CIEX.io is currently under development. In this case, there is a probability that something of what is described in this document may undergo changes.
The tokens are proprietary cryptographic tokens developed and issued by the Company to function as the native utility token used in the CIEX Platform as the means of value exchange and to power the CIEX Platform.
The tokens are not be intended to constitute securities of any form, units in a business trust, units in a collective investment scheme or any other form of regulated investment or investment product in any jurisdiction. This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities of any form, units in a business trust, units in a collective investment scheme or any other form of regulated investment or invest product, or a solicitation for any form of regulated investment or investment product in any jurisdiction.
To the maximum extent permitted by the applicable laws, regulations and rules, the Issuer shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this White Paper or any part thereof by you.
This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in CIEX or any related or associated company. Any such offer or solicitation will be made only by means of a confidential offering memorandum and in accordance with the terms of all applicable securities and other laws.
Purchaser of CIEX Tokens are not entitled to and should not expect to receive any return from the Company in relation to (a) their purchase of CIEX Tokens; and/or (b) any trading activities arising from the CIEX Trading Platform.
CIEX does not warrant or make any representations that the purchasers will be able to generate a return on their purchase from the trading of the CIEX Tokens, and the purchasers should not expect a return on their trading activities arising from the CIEX Trading Platform.
Each participant should consult his/her own counsel, adviser and consultant for advice concerning the various legal, tax and economic considerations relating to his/her participation.
This Whitepaper is not to be construed as a recommendation or a representation about the suitability or appropriateness of the CIEX Tokens; or an offer, or solicitation of an offer, to participate in the CIEX Tokens. Any discussion of the risks contained in this Whitepaper with respect to the CIEX Tokens should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned.
This Whitepaper is executed in both the English and Chinese language. In the event of any conflict between the two languages on the meaning or interpretation of a word, phrase or clause in this, the English language version shall prevail.
No person is bound to enter into any contract or binding legal commitment in relation to the participation in the CIEX Tokens and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper.
CIEX does not make or purport to make, and hereby disclaims, any representation, warranty or undertaking (express or implied) in any form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to the truth, accuracy and completeness of any of the information set out in this Whitepaper. CIEX has not made, and expressly disclaims, any representations with respect to the projected market statistics or timing of revenues or expenses that may be related to this Whitepaper. This Whitepaper does not purport to be complete and is subject to change. No reliance may be placed for any purpose on this Whitepaper or its accuracy, fairness, correctness or completeness. Certain information contained in this Whitepaper constitutes "forward-looking statements", which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, including those described herein, actual events or results or the actual performance or activities of the CIEX Tokens, the CIEX Platform or CIEX may differ materially from those reflected or contemplated in such forward-looking statements.
Not an Offering of Investment, Securities, Commodities or Swaps
(a) The sale of CIEX Tokens and CIEX Tokens themselves are not currencies, securities, commodities, swaps or derivatives on a currency, security or commodity, or a financial asset or instrument of any kind;(b) purchases and sales of CIEX Tokens are not subject to the protections of any laws governing those types of financial instruments; and (c) this Whitepaper does not constitute a prospectus or offering document, and is not an offer to sell, nor the solicitation of an offer to buy an investment, a currency, a security, commodity, or a swap or derivative on either a security or commodity or a financial asset or instrument of any kind.
No Rights, Uses or Attributes
Unless otherwise specifically stated in this Whitepaper, CIEX Tokens do not have any rights, uses, purpose, attributes, functionalities or features. In particular CIEX Tokens would not be entitled or linked to any income stream, share of profits, dividends, debt or loans, or ownership of or rights to any underlying assets or properties. Also CIEX Tokens would not be linked or otherwise be related to any rights, options or interests in any shares, stock, debentures, loan stocks, funds, bonds or notes. CIEX Token holders are not entitled to the shares of CIEX Platform, and proceeds from the CIEX Token crowd sale would not be accounted as debt, liability or equity capital items on the balance sheet of CIEX Platform. CIEX Platform does not guarantee and is not representing in any way CIEX Tokens to have any level of value.
Inherent Value of CIEX Tokens
There may be no apparent inherent value of CIEX Tokens and CIEX Tokens are not a traditional currency issued by any jurisdiction. CIEX Tokens may have no use or recognition outside the CIEX Platform. Representatives of various central banks and regulatory authorities, as well as senior market participants and academics, have warned of serious risks in relation to (i) initial coin offerings;(ii) cryptocurrency and digital tokens trading, including the extreme volatility, the lack of underlying economic value, the lack of regulation, and (iii) the use of cryptocurrencies or digital tokens for money laundering or money transfers. There is a real possibility that some or a conjunction of these factors will lead to government or regulatory intervention or market action which could severely affect the price and liquidity of CIEX Tokens.
Risk of Project Failure
As with any project, the development of the CIEX Platform, and the execution of the project more broadly, carries with it the risk of delay and even failure. The core team has relevant track record of development and business management experience, but this is not a guarantee of success. The team will endeavor to achieve the milestones outlined in this Whitepaper; however, it is under no obligation to do so.
The CIEX Platform (and its operators) may be subject to regulatory licensing or registration requirements in certain jurisdictions. While the CIEX Platform core team will seek to obtain the relevant licenses and registrations in the relevant jurisdictions as necessary for the operations of the CIEX Platform, there is no guarantee that such licenses and registration would be approved by the relevant regulatory authorities or the licenses and registrations can be maintained. Where applicable regulatory licenses or registrations are not, or cannot be, obtained or maintained, this will significantly affect the operations of the CIEX Platform and CIEX.
While CIEX will make every reasonable effort to complete the CIEX Platform, due to the technically complex nature of the CIEX Platform, CIEX could face difficulties from time to time that may be unforeseeable and/or unresolvable. Accordingly, it is possible that the development of the CIEX Platform could fail, terminate or be delayed at any time for any reason, and an official completed version of the CIEX Platform may not be released and there may never be an operational CIEX Platform. Development failure or termination may render CIEX Tokens un-transferable, of reduced or no utility, and/or obsolete.
Furthermore, because the CIEX Tokens are based on the Ethereum blockchain, featuring an open sourced, blockchain-based distributed computing platform using a smart contract, there is the risk that Ethereum smart contracts may contain intentional or unintentional bugs or weaknesses which may negatively affect the CIEX Tokens or result in the loss of CIEX Tokens, as well as the loss of ability to access or control CIEX Tokens.In such events, there may be no remedy and holders of CIEX Tokens are not guaranteed any remedy, refund or compensation.
CIEX Platform is a new product, and the factors affecting the further development of CIEX Platform may include general economic and market conditions. Challenging economic and market conditions worldwide from time to time have contributed, and may continue to contribute, to slowdowns in the information technology industry, and weaknesses in the economy could have a negative impact on CIEX’s business, operations and financial condition. Also, in a down-cycle economic environment, CIEX may experience the negative effects of a slowdown in trading and usage of the CIEX Platform and may delay or suspend the structuring, licensing, and launch of the anticipated CIEX future business lines. There can be no assurance, therefore, that current economic conditions or worsening economic conditions or a prolonged or recurring recession will not have a significant, adverse impact on CIEX's business, financial condition and results of operations.
Risk of Uninsured Losses
Unlike currency in bank accounts or accounts at other financial institutions, which may be subject to deposit protection schemes, CIEX Tokens are uninsured unless someone specifically obtains private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer or private insurance arranged by CIEX Platform, to offer recourse to a CIEX Token holder.
In addition, even if the CIEX Platform is launched, the ongoing success of the CIEX Platform relies on the interest and participation of third parties like institutional investors. There can be no assurance or guarantee that there will be sufficient interest or participation in the CIEX Platform.
Risk of Shift in Scope, Specifications or Objectives of the Project
The project is still at an early development phase. Its governance structure, fees, purpose, consensus mechanism, algorithm, code, infrastructure design and other technical specifications and parameters may be updated and changed frequently without notice. While this Whitepaper contains the key information currently available in relation to the project, it is subject to adjustments and updates from time to time. The CIEX Platform may also be subject to regulatory supervision in a relevant jurisdiction and distribution of information relating to the CIEX Platform may be restricted to qualified persons pursuant to applicable laws and regulations. CIEX Token holders will not have full or timely access to all the information relevant to the project (including CIEX Platform or CIEX Tokens).
Intellectual Property and Information Access
CIEX shall retain all right, title and interest in all of CIEX’s intellectual property, including, without limitation, inventions, ideas, concepts, code, discoveries, processes, marks, methods, software, compositions, formulae, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyright or patents based thereon ("Intellectual Property Rights"). CIEX shall exclusively own all Intellectual Property Rights in any change or improvement to any part of the project or CIEX’s technology made or created in the course of the performance of the project. CIEX Token holders shall not be entitled to any right, claim or warranty in respect of any content generated or hosted by or on behalf of CIEX, or access to any information held by CIEX, as part of the project.
CIEX Tokens are intended to be used solely on the CIEX Platform and are not expected to be liquid. CIEX will not support or otherwise facilitate any secondary trading or external valuation of CIEX Tokens. This restricts the contemplated avenues for using CIEX Tokens, and could therefore involve liquidity risk with respect to CIEX Tokens. Even if secondary trading of CIEX Tokens is facilitated by third party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to market-related risks and market abuse activities. Furthermore, to the extent that third-parties do ascribe an external exchange value to CIEX Tokens (denominated in a digital or fiat currency), such value may be extremely volatile and diminish to zero. Unlike fiat currency, CIEX Tokens may have no use or recognition outside the CIEX Platform.
Transaction Interval Risk
There is a time interval between the receipts of payment from the participant by CIEX and the release of CIEX Tokens to the relevant participant’s digital wallet. During this time, CIEX may have possession of participants’ digital currency –and it may itself be susceptible to various risks (including but not limited to credit risk and cybersecurity risk). CIEX may lose participants’ digital currency entirely due to unforeseen circumstances. In any such scenario, CIEX will not be obliged to compensate participants.
Participants in CIEX Tokens are required to complete know-your-customer and anti-money laundering and counter-terrorist financing checks. The delivery of CIEX Tokens to an entity or individual is contingent upon the completion of such checks. If the entity or individual is unable to complete all required verifications, they may not receive CIEX Tokens or participate on the CIEX Platform. CIEX will be under no obligation to compensate them or refund any purchase proceeds.
A number of individuals may directly or indirectly hold significant portions of the total available CIEX Tokens. These CIEX Token holders may have significant influence through the use of their CIEX Tokens. These significant CIEX Token holders may, acting alone or in concert, not necessarily make decisions that are in the best interests of the other CIEX Token holders or of the CIEX Platform as a whole.
Value of Tokens
There are no guarantees as to the value of CIEX Tokens and no guarantees that the value per CIEX Token determined by the market (if any) will be equal to or higher to the value paid for the purchase of CIEX Tokens. There is the possibility that the value per CIEX Token may fall below the value paid for the purchase of the CIEX Tokens at any relevant time. CIEX reserves the right to change the duration of any timeframe for the distribution of CIEX Tokens, including, without limitation, the unavailability or non-functionality of CIEX's website or other unforeseen procedural or security issues.
It is possible that alternative platforms could be established that utilize the same open source code and protocol underlying the CIEX Platform and CIEX Tokens. These may attempt to facilitate services that are materially similar to those provided by CIEX through the CIEX Platform. The CIEX Platform may compete with these alternative platforms, which could negatively impact the usage of the CIEX Platform.
Cryptographic tokens such as CIEX Tokens are a new and untested technology. In addition to the risks included herein, there are other risks associated with the purchase, holding and use of CIEX Tokens, including those that CIEX cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the risks discussed herein or as completely new forms of risks.
Lack of Public Interest
CIEX Tokens may not end up being popular, prevalent or widely distributed. CIEX Tokens may remain marginalized in the long run, appealing to only a minimal fraction of holders. An absence of active holders or low level of utilization may negatively affect the long-term development and future of the CIEX Tokens, and reduce or adversely affect the utility of CIEX Tokens.
By nature, cryptocurrencies and digital tokens are highly volatile, with highly fluctuating prices, when compared to other assets such as stocks, bonds, and other alternative investment instruments. No one should participate in CIEX Tokens more than they are willing to lose.
The tax characterization of CIEX Tokens is uncertain. Participants must seek their own tax advice in connection with purchasing CIEX Tokens or otherwise engaging in transactions in connection with CIEX Tokens, which may result in adverse tax consequences to participants, including withholding taxes, income taxes, and tax reporting requirements.
CIEX may be required to expend significant financial resources to alleviate problems caused by any breaches or losses, settle fines and resolve inquiries from regulatory or government authorities. Any information breaches or losses will also damage CIEX's reputation and thereby may harm its long-term prospects as well as that of the CIEX Platform.
CIEX Tokens confer no governance or voting rights of any kind with respect to the CIEX Platform or CIEX. All decisions involving the CIEX Platform or CIEX will be made by executives, directors and/or members of CIEX, including, but not limited to, decisions to discontinue the CIEX Platform, to sell more CIEX Tokens for use on the CIEX Platform, or to sell or liquidate CIEX. Conflicts of interest with CIEX Token holders may arise. These decisions could adversely affect the CIEX Platform and the utility of CIEX Tokens in circulation.
Risks Associated with Ethereum
Since Tokens are based on the Ethereum blockchain, any malfunction, breakdown or abandonment of the Ethereum blockchain may have a material adverse effect on CIEX Tokens and/or the CIEX Platform. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to CIEX Tokens by rendering ineffective any applicable cryptographic consensus mechanism that underpins the Ethereum blockchain.
Unauthorized Claim of Tokens or Proceeds from Crowd Sale
CIEX Tokens may be subject to expropriation and or/theft. Hackers or other groups or organizations may attempt to interfere with the CIEX Tokens, or steal the BTC / ETH and cryptocurrency proceeds from the crowd sale, which may potentially impact the ability of CIEX to develop and promote the CIEX Platform. To account for this risk, CIEX has and will continue to implement comprehensive security precautions to safeguard the BTC / ETH and cryptocurrency obtained from the CIEX Token crowd sale, including regular security audits of hot and cold wallets to be conducted by the internal team and external technical advisors. However such risk may not be eliminated.
Risks of Hacking and Security Weaknesses
Hackers or other malicious groups or organizations may attempt to interfere with the CIEX Platform and/or CIEX Tokens in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, coordinated attacks, Sybil attacks, smurfing and spoofing. Furthermore, the CIEX Platform may be based on open-source software, there is a risk that a third party or a member of the CIEX team may intentionally or unintentionally introduce weaknesses into the core infrastructure of the CIEX Platform, which could negatively affect the CIEX Platform and the utility of CIEX Tokens.
Risks Associated with the Development and Maintenance of CIEX Platform
The CIEX Platform is still under development and may undergo significant changes over time. Although we intend for CIEX Tokens and the CIEX Platform to follow the specifications set forth in this Whitepaper, and will take commercially reasonable steps toward those ends, we may have to make changes to the specifications of CIEX Tokens or the CIEX Platform for any number of legitimate reasons. This could create the risk that CIEX Tokens or the CIEX Platform, as further developed and maintained, may not meet participants' expectations. Furthermore, despite CIEX's good faith efforts to develop and maintain the CIEX Platform, it is still possible that the CIEX Platform will experience malfunctions or otherwise fail to be adequately developed or maintained, which may negatively impact the CIEX Platform and CIEX Tokens.
Abandonment or Development Failure
Due to the technically complex nature of the CIEX Platform, CIEX could face difficulties from time to time that may be unforeseeable and/or unresolvable. Accordingly, the development of the CIEX Platform could fail, terminate or be delayed at any time for any reason (including but not limited to lack of funds).Development failure or termination may render CIEX Tokens un-transferable, of reduced or no utility, and/or obsolete.
Flaw in Source Codes
While CIEX adopts quality assurance procedures to help ensure the source codes as accurately as possible reflect their intended operation, the flawlessness of the source codes cannot be guaranteed. They may contain bugs, defects, inconsistencies, flaws or errors, which may disable some functionality, create vulnerabilities or cause instability. Such flaws may compromise the predictability, usability, stability, and/or security of CIEX Tokens and the CIEX Platform.
Inadequacy of Processing Power
The ramp up of the CIEX Platform may be accompanied by sharp increases in transaction numbers and demand for processing power. If the demand for processing power outgrows that forecasted, the network of the CIEX Platform could be destabilized and/or stagnated. This may create opportunities for fraudulent activities including but not limited to false or unauthorized transactions to arise. All these may adversely impact the usability, stability and security of the CIEX Platform and affects the utility of CIEX Tokens.
The regulatory environment concerning blockchain and cryptocurrencies is still in its nascent stages of development. Cryptocurrencies have been the subject of regulatory scrutiny by various regulatory bodies around the globe. The CIEX Platform could be impacted by one or more regulatory actions that could impede or limit the ability of CIEX to continue with the development of the CIEX Platform. CIEX cannot foresee how regulations may impact the project and the CIEX Platform development. Furthermore, many aspects of the CIEX Tokens and CIEX also involve untested areas of law and regulation, and could be subject to new laws or regulation. Such laws and regulations may be varied in the future and no assurance can be given that any such changes will not adversely affect the CIEX Tokens, the CIEX Platform or CIEX. Accordingly, their legal and regulatory outcome in all relevant jurisdictions is not possible to predict.
Since regulatory policies can change with or without prior notice, any existing regulatory permissions for or tolerance of CIEX Tokens or CIEX in any jurisdiction may be withdrawn without warning. In particular, the regulatory status of CIEX Tokens is unclear or unsettled in many jurisdictions. CIEX Tokens could be deemed from time to time as a virtual commodity, a digital asset or even as money, securities or currency in various jurisdictions and therefore could be prohibited from being sold, purchased, traded, distributed or held in certain jurisdictions pursuant to local regulations. There is no guarantee that CIEX Tokens and CIEX can maintain any particular legal or regulatory status in any particular jurisdiction at any time. CIEX may have to disallow people based on their citizenship or location from accessing the CIEX Platform or engaging in any transactions that involve CIEX Tokens if doing so becomes commercially or legally unsustainable.
Certain characteristics of cryptocurrencies and digital tokens may present higher anti-money laundering / counter terrorist financing (“AML/CTF”) risks, such as (without limitation):the anonymity provided by the trade in virtual currencies on the internet; the limited identification and verification of participants; the lack of clarity regarding the responsibility for anti-money laundering / counter terrorist financing compliance, supervision and enforcement for these transactions that are segmented across several countries; and the lack of a central oversight body, and more stringent AML/CTF requirements may be applicable to the operations relating to CIEX Tokens going forward. There can be no guarantee that new laws, regulations and practices specifically relating to blockchain and cryptocurrencies, digital tokens and transactions in relation to initial coin offerings will not be promulgated in the future. The promulgation of such new laws, regulations and practices may operate to the advantage or disadvantage of the CIEX Tokens, the CIEX Platform or CIEX. There is little precedent on how existing law and regulation might treat the issue, fungibility, settlement finality, transfer, or other disposition of the CIEX Tokens. There is also little precedent on how existing law and regulation might treat the rights and obligations between and among CIEX Token holders, the CIEX Platform and CIEX. The occurrence of any related issue or dispute could have a material adverse effect on the CIEX Tokens, the CIEX Platform or CIEX.
Loss of Private Key
In general, blockchain assets are controllable only by those who know the unique private cryptographic key relating to the network address at which the blockchain assets are held. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, you may not be able to access the blockchain asset associated with the corresponding address and the private key will not be capable of being restored by the network. Any loss of private keys relating to digital wallets used to store blockchain assets could have a material adverse effect on our business or you. The loss or destruction of a private key will also permanently and irreversibly deny the holder access to their CIEX Tokens. CIEX Tokens are controlled only by the validation of both the relevant unique public and private keys through the local or online wallet. While it is recommended that all CIEX Token holders protect and securely store their private keys, each holder is responsible for safeguarding the private keys applicable to their own wallets.