difficulties producing detailed reports efficiently due to the inadequacy of traditional reporting systems.
Because of the high volume of transactions, the difficulty of calculating cryptocurrency countervalues, and the need to track payments on blockchain, new tools that automate calculations are needed to provide accountants, entrepreneurs, and individuals with the data they require with precision, accuracy, and speed.
The Xriba Association wants to overcome this barrier by combining the blockchain world with traditional finance through the creation of Xriba products specialized in cryptocurrency accounting.
Xriba dAPP allows you to aggregate data from blockchain transactions and automatically generate the reports required to comply with tax compliance for digital assets and cryptocurrencies, allowing you to take advantage of the most advanced blockchain tools and technologies while avoiding errors and wasting resources.
The dAPP platform has the following features:
- automatically download transactions from wallets and exchanges via API connection and, in case of absence of direct integration, possibility of manual entry of any type of transaction;
- classification of receipts, payments, investments and preservation of digital assets;
- the possibility for the user to calculate capital gains and losses through the different methods of calculating the values to be declared in the balance sheet and in the tax return according to the tax rules established by the country where the user has tax residence;
- give access to their accountant so that he can draw up the various reporting documents and to his employees by assigning them different levels to authorize according to the tasks they must perform on the platform;
- automatic creation of the capital gain report downloadable in pdf or shareable through a private link;
- portfolio tracker that allows you to monitor performance, price changes at all hours of the day and keep track of all investments over time.
The platform provides an information service in which continuous news on the evolution of tax regulations is published, allowing you to study guidance on the compilation of tax reports, stay up to date on regulatory developments, and be confident in the accuracy of your disclosures at all times.
Link a Wallet
Another obstacle that individuals and companies are facing trying to adapt their blockchain activities to the compliance rules of the traditional cryptocurrency world consists in the certification of the ownership of wallets and their association with the legitimate owner.
To make a tax return and approve a balance sheet it is necessary to certify that the wallets where the financial resources are deposited are owned by declarants. This information is normally certified by the financial institutions where the assets are deposited, for example banks. In blockchain, however, unless the assets are deposited in an exchange, the ownership of a wallet for now is not certifiable.
The Xriba eID is the service that will allow you to verify the identity of people and companies by creating a digital identity to which it will be possible to associate a wallet thus certifying its possession and thus allowing you to act in the cryptocurrency and crypto asset market in compliance with regulations.
The system will be part of a standard procedure issued by the European Regulation for Electronic Identification and Trust Services for electronic transactions in the European internal market (abbreviated as eIDAS, acronym for electronic IDentification, Authentication and trust Services, officially Regulation (EU) No 910/2014).
One KYC and KYB
Normally the activity of KYC and KYB is a costly process both in economic and time terms. Users often have to wait days before a data is verified and therefore they are enabled for the services they need. Major banking institutions spend up to $500 million per year to perform the identification of their customers.
Creating a single digital identity that allows you to access multiple services through a single login and manage your identity and data from a single interface will allow users to use the services they need without waiting times and at the same time providers to save staff and resources.
The Xriba eID will allow individuals and companies to access participating financial services without having to carry out third-party KYC and KYB processes, and to certify personal data of individuals and companies with just one click.
The process of creating the Xriba eID
It will be possible to create an Xriba eID for individuals and companies and to do so it will be sufficient to carry out a regular KYC process by providing the documents necessary for the verification of your identity.
Once the verification has been successful, private individuals will automatically have access to the services affiliated with Xriba and will be able to use them from the first access without limitations.
After the creation of a personal eID, the legal representative of a company can proceed with the creation of a “Company eID” through a KYB process in a simplified way thanks to the connection with the database of the Companies House of the country where the company is based, or by providing all the information relating to its business if it is not possible to retrieve it automatically through APIs. Finally, it will be possible to associate the personal identity of its employees with that of a legal entity (company, non-profit, association, VAT number, etc.) giving everyone different degrees of access to services so as to be able to operate safely on behalf of the company.
05. XRA Token
The XRA token
Xriba Token (XRA) it’s the utility token that empowers the Xriba Ecosystem.
The XRA token was launched on the Ethereum Blockchain using the ERC20 standard. A maximum of 275,000,000 XRA has been established as the token’s total supply.
The token performs various functions within the Xriba ecosystem. It enables stakeholders to vote in the Xriba Association’s DAO system by putting their tokens into the proper smart voting contracts.
Will power Xriba Sidechain. When layer 2 will be implemented, members of the association will be able to become validator nodes by staking their XRA and receiving incentives for their efforts, as well as pay fees for data certification.
The token economy
Xriba businesses will acquire and burn tokens according to the new token economy, as indicated in the chart below. In the case of Xriba dAPP, 15% of the overall price will be burned, and in the case of XribaBooks, 15% of the portion of the license that covers AI development will be burned.
|Estimation of XRAs burnt per product at current prices|
|Exchange rate USD/EUR||1.15||1.15|
|Average Licensing price||€540.00||€400.00|
|XRA Burning||XRA 3,726.00||XRA 2,760.00|
*the exchange rate might not be updated
An estimate of the amount of XRA that the Association will burn over the next three years may be seen here. The forecast is segmented by product and based on a growth in the XRA/USD exchange rate as well as the number of licenses sold per year.
|XribaBooks Burning Estimation|
|XribaBooks Licences Sold||XRA burning||Average Burning Price**|
**the exchange rate is assumed considering the decrease of circulating supply
|dAPP Burning Estimation|
|dAPP Licences Sold||XRA burning||Average Burning Price**|
**the exchange rate is assumed considering the decrease of circulating supply
|Total Burning Estimation|
|dAPP Licences Sold||XRA burning||Average Burning Price**|
**the exchange rate is assumed considering the decrease of circulating supply
The new XRA token economy will go into effect on January 1, 2022.
All tokens that would have been burnt if the token economy had been in place since the token was created will be burned by December 31 2021.
XRA current listings
The token is listed and available for purchase on the following exchanges:
Xriba Bridge it’s dapp that works to swap Xriba Token from Ethereum to other chains and vice versa making the token interoperable. As said in the first chapter of the whitepaper, interoperability is one of the main principles of the Xriba Association. Interoperability gives huge advantages:
- Reduce the fees of token transactions if swapped to cheaper chains
- Reduce the impact of Ether price on the price of the token
- Allow to access other blockchains with their dapps and their users
The bridge consists of a series of smart contracts between Binance Smart Chain and Ethereum that communicate and cooperate, allowing you to deposit XRA from the Ethereum network and withdraw XRA on other networks. The total supply remains the original one and is guaranteed thanks to a locking and unlocking mechanism: to receive XRA tokens on another network it is in fact necessary that the same quantity of tokens have been previously blocked on the Ethereum network.
It has two distinguishing features that set it apart from other bridges:
- It’s totally decentralized, everything it’s on blockchain
- It’s not tokenized and users have to pay nothing more apart from blockchain transaction fees
The bridge now connects Ethereum, the token’s native network, to Binance Smart Chain, but more connections with chains such as Polkadot and Polygon can be built.
The bridge can be accessed at the following link: bridge.xriba.io
|2018 Q2||☑||Xriba ltd – Foundation|
|XribaBooks – Launch of MVP|
|2018 Q3||☑||Xriba ltd – Whitepaper|
|Token XRA – Private sale|
|2018 Q4||☑||Token XRA – Listing on Bitfinex|
|2019 Q3||☑||XribaBooks – Launch of v1.0|
|2020 Q2||☑||XribaBooks – 2000 Licences Milestone|
|2021 Q1||☑||dAPP – Inizio sviluppo dAPP|
|2021 Q2||☑||Xriba Bridge – Connection between Ethereum and BSC|
|2021 Q4||☑||Xriba Association – Foundation|
|Xriba Association – Whitepaper v1.0 and website Xriba.org realise|
|2022 Q1||☐||Xriba Association – DAO Launch|
|☐||Token XRA – New token economy and listing on Young Platform|
|2022 Q4||☐||Xriba Sidechain – Development|
The organization has teams with strong technical and marketing capabilities, as well as management control and leadership. This group is the association’s pride; they make a difference when working with banks, companies, and institutions, and grow the organization every day.
Xriba General Meeting
Members of the Association
Members are defined as in the chapter “Association Members” and in art 4) of the statute of the association.
Committee Member and President
Former founder of BaasBox (company acquired by Heritage Ventures ltd). Federico is an entrepreneur and technology enthusiast, and holds a degree in Banking and Financial Markets. He is a 2x exits angel investor and an international speaker and lecturer for digital innovation and the blockchain industry.
Giulio Di Sano
Giulio Di Sano is an entrepreneur and an expert in blockchain since 2017. He has consulted and developed products on Ethereum and Bitcoin, including token platforms, DAICO, and STO, cross-blockchain token migration, token creator platform, DEX & AMM, wallets, and a KYC platform.
Xriba Founder Members
662 High Road, N12 0NL, London, United Kingdom VAT GB299630159
Xriba Italia Srl
Via Forcella 11, 72015, Fasano (BR), Italy VAT IT10819810960
Xriba Europe Uab
Lvovo g. 25-104, LT-09320, Vilnius, Lithuania
Xriba Distribucion Software Spain Sl
Ronda Sant Pere 52-P.AT, 08010, Barcelona, Spain VAT B67416438
Xriba Ambassador Members
Aave is an open source and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. The Aave Protocol aims to enable global permissionless tokenized assets money markets. Aave Protocol has a capitalization of over $ 4 billion.
Soluzione Tasse S.p.A.
Soluzione Tasse is an Italian public company listed on Milan Stock Exchange and one of the biggest consultancy firms in Italy dedicated to SMEs. It covers several areas of the business helping entrepreneurs to manage finance, taxes, processes, data, human resources, marketing and sales.
Luxochain is a company specialized in product authenticity certification. Luxochain provides a service which can issue Blockchain-based Digital Certificates of Authenticity that are secure, legible, and transferable from any smartphone. The company’s headquarter is in Lugano, Switzerland. Luxochain is also a founding partner of VIRGO, a platform of SUSTAINABILITY, REPUTATION & AUTHENTICITY.
Utrust is a company specialized in crypto payment services. They provide a powerful platform that integrates the strength of several blockchain networks into a single ecosystem. Users can have a simpler crypto payment experience, and businesses will easily be able to accept cryptocurrencies into their existing systems.
Xriba Supporting Members
Gianluca Massini Rosati
Founder and President of Soluzione Tasse S.p.A.
Serial entrepreneur, bestselling author and business angel specializing in taxation, and data processing. His group has more than 450 employees in 5 countries. In 2016 he founded Soluzione tasse S.p.A. one of the top five tax consulting firms in Italy with more than 10,000 active clients and currently listed on Milan Stock Exchange.
Expert in the crypto token business, with over $100 million in ICO funds raised. Computer Network Operations, Computer Hardware, IT Management, IT Service Management, and IT Strategy are all areas where he has worked as a consultant. Professional entrepreneurship skills and problem solver.
Founder and President of Luxochain
Davide Baldi is an entrepreneur with decades of experience in the world of business consulting in marketing, management and creation of commercial networks. Innovator, early adopter of Blockchain technology, founder of several Fintech companies. Director and partner of Luxochain, a company created for the application of blockchain to industrial realities, graduated in psychology and specialized in management and business organization. Co-founder and CEO of Luxochain SAPartner of Iconium.it, Main Capital SGR, RealHouse.io, Xriba.io
XribaBooks Development Team
Andrea Colanicchia Frontend Developer
Boryana Panayotova Developer
Danilo Carrabino Backend Developer
Luigi Rega Backend Developer
Marco Santoro Tech Lead
Paolo Manili Senior Developer
AI Development Team
Jelena Mirkovic Head of AI
Fabio Grassi Senior Data Scientist
Nunzio Iaccarino Backend Engineer & Data Engineer
Maggie Ezzat Junior Data Scientist
Roberto Qiu Backend Engineer & Data Engineer
Blockchain Solution Development Team
Andrea Tortorella Tech lead
Gabriele Marazzi Blockchain Architect
Giulio Di Sano Blockchain Architect
Luca Cardelli Full stack developer
Michele Lunati Developer
Orhan Örs Developer
Marketing & Communication Team
Vittorio Gualtieri CMO
Mario Galli Head of Growth
Antonio Giampaolo Digital Copywriter at Soluzione Tasse
Bruno Musso Blockchain Analyst
Daniel Bosa Community Manager
Filippo Anania Crypto Community manager
Marco Borraccino Conversion Copywriter & Email Marketing Strategist
Stefania Bellinvia Content Creator & Social Media Editor
Andrea Agnoli CAO
Mattia Pace Product Owner
Mattia Merra Product Owner
Andrea Titubante Controller
Alexander Piro Head of Customer Care
08. Legal Informations
A. GENERAL INFORMATIONS
- Tokens were issued by a technical process that uses the «Blockchain» technology. This is an open source IT protocol over which the XRIBA has no rights, control or liability in terms of its development and operation. The token distribution mechanism is controlled by a Smart Contract; this involves a computer program that can be executed on the Ethereum network or on a blockchain network that is compatible with the Smart Contract programming language.
- Xriba Token is a token that allows the user to access the services provided by the Xriba Association and its Founder Members.
- Xriba Token is a utility token and does not have the legal qualification of a security.
- Xriba Token does not have a performance or a particular value outside the Xriba environment. Xriba Token shall therefore not be purchased or used for speculative or investment purposes.
- The acquisition of Xriba Tokens and their retention involves various risks, in particular (but not limited to) the risk that Xriba Association and its member companies will not provide the services to which the Xriba Token relates or is forced (in particular due to changes in the legal environment and/or issuance of new laws or regulations and/or new guiding interpretation of the current legal framework and/or jurisprudence, which may also have retroactive effect) to disrupt its operations or change its business model. Therefore, and before acquiring Xriba Token, any user should carefully consider the risks, costs and benefits of acquiring Xriba Token and, if necessary, obtain independent legal and tax advice in this regard.
- Any interested person who is not in the position to accept or to understand the risks associated with the activity (including the risks related to the non-development of the Xriba services) or any other risks as indicated herein or in the Token Documentation) shall not acquire the Xriba Tokens.
C. NO INVESTMENT INVITATION
- This White Paper shall not and cannot be considered as an invitation to enter into an investment. It does not constitute or relate in any way nor should it be considered or interpreted as an offering of securities in any jurisdiction.
- The White Paper does not include nor contain any information or indication that might be considered as a recommendation or that might be used to base any investment decision.
- This document does not constitute an offer or an invitation to purchase shares, bonds, securities or rights relating to Xriba or to any related or associated company (the “Company’s Group”).
D. NO SECURITY
- Xriba Tokens are not convertible into shares or certificates of the Association or the Xriba Group and do not confer any right to receive such shares or certificates.
- Xriba Tokens do not confer any direct or indirect rights to the capital or income of the Xriba Association and, in particular, do not confer any right to dividends or interest or to any other action or participation in the revenue or profits of Xriba Association or its associated or related companies.
- Xriba Token is not proof of ownership of any property belonging to the Association or related companies or a right of control over them and does not grant the owner any rights to the assets of Xriba Association or associated or related companies.
- Pursuant to the Guidelines and current practice, the Xriba token is a utility token that gives access to Xriba services and is not intended to be used as an investment.
- The offering of Xriba Token on a trading platform is made to allow additional users to use and/or access the Xriba platform and not for speculative purposes and does not change the legal qualification of the token as an Xriba utility token.
E. CHANGES IN THE LEGAL ENVIRONMENT
- The purchase of Xriba Tokens is taking place within a legal environment that is still under development. Regulatory authorities are carefully scrutinizing businesses and operations associated to cryptocurrencies in the world.
- Regulatory measures, investigations or actions may impact Xriba’s business and even limit or prevent it from performing or developing its operations.
- Any person acquiring Xriba Token shall be aware that Xriba’s business model and the Token Documentation may change because of new legal, regulatory and compliance requirements from any applicable laws in any jurisdictions, even with retroactive effect. In such a case, Purchasers and anyone acquiring Xriba acknowledge and accept that neither Xriba nor any of its affiliates shall be held liable for any direct or indirect loss or damage caused by such changes.
F. THIS IS NOT AN OFFER – NO INVESTMENT ADVISE – NO REPRESENTATIONS AND WARRANTIES
- This White Paper shall not be construed as an offer, personal recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.
- Xriba Association is not to be considered as an advisor in any legal, tax or financial matters. Any information in the white paper is given for general information purpose only and Xriba does not provide any representation and/or warranty as to the accuracy and completeness of the information included in the White Paper.
G. INFORMAZIONI IMPORTANTI E DISCLAIMER
- Xriba Association will do everything possible to start its operations, develop the the services highlighted in this document. Anyone who commits to acquiring Xriba Token is aware that Xriba does not provide any guarantee that they will be able to carry out the project highlighted in this White Paper.
- By acquiring the Xriba token, Xriba assumes no responsibility for any loss or damage that would result from or would relate to your failure to receive (or timely receive) the Xriba tokens or your inability to use the Xriba tokens, as well as for any failure or malfunction of the respective Smart Contract, except in the case of willful misconduct or gross negligence directly attributable to the Company.
- Xriba Token is based on the Ethereum protocol. Any malfunction, unplanned function or unexpected operation of the Ethereum protocol can cause the Xriba network or the Xriba token to malfunction or function in an unexpected way. In addition, the account unit of the native Ethereum protocol could itself lose value in a similar way to Xriba tokens and also in other ways. Xriba assumes no liability in this regard except in the case of willful misconduct or gross negligence directly attributable to the Company.
- Xriba Association assumes no responsibility for any loss of Xriba Token or situations that make it impossible to access Xriba Token, which may result from the User’s actions or omissions, as well as in the event of hacker attacks. .
H. USER REPRESENTATIONS AND WARRANTIES
- By purchasing Xriba the Purchaser confirms that he/she/it:
- has read and understood the Token Documentation and accepts to be legally bound by its terms;
- has sufficient knowledge about the nature of the cryptographic tokens and has significant experience with, and functional understanding of, the usage and intricacies of dealing with cryptographic tokens, cryptocurrencies and blockchain-based systems and services;
- has fully understood and accepts the risks connected with the purchase of the Token outlined in the Token Documentation, including those related to possible changes in the legal environment;
- is familiar with all related regulations, in particular (but not limited to) in the specific jurisdiction in which the Purchaser is based, and has received competent advice that purchasing cryptographic tokens is not prohibited, restricted or subject to additional conditions of any kind;
- is authorized and has full power to purchase Xriba Token;
- is not a U.S. citizen, resident or entity (a “US Person”) nor is the Purchaser purchasing Xriba Tokens on behalf of a US Person;
- is not a Chinese resident or entity nor are they purchasing Xriba Tokens or signing on behalf of a Chinese resident;
- the purchase and storage of the Token will not constitute a violation or breach of any applicable law by the Purchaser, in particular in his country of residence or citizenship;
- purchases Xriba Token because he/she/it wishes to have access to the Xriba platform; and
- is not purchasing Xriba Token for the purpose of speculative investment or usage.
- The Token Buyer acknowledges, understands and agrees that the purchase and receipt of XRA Tokens may have tax obligations and/or consequences, which you are solely responsible to comply with, and the Company will bear no liability or responsibility with respect to any of your tax obligations and/or consequences. The Company is not responsible for withholding, collecting, reporting, paying, settling and/or remitting any use, value added, or similar tax arising from your entering into this Agreement and your potential future receipt of XRA Tokens. The Company cannot and does not provide tax advice and recommends that the Token Buyer seeks appropriate professional advice in this area if required.
J. GOVERNING LAW – ARBITRATION
- This Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the laws of the Isle of Man, without giving effect to its principles or rules of conflict of laws, to the extent such principles or rules are not mandatorily applicable by statute and would permit or require the application of the laws of another jurisdiction.
- Any disagreement or dispute between the Parties arising under, in connection with or in relation to the Agreement shall be resolved exclusively and finally by confidential binding arbitration in accordance with the procedures set forth in this clause 12.1. The arbitration shall be conducted in the Isle of Man, or such other location if the Parties mutually agree. The arbitration proceedings will be conducted in accordance with, and pursuant to, the then most applicable rules of arbitration (the “Arbitration Rules”) of the International Chamber of Commerce which can be found here: https://iccwbo.org/dispute-resolution-services/arbitration/rules-of-arbitration/.
- A single neutral arbitrator (the “Arbitrator”) shall be selected pursuant to the Arbitration Rules; provided that (notwithstanding the Arbitration Rules) each party shall have the right to pre-emptively challenge any Arbitrator that has previously arbitrated any matter for either Party. The Arbitrator will have the same power (but no greater power) to grant all appropriate legal and equitable relief, both by way of interim relief and as a part of the final award, as may be granted by any court of competent jurisdiction, in order to carry out the terms of this Agreement (including declaratory and injunctive relief and damages). The Arbitrator shall render an award and written opinion explaining the award, and the decisions and award of the Arbitrator shall be final and binding upon the Parties. All awards and orders of the Arbitrator, including interim relief, may be enforced by any court of competent jurisdiction. The Parties agree that the award of the Arbitrator may be enforced against them or their assets wherever they may be found and that a judgment upon the award may be entered in any court having jurisdiction thereof. The Parties hereto hereby waive to the fullest extent permitted by applicable law any rights to appeal or to review such award by any court or tribunal. In the event of any conflict between the Arbitration Rules and the provisions of this clause 12, this clause 12 shall prevail.
This document was drafted by the Xriba Association to represent its project to potential buyers of its services. Xriba Association has undertaken its own analysis on the basis of the information available to management and partners at the time of writing and assumes no responsibility for the aspects of possible profitability and evaluation that derive from it, nor for any consequences that may arise from the unavailability or inaccurate communication of data and facts relating to the formulation of the evaluations expressed in this document. It should be noted that it is forbidden to use the information contained in this document for purposes other than those indicated above and the dissemination or communication of the same to subjects not involved in the indicated operation.
The recipient of this document undertakes the confidentiality of the data and information contained therein, explicitly approving this restriction of use. This document is confidential in nature and represents material for discussion and must be interpreted together with the verbal statements of the Xriba Association.
|AI||Artificial Intelligence Computer program capable of solving problems and capable of performing one or more complex human functions.|
|Atomic Bridge||Technology that allows through smartcontract the swap, the passage of a token from one blockchain to another|
|Autotrading / Bot Trading||Autotrading is a trading strategy in which buy and sell orders are made automatically based on a system or software. When the trading conditions in the underlying system or software are fulfilled, these orders are placed.|
|BSC||BSC (Binance Smart Chain) is a blockchain network created by the Binance exchange. Like Etheruem it allows the execution of applications based on smart contracts. The cost of transactions is lower due to its centralized nature.|
|Crypto-assets||Cryptocurrencies and crypto assets so called because they are to be allocated in the assets of the balance sheet as a warehouse stock (virtual asset), as an investment (financial fixed assets) and in the Income Statement as a minus / plus value.|
|DAO||Decentralized Autonomous Organization is a technology that allows you to manage and obtain executive power through rules codified in Smartcontract|
|DeFi||Decentralized finance is a method of making financial products available on a decentralized blockchain network open to the public. As a result, instead of going through intermediaries such as banks or intermediaries, anyone can use them.|
|eIDAS||The European Regulation for Electronic Identification and Trust Services for Electronic Transactions in the Internal Market, is a Regulation of the European Union, which concerns electronic identification and trust services for electronic transactions in the Common European Market.|
Grid trading is a type of autotrading that automates the buying and selling of futures contracts. Its purpose is to place market orders at predetermined intervals within a specified price range.
When orders are placed above and below a certain price, a grid of orders is created with progressively increasing and decreasing prices.
|IAM||Identity and access management (IAM) is a set of business procedures, rules, and technologies that simplify electronic or digital identity management.|
|KYB||Know Your Business is a parallel procedure to that of KYC and identified the responsible person or legal representative of a company and all the information about it.|
Know Your Customer is a procedure by which financial institutions are obliged to identify their customers to defend themselves against the risk of fraud, corruption, money laundering and terrorist financing.
KYC involves a number of stages, including:
verify the identity of the client, understand the nature of clients’ actions and ensure that the source of money is lawful and assess the money laundering risks associated with clients.
The AISP license allows, subject to the explicit consent of the customer and
in accordance with the GDPR, to access the data of the current account
such as transaction list, balance and payment data.
|MiCAR||Regulation in the Crypto Asset Market is a regulation issued by the European Union that regulates the market of cryptocurrencies and crypto assets|
|OCR||The term OCR stands for “Optical Character Recognition”. It is a technique for detecting text within a digital image. Text recognition in scanned documents and images is a popular application.|
|Smartcontract||A smart contract is a self-executing contract in which the conditions of the buyer-seller agreement are coded directly into lines of code. The code, as well as the agreements it contains, are spread through a decentralized blockchain network. Transactions are traceable and irreversible, and programming regulates their execution.|
|Token||Tokens are a form of cryptocurrency that exists on a blockchain and represents a unit of value, an asset. Tokens can be used to invest, store wealth or make purchases.|
|User Experience o UX||User Experience (UX) is about gaining an in-depth understanding of users, their needs, values, skills, and limitations. These elements are then processed to give the user an intuitive product and improve his impression on it.|
|Utility token||They are a digital cryptocurrency token that is issued to support the development of cryptocurrency and that can later be used to purchase an item or service provided by the issuer of the cryptocurrency.|