Forest1 Coin Whitepaper - July 2019 Whitepaper (Updated on 31st July 2019)
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Forest1 Coin Whitepaper
Blockchain Powered by:
Forest1 Coin Whitepaper
July 2019
Whitepaper
(Updated on 31st July 2019)
1
Forest1 Coin Whitepaper
TABLE OF CONTENTS
A. VISION AND MISSION 3
B. EXECUTIVE SUMMARY 4
C. INTRODUCTION 5
D. FORESTONE DIGITAL TRANSACTION PLATFORM 27
E. MARKET AND COMPETITOR ANALYSIS 41
F. INTRODUCTION TO BLOCKCHAIN 52
G. TYPE OF BLOCKCHAIN USED 55
H. INTEGRATION OF BLOCKCHAIN TECHNOLOGY ONTO THE FORESTONE PLATFORM 63
I. TOKENOMICS 70
J. PROJECT ADVISORS 94
K. DISCLAIMER 98
L. FOLLOW US 99
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Forest1 Coin Whitepaper
A. VISION AND MISSION
Our Vision
ForestONE aims to be the next generation cashless Digital Transaction Platform (DTP),
empowered through a community natural spending recycling loyalty reward program, where
natural spending is mainly around essential items that are consumed daily or every other day
to keep life going (e.g. F&B, groceries, petrol, utilities bills, etc.).
Our Mission
Our mission is to:
● Promote the adoption of cashless natural spending on the ForestONE platform through
convenience and lucrative financial incentives
● Further build ‘Trust’ through natural spending on the ForestONE platform with the
adoption of Blockchain Technology
● Expand the ForestONE platform to accept various types of digital currencies
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Forest1 Coin Whitepaper
B. EXECUTIVE SUMMARY
ForestONE is a next generation cashless Digital Transaction Platform (DTP) that enables both
merchants and consumers to complete transactions swiftly and securely while earning
rewards via the natural spending of their communities. This whitepaper elucidates the current
business model and application of the ForestONE DTP in terms of the potential and future
expansion plans. ForestONE has already partnered with a myriad of reputable merchants
which will be shown further in the whitepaper. Having already been in many successful
businesses and public listed companies, the founding team of ForestONE has stellar track
records of being exceptionally innovative in FinTech applications. This Whitepaper will include
information on how ForestONE was founded, the management team of ForestONE and the
Tokenomics of this ICO project. Case studies and statistical data from South East Asia have
been used to strengthen the ForestONE stance on this ICO project.
Moreover, this whitepaper will further elaborate on how and why blockchain will be
implemented on the ForestONE DTP and how it complements the current ForestONE business
structure. This includes how merchants and users of Forest1 Coin (FOC) can reap the benefits
of this amazing and lucrative ForestONE business structure. By implementing Stellar
Blockchain Technology and integrating it with the current ForestONE business, there are
numerous strengths and benefits of this blockchain structure and how it will aid in further user
and merchant acquisition within the region. Milestones have been set in place along with the
projected future growth for the ForestONE business as it aims to expand its already growing
eco-system. Other key elements listed in this Whitepaper includes a demonstration of the
acquired merchants in the current ecosystem and planned future potential collaborations.
Token Details:
• Token Name: Forest1 Coin (FOC)
• Token Price: USD 0.25
• Token Sale Period: 6 to 8 months
• Token Sale Countries: Singapore, Vietnam, Thailand, Philippines and Indonesia
• Blockchain Solution Chosen: Stellar
• Project Gist: Digital Loyalty Rewards Program
• Soft Cap: USD 5 Million
• Mid Cap: USD 63 Million
• Hard Cap: USD 175 Million
• Existing Business: Yes
• Existing Customer Application: Yes
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Forest1 Coin Whitepaper
C. INTRODUCTION
What is ForestONE?
ForestONE is a cashless Digital Transaction Platform (DTP) empowered by a community
natural spending recycling loyalty program that utilizes a mobile phone application to allow
both merchants and consumers to transact in a fast, efficient and secure manner. It is also a
Virtual Entrepreneurship Franchise Business Model to all participating members allowing
them to “fuel” their business revenue income via the recycling of their ForestONE
Community’s monthly natural spending. In short, everyone can be an “entrepreneur” by
joining ForestONE.
After years of research and development in the appropriate field of virtual technology and
digital transactions, along with adapting towards the demanding consumer climate,
ForestONE was launched in September 2018. With MasterCard and Visa dominating majority
share of the world’s digital payment platform service and charging merchants between 2 to
3% transaction fee, the founders of ForestONE now see an opportunity to seize a portion of
the global market share. By offering more attractive transaction fees to merchants and
rewarding consumers through their community’s natural spending, this provides ForestONE
with a competitive advantage. ForestONE already has a myriad of reputable merchants and
some of them include KFC, PETRONAS (over 1400 petrol kiosks), PETRON (over 600 petrol
kiosks), Starbucks, Giant, llaollao, Watsons, Cold Storage, Marks & Spencer’s, Parkson,
Uniqlo, KK Mart (a local 7-Eleven like convenient store with over 350 outlets), and 99
Speedmart (popular neighbourhood grocery store with over 1,500 outlets). This list has
grown and will continue to grow on a daily basis. With merchants of this calibre pouring in, it
is inevitable that ForestONE will start to gain both regional and global credibility and be a head
turner in the near future.
With over 70,000 users to date, merchants on the ForestONE DTP will be able to capture the
increasing monthly natural spending of ForestONE members. ForestONE has a systematic
Community Growth Program (CGP) and a Many-To-One (M2O) rewards program that
encourages consumers to refer more members to join their communities as well as consuming
their natural spending with the ForestONE Merchants so that every member can reap the
benefits of their own community’s monthly total natural spending.
ForestONE DTP also provides the necessary business tools to all their merchants, be it online
or physical, that do not have sophisticated POS or IT systems. Some of the benefits include:
1. Digital Transformation – The ForestONE Merchant Apps allows merchants to capture all
sales transactions and also reflects real-time sales reports and settlements.
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Forest1 Coin Whitepaper
2. Marketing Channel – Free advertisement and sales promotion programmes via the
ForestONE App and ForestONE Social Media channels to the growing users of ForestONE.
3. Data Planning – Sharing of big data information to merchants by predicting future
forecasts on member’s spending behaviour, thus being able to strategically maximize
business opportunities.
4. Customer Base Growth - With the CGP and M2O programs of ForestONE, members will
be conditioned to patronize and switch their loyalty only to the ForestONE merchants.
History of ForestONE
Coming from a humble background, the Chairman of ForestONE, Mr JP Chin, has 36 years of
experience in the IT industry, particularly in the Banking & Finance and Telecommunications
Industry. He founded Silverlake Innovation Partners (SIP) Sdn Bhd together with Mr. Goh Peng
Ooi, who is currently also the Chairman of Silverlake-Axis Ltd (a Public Listed Company on the
Singapore Exchange Limited (SGX)).
• In 2007, even before the first iPhone was launched, ForestONE was already being
conceptualized as the future platform of virtual digital transactions. This was done by
implementing a loyalty rewards program through the recycling of natural spending by the
ForestONE community on a monthly basis.
• From 2008 to 2010, in-depth market readiness assessment and SWOT analysis were done
to identify the needs and ever-changing demands of both merchants and consumers in
this growing space, fuelled mainly by the rise in Internet and smart phones. Cashless
spending and customer loyalty were identified to be the next “big” thing in the ever
challenging and demanding consumer environment. From here, appropriate branding and
strategic marketing strategies were planned for the execution of ForestONE.
• From 2011 to 2013, the Pilot Program agenda of “going cashless” was executed at an
International Motorsports Event (Super GT) which was held at the Sepang International
Circuit (SIC) in Malaysia. The event turned out to be a huge success with over 100,000
attendees and they were provided with a ForestONE/Touch & Go payment card which
had a viable option of a ticket and all purchase payments during the event. It was the first
ever Motorsport Event in Malaysia that went cashless.
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Forest1 Coin Whitepaper
Figure: JPM Berjaya Hills Time Challenge 2009 to 2010, going cashless with ForestONE.
Figure: SuperGT Malaysia 2012 (https://www.youtube.com/watch?v=wpngfJRg6eM)
Figure: SuperGT Malaysia 2013 (https://www.youtube.com/watch?v=oKYl8sn-SBs)
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Figure: SuperGT Malaysia 2011 to 2013, going cashless with ForestONE
(https://www.facebook.com/pg/SuperGT.my/photos/?tab=albums&ref=page_internal)
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Figure: Summernats Malaysia 2016, going cashless with ForestONE
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• From 2014, with the success and popularity of Ali Pay, WeChat Pay in China and other e-
Wallet applications, the public acceptance towards a cashless society grew exponentially
and the e-Commerce space started to explode with mass adoption. ForestONE used this
to their advantage to tweak their marketing strategy to better cater towards their
customers and have a refined service with a designated angle to achieve mass adoption.
• From 2015-2016, ForestONE partnered with SEND (which is an ultimate last mile and on-
demand delivery service platform) which sponsored a JPM Malaysia Moto2 Racing Team
for 2 seasons in the MotoGP Motorcycle World Championship Series. The JPM Moto2
team did well by scoring some key championship points in the 1st year and gained
worldwide recognition through TV and Public Media. This helped to introduce the
ForestONE brand to neighbouring nations which are passionate about MotoGP, namely
Thailand and Indonesia. Moreover, another branding promotion of SEND was executed
with the signing of Jorge Lorenzo, a 5-time World Champion, to be a SEND Global Brand
Ambassador. Upon the successful sponsorship of Moto2 Racing Team, SEND, the
revolutionary last mile and on demand delivery platform was launched. SEND gained
instant stardom and became a hit in Malaysia with more than 10,000 thousand vehicle
owners singing up as SENDers. SEND has been the centre for thousands of last mile
deliveries within Malaysia since then.
Figure: SEND has officially launched the on-demand delivery platform together with their Global Ambassador, Jorge
Lorenzo
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Figure: SEND Delivery Official Launch with 5- time MotoGP World Champion, Jorge Lorenzo
https://www.facebook.com/SENDMalaysia/photos/a.533135170214792/533135506881425/?type=3&theater
Figure: SEND Delivery, a platform that provides last mile deliveries
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Figure: SEND, your online on-demand delivery platform. https://www.facebook.com/SENDMalaysia/
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Figure: JP Moto Racing Team in Moto2 Motorcycle World Championship Series, from 2015-2016. Sponsored by
ForestONE (https://www.facebook.com/JPMoto-Malaysia-Racing-Team-1533944616887855/)
• Since the successful launch of SEND, ForestONE intended to innovate and implement the
complete service for all types of consumers in their entire ecosystem. This resulted in the
launch of SENDingDong, an on-demand high value and/or time sensitive e-Commerce
market. SENDingDong was also designed to further compliment SEND, providing a wider
range and needs for on-demand and last mile delivery. Examples of these products are
valentine gifts and hampers.
Figure: SENDingDong, 1-4 Hours Delivery e-Commerce (https://www.sendingdong.com/)
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• In Q1 to Q2 2018, ForestONE has finalized the entire business structure and integration
for its entire ecosystem with enhanced technological development. The ForestONE
ecosystem now covers logistics (SEND), online marketplace (SENDingDong) as well as a
digital transaction platform (ForestONE). The aim is to create a unique lifestyle and
rewards application that would in turn help create a holistic and simplistic Fintech
ecosystem for both merchants and consumers. Pre-operational planning included
appropriate merchant sourcing and onboarding.
Figure: Introduction to ForestONE (https://www.youtube.com/watch?v=AYeGvMvdNfc)
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• In Q3 2018, the merchant onboarding process was a massive success with many well-
known and nationwide brands like Petronas, Giant, Starbucks, Lazada and Zalora joining
ForestONE. To date, the list of merchants coming on board has grown on a daily basis.
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• In Q4 2018, ForestONE initiated its first Pilot Program with the launch of the ForestONE
Application. The aim was to understand and research on the acceptance rate and total
feedback collated from the users. With this, it made it easier for ForestONE to start
community building and to handle the transactions with merchants. ForestONE has an
80% conversion rate for new members joining the ecosystem after introduction and
appropriate elaboration of the program.
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Figure: ForestONE members who believed and became our pioneer users, now enjoy the rewards of the ForestONE
program
• In Q1-Q2 2019, ForestONE was focusing on the acquisition of more merchants and
membership drive to grow the ForestONE community and increase natural spending.
Roadshows were carried out for the promotion of products and services which gained
positive feedback for the ForestONE Application.
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Figure: ForestONE marketing roadshows with ForestONE merchants, focus on growing communities and bringing
customers to merchants
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Figure: A presentation with Seri Stamford College, empowering students to earn by growing their community.
Figure: ForestONE mobile app sales promotion, encouraging members to spend via ForestONE
• In Q4 2019, ForestONE aims to achieve 500,000 users and merchants. Whilst growing
the total amount of users, ForestONE is also planning to execute their expansion roll-
out plans in various markets within South East Asia.
• In Q1 2020 ForestONE aims to have strategic partners within the ASEAN region. To help
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expand the ForestONE Application domestically in every country in ASEAN, ForestONE
aims to acquire more merchants and focus on increased user awareness to gain mass
adoption.
• In Q3-Q4 2020, ForestONE platform and app aims to be the leading cashless ecosystem
within ASIA, while looking to expanding towards other parts globally.
Aim of ForestONE
One of ForestONE’s aim is to promote and encourage both merchants and consumers to go
digital and cashless. By adopting the ForestONE Application, consumers will also be
incentivized financially through the recycling of their community’s monthly total natural
spending while merchants get the benefits of a bigger ForestONE members’ wallet share and
loyalty. By changing consumers’ natural spending habits from physical cash to cashless
transactions via the ForestONE app, consumers can reap the benefits provided by ForestONE
both in convenience, discounts and rewards.
By implementing blockchain with ForestONE in the near future, it instils trusts to the entire
ecosystem and potential users because data collected on the blockchain is immutable. With
this, consumers and merchants do not have to worry about potential hacks or leaks which
might jeopardize their business. As ForestONE grows, it plans to accept various kinds of
cryptocurrencies which will be beneficial to the entire ecosystem as a whole in the long run.
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Management Team of ForestONE
MR. JP CHIN - Chairman of ForestONE
• 36 Years of IT experience in Banking & Finance, Insurance and Telecommunication
Industry
• Founded Silverlake Innovation Partners (SIP) Sdn Bhd in 1996 with Mr. Goh Peng Ooi,
currently Chairman of Silverlake-Axis Ltd (listed on Singapore SGX in 2003)
• SIP is the main distributor/system Integrator for Silverlake Integrated Banking system
(SIBS) and business partner to IBM for the past 22 years, dominating more than 50%
of the finance services industry in Malaysia
• Currently a Director in Symphony Life Berhad (listed on KLSE), with principal business
in Property Development and Management
• Vice Chairman of PanGlobal Berhad, a company previously listed on KLSE, involved in
the business of General Insurance, Hotel and Coal Mining
• Mr Chin was with IBM from 1983-1996. During his thirteen years career, he headed in
both the Banking & Finance and Telecommunication Industry where he was
responsible for a number of strategic IT implementations, including projects for the
national telecommunication company (Telekom Malaysia) as well as the biggest
commercial bank in Malaysia (Maybank Berhad & Bank Bumiputra-now known as
CIMB)
• Graduated with Honours Degree in Computer Studies from Brighton University, United
Kingdom
• A renowned car/bike collector in the region with collection in excess of 100 cars (classic
sports, American Muscle cars, Supercars and Hypercars), motorcycles and bicycles
• An amateur racing enthusiast from 1990-2010, both in JetSki and Saloon car races.
Achieved many podiums in his 20 years of racing career. Now advisor to several car
and motorcycle clubs in Malaysia. Brand Ambassador for Bugatti in Malaysia
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DATO TJ CHIN - Technology Director of ForestONE
• CEO of Silverlake Innovation Partner Sdn Bhd
• Managing Director for JPM Group since 2007, in charge of all Motorsport events locally
and international including JPM Integra Cup Malaysia (2006 – 2008), JPM Time
Challenge Hill Climb (2009 – 2010), JPM Kota Bharu Supercar Drive (2010), SUPER GT
Malaysia Round (2011 – 2013)
• Acquiring knowledge, skill and experience of event management, sponsorship
acquisition and mass communication over the years in JPM Group
• Went to University of Manchester with a degree in Accounting and Finance (2006)
• Adopted the required knowledge and skills required for banking and banking
technologies through role of key account manager, strategic business development
and solution architect
• Has been spearheading the implementation team for Silverlake core banking system
implementations for organizations including KWSP, AffinBank, Alliance Bank, Hong
Leong Bank, Bank Islam, MBSB Bank and Bank Rakyat Kerjasama Malaysia
• Currently exploring Fintech alternatives for banking and Digital Initiative drive for SMEs
in SIP
• Avid racing drivers, with racing experience in Formula BMW Asia, Merdeka Millennium
Endurance Race (2002 to 2010, Youngest overall class winner in 2003 and multiple
podium finish since), Asia Touring Car Championship (2009 with 3 wins and multiple
podium finish)
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DATO TP CHIN - Chief Executive Officer of ForestONE
• Founder & CEO of ForestONE and SEND. SEND is an on-demand, last-mile logistics
solution platform (www.send.com.my) established since 2016. With sheer
determination to take the business to the next level, he then spearheaded SEND into
the e-Commerce space through the creation of the SENDingDong brand
(www.sendingdong.com) which then became the first and only e-Commerce platform
in Malaysia which could fulfil the delivery requirement of products sold via the
platform to reach consumers within 1-4 hours
• To complement the logistics and e-Commerce ecosystem, he engineered the launch of
ForestONE to tap on the growing need for a comprehensive Customer Loyalty Reward
Program platform
• He is also an Advisor to a Singapore-based paper manufacturer which exports to
regional countries within ASEAN, advising them in areas of business strategy and
logistics
• Previously while attached with a Malaysian investment bank, he took part in advising
public listed companies in Malaysia on various corporate exercises, which ranges from
IPO to Private Placement, including Mergers & Acquisitions
• He holds a Bachelor of Commerce (Business Law & Economics) from Monash University
(Clayton) in Melbourne, Australia
• He is an avid racing driver, having driven in the Merdeka Millennium Endurance Race
Series from year 2004 to 2010 in a Porsche
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RICHARD KHOO - Chief Strategy Officer of ForestONE
• Has been in the Financial Services industry for over 25 years covering Insurance,
Mutual Funds, Stockbroking, Investment Banking, Fund Management and Precious
Metals.
• Through his career in Investment Banking, he assisted taking companies for IPO
listings, M&A and fundraising activities, through his network of corporate and private
clients in Malaysia and Singapore
• Served as the Managing Director of a Fund Management company in the Singapore
office of a Swiss Banking Group
• Executive Vice President of Singapore Precious Metals Exchange Pte. Ltd.
• Served as CEO of a Public Listed stockbroking group with 8 branches throughout
Malaysia, where he spearheaded the non-rated firm to be eventually voted #9 of the
Top 10 Stockbroking firm in Malaysia within 18 months of taking office
• Prior to that he was with three other Malaysian investment banks, with responsibilities
such as Head of Institutional Dealing, Head of Premium Broking and Head of Group
Corporate Affairs respectively
• He started his career in the capital markets when he was first attached to the
International Private Client Group of Merrill Lynch Malaysia for five years
• He holds a Bachelor of Business in Business Administration majoring in Management
from RMIT University, Melbourne, Australia
• A petrol head with unwavering passion for Classic Mini Coopers for over 30 years.
Currently an active member of the Mini Enthusiasts Club of Singapore.
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ALICIA LO - Chief Operation Officer of ForestONE
• She began her career as an Accounts Analyst in IBM Malaysia, thereafter as a
Marketing Manager at Silverlake Innovation Partners Sdn Bhd, managing key banking
customers such as MBSB and Bank Islam, deploying key projects such as the GST
system for banks, core banking system and internet banking
• In the year 2011 to 2013, as Head of Operations for JPM motorsports, she was
responsible for hosting the Super GT event, which saw more than 100,000 attendance
(yearly), signing on more than 50 automotive and lifestyle brands to be exhibitors and
sponsors (such as Honda Malaysia, Nissan, Toyota, Denso, Mercedes Benz, Redbull
Malaysia, Porsche, Petronas, Subaru, Motul etc.), including securing the sponsorship
from Malaysia Major event (Tourism Malaysia), and Touch n Go as the official cashless
partner
• Spearheaded the implementation of a Pilot Program of Going Cashless during the
Super GT event held at the Sepang ForestONE Circuit in Malaysia for two years running
in 2011 and 2012. Over 100,000 of the spectators who attended were given a Touch n
Go payment card which doubles up as a ticket and the mode of payment for all
purchase during event (F&B and merchandise)
• Organized biggest supercar and performance car gathering in 2011 and 2012, managed
to break the Malaysia Book of Records with more than 650 Super Cars gathered at the
Sepang International Circuit
• Organised the first Summernats event in Malaysia in 2014 and 2015, which attracted
a crowd of more than 50,000 and participation of 100 brands. The event generated
more than USD 5 million in media and PR value Involved in JP Moto Malaysia Racing
Team - participation in Moto2 Motorcycle World Championship Series. With the over-
achievement of points scoring season, it garnered worldwide TV exposure to the
sponsors livery on motorcycles which also introduced ForestONE to its home audience
in Malaysia and other neighbouring countries such as Indonesia and Thailand
• With the role as COO of SEND Network (for both SENDelivery and SENDingDong), she
meticulously provides guidance to both the Operations and Merchant Acquisition
teams, which saw the successful delivery of more than 3,000 items on a single day
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• She holds a Bachelor’s Degree in Accounting
MOHD KAMIL HADSRIM BIN IBRAHIM - Chief Financial Officer of ForestONE
• A knowledgeable, skilful and competent finance professional with extensive
experience in banking, business development, audit and administration
• Excels at interfacing with others at all levels to ensure organizational goals are attained
• Excellent interpersonal, analytical and organizational skills
• Excels within highly competitive environments where leadership skills are the keys to
success
• An effective motivational person with the skills necessary to direct, train, and motivate
staff to its fullest potential
• Former Financial Associate at Royal Bank of Scotland Regional CFO Office in Singapore
• Former Internal Auditor Manager at Am Investment Berhad in Malaysia
• Former Financial Manager at OCBC Bank (M) Berhad in Malaysia
• Former Business Development Head at BSNC Corporation Berhad in Malaysia
• Former Auditor at BDO Simpson Xavier in Ireland Qualification
• Chartered Accountant of Ireland – Dublin, Ireland
• Bachelor of Arts in Accounting & Finance – Manchester Metropolitan University,
United Kingdom
• Diploma in Accounting – London Chamber of Commerce, United Kingdom
• Islamic Law Certificate – International Islamic University Malaysia, Malaysia
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TM CHIN - Chief Marketing Officer of ForestONE and CEO of MV Asia Sdn Bhd
• As Director of Business Engagement of SEND Network Sdn Bhd, he successfully grew
the customer base to hit 40,000 and the SENDer pool of delivery partners to reach
12,000 within 18 short months
• He comes with a wealth of experience, having taken on the role as Head of Marketing
for JPM Motorsports, which successfully hosted the Super GT event attended by over
100,000 spectators
• Subsequently as Operations Director of JP Motorsports Sdn Bhd (JPM) and JP Moto
Malaysia Sdn Bhd (JP Moto), and having an eye for detail and ensuring operational
clockwork, it resulted in the team’s successful participation in the Moto2 Motorcycle
World Championship Series
• Holds a Bachelor of Commerce Major in Marketing from Monash University (Clayton),
Australia
• Began his career in Project Management at Silverlake Innovation Partner Sdn Bhd
• He is an avid racing driver, having driven in the Renault Megane Race Series
• A Muay Thai Kickboxing enthusiast and participated in local boxing bouts
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D. FORESTONE DIGITAL TRANSACTION PLATFORM (DTP)
ForestONE Sales Reward and Discounts Program
Like most traditional Discount Cards and Payment Apps etc, the first key element to the
ForestONE Digital Transaction Platform (DTP) lies in the Sales Rewards and Discount
Programs. This is a simple program where ForestONE wants to reward its members, through
the use of discounts on selected items. These discounts are either given by the merchants or
sponsored fully by ForestONE to show its gratitude for those who have supported the
company along the way in this journey. The ForestONE application is also convenient and can
be transacted at high speeds, besides also providing improved branding for merchants
through the exposure of their brands on the ForestONE platform.
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Figure: ForestONE application provides the exposure of promotions from merchants to all ForestONE community
members. Acting as a platform to provide networking and marketing values for ForestONE merchants towards
ForestONE members
ForestONE Loyalty Reward Programs: Many-To-One (M2O) and Community
Growth Program (CGP)
As described earlier, ForestONE Digital Transaction Platform (DTP) is unique as it also serves
as an Entrepreneurship Franchise Business Model to all its participating members. To
differentiate ForestONE from other payment apps or e-Wallets, ForestONE is empowered by
2 loyalty reward engines to “fuel” the success and sustainability of its business model. To be
part of ForestONE DTP Ecosystem, one can join as ForestONE member either as a Premium
Partner for RM88 or joining for free as an Ordinary Member.
a) Many-to-One Program (M2O)– Natural Spending Recycling Rewards
In the Many-to-One Program, every Partner (Premium) or Member (Free) will be assigned to
a ForestONE Community Business Structure Model that can host up to 21,844 of members
(using a 4 to the power of 7 formula).
Assuming in a matured ForestONE Community of 21,844 members and all of its Community
members spends an average of RM 1,000 every month (21,844 x RM1,000 = RM21,844,000),
ForestONE will recycle 0.1% of the Community’s monthly total natural spending back to the
founding Partner/Member as a reward. Hence, RM21,844,000 x 0.1% = RM21,844 will
be recycled back as a reward every month. Regardless of the size of the community (i.e. from
a minimum 4 to 21,844), the founding Partner/Member will always enjoy a flat 0.1% of his
ForestONE Community’s monthly total natural spending provided that:
1. He/she also spent minimum RM1,000/month; and
2. Recruited a minimum of 4 direct partners/members.
These two requirements set by ForestONE are to ensure self-sustenance. As a Community
performs its monthly natural spending and rewards are generated from it, a member would
have no choice but to spend, to refer and to grow its community. Hence, the cycle of
ForestONE Natural Spending Recycling program will continue perpetually.
The picture below sheds light on how this program works:
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Figure: M2O program from the ForestONE website
b) Community Growth Program (CGP) – Applicable to paid Premium Partners
ONLY
The Community Growth Program is a program that is designed to incentivize the Premium
Partners to grow their community rapidly and exponentially.
In ForestONE, as everyone is encouraged to join as Premium Partner by paying a one-time fee
of RM398 (Approx. USD100) as a life time Partner. Partners are then encouraged to
recommend a minimum of 4 direct premium partners to start his/her own ForestONE
Community. With the Community Growth Program, the founding Partner will be able to earn
RM100 for every direct premium partner joined, hence, to start a ForestONE Community with
minimum 4 direct partners, a founding Partner will receive a bonus of equivalent to RM100 x
4 = RM400. However, the founding Partner is also encouraged to recruit more than 4 direct
partners as any additional direct partner joined (up to unlimited numbers) will earn him an
additional RM100/partner which at the same time also help in growing his M2O Community
in parallel.
On top of the RM100 for every direct partner joined, a total bonus of RM218,480 can be
earned for every new partner joined in a founding Partner’s direct partner community
(maximum 21,844 members in a matured community). Hence, for every founding Partner’s
Community, assuming with a minimum of 4 direct partners, the founding Partner will
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potentially have a bonus of (RM100x4) + (RM218,480 x4) = RM874,320 to be earned in an
unlimited time frame.
ForestONE Community Growth Program
With that in mind, all premium Partners are encouraged to recruit more than 4 direct partners.
The more direct partners they have, the more bonus they will earn through Community
Growth Program. Hence, with this powerful program, it will push ForestONE membership to
grow exponentially.
As a Partner refers and grows its community via the Community Growth Program, all partners
who have joined, whether direct or indirect, will be contributed into the founding Partner’s
Many-to-One Community structure to enjoy the 0.1% recycling rewards program.
Note: All rewards and rebates are given out as F1Points which is equivalent to 1 F1Voucher or
RM1.00.
A diagram of how Community Growth Program works:
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Forest1Coin as the next upcoming cryptocurrency with Community Growth Program
As ForestONE members play an important part in supporting the business, ForestONE
positions Forest1Coin as a part of the rewards into CGP as an education on blockchain and
allowing them to be a part in the ICO exercise. Not only that, this would also allow ForestONE
Premium Members to have their own (maybe their first) private Interstellar wallet as the first
step of education into the blockchain world, making Interstellar the next upcoming private
wallet.
Pre-ICO Promotion (Before End of December)
New Premium Members will be given 10 free Forest1Coin (FOC) upon joining. Similar to CGP
reward, 1 FOC will be rewarded for every new Partner recommended and joined its
community. Hence, a total of 21,844 FOC can be earned per Partner joined (maximum 21,844
members in a matured community).
With the minimum requirement of 4 Partners in its community, a Partner will earn 21,844
FOC X 4 = 87,376 FOC
As stated, Premium Partners are allowed to find more than 4 direct Partners, whereby the
more direct Partners they have, the more FOC can be earned. This would allow the adaptation
of Forest1Coin as a cryptocurrency for global mass adoption.
ForestONE Rewards Cash-Back Opportunity
When a Partner/Member has accumulated more rewards points (F1Point) than he needs to
sustain future months’ natural spending, he can sell back his excess F1Points for cash, less
administration charges. All CashBack payments shall be paid digitally to ForestONE
Partners/Members’ Bank Accounts or Credit/Debit Cards Companies.
Merchants Signed Thus Far
As a young platform, ForestONE is proud to announce that it has secured collaborations with
some of the biggest merchants in town. To gain their collaboration, ForestONE as a platform
had to come under their operational and financial scrutiny. Despite this, it has successfully
secured a collaboration with some household brands which many will know. There are over
200,000 SKUs on board the ForestONE platform. Some of our participating merchants include:
32Forest1 Coin Whitepaper
Scan & Redeem
33Forest1 Coin Whitepaper
Digital Vouchers
34Forest1 Coin Whitepaper
Physical Vouchers
35Forest1 Coin Whitepaper
Merchant Testimonials
36Forest1 Coin Whitepaper
Video:
Figure: KK Mart, more than 300 outlets in Selangor and Kuala Lumpur, Malaysia accepting ForestONE
(https://youtu.be/XZOtlP7OWTA)
Figure: Constant Pharmacy, one of ForestONE’s pioneer merchant, with over 30 outlets
ForestONE Constant Pharmacy Video Link
37Forest1 Coin Whitepaper
ForestONE accepts a variety of merchants, from Enterprising Hawkers to merchants with outlets located Nationwide
(https://www.youtube.com/watch?v=ZDLp3MBYaJ4)
Figure: One of ForestONE’s biggest merchant, 99 Speedmart, has more than 1500 outlets nationwide
https://www.youtube.com/watch?v=kPolDiRatIw
38Forest1 Coin Whitepaper
Figure: Giant Hypermarket, one of the largest chain of hypermarkets in Malaysia with more than 80 outlets, is a ForestONE
Merchant (https://www.facebook.com/watch/?v=1168934956596622)
Figure: Uncle Don, one of ForestONE’s earliest merchant, has 6 outlets in Kuala Lumpur
(https://www.facebook.com/watch/?v=624025561368657)
39Forest1 Coin Whitepaper
Figure: Petronas, a ForestONE merchant, has more than 1200+ petrol stations nationwide.
(https://www.youtube.com/watch?v=eDH4cnTH8V4)
40Forest1 Coin Whitepaper
E. MARKET AND COMPETITOR ANALYSIS
Market and Competitor Analysis E-commerce
Overview of E-commerce in South East Asia
With a steady population density growth within the ASEAN region of about 1.03% annually
and with the influx of foreign DFI, the foundations for the infrastructure of cell-com towers
has made internet and wireless connectivity readily available.
Population Density
Year Population Growth Rate
(per sqkm)
2019 662,375,294 152.6 persons 1.03%
2015 634,609,846 146.2 persons 1.17%
2010 597,327,771 137.61 persons 1.23%
Table: Overview of E-commerce in Southeast Asia1
With increased internet connectivity, South East Asia has become an upcoming market of
interest for e-Commerce giants to penetrate, thus presenting many growth opportunities for
businesses that are ready to face its challenges and competitors.
The 2017 Temasek report foresaw a $200 billion economy in the region by year 2025. South
East Asia’s internet economy hit an inflection point in 2018. E-Commerce grew at an
unprecedented rate, turning the heads of many investors, which influenced the sudden influx
of capital injection into the region.
1
http://worldpopulationreview.com/continents/south-eastern-asia-population/
41Forest1 Coin Whitepaper
Figure: Spending in Southeast Asia
As a result of this, the regions’ internet economy will hit $72 billion this year alone, meaning
it would have more than doubled since 2015. This has reinstated investor confidence in the
region, contributing towards a total of $9.1 billion raised in 20182.
2
https://www.thinkwithgoogle.com/intl/en-apac/tools-resources/research-studies/e-conomy-sea-2018- southeast-
asias-internet-economy-hits-inflection-point/?_ga=2.68780049.1801409552.1543419960- 1799759620.1542638499
42Forest1 Coin Whitepaper
Figure: Highlights of funds raised to Unicorns
South East Asia is an emerging market and is currently a very attractive market for companies
that are involved globally in the e-Commerce sector and for smaller local players, all vying for
a piece of the market share. Below is a macro look at internet availability and mobile
penetration for the countries that ForestONE are aiming to enter and how quickly the users
of South East Asia are adapting to the competition and growing emergence of e-Commerce.
Social Media
Country Population Internet Users Mobile Users
Users
Indonesia 269,536,482 132,700,000 130,000,000 177,900,000
Thailand 69,306,160 57,000,000 51,000,000 55,560,000
Malaysia 32,454,455 25,080,000 24,000,000 21,620,000
Philippines 108,106,310 67,000,000 67,000,000 61,000,000
Vietnam 97,429,061 64,000,000 55,000,000 70,030,000
Singapore 5,868,104 4,830,000 4,8000,000 4,710,000
Table: User density for each country3
3 https://aseanup.com/overview-of-e-commerce-in-southeast-asia/
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The total number of internet users in South East Asia as a whole adds up to create a huge
untapped market. Although the Singapore e-Commerce scene is more mature and the
Malaysian market is more dynamic and more competitive, the remainder of Indonesia,
Thailand, Philippines and Vietnam presents itself at an infant stage for e-Commerce and also
acts as a reservoir of growth for e-Commerce players.
As demographics across the world and Malaysia continue to evolve, consumers are becoming
more demanding as they continuously seek for faster, safer and more efficient methods to
pay for their goods and services. In Malaysia, 67% of consumers have utilised at least some
form of cashless payment, with debit cards and credit cards becoming the more preferred
medium4.
A recent study published depicting the landscape of Malaysia’s payment mediums show that
although a majority of Malaysians make payments using cash and debit card transactions, only
27% have ever utilised a credit card to pay for their expenses and only 8% have used mobile
wallets.
Figure: Table highlighting usage ratios of non-cash payment methods
Hence, ForestONE aims to capture the crowds who use debit and credit card more through
the sale of digital and printed vouchers, making it easy to pay exact amounts. This puts the
4 https://www.nielsen.com/apac/en/insights/news/2019/cash-or-cashless-malaysias-shifting-payment-
landscape.html
44Forest1 Coin Whitepaper
company in a good position to tap on the crowds generated from all 4 segments. There is no
segment missed in terms of user experience.
Key Factors that Empower Consumers to Fuel the e-Commerce Scene in South
East Asia
1. Rise of the middle class
• With an increase in the middle class, it allows a larger market segment to have bigger
disposable income, hence with this the increased Natural Spending on e- commerce.
2. Greater Mobile penetration
• With greater availability of mobile connections, e-commerce platforms are more easily
accessible to the public as a whole
3. Influx of new e-commerce players
• With more players entering the market, it presents greater choices to consumers who
eventually hold the upper hand
4. Increasing logistic options
• Making deliveries more efficient and effective to the consumers
5. Alternative payment methods
• Making payment for online goods and services faster and easier, consumers are always
looking for the most cost-efficient manner to pay for their service
Challenges of E-commerce in South East Asia
1. Lack of a robust ecosystem
2. Management of consumer expectations and demands
• High level of personal customer service needed for minimal purchases
• Level of trust in online payments
• Securing supply of products
3. Inter-country commerce
• Inconsistent duties
• Corruption
45Forest1 Coin Whitepaper
• Logistics and customs
4. Lack of low cost and efficient infrastructure
• Localized contracts and deals
• Structurally flawed due to the limitations of not being able to serve the scale of e-
commerce
Solutions to solve these challenges
1. Increase of connectivity
• Increase of broadband speed and wireless data access to rural areas
• Making connectivity more robust (having a stronger signal)
2. Local support
• Supporting local industry players
• Partnering with local SME’s and manufacturers
3. Reinforcing online security
• Payment gateway protection
• Anti-phishing
4. Promoting e-payment
• Making payments faster and efficient
• Tracking of payments and payment history
• Less hassle and reducing online transaction fees
5. Improve logistics
• Making deliveries faster
• Shorter lead time for consumers which will in turn promote another online purchase
46Forest1 Coin Whitepaper
A Further Look at the Malaysian Context
To understand the potential of ForestONE in the context of a transactional platform, it is first
important to understand the overall environment of cashless transactions. Do note that the
focus of the discussion is on cashless payments and does not make any kind of representation
towards what ForestONE is. ForestONE purports cashless transactions through the utility
vouchers which can be stored anywhere and carried in any form.
The usage of cashless virtual transactions and its proliferation will give us a good indication of
how rampant cashless natural spending will be in the future. In an interview by The Edge
Malaysia, it has been shown that online banking recorded a total of RM6.5 trillion dollars in
transactions, followed by credit card transactions amounting to RM125.6 billion and mobile
banking at RM50.7 billion. Debit card transactions recorded RM29.8 billion and e-Money
recorded a total transaction volume of RM9.1 billion5.
The portrayed statistics depicts a clear understanding towards the goal of ForestONE, which
is to promote natural spending and integrating the element of blockchain inside ForestONE’s
ecosystem. Based on the above information, ForestONE has projected that the trend of
natural spending will not be solely within Malaysia. Instead there is space for growth within
the South East Asian markets.
By examining cashless payments further, statistics have shown that cashless payment
methods such as debit cards and credit cards still overshadow e-Wallet payments, with the
latter representing only 8% of the total cashless transaction volume6.
Moreover, the average transaction value per capita of credit card and debit cards increased
from 21.54% to approximately RM4,175 per capita and 158.42% to RM1,243 respectively from
2014 to 2018. There is a clear upward trend here in terms of cashless payments through credit
and debit cards7.
However, e-Wallet payments are extremely popular for small ticket items like food and drinks.
Malaysians generally prefer credit and debit cards for big ticket items in terms of cashless
payments. ForestONE as a platform is well prepared to cater to the many types of users by
offering instant purchases of shopping vouchers for big ticket items.
Challenges Ahead for Forest1 Coin
5
Interview by The Edge May 2019 Issue
6
https://www.nielsen.com/my/en/insights/reports/2019/cash-or-cashless-malaysias-shifting-payment-
landscape.html
7
The Edge May 2019 Issue
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Although the majority would be celebrating the birth of blockchain technology with the
fairness and transparency it brings, the general market and retailers have not truly adopted
it. While ForestONE has plans to eventually get merchants to accept the Forest1 Coin as
payment through a Fiat on Ramp mechanism, this is still very much subjected to merchants’
approval and the support of the local authorities. The usage of digital currencies is also
subjected to the improvement of security features of wallets which hold such digital
currencies. In addition, the current knowledge of blockchain technology and digital currencies
is at an infant stage for the mass majority. Concurrently, blockchain and digital currencies
could prove very useful in terms of cross-border payments, which further substantiates why
there is a strong need to expand into foreign markets.
Projecting Ahead for Malaysia
ForestONE is targeting a customer acquisition rate of 20% in Malaysia. While it remains to be
seen whether ForestONE is able to achieve such a goal, it is nonetheless heartening to know
that it is a goal that has already been reached by platforms such as Boost, the likes of which
has a user base of approximately 3.9 million people and 75,000 online/offline merchant
touchpoints for consumers8. Referring to the case study of Boost is important as Boost
officially entered the App Store only in July 2018. The case study of Boost makes it apparent
that the Malaysian population is highly adaptable towards cashless payment methods.
Expanding into Other Markets
A Brief on the Vietnamese Context
In Vietnam, cashless payment is similarly becoming a common practice. Moreover, it is
projected that cashless payments will make up 50% of all transactions in Vietnam within the
next 3 years. This projection was made by the CEO of M-service, and the operator of the e-
Wallet known as Momo9.
The Vietnamese context differs slightly from the Malaysian context due to the degree of
unbanked-ness, which is much greater in Vietnam than Malaysia. This has resulted in the
government becoming more pro-active in pushing for cashless payments and developments
of e-Wallet systems. This is further supported by the State Bank of Vietnam, whose governor
has openly supported devising initiatives to promote cashless payment10.
8
https://www.nst.com.my/business/2018/10/424140/boost-named-digital-disruptor-year-malaysia
9
http://www.hanoitimes.vn/economy/2019/03/81e0d489/cashless-payment-to-make-up-50-of-total- transactions-
in-vietnam-in-3-years-exper/
10
http://www.hanoitimes.vn/economy/banking-and-finance/2018/11/81E0CEA6/vietnam-c-
bank-to-further-push-cashless-payment-c-bank-governor/
48Forest1 Coin Whitepaper
Vietnam has seen a solid development of transactions by means of new payment methods,
wherein e-Payment in the January to August 2018 period ascended by 48% in amount and
27.7% in cash value against a similar period in 2017. Moreover, the Finance Industry will come
together with the SBV to advocate non-money exchanges, online duty affirmation and
payments to decrease invoicing cheats.
As a platform, ForestONE is capable of macroeconomic functions as well. The ability of the
ForestONE platform to recycle natural spending back into the economy via its signature Many-
to-One Program will contribute significantly towards boosting the Vietnamese economy.
As per an arrangement on non-cash payments in Vietnam in the 2016 to 2020 period, before
the end of 2020, the proportion of cash transactions will be decreased to below 10%.
Looking at the above statistics, it appears that Vietnam is a ripe market for ForestONE to
explore due to three primary circumstances:
● “Un-bankedness”
● Ease of client acquisition due to pre-existing culture
● Government support
A Brief on the Indonesian Context
While the central government is doing their best to encourage cashless natural spending,
there are still many obstacles due to political, social and geographical reasons.
Indonesia is advancing towards a cashless future as consumers are progressively certain about
utilizing computerized payment frameworks and going cashless. A Visa's Consumer Payment
Attitudes study in 2017 has found that around 8 out of 10 Indonesians (76%) state they can
abandon money for a whole day. As indicated by the investigation, less Indonesians are
conveying large amounts of money since they are utilizing electronic instalments more
frequently (57%) and feel that utilizing cards is more secure than money (61%). 60% of
respondents state they would support to eradicate the physical procedure of paying.
Several key trends indicate Indonesians’ readiness to embrace the country as a digital nation
in the future. One of the trends is the growth of seamless digital payment methods. Visa has
collaborated with Cashlez in circulating 5,000 versatile POS gadgets to extend contactless
instalment acknowledgments in vacationer goals nationwide. This new POS offers a spot for
checkouts and fabricated connections, whilst also rewarding customer loyalty.
As payments become more digital and threats to payment confidentiality escalates, challenges
in payment securities are becoming increasingly acute. However, technologies such as EMV
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chips, point-to-point encryption, tokenization and stronger biometric authentication are being
widely developed to strengthen payment security.
However, World Bank reports that only 27% of 2017’s transactions comprised of digital
payments. Meanwhile, debit card ownership has only reached 31% of the population in 2017.
Credit cards do not fare any better either11.
Indonesia’s large land mass makes it highly difficult to implement an across the board solution
for encouraging cashless payments. There are still many Indonesians that prefer to use cash
to meet their daily transaction needs rather than using credit cards. However, the central bank
has recorded an increase of more than 50% in the past year of debit and credit card use as
well as e-Money transactions. This increase proves that the country is adapting to electronic
payments. The value of e-Money across Indonesia reached nearly USD 80 million in 201712.
A Brief on the Singapore Context
Despite being a small country, ForestONE has identified Singapore as the second market to
expand to, primarily due to high natural spending power per capita and the general readiness
of the market.
With an average household natural spending of close to USD 3,455 per month, Singapore
stands at the top of the food chain when it comes to natural spending power. Moreover,
Singapore is a natural progression for marketing and expansion due to the similarities in
culture, natural spending habits and most importantly retail brands. In addition, the Singapore
government is the friendliest government among the countries that have identified for
expansion towards digital currencies and a huge advocator of cashless payments.
More than 8 in 10 Singapore consumers have adopted e-Payments while almost 3 in 5
Singapore merchants are accepting e-Payments. This bodes well with Singapore’s aim of being
a cashless society13.
ATM withdrawals have declined by more than $300 million a year, falling by 40% compared
with the previous year. The decline in ATM withdrawal figures have provided an insight into
the wider shift towards a cashless society and it shows that consumers are shying away from
bricks-and- mortar bank branches14.
11
http://fintechnews.sg/22095/indonesia/cashless-indonesia-e-money-card/
12
https://news.cgtn.com/news/3d3d414e7755544d79457a6333566d54/share_p.html
13
https://www.3ecpa.com.sg/blog/singapore-is-going-cashless/
14
https://www.bloomberg.com/news/articles/2018-06-20/singapore-set-to-cut-cash-cheques-on-path-to- digital-
economy
50Forest1 Coin Whitepaper
Following the rising adoption of e-Payments by Singaporeans in line with the Government’s
cashless economy policy, the cheque transaction volume has hit a low figure by 28% last year,
falling from 37% in 2015. The decline in cheque transaction volume shows that Singapore is
on the right track to becoming a cheque-free country by 202515.
Even with the government throwing its full weight in support of Singapore’s cashless
ambitions, a number of sectors and demographics remain hesitant to adopt mobile payment
alternatives as they still find comfort in hard, cold cash.
15
https://www.3ecpa.com.sg/blog/singapore-is-going-cashless/
51Forest1 Coin Whitepaper
F. INTRODUCTION TO BLOCKCHAIN
What is Blockchain?
Blockchain technology underlines Bitcoin and many other cryptocurrencies. It relies on a
public ledger that is continuously updating to record all transactions that occur. Blockchain is
ground-breaking as it allows transactions to be processed without a central authority— such
as a bank, the government or a payment company. The buyer and seller interact directly,
removing the need for verification by a trusted third-party intermediary. Hence, cutting out
costly middlemen and allowing businesses and services to be decentralized. Another
distinguishing feature of blockchain technology is the accessibility for involved parties. It’s akin
to Google Docs, where multiple parties can access the ledger concurrently. Today, if you issue
a cheque to your friend, you and your friend balance your respective check books when it’s
deposited. However, things start to go awry if your friend forgets to update their check book
ledger, or if you do not have enough in your bank account to cover the check (which the bank
has knowledge beforehand). With blockchain, you and your friend would view the same ledger
of transactions. The ledger is not controlled by either of you, but it operates on consensus, so
both of you need to approve and verify the transaction for it to be added to the chain. The
chain is also secured with cryptography, whereby no individual is able to change or alter any
data on the blockchain after the distributed ledger is updated.
Figure: How blockchain technology works
52Forest1 Coin Whitepaper
In other words, blockchain technology is extremely useful in terms of three aspects:
● Transparency (All transactions on the ledger can be clearly seen and viewed by anyone
and everyone)
● Immutability (All transactions once recorded cannot be changed and stays permanently
on the blockchain)
● Decentralization (This provides a security layer as data nodes can no longer be a single
point of failure, in a blockchain system, there can never be a single point of failure)
So why exactly is ForestONE utilizing blockchain to enhance and strengthen its existing
ecosystems?
The answer: Blockchain technology makes it virtually impossible to counterfeit online
transactions. This is the most important feature which ForestONE, as a platform, wishes to
utilize. Forest1 Coin’s main utility will eventually act as a form of payment for the merchants
of ForestONE and the integrity of the currency can only be protected through implementation
of blockchain technology. This ability is to prevent counterfeit currency and double spending,
which makes blockchain technology the perfect medium for ForestONE to adopt.
Benefits to Consumer
ForestONE constantly seeks to innovate and improve their abilities. This could come in the
form of more merchants or even more rewards and incentives when members use the
ForestONE platform. Hence, the ambition to move to a payment token also stems from the
desire to make the lives of the consumers efficient and convenient. The most important
element of using a digital token as payment instead of fiat lies in safety. Carrying cash around
in certain countries can be a dangerous endeavour. Transacting via cashless forms is much
safer as a consumer. Another advantage of using digital tokens lies in lowering foreign
exchange costs. When consumers travel, they tend to bear the bulk of the foreign exchange
costs. Transacting in digital currencies enables consumers to suffer less risk as the foreign
exchange spreads and risks are borne largely by the merchants and the ForestONE platform.
The last advantage which a consumer benefits by using a digital currency instead of a fiat
currency relates to how a consumer can now save time and effort in looking for a
moneychanger before they travel overseas, especially if they are sure that the destination
country has many merchants using or accepting digital payments.
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